GT3 - Upping Agreed Value Insurance...
Discussion
I have just renewed my insurance policy on the GT3 and with one eye on the current trend of higher retail values, I decided that it might be a prudent measure to look at the agreed insurance value on my car for the next 12 months.
The reason being, that if I were looking for a like-for-like replacement in the event of a `total loss` of my car, I would be looking at a far higher purchase cost from a good indie for a car to match the quality, low mileage and history of my own. All good GT cars are certainly commanding higher prices at the moment, so I really didn't want to be under-insured in the event of the unmentionable happening. My old insurance value would have left me way short in this department.
So, not knowing where to start with all this, I ended up getting a current market value appraisal from a well respected independent Porsche drivers consultancy and after some discussion we agreed that we should up the agreed insurance value of my car by £10K.
Until this point I had believed that, the higher the value, the higher the premium. But by shopping around a bit I found that this is not the case. I upped my agreed value, changed insurers, got way better coverage and lowered my premium to boot.
So, to the point of this post... In this current crazy market, don't under-insure yourselves. I am looking at this move on a very similar basis to `Gap Insurance` but in reverse.
Are any of you guys out there looking at a similar move, as you never know what is around the next corner... `better safe than sorry` is what I say!
The reason being, that if I were looking for a like-for-like replacement in the event of a `total loss` of my car, I would be looking at a far higher purchase cost from a good indie for a car to match the quality, low mileage and history of my own. All good GT cars are certainly commanding higher prices at the moment, so I really didn't want to be under-insured in the event of the unmentionable happening. My old insurance value would have left me way short in this department.
So, not knowing where to start with all this, I ended up getting a current market value appraisal from a well respected independent Porsche drivers consultancy and after some discussion we agreed that we should up the agreed insurance value of my car by £10K.
Until this point I had believed that, the higher the value, the higher the premium. But by shopping around a bit I found that this is not the case. I upped my agreed value, changed insurers, got way better coverage and lowered my premium to boot.
So, to the point of this post... In this current crazy market, don't under-insure yourselves. I am looking at this move on a very similar basis to `Gap Insurance` but in reverse.
Are any of you guys out there looking at a similar move, as you never know what is around the next corner... `better safe than sorry` is what I say!
How will you fare if the market value increases above agreed value ?
Surely market value makes more sense, I can see the point in an agreed value if it's something that's heavily modified or a one off but for a fairly standard/replaceable car I don't see the point. Am I missing something ??
Surely market value makes more sense, I can see the point in an agreed value if it's something that's heavily modified or a one off but for a fairly standard/replaceable car I don't see the point. Am I missing something ??
That's a jolly good question. I believe agreed value is helpful as you say if the car is practically irreplaceable either due to modification or perhaps rarity. My 1970 2.2S is an agreed valuation as it's practically irreplaceable with a car of similar condition. My gt3 is market value. It would not be so easy to replace like for like but the 'market value' is easy to demonstrate given there are quite a few price points and cars do become available to purchase.
FWIW I went through this 'agreed valuation insurance' issue when I owned my 6RS.
I got an up to date valuation from PCGB and after being spoken to like s
te from REIS namely Mary I went with Mannings who were first class. Ive not looked back and now insure my cars solely with them.
Worth a call IMO
I got an up to date valuation from PCGB and after being spoken to like s
te from REIS namely Mary I went with Mannings who were first class. Ive not looked back and now insure my cars solely with them.Worth a call IMO
We still insured our new Macan S with ManningUK as they honoured Paul`s quotation... Happy days and life goes on... Insurance isnt the rip off it used to be so i agree that theres mo need to skimp.
I just changed the car on a policy , from a 2002 Passat to an F10 M5 ... about 50 times more in value and about six times the amount of power.
Cost to switch was £90 extra ! Total policy price around £340 per annum. I was pretty shocked to say the least.
I just changed the car on a policy , from a 2002 Passat to an F10 M5 ... about 50 times more in value and about six times the amount of power.
Cost to switch was £90 extra ! Total policy price around £340 per annum. I was pretty shocked to say the least.
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