29 July 2025
Whether you’ve had your classic a long time, or are new to classic ownership, it can be hard to determine an accurate value for your car. Classic car values tend to stay buoyant, this coupled with the time and money you’ve invested in your vehicle mean that it’s important to have measures in place to ensure you have the right agreed value in place.
At Lancaster Insurance, we understand how much you cherish your classic and recognise the sentimental value it holds for you. Our up to two-year agreed value helps mitigate the risk and gives you added peace of mind.
For example, if a customer who owns a Ford Capri worth around £40,000 takes out a policy without agreed value and has a claim where the vehicle is written off, they would only get the market value of that vehicle back minus any applicable excesses. This may not be the £40,000 that the vehicle is worth. However, if the customer has agreed value, they will get the full £40,000 back from the insurers, minus any applicable excesses.
With Lancaster, adding agreed value to your policy is done via our bespoke online portal where you can provide full details of your vehicle and upload photographs. Our independent classic car experts then check its value and you’ll be given a certificate confirming the value agreed. If you’re happy that your classic car’s value hasn’t changed when your policy is due for renewal, you can carry the agreed valuation over.
Many specialist brokers can also offer you the option to add Salvage Retention to your policy. This means that in the event of an accident, where your vehicle has been damaged to an extent where the cost of repair exceeds the vehicle’s value and the insurer has therefore deemed it a ‘total loss’, you will still be able to have your car returned to you. This can be a valuable option for classic car owners, where the value of your car isn’t just monetary.
It is possible to take out a policy that includes both the agreed value and salvage retention add-ons. Using our example from earlier, if a customer has opted for both the additional agreed value and additional salvage retention options, in the event of a total loss claim where the vehicle is written off, the customer would receive back the full agreed value of their classic, minus any applicable excesses, plus their vehicle back.
As you can see, specialist brokers like us can offer you a range of different options to consider when sourcing insurance cover for your classic. Why not give them a try?
Call the team today on 01480 484 826 to find out more.
Policy benefits, features and discounts offered may vary between insurance schemes or cover selected and are subject to underwriting criteria.