Many insurers settle a total loss based on the actual cash value at the time of loss. This could result in a significant financial loss due to depreciation. At , most of the vehicles are protected on an agreed value basis, regardless of market depreciation.
Agreed value is the value that is agreed upon between an Insured and the Insurer at the beginning of a period of cover, which does not change throughout the period of cover. As almost all cars depreciate with age and use, it is important to get your car insured at an agreed value with us.
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