Agreed Value Insurance
Discussion
Looking at purchasing an AM but cannot get a decent GAP price from a number of insurers because of value of car (ALA cannot even quote).
Anyone use an insurance company that includes an agreed value if the car is stolen/damaged beyond repair?.
All I can find are classic car policies but the car is not that old.
Anyone use an insurance company that includes an agreed value if the car is stolen/damaged beyond repair?.
All I can find are classic car policies but the car is not that old.
Think about this from the insurers end.
The values of our cars move around, usually more down than up.
If the insurer agrees a value, then should the market value reduce below the agreed figure, then there would be a profit favouring the policyholder.
There was a famous period in the insurance world, called 'P registered Datsuns'.
A number were insured 3rd Party, Fire and Theft, suffered own fault accident damage (cannot claim), then subsequently were involved in mysterious fires (can claim).
Insurers tend to be wary, because a few policyholders spot money opportunities.
Following that, I think 3rd party cover now costs almost the same as comprehensive.
The historic car market tends to be different, although there have been slump periods, so I don't know how insurers cope then.
Aldhun said:
AMVSVNick said:
Pretty sure the Locktons policy is agreed value.
Locktons policy provides Market ValueLocktons is Market value by default but they WILL give you an agreed value policy at no additional cost, providing you get your AM Dealer to send you and email stating the value.
I have agreed valuations on both our Astons insured via Locktons.
AdamV12V said:
Aldhun said:
AMVSVNick said:
Pretty sure the Locktons policy is agreed value.
Locktons policy provides Market ValueLocktons is Market value by default but they WILL give you an agreed value policy at no additional cost, providing you get your AM Dealer to send you and email stating the value.
I have agreed valuations on both our Astons insured via Locktons.
huntsen said:
ClassicLine also do Agreed Value
https://www.classicscarinsurance.co.uk/specialist-...
They do, but when I spoke to them about an alternative for this year's renewal I was told they want pictures and a fee (£24?) to add the agreed value to the policy. For very expensive cars they will want an independent valuation carried out.https://www.classicscarinsurance.co.uk/specialist-...
AdamV12V said:
No, not quite!
Locktons is Market value by default but they WILL give you an agreed value policy at no additional cost, providing you get your AM Dealer to send you and email stating the value.
I have agreed valuations on both our Astons insured via Locktons.
There is an “interesting “thread on the AMOC forum running about this where the individual appears not to have supplied said valuation and hence an issue has arisen. Locktons is Market value by default but they WILL give you an agreed value policy at no additional cost, providing you get your AM Dealer to send you and email stating the value.
I have agreed valuations on both our Astons insured via Locktons.
AMVSVNick said:
Ah OK.
Chubb Masterpiece is the best product for agreed value but you need a few cars and it’s not cheap.
Have you spoken to your broker?
Agree about Masterpiece although I switched to them from Zurich who were about 20% more expensive. Chubb Masterpiece is the best product for agreed value but you need a few cars and it’s not cheap.
Have you spoken to your broker?
Aviva will also quote for proper agreed value.
Brokers are a good call as they will do all the work for you.
I’ve just this week moved two cars to
manninguk.com
They are a broker who specialise in performance/classics etc.
Both policies are agreed value. In both cases I had to provide pictures and evidence of value. In my case my AM was in for a service at AM works this month so I asked them to give an insurance valuation which they did on headed paper and that was fully accepted.
The insurance wasn’t any more expensive than my multi car renewal from Admiral so became a no brainer.
If you speak to Michael Briggs Telephone: +44(0)1491 578759 ext: #206 he was incredibly helpful and very patient with me as I messed him about a bit with questions.
I moved a Lotus and a V12 Vantage and very pleased with outcome and confidence that cars have a committed value not just “market”.
Cheers James
manninguk.com
They are a broker who specialise in performance/classics etc.
Both policies are agreed value. In both cases I had to provide pictures and evidence of value. In my case my AM was in for a service at AM works this month so I asked them to give an insurance valuation which they did on headed paper and that was fully accepted.
The insurance wasn’t any more expensive than my multi car renewal from Admiral so became a no brainer.
If you speak to Michael Briggs Telephone: +44(0)1491 578759 ext: #206 he was incredibly helpful and very patient with me as I messed him about a bit with questions.
I moved a Lotus and a V12 Vantage and very pleased with outcome and confidence that cars have a committed value not just “market”.
Cheers James
melhuishjames said:
I’ve just this week moved two cars to
manninguk.com
They are a broker who specialise in performance/classics etc.
Both policies are agreed value. In both cases I had to provide pictures and evidence of value. In my case my AM was in for a service at AM works this month so I asked them to give an insurance valuation which they did on headed paper and that was fully accepted.
Same here, though valuation by Nicholas Mee. Excellent service by both.manninguk.com
They are a broker who specialise in performance/classics etc.
Both policies are agreed value. In both cases I had to provide pictures and evidence of value. In my case my AM was in for a service at AM works this month so I asked them to give an insurance valuation which they did on headed paper and that was fully accepted.
LTP said:
huntsen said:
ClassicLine also do Agreed Value
https://www.classicscarinsurance.co.uk/specialist-...
They do, but when I spoke to them about an alternative for this year's renewal I was told they want pictures and a fee (£24?) to add the agreed value to the policy. For very expensive cars they will want an independent valuation carried out.https://www.classicscarinsurance.co.uk/specialist-...
Pictures are pretty well a standard requirement, and Nicholas Mee himself gave me a very realistic valuation without charge.
It is ALA who advertise on Pistonheads very good company for GAP also had tyre insurance with them and had to claim and they sent me a cheque in two days for a new tyre.
Anyhow managed to find a company who will give me GAP insurance on my soon to be picked up Vantage V12 AMR roadster.
Anyhow managed to find a company who will give me GAP insurance on my soon to be picked up Vantage V12 AMR roadster.
SHIFTY said:
It is ALA who advertise on Pistonheads very good company for GAP also had tyre insurance with them and had to claim and they sent me a cheque in two days for a new tyre.
Anyhow managed to find a company who will give me GAP insurance on my soon to be picked up Vantage V12 AMR roadster.
Anyhow managed to find a company who will give me GAP insurance on my soon to be picked up Vantage V12 AMR roadster.
Thank you Dave.
I am always learning something new on here.
Am sure that you will enjoy and have fun with your V12 AMR R.
There are now so many people listed on my multiple ownership topic, that I am not sure whether you already appear.
Please add if appropriate. Your AMR appears to be your 4th Aston Martin. Great loyalty.
https://www.pistonheads.com/gassing/topic.asp?h=0&...
One day I must go through that topic, to count the number of repeat buyers. It will be a remarkable number.
That amount of (mostly) VH model loyalty, is perhaps not occuring to the same extent, with the current models.
If so, AML and their dealers must have regrets.
We all know the old saying, 'repeat selling is easier than first time selling'.
EDIT - I am sure that you already know.
Ony 2O Roadsters for the UK, out of a total 29 production.
It must be rare that any are available to buy.
Edited by Jon39 on Friday 24th February 12:28
SHIFTY said:
Anyhow managed to find a company who will give me GAP insurance on my soon to be picked up Vantage V12 AMR roadster.
I don't understand - why would you need GAP insurance on a newly collected car? Surely if you get an agreed valuation policy, set by evidence from the dealer who sold you the car that you paid its value, then you will be fully insured for what you paid out and thus have no potential gap to loose?Jon39 said:
That amount of (mostly) VH model loyalty, is perhaps not occuring to the same extent, with the current models.
If so, AML and their dealers must have regrets.
We all know the old saying, 'repeat selling is easier than first time selling'.
It is, if the first product meets expectations.If so, AML and their dealers must have regrets.
We all know the old saying, 'repeat selling is easier than first time selling'.
Would Gaydon cars have more repeat owners simply because they've been around for longer than later cars?
AdamV12V said:
I don't understand - why would you need GAP insurance on a newly collected car? Surely if you get an agreed valuation policy, set by evidence from the dealer who sold you the car that you paid its value, then you will be fully insured for what you paid out and thus have no potential gap to loose?
My thought too. Must admit tyre insurance is a new one to me.Forums | Aston Martin | Top of Page | What's New | My Stuff