What is Agreed Value (Motor) | Insurance glossary by upcover

Agreed value is a valuation method where the insurer and insured fix the vehicle's value when the policy starts or renews. If the vehicle is a total loss, the insurer pays this agreed amount, regardless of the vehicle's market value at that time. Agreed value gives certainty, but it usually costs more in premiums.

Related Terms

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

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Related Term

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

All Category

Financial

Legal

Insurance Documents

Fundraising

Employment

Policy

Risk Management

E&O

D&O

Commercial Insurance

Cyber

Compliance

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