Agreed value insurance policies
Discussion
I've been getting quite attached to my old E34 BMW and I've been slowly investing in it and improving it's condition. There aren't many of these left in nice condition and I'm probably going to end up with a car which owes me £2k minimum, but it's no classic and it may never be worth that kind of money. It's a keeper now though.
So here's the rub. When I insured the car online, the suggested value was a pitiful £380. I upped this to £1,800 before buying the policy.
If it's damaged in an accident it's going to be written off, and if it's written off I'm going to be compensated for my loss in peanuts.
Do I need to take out a special policy at my next renewal? Can anybody recommend one? Are there any who will cover my 'Q'-Plate Caterham on the same policy? (Admiral, for example, won't cover kit cars).
So here's the rub. When I insured the car online, the suggested value was a pitiful £380. I upped this to £1,800 before buying the policy.
If it's damaged in an accident it's going to be written off, and if it's written off I'm going to be compensated for my loss in peanuts.
Do I need to take out a special policy at my next renewal? Can anybody recommend one? Are there any who will cover my 'Q'-Plate Caterham on the same policy? (Admiral, for example, won't cover kit cars).
Youll be looking for a modern classic policy. It might not be as easy to find as one for a 2002 though.
Example: most insurers recognise the Mk1 MX-5 as a classic, but far fewer will offer an agreed value policy for a Mk2.
Conversely, a similar age Impreza WRX (1997-1998) has no chance at all of being covered in this way.
Example: most insurers recognise the Mk1 MX-5 as a classic, but far fewer will offer an agreed value policy for a Mk2.
Conversely, a similar age Impreza WRX (1997-1998) has no chance at all of being covered in this way.
s - inept and dishonest.Some good suggestions here, thanks.
The BMW is not my only car but it is certainly my 'main' car- It'll still be living on the driveway and doing 10k/year. I hope the suggested companies above aren't too much higher on prremiums compared to the mainstream. I'm with Admiral at the moment, at ~£700.
The BMW is not my only car but it is certainly my 'main' car- It'll still be living on the driveway and doing 10k/year. I hope the suggested companies above aren't too much higher on prremiums compared to the mainstream. I'm with Admiral at the moment, at ~£700.
HustleRussell said:
Some good suggestions here, thanks.
The BMW is not my only car but it is certainly my 'main' car- It'll still be living on the driveway and doing 10k/year. I hope the suggested companies above aren't too much higher on prremiums compared to the mainstream. I'm with Admiral at the moment, at ~£700.
That's more mileage than most insurers will want to know about on an agreed value classic policy.The BMW is not my only car but it is certainly my 'main' car- It'll still be living on the driveway and doing 10k/year. I hope the suggested companies above aren't too much higher on prremiums compared to the mainstream. I'm with Admiral at the moment, at ~£700.
Lowtimer said:
That's more mileage than most insurers will want to know about on an agreed value classic policy.
you can get unlimited mileage with agreed value . . .and as main car, no garage, UK and European breakdown cover, legal cover, not garaged and on and on with the cover - I know because I've got it on my everyday classic, with Peter James
OP,
you need to search around someone will probably be out there that can offer you what you want but it's finding them, it will possibly be better to insure the two cars on separate policies possibly with separate insurers but it's worth asking if one insurer want to offer policies for both cars and then mix and match as required
Edited by na on Wednesday 13th February 16:19
GC8 said:
Youve misread the post. He is quite right when he states that it is more mileage than most insurers want.
yes sorry I did, I've edited now, thank you GC8 said:
Id say that it would be unacceptable to most insurers and brokers. Id suggest that your policy is an exception to this, but it certainly isnt common.
you are probably right but it is available, that was what I meant but didn't put well, I'm not saying it will be available to the OP - but it might be, he'll have to ask to knowa lot of people with classics have very restrictive policies because basically they hardly ever use the car (their right, their choice) so the policy is very low mileage, must be in the garage when it's dark, ect. and those people that don't know think all classic policies must be like this
just to rub it in my unlimited mileage was the same cost as if I'd limited to 5,000/year, i.e same premium cost for unlimited mileage as limited mileage, it depends what you ask for
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