Another insurance question

[ChilliWhizz]

Serious this time....

With the value of our cars apparently continuing to increase I'm just wondering if, anybody who has increased the agreed value with their insurance companies also experienced a related increase in the annual premium... I paid £15k for beastie in 2010, and I've not increased the agreed value since (silly me), but I am planning to this year, and I'm thinking minimum £20k... Is an insurance company likely to agree to this without an increase in the annual premium...?

Any first hand experience out there?

Chilli

[nick_mcuk]

ChilliWhizz said:

Serious this time....

With the value of our cars apparently continuing to increase I'm just wondering if, anybody who has increased the agreed value with their insurance companies also experienced a related increase in the annual premium... I paid £15k for beastie in 2010, and I've not increased the agreed value since (silly me), but I am planning to this year, and I'm thinking minimum £20k... Is an insurance company likely to agree to this without an increase in the annual premium...?

Any first hand experience out there?

Chilli

I had to do a similar thing with my 205GTI...any significant increase in value will likely to affect the premium, not but much but a bit.

You might also find the insurance co wants a proper valuation done on it...I got the guys at Hawthorns to do me a letter for the above mentioned 205GTI

[pb450]

ChilliWhizz said:

Any first hand experience out there?

Chilli

YHM

[Yex 450]

My 450 has an agreed value of £20,000 with my insurer. I only did this at renewal in March 2016 as the car had a body off chassis rebuild and other parts replaced late in 2015. I had a premium increase of c£45 over the renewal quote I had received in the post a week earlier. Well worth it in my opinion.

[Matthew Poxon]

Mine is insured for 28k. Looking at Griff prices I will be increasing this to 30k+ next renewal. Each time I have increased mine the premium has stayed the same.

20k is low for yours Chilli and Yex450. I would probably go for 25k personally, both are top examples of Chims. I know you can buy Chims for 15k but decent ones like yours go for strong money. Don't forget we are currently still in winter pricing, prices go up in summer so account for that.

[QBee]

The TVRCC offer a valuation confirmation service which my insurers seem to like.

[ChilliWhizz]

Thanks for the replies chaps, muchly appreciated... Matthew, you really are the bestest Griff owner I've ever met... I mean, rosie's not bad either, but you're the best..

pb450 said:

YHM

Thanks Peter

[Loubaruch]

An Insurance expert on another Forum has said that Insurance premiums will rise significantly this year as the result of two Government decisions:

1. Insurance tax is to rise

2. The Ogden formula that determines pay-outs for persons seriously injured as a result of traffic or other accidents has upped the amounts considerably

Insurance companies will just pass this on to their customers.

So any age related discounts or otherwise are likely to be insignificant in comparison

[TV8]

FJ were happy that mine is worth £20k agreed value with limited info so worth checking/changing.