If you arrange classic car insurance on an agreed value basis, you are making sure you’ll be paid out a certain amount if your vehicle is written off or stolen. Without having an agreed valuation on your policy, the insurer will pay out according to the market value of a car when a claim is made, as happens with standard car insurance. However, by asking an insurer for an agreed value, you can hopefully secure cover that more accurately reflects the money and effort you might have put into the restoration and upkeep of your car.