Agreed Value with Insurers
Discussion
One of those subjective topics I guess.
I've just changed from Classicline to Adrian Flux and was mulling over the agreed value to insure at.
I came to a figure of £19k, based on what I think it would cost me to get hold of another Grif and put it to the something I'd be happy with as a replacement.
Wasn't sure how mileage effects value? My car is still under 40k (1994) - to be fair, a Grif could have 150k miles 'on the clock' - new chassis, new engine, respray and retrim - what's it really matter?
What have other people done?
I've just changed from Classicline to Adrian Flux and was mulling over the agreed value to insure at.
I came to a figure of £19k, based on what I think it would cost me to get hold of another Grif and put it to the something I'd be happy with as a replacement.
Wasn't sure how mileage effects value? My car is still under 40k (1994) - to be fair, a Grif could have 150k miles 'on the clock' - new chassis, new engine, respray and retrim - what's it really matter?
What have other people done?
Value and Insurance value are two different things IMO. Value is how subjective and if you sell depends entirely on how much someone is willing to pay for it. Insurance value should be the money required to replace the car with one of the same specification. If you have spent ££s on upgrades then this needs to be taken into account so long as you have declared them. 19k may get you a good replacement Griff, low mileage, good condition etc but if you have spent say 3k on engine work and 2k on a suspension setup then you will still be out of pocket.
Mine was on a agreed value for 22.5k with Mannings but the agreed value has recently expired and I need to resubmit recent photos and a report to the insurers which I will do.
Mine was on a agreed value for 22.5k with Mannings but the agreed value has recently expired and I need to resubmit recent photos and a report to the insurers which I will do.
My Griff is a late 94, I have done a body off chassis refurb, nitrons etc and although the car has done less than 30k miles I had to have a new engine in 2009 due to slipped liners so I went for a V8D large journal cross bolted block etc. Original paintwork and trim.
I moved my insurance to Mannings this year and to get an agreed value I asked James Agger for a valuation and he valued it at £25K for insurance replacement and Mannings have agreed this.
I guess if I wanted to sell I might only expect somewhere around £15k - £16k if I'm lucky!
I moved my insurance to Mannings this year and to get an agreed value I asked James Agger for a valuation and he valued it at £25K for insurance replacement and Mannings have agreed this.
I guess if I wanted to sell I might only expect somewhere around £15k - £16k if I'm lucky!
jeboa said:
One of those subjective topics I guess.
I've just changed from Classicline to Adrian Flux and was mulling over the agreed value to insure at.
I came to a figure of £19k, based on what I think it would cost me to get hold of another Grif and put it to the something I'd be happy with as a replacement.
Wasn't sure how mileage effects value? My car is still under 40k (1994) - to be fair, a Grif could have 150k miles 'on the clock' - new chassis, new engine, respray and retrim - what's it really matter?
What have other people done?
I'd have said that was low. You'll likely need a valuation by an agreed person/business ion the know but your insurer will stipulate the detail, as well as some pictures. Mine is with Mannings and is near the £30k agreed value limit.I've just changed from Classicline to Adrian Flux and was mulling over the agreed value to insure at.
I came to a figure of £19k, based on what I think it would cost me to get hold of another Grif and put it to the something I'd be happy with as a replacement.
Wasn't sure how mileage effects value? My car is still under 40k (1994) - to be fair, a Grif could have 150k miles 'on the clock' - new chassis, new engine, respray and retrim - what's it really matter?
What have other people done?
FFG
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