Agreed value - your input appreciated

Post by **NafemanNathan** » Wed Apr 03, 2013 2:10 pm

skyinsurance wrote:
bennyboy wrote:
And yet modifications are, ironically? This is why I'm stumped!
Modifications covered like for like up until the write of threshold, which is about 60% of the vehicle's value.

To justify this, I've used this example before.. Think Citreon Saxo, with a hideous bodykit, hideous custom interior, zausts, you know the sort of thing... the sort of thing you laugh out loud at when you see one driving along. £20k spent on modifications. Resale value - £1500. Where would you agree the value on that? If an insurer agrees anything near the money spent then it's a fraudulent claim waiting to happen.

So the reason for such low agreed values is trust issues?...

Post by **NafemanNathan** » Wed Apr 03, 2013 2:12 pm

bennyboy wrote:
skyinsurance wrote:Nice, low mileage, sub £2k.. if I was looking for a new car, I'd consider this:

http://www.pistonheads.com/classifieds/ ... 97/1207100
Yes, and that's totally incomparable to mine.

I have to agree that's an insult to Ben's car

skyinsurance · Post by **skyinsurance** » Wed Apr 03, 2013 2:13 pm

Hopefully some of the information I have provided helps, if you have a specific query, feel free to PM me.

Thanks

Ollie

Ps, I live in St Albans as well, small world.

Post by **NafemanNathan** » Wed Apr 03, 2013 2:15 pm

NafemanNathan wrote:
skyinsurance wrote:
bennyboy wrote:
And yet modifications are, ironically? This is why I'm stumped!
Modifications covered like for like up until the write of threshold, which is about 60% of the vehicle's value.

To justify this, I've used this example before.. Think Citreon Saxo, with a hideous bodykit, hideous custom interior, zausts, you know the sort of thing... the sort of thing you laugh out loud at when you see one driving along. £20k spent on modifications. Resale value - £1500. Where would you agree the value on that? If an insurer agrees anything near the money spent then it's a fraudulent claim waiting to happen.
So the reason for such low agreed values is trust issues?...

No answer to that then?

skyinsurance · Post by **skyinsurance** » Wed Apr 03, 2013 2:22 pm

NafemanNathan wrote: No answer to that then?

I'd say business reasons actually.

I have given you the information, feel free to make of it what you will

Post by **NafemanNathan** » Wed Apr 03, 2013 2:25 pm

skyinsurance wrote:
NafemanNathan wrote: No answer to that then?
I'd say business reasons actually.

I have given you the information, feel free to make of it what you will

I have

And that was a bad answer.

A1ex · Post by **A1ex** » Wed Apr 03, 2013 2:28 pm

^^^ Agreed.

So, do you recon you could declare your modification value on your house insurance, suspension etc and get cover for full value then? You can cover all sorts of things that leave the house, bikes, watched, rings etc...

cantaffordannsx · Post by **cantaffordannsx** » Wed Apr 03, 2013 6:00 pm

I would come at this from a different point of view.
in the land of the blind, the one eyed man ...with some receipts....is King.

If you have to make an assertion of value in the event of an accident, won't you need some justification?
in addition to the above sound advice I would also look at your evidence folder. Original receipt for car plus a choice collection of receipts for some of the major parts added together with a maintenance record and sensible depreciation % will give a bargaining position to start from.
When I crashed my car some time ago, I produced a stack of receipts and the FSH and was able to substantiate a higher value for the car.

judderod · Post by **judderod** » Wed Apr 03, 2013 6:18 pm

This might be a bit OT but I seem to remember having a read of my insurance T&C's to check this albeit a long time ago.

Agreed value basically didn't count for anything, as it said regardless of the agreed value, they would only pay up to market value, or the agreed value, whichever was lower.

In other words, if your car is actually worth £10K, but you declare it's worth £8K because it's a bit beat up, you might get a saving on your premium because you're offering a lower risk to the insurance company. If your car is worth £10K, but you declare it's worth £12K, they've got a good reason to charge you a higher premium, even though if it comes to a claim they've still got the legal right to pay only £10K which is the actual market value.

Recently I had a claim that ended up being settled 50:50 (apparently someone pulling out of a parked space and driving into my front wing is half my fault but that's another story). The nice claim handler I spoke to said it basically comes down to what ever is on glass.co.uk, give or take no more than about a 10% allowance for the condition or modifications etc.

Post by **Vtecmec** » Wed Apr 03, 2013 6:46 pm

The attitude of insurance companies really winds me up, market value on an older classic car should not be relevant, particularly on a restored vehicle.

Once my car is finished, barring no accidents it should be good for 10-15 years on the road as I've pretty much turned it into a brand new car. I will never sell it.

An equivalent stylish 200bhp sports coupe would set me back £30k+ and have the same lifespan.

To create another 'brand new' prelude would set me back £10k+ easily (not new for old replacement, just to take me back to where I would have been pre-accident).

A shitty 5 year old golf will be rust dust long before my 'new' lude would be spent, but an insurer would have no problem paying out £8k+ for that. I see more value in a better engineered car that will last longer.

Car insurance should be a value that puts you back to where you were before you were a victim, not seeing you at a loss and penalising you because some other muppet has crossed your path. In 99% of cases this would be market value, but not always.

The OP should go for a figure that will enable him to replace the car like for like, as it is unique and therefore the market does not apply. I doubt the insurance companies would buy into that though.