At PBIS our classic car policies are written on an agreed value basis. The means that once the agreed value process has been completed, your vehicle’s value is guaranteed. In the event of a total loss claim, we will pay the agreed value minus your excess and any agreed salvage value.
We believe this is an integral part of any classic car policy so therefore we do not make a charge for this service.
On obtaining a policy with us, PBIS will supply you with an ‘Agreed Value Declaration Form’ as part of your policy documentation.
This should be completed and returned together with six photographs of the vehicle, back/front/both sides, interior &the engine bay.
Photographs sent on photographic paper must all be signed and dated on the reverse. The photographs should be of a sufficient size (up to A5) to be able to clearly see the vehicle in question.
Photographs may also be submitted via email, together with the completed agreed value declaration form. The link for this is option can be found at the bottom on this page.
In some circumstances, you may be requested to obtain an independent or Club valuation.
This may be required for higher value vehicles, perhaps with provenance, or exceptional vehicles where it may not be possible to judge the true value from a set of photographs.
Occasionally the value requested may appear too low. In this instance we will discuss this with you and may suggest increasing the value, or obtaining a professional valuation to identify the vehicles true value. This may cause an increase in premium.
Once the value of the vehicle has been agreed any printed photographs will be returned to the customer and we ask that these be retained as they will be requested by your insurer in the event of an accident.
Agreed values are reviewed by PBIS every 3 years.
Should you feel the value of your vehicle has changed within the insurance period you can request the current agreed value to be re-considered.
In any case, we would encourage you to review their vehicle’s value at policy renewal.
When your classic car policy is first taken out it will be on a ‘market value’ basis until the agreed value has been confirmed to you in writing along with an updated schedule.
You should ensure that photographs are received by us within 14 days of the inception of the policy to prevent further charges being applied to the policy.
It is important to note that if a vehicle is insured at ‘market value’ the most that our insurers will pay, in the event of a total loss claim, will be the value shown in the schedule or the actual market value, whichever is the lower amount.
For Classic Motorcycle Agreed Value Declaration Form, Click Here
For Classic Car Agreed Value Declaration Form, Click Here