Market value or Agreed value
Most policies provide settlement of a total loss claim (vehicle write off) on a ‘market value’ basis. This means you are entitled to an amount representing the cost of a vehicle of similar make, model, age and condition. Or, if the vehicle is less than one or two years old, many insurers will replace it with a new vehicle of the same make and model that you lost.
An ‘agreed value’ cover agrees the value of the vehicle with you at the commencement of the policy term, then if the vehicle is a total loss that agreed value will be paid to you. This type of cover is especially useful for vintage, classic and above average condition vehicles. The premium payable will generally be more than for the same vehicle covered for market value.
Excess free windscreen cover
This option is generally available on comprehensive policies and allows the policy holder to pay an extra premium to allow for one windscreen claim that does not affect their no claim bonus or cost them an excess.
Hire car cover
This option is generally available on comprehensive policies and allows the policy holder to pay an extra premium that will allow them to obtain a hire vehicle (up to a pre determined cost and number of days) in the event that their vehicle is stolen or damaged.
Restricted driver options
Some policies will give the option for a premium reduction if you elect to specify one or two drivers, who will then be the only drivers allowed to drive the vehicle. Another option generally available is if you elect to restrict the age of the drivers to those only over 30 years old.