Some assets do not behave like ordinary possessions. A classic car, wine cellar, artwork, watch or collectible can appreciate while the policy sits unchanged. If the insurance basis is unclear, a claim can become an argument about what the item was worth on the day it was lost.
The central distinction is between market value and agreed value. Market value asks what the asset was worth at the time of loss. Agreed value records a figure accepted by the insurer in advance, usually supported by valuation evidence.
Why market value can disappoint
Market value sounds fair, but specialist markets can be thin, volatile and international. Comparable sales may be rare. Currency movements, provenance, condition, storage, restoration history and buyer demand can all shift the figure. After a loss, the burden of proving value often lands when the evidence is hardest to assemble.
What agreed value does
Agreed value gives both sides a documented figure before the loss. For classic and collector cars, this may reflect photographs, condition reports, restoration invoices and specialist valuation. For wine and art, it may rely on inventories, provenance, auction data and professional appraisals.
An appreciating asset should not be insured on yesterday's paperwork. The policy needs to know what the market already knows.
Different assets, different evidence
- Cars need ownership, registration, condition, mileage, storage and modification details.
- Wine needs bottle-level inventory, storage conditions, purchase history and valuation updates.
- Art needs provenance, photographs, appraisals, invoices and location records.
- Collections need clear schedules rather than one vague contents figure.
Review frequency matters
Agreed value is not a set-and-forget solution. If values rise and the schedule is not updated, the policy can still fall short. Regular reviews are especially important where markets move quickly or where restoration, acquisition or improved provenance changes the value.
The correct basis depends on the asset, insurer and evidence available. The goal is simple: remove uncertainty before the claim, not negotiate it after the loss.
Review the cover before the gap appears
Adler & Rochefort can help owners of classic cars, wine, art and other high-value assets decide when agreed value is needed, gather the right evidence and keep valuations aligned with the market.
This article is provided for general information and does not constitute personalised advice; the position for any household, vehicle, collection or journey depends on its own facts and on the policy wording. Adler & Rochefort is a commercial brand of Ownizo Unipessoal LDA, mediador registado na ASF n.º 425591790/3.