What is the dif­fer­ence be­tween agreed value and mar­ket value?

Classic Car Weekly (UK) - - This Week -

Mar­ket value is ei­ther the cost of re­pairs, or the typ­i­cal value of the car from a non-spe­cial­ist per­spec­tive, which­ever is less. As the def­i­ni­tion of what con­sti­tutes a clas­sic is flex­i­ble, Peter James ad­vises that an agreed value is best con­sid­ered ‘when the ve­hi­cle value has ceased de­pre­ci­at­ing and has ac­quired a col­lec­tor’s value.’ Foot­man James adds that, with an agreed value pol­icy, the cus­tomer would be faced with the ex­tra stress of ne­go­ti­at­ing the car’s value with an in­surer af­ter a claim sub­mis­sion had been made.

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