V12 Vantage Manual - Insurace

[woodsypedia]

Perhaps an interest for those with V12 Manuals like me.

I called Admiral this morning to talk about a quote I obtained for insurance for green steel. I went through a quote process online so much of it was painless, but note that I increased the value of the vehicle from the default suggested £75K, up to around £140K. Why you might ask? Well - I figured that given you can't place new factory orders for these, in the unlikely event that something might happen, I'd like a reasonable payout (yes I know £140k is more than I need to buy another used V12V but because the spec I have, replacing it like for like will be almost impossible).

Interestingly, I asked what the criteria was for payout and the lady said "we use Glass guide to give you market value". So I asked "if that's the case, what's the point of me providing a valuation for the vehicle?". The response? Radio silence whilst I could hear the cogs in her head whirring around.

In short, after a bit of looking, I've realised it's very hard to find an insurance provider that will pay out what you indicate the value of the car actually is - and new for old just isn't an option on anything over 12 months old. Which got me thinking, if anything did ever happen to green steel, I'd probably end up getting a payout that would buy a 'standard spec' V12 Vantage (I mean the usual black,silver,grey with standard seats etc), as the valuations are based on no more than mileage, age and similar condition. I'd want one in a specific colour and spec and given the likelihood of finding one on the used market would be slim, a factory order for a V12S would be the way I'd have to go.

Two questions:

1) Does anyone have or know of a provider that's more reasonable with this kind of scenario - i.e. - not getting the worst payout just because of some s*%$ valuation in Glass guide
2) Is there a supplementary insurance one could take out that would cover the delta between what the insurance company pays out - and what I indicate the car is valued at (to me). Think similar to GAP insurance provided by finance companies - but without the need to clear finance

I know it's a strange situation - but I'm going through my early thirties 'safety conscious' phase.

Cheers

Chris

[IanV12VR]

You need an insurer who will put an agreed value on the car. The specialist insurers will provide this, I am with Locktons, but you will need a PV of your car. I had mine done by Philip Jones of Byron International who was acceptable to Locktons and is very well known in the Aston World. Have a look at his website which sets out what is needed.

Just been through the process with our V12VR and found out that he has valued at least one other before he did mine. Hope that helps.

[davek_964]

IanV12VR said:

You need an insurer who will put an agreed value on the car. The specialist insurers will provide this, I am with Locktons, but you will need a PV of your car. I had mine done by Philip Jones of Byron International who was acceptable to Locktons and is very well known in the Aston World. Have a look at his website which sets out what is needed.

Just been through the process with our V12VR and found out that he has valued at least one other before he did mine. Hope that helps.

Agreed - but even then, I think you will only be able to insure it at agreed value that an expert has stated it's worth. The idea that an owner can make up a number and expect to be paid it would leave the insurance industry wide open to fraud.

[IanV12VR]

davek_964 said:

Agreed - but even then, I think you will only be able to insure it at agreed value that an expert has stated it's worth. The idea that an owner can make up a number and expect to be paid it would leave the insurance industry wide open to fraud.

Clearly has to be the figure that the valuer has put on and cannot just be plucked out of the air. Once you have an agreed value you then have to keep it updated every couple of years for it to remain valid.

Edited by IanV12VR on Friday 27th November 13:45

[woodsypedia]

Thanks guys - really appreciated. I figured the 140K would be what it might cost to do a new order in a spec that I'd want.

Will give Locktons a call.

Cheers

Chris.

[moveover]

woodsypedia said:

2) Is there a supplementary insurance one could take out that would cover the delta between what the insurance company pays out - and what I indicate the car is valued at (to me). Think similar to GAP insurance provided by finance companies - but without the need to clear finance

You can get make-up-to-invoice shortfall insurance (irrespective of how it was financed), but I don't know whether it stipulates within what period of having bought the car it can be purchased. There's mixed views on whether it's worth the money, but personally I took it out for a 4 year period as it didn't seem overly expensive to do so.

As for specifying a value to your insurance company, there may be a risk in going too low as they might apply an averaging clause if the actual value is deemed higher in the event of a claim.

[AdamV12V]

Locktons will definitely give you an agreed valuation, but you will need some evidence (such as a letter from a AM Dealer) to back it up.

Id be very surprised if they will insure on a new for old basis however - its like for like that insurance companies pay out (at best), so you need to agree the value of your current car, not a brand new one. That's GAP insurance you are asking about - which is a different thing altogether.

[Ken Figenus]

I use Locktons and did do an agreed value with them once as MD forecourt costs were 5k higher than a well timed sale from a prestige specialist 😊. I think however they quote before the value is agreed so it may be tricky if you are going significantly above a likely market value. However when the shoe is on the other foot and they ask you to don your architect hat and estimate the rebuild cost of your building insurance the premium is directly linked to this sum. Shouldn't be hard to find similar in the car world?

[cayman-black]

Imaging having to down grade though, but it is similar to yours!

http://www.autotrader.co.uk/classified/advert/2015...

[RobDown]

I would definitely give Locktons a call if you want an agreed value figure (and you get a discount if you're an AMOC member).

[ripley500]

I'm insured with First Point (Hiscox) and got an agreed value without needing a valuation. I have a 2009 V12V and the insurer originally had the value at £59k - I explained there was no way I could replace it for that amount and pointed them to AM website where its circa £75 - £85k to replace for a similar spec & mileage.

I asked them for an agreed value of £85k but they came back with £75k - if I wanted it higher then I'd need to get a written valuation.

[waremark]

I have a multi car policy with Chubb via a broker. They explicitly cover for an agreed value, and it was my belief that they would accept any reasonable value. Whether they would consider £140k reasonable I have no idea.