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Supercars and exotic vehicles require agreed value insurance because market value assessments by standard insurers frequently undervalue exotic cars — particularly limited-production, appreciating, or imported models. Agreed value fixes the payout amount upfront so you receive the full insured sum on a total loss, regardless of market fluctuations.
The insurer and the vehicle owner agree on the sum insured at policy inception, typically supported by the purchase price, a current market valuation, or comparable sales data. For rare or appreciating models, a formal written valuation from a specialist dealer is recommended. The agreed value should be reviewed at each renewal — a Ferrari or Porsche that has risen in value over the past year should have its agreed value updated to reflect current market pricing.
Most specialist supercar underwriters offer agreed value as standard. Some standard comprehensive policies technically offer an agreed value option, but their underwriters may resist agreeing high values for exotic vehicles without supporting evidence. A specialist broker with access to the exotic car insurance market can arrange proper agreed value cover and negotiate an appropriate sum insured with underwriters who understand the market.
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