Is your supercar keeping up with the market? Why agreed value reviews matter more than ever

For many clients, a performance or limited-edition vehicle is more than just transport - it’s a passion, an investment and, in some cases, a rapidly appreciating asset.

Over the past six month, we’ve seen significant increases in the value of certain high-performance and collector vehicles. In some cases, those rises have been sharp and sustained, particularly across limited-production models and sought-after marques.

As one of our Private Client motor specialists, Alex Nea, recently experienced, this can have a significant impact on a client’s portfolio. Following a recent review, one client’s fleet value increased by over £1.5m - driven entirely by changes in market pricing rather than new acquisitions.

Which vehicles are seeing the biggest increases?

While the wider motor market can fluctuate, certain segments have shown particularly strong growth. Typically, these include:

• Limited edition or low-volume production models
• High-performance derivatives (such as “track-focused” variants)
• Vehicles with strong enthusiast or collector demand

Examples that have seen notable increases include:

• Lamborghini Aventador SVJ
• Bugatti Veyron
• McLaren models, particularly LT variants
• Ferrari models such as the 458 Speciale and 360 Modena
• Porsche GT2/GT3 and GT2 RS models

For owners of these types of vehicles, the key consideration isn’t just performance or rarity - it’s how those values are reflected in your insurance.

The risk of underinsurance

Many standard motor policies settle claims based on market value at the time of loss, which can introduce uncertainty, particularly in a rising market.  Even where an agreed value is in place, that figure is only as accurate as the last valuation.

If vehicle values increase materially and policies are not updated, there is a risk that, in the event of a total loss, the settlement may not fully reflect the vehicle’s current market value.

Put simply: if the market moves but your policy doesn’t, you could be underinsured.

How uplift features can help

To help address this, some insurers build a degree of flexibility into their policies - offering features that can accommodate increases in value without the need for immediate changes.

For example, certain insurers may allow for a pre-agreed percentage increase in value – such as up to 150% of the insured value, subject to limits.

In practical terms:

• If a vehicle is insured for £300,000
• And the policy allows an uplift to £450,000
• A moderate increase in market value may be accommodated without immediate policy changes

However, these provisions aren’t unlimited and won’t protect against all market movements - particularly where values rise sharply.

For example, even where a policy includes a 150% uplift, this is often subject to a maximum vehicle value (for instance, £500,000). If a car originally insured for £600,000 increases to £700,000, the uplift would not apply beyond that cap. In this scenario, there may be no benefit from the uplift unless the agreed value is actively reviewed and updated.

This means that while uplift features can provide useful short-term flexibility, they should not be relied upon as a substitute for keeping agreed values under regular review.

Why timing matters

One of the more overlooked risks is timing.

Vehicle values do not move in line with policy renewal cycles. Increases are often seen during spring and summer months, leaving a potential gap for clients whose renewals fall later in the year.

Waiting until renewal could mean several months where a vehicle is insured below its market value.

The role of proactive advice

Annual reviews form a key part of the renewal process, helping ensure agreed values remain appropriate over time. 

However, in a fast-moving market, relying solely on a single annual review may not always be sufficient. This is where a more proactive approach can add value:

• Monitoring market trends for key marques and models
• Identifying where clients may be exposed to underinsurance
• Recommending mid-term adjustments where appropriate
• Advising on whether existing uplift provisions are sufficient

Ultimately, while policyholders are responsible for keeping their information up to date, a specialist broker can play an important role in highlighting potential risks and guiding decisions.  

When should you review your vehicle’s value?

If you own a limited edition or high-performance car, it may be worth reviewing your agreed value if:

• You haven’t updated it in the past 12 months
• The model has gained increased visibility or demand
• Comparable vehicles are achieving higher prices
• You rely on a fixed agreed value with no uplift
• Your policy renewal is several months away

A simple check that can protect a significant asset

High-value vehicles are not static assets, and in some cases, their appreciation can be substantial. Ensuring your insurance keeps pace doesn’t always require complex changes, but it does require awareness and a timely review.

If you’re unsure whether your vehicle’s agreed value still reflects the current market, taking the time to review it now could help avoid a shortfall later.

How Howden can help

Our Private Client motor team works with high-net-worth insurers who understand the unique nature of performance, collector and limited-edition vehicles.

We take the time to understand each client’s collection and how it is evolving, helping ensure that agreed values and policy structures remain appropriate as market conditions change. This may include:

• Reviewing agreed values at renewal and where appropriate throughout the policy term
• Advising on whether uplift provisions within the policy are sufficient
• Highlighting changes in the market that could affect a vehicle’s value

While keeping valuations up to date ultimately remains the client’s responsibility, having access to specialist advice can help provide greater clarity, and cover that reflects the true nature of the risk.

To speak to our specialist team about your high value motor insurance call 0330 0084764 or email privateclients@howdeninsurance.co.uk