At PBIS all our classic car policies are offered as agreed value policies. This is a service we believe should be offered free of charge to our clients and is therefore included in the policy.
When a classic policy is taken with PBIS the client is supplied with an ‘Agreed Value Declaration Form’.
This should be completed and returned together with six photographs of the vehicle, back/front/both sides, interior & the engine bay. Photographs must be on photographic paper and all 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.
In some circumstances, you may be requested to obtain an independent or Club valuation.
This is usually in the case of 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 a higher value, which you may then choose to accept or not.
PBIS do not currently accept photographs via email. Once the value of the vehicle has been agreed the photographs will be returned and the client asked to retain these for any future requirement. Agreed values are reviewed by PBIS every 3 years.
Should a client feel the value of a vehicle has changed within the insurance period they can request the current agreed value to be reconsidered. More commonly clients tend to review their vehicle value at policy renewal.
When a classic car policy is taken out it will automatically be on a ‘market value’ basis. Once we have received the photographs/agreed value declaration form and agreed the vehicle value, this will then be updated on the policy schedule.
Clients must ensure that photographs are received by us within 14 days of the inception of the policy otherwise an administration charge may be requested.
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.