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Message: [QUOTE="Munyaradzi Mafaro, post: 31587, member: 636"] Agreed value means your insurance company promises a set payout amount for your car. They lock in this figure when you start your policy. If someone steals your car or it becomes completely damaged, they pay you exactly what you both agreed on. Without this approach, they just pay whatever your car sells for at the time something happens. Your payment could shrink a lot from when you first bought coverage. When starting your policy, you decide what your car costs together with your insurer. They promise to stick with this number if something terrible happens. You might need a calculator to figure out your car's true worth. Insurance companies want proof before they accept your number. They ask for pictures, store receipts, and sometimes expert opinions from car specialists. Most people choose an agreed value for classic cars, changed cars, or very special vehicles. It makes sense when your car has unusual features that normal pricing guides miss. Rare models often sell way above normal prices. You need this kind of policy to avoid losing money. High-performance cars benefit from this coverage type. Each insurance company defines high performance differently. Ask if they replace newer cars automatically as part of your protection plan. Agreed value usually covers unusual cars - classics built 15-25 years ago according to insurers, or over 30 years per many car clubs. Vintage refers to cars made between 1919-1930 without modern features. Modified cars have changes to paint, wheels, bodywork, or mechanical parts. Imported cars come from other countries, with those from outside Europe called grey imports. Refurbished cars need protection because only you know their true value. Kit cars built at home deserve special coverage reflecting your hard work. Performance cars gain value over time. Finding these policies takes extra effort since standard car insurance rarely includes this option. You may search through several companies or talk with special brokers. Some insurers disagree with your value estimate and offer less money. Compare offers from different companies when this happens. To prove your car's worth, take many photos inside and out, including of the engine area. Find all repair receipts and service records. Some insurers demand professional evaluations from independent experts. Car clubs sometimes provide this service. The benefits include full protection for cars you spent lots of time and money fixing. This coverage works with many different vehicle types. You feel better knowing exactly what payment comes if your car disappears or suffers major damage. The money usually buys a similar replacement. Even when your car loses value normally, your payment stays the same during your policy term. Drawbacks include higher costs than regular insurance. These policies require more searching. Extra expenses like professional evaluations add up. You might pay more than necessary if your car loses significant value. Cars under ten years old might benefit from guaranteed asset protection insurance instead. This pays the difference between what regular insurance gives you and what you originally paid for your car. Most insurance companies sell this separately from regular coverage. Ask different providers about their options and prices. This helps when cars lose value quickly after purchase. It fills the gap between the market price and your original cost. Many people find this useful for newer vehicles that decrease in value rapidly during their early years. [/QUOTE]

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