Interesting how different countries have different standards for what is usual in insurance.
Here both the cars I pay insurance on, the farm van my mother and sister use as a daily driver and farm hack, and my daily driver, a 1985 honda accord, are on agreed value.
So the van, which I bought around 10 years ago for 7000, with agreed value of 7000 covering it as per the finance companies insistance to cover their asses if it got totaled with money owing, now has a market value of 2000 or so and a depreciated agreed value of 5000.