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Should I raise or lower the agreed value of my classic at my next policy renewal?

I own a LHD 1982 Mercedes-Benz 380SL, with a full service history and 104,000 miles. I've had an agreed value policy for £10,000 on since I bought it in 2000, should I raise/lower that at next renewal? It's considered in excellent condition with the exception of a three inch heat crack down the centre of the dash.

Asked on 17 July 2017 by Joseph Bradley

Answered by Honest John
What would be the point of lowering the value of an agreed market value? Always raise it as high as the contract of insurance needs to cover taking into account values appreciating. You need to remember that an agreed value policy is not about the vehicle, but a contract that provides a guaranteed sum of money for a pre-ascertained underwritten risk. That is the contract. Make sure the contract you agree fulfils your demands and needs.
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