Classic car insurance renewal - agreed value?

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Tim S
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Classic car insurance renewal - agreed value?

The insurance for my 2 classic cars is due soon. I've always covered them on an agreed value basis but this year I'm wondering if it's worth doing. The extra premium is quite reasonable (£36) but it's a load of extra hassle, with forms to be completed and pictures sent + potentially a requirement for professional valuations.

Does anyone have experience of relying on market value in the event of a total loss claim? Did it result in a fair pay out or did you wish you'd had an agreed value in place?

Mike Biddle
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I always go for agreed value because what you have to think of is what they would cost to replace, that's what its for in my opinion.

I know its hassle, but how attached are you to the cars? 

wild bill
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i use classicline for my vehicles. The agreed value is £24, they offer free European breakdown, theyre very good on claims, they're nice to deal with and unless your vehicles are worth over 100k you don't need a professional valuation. It's all done online and takes me about 15 minutes from start to finish inluding filling in and scanning the form plus taking and uploading the photos. I do all this on my gmail account. I always provide links in my email to other vehicles up for sale and i have a very realistic view of what my metal is worth so they always agree the value as i've provided realistic evidence.

As a matter of note Flux wanted £264 fully comp on my seven so i've moved it to classicline and it was £126 FC

 

Guy Lowe
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I'm with Classicline & the online agreed valuation process is very easy and quick. 
 

Wild Bill, I think the valuation fee of £24 is for 2 years. 

 

 

Tim S
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Thanks for the helpful comments. Has anyone had a total loss without agreed value? Was the settlement amount significantly lower than your valuation of the car?

Tim

Aeroscreens
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Tim,

I've not had a total loss but in 2015 my 1993 Caterham was involved in an accident where the claim was over £10k.

Now at the time a 22 year old Caterham would have been valued around £10-12K(?) and as a result would have been written off and the pay out wouldn't have been sufficient to replace the car with one of similar specification. But as it had been rebuilt and had a significant amount of modifications I had it on an agreed value of £20K. Hence it was repaired with another rebuild and as a result of that rebuild and further mods it is now valued at £30K, but I doubt I'd get half that on the open market!

I'd agree with Mike Biddle that I see agreed value as replacement value as this recognises the upgrades/upkeep etc pretty much in full, whereas market value tends not to.

It's insured with REIS and I think the annual premium (inc. AV) is, not the cheapest at, £280 but the claim was handled extremely well and the car was back on the road in under 3 months. That's why I've stayed with them.

www.C7CAT.com

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DJ.
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I've always thought that a standard spec car is ok on a market value policy, but a car with expensive mods is a different matter.

I have a standard Sigma 125, I have considered agreed value, but when I see adverts for similar cars, they quite often ask more than I think is a realistic value. I think I might cheat myself by setting the value too low. If I paid Premier Power for one of their brilliant upgrades, I would definitely seek an agreed value as replacing the car like for like would be much more difficult.

z7
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Sorry for the slight hijack but what's the process and what do the various companies require for AV?  Do they recognise Guy Mundy valuations?

TIA, z7

sforshaw
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For my SLR I took screen shots of all the SLRs I could find for sale and sold and then compared the specs and condition to my own car and documented my findings. REIS then asked for photos from certain angles and agreed with my proposed value.

The problem I envisaged was that my original insurance proposal to REIS included a statement of what I paid for the car. Values have strengthened substantially in the last couple of years plus I've done a lot of work on it, if I chose to advertise my car for sale now I'd be looking at a 70% uplift on my original purchase price, not really a great situation if it was written off.

Amazingly the current market value for an SLR is remarkably similar to the price new 20 years ago!

Stu.

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The register for all numbered limited-edition Caterhams ....... www.thecaterhamregister.net ...... www.instagram.com/thecaterhamregister

John Vine
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My 2008 R400D is on AV with Footman James.  They accepted Guy Munday's valuation (plus about 10 photos) without question.

I went for AV after I'd explored the availability of replacement R400D's with my spec -- rare indeed! 

JV
 

z7
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Thanks for the info Stu, John.  It's very helpful.