If you own a Porsche, Ferrari, McLaren, or another high-performance car in Spain, standard insurance rarely protects what your car is actually worth. Most insurers pay out the venal value which is more like an official trade-in or wholesale book value of a vehicle at the time of a claim — a figure their own assessor decides, often well below what it would cost to replace a car like yours.
Agreed value insurance works differently. You and the insurer agree your car’s value upfront, before anything goes wrong. If your car is a total loss, then the insurer pays you that amount. One agreed value. No valuation disputes, depreciation arguments or surprises.
This is a specialist product, built specifically for high-performance and limited-production vehicles, and it’s not something every insurer in Spain offers.
Why standard car insurance falls short for performance vehicles
Traditional insurers build their models around ordinary cars. A high-performance or limited-production vehicle doesn’t behave like an ordinary car when it comes to value:
- Depreciation doesn’t follow the usual curve. Some models hold value or appreciate; a standard insurer’s formula won’t reflect that.
- Replacement cost is rarely straightforward. A written-off McLaren or Lamborghini can’t simply be swapped for “the average car of that age.”
- Valuation disputes are common. Without an agreed figure, you’re relying on an assessor’s opinion after the fact — at the worst possible moment to be negotiating.
Traditional insurance vs agreed value cover
| Traditional Car Insurance | Agreed Value Insurance | |
|---|---|---|
| Payout on total loss | Venal value decided by insurer’s assessor at time of claim | Value agreed by you and the insurer at policy start, paid in full |
| Depreciation risk | Owner absorbs any shortfall | None — the figure is fixed at the outset, then market value not venal value thereafter |
| Valuation disputes | Common, especially on rare or appreciating cars | Removed — the figure was agreed in advance |
| Vehicle specialism | Generalist risk models | Built specifically for high-performance and limited-production vehicles |
| Claims handling | Standard insurer process | Specialist team representing your interests |
How agreed value insurance works
1. Valuation. Based on your vehicle’s type and age, you and the insurer can establish the agreed value before the policy begins.
2. Specialist backing. A dedicated team supports every policy, not just a call centre.
3. Claims support. If you need to claim, the team works to defend your interests with the insurer, rather than leaving you to negotiate alone.
Brands we cover
Agreed value cover is available for:
Porsche · Ferrari · McLaren · Aston Martin · Bentley · Rolls-Royce · Maserati · Bugatti and others
Who’s behind this cover
This product is backed by a group with more than 80 years of experience in Spanish insurance, with a specialist division built specifically around high-value vehicles and assets. We currently insure over 3,000 high-performance vehicles on agreed value policies.. Beyond total loss protection, the team also handles more than 400 claims a year — from minor bodywork to mechanical faults to total loss.
Frequently asked questions
What counts as “agreed value”?
Agreed value is the value of you and your insurer agree for your vehicle when you arrange the policy. If the vehicle is declared a total loss, the agreed value forms the basis of the settlement, subject to the terms and conditions of the policy, rather than relying solely on a standard vehicle valuation at the time of the claim.
Is agreed value insurance more expensive than standard cover?
Agreed Value insurance may carry a slightly higher premium than standard car insurance, but the additional cost can provide valuable extra financial protection. With conventional insurance in Spain, a total-loss settlement is often based on the vehicle’s valor venal, typically calculated using GANVAM valuation tables. This can be considerably lower than the actual cost of replacing your vehicle with a similar one. Agreed Value insurance takes a different approach. For a new car, the insured value can be based on the original purchase price. For a second-hand vehicle, the insurer can establish the agreed value using your purchase invoice or an independent valuation based on comparable vehicles available on the market. This means that, in the event of a total loss, the settlement is based on an agreed value rather than simply the depreciated book value of your car, helping to protect the money you have invested in it.
Does the agreed value change over the life of the policy?
The insurer adjusts the agreed value to reflect the vehicle’s current market value. Unlike standard insurance, where the valuation may be based on recognised valor venal tables such as GANVAM, Agreed Value insurance considers the real market value of the vehicle and comparable cars available for sale. This is particularly important for performance, prestige and specialist vehicles, where market values do not always follow standard depreciation patterns.
What vehicles qualify?
Agreed Value insurance is available for a range of vehicles, including new, nearly-new and used performance, prestige and luxury cars. This can include vehicles from manufacturers such as Ferrari, Bentley, McLaren, Aston Martin, Porsche and other specialist or high-value brands, subject to the insurer’s eligibility criteria.
Protect what your car is really worth