Insurance warning!!!!!

[dw350i]

If anybody is not on agreed value and is assuming that market value will be OK then think again. NU collectors car policy use the approx value figure that you gave at some point as an absolute cap on payout in the event of a total loss, irrespective if any improvements made to the car raising its true market value. They also have a maximum total loss figure for an average 350i of £3250 and £7000 if in concours as new/unused.

[griffonmark]

I insured my 350I recently with footman james and gave a value of £3,800. They wrote to me and told me I would need a valuation, otherwise they would insure for market value only, not agreed. I got a club officer to value (he said mine was real good and worth £5,500!) and sent the valuation form off. They replied back with an agreed value of £3,500. Luckily, I noticed the change and rang them. They said it should have been £3,800 but for £18 more they would up to £5,500.

I worked in insurance for many years and can put your minds at rest that market value policies mean just that and it doesn't matter what value you initially put on the vehicle, the insurer should pay out market value at the time of loss. Anyone having difficulty should contact the Insurance ombudsman who will uphold this point. Interestingly, it costs the insurer £400 every time a complaint is handled by the ombudsman, win or lose. That can be a good negotiating point.... so always ask for another £200 or you'll threaten with the ombudsman. Insurers make their own rules as they go along on the basis that they get away with it most of the time. Don't be intimidated.

[dw350i]

I have cancelled the claim via my insurures as the delay involving the ombudsman service will be too long. The claim has now been made directly with the other drivers company, who are accepting full liability and sending an engineer asap. They are also accepting that the car is not a normal 1984 car and as such its value will be determined by collector car rates based on its actual condition. NU collector car policy details do not state what is being said over the phone today, so yes what they are saying is almost certainly incorrect? It has now turned into a bit of game with them so out of pure bloody-mindedness I will initiate the complaints procedure purely for the fun of it.