Agreed Value insurance
Discussion
Hi All,
I have a number of cars and 3 of them are on either classic policies or special car policy, with limited mileage and agreed values.
One of classic policies is coming to an end and I will let this lapse and not renew it, it is in a gated and heated garage with alarms and CCTV and actually not hugely valuable.
When the next special car which is fairly valuable comes to an end, I want to switch it to a normal policy but get an agreed value should something happen.
My reason is, that I have spent time and money on getting this car 100% and should something happen I do not want to be offered a low amount.
So which insurers can I use my no claims bonus and get an agreed value?
IceBoy
I have a number of cars and 3 of them are on either classic policies or special car policy, with limited mileage and agreed values.
One of classic policies is coming to an end and I will let this lapse and not renew it, it is in a gated and heated garage with alarms and CCTV and actually not hugely valuable.
When the next special car which is fairly valuable comes to an end, I want to switch it to a normal policy but get an agreed value should something happen.
My reason is, that I have spent time and money on getting this car 100% and should something happen I do not want to be offered a low amount.
So which insurers can I use my no claims bonus and get an agreed value?
IceBoy
I used Footman James for this for a car last year, for the particular vehicle I had they were happy to accept my agreed valuation based on its recent clean MOT pass and evidence of similar vehicles for sale, but the pre-recorded stuff on the phone whilst I was on hold said they might want to get photos or independent verification for something more specialist.
I think it might have been mentioned in another thread recently, but I can't remember what was said now - so I shall ask the questions again!
What is the situation if someone crashes into you and you claim off them?
You are insured as Agreed Value with your insurer, not their insurer, so what happens if they offer you lowest book value??
What is the situation if someone crashes into you and you claim off them?
You are insured as Agreed Value with your insurer, not their insurer, so what happens if they offer you lowest book value??
RSTurboPaul said:
I think it might have been mentioned in another thread recently, but I can't remember what was said now - so I shall ask the questions again!
What is the situation if someone crashes into you and you claim off them?
You are insured as Agreed Value with your insurer, not their insurer, so what happens if they offer you lowest book value??
Always make sure you have a legal policy so you can get representation under this circumstance. What is the situation if someone crashes into you and you claim off them?
You are insured as Agreed Value with your insurer, not their insurer, so what happens if they offer you lowest book value??
RSTurboPaul said:
What is the situation if someone crashes into you and you claim off them?
You are insured as Agreed Value with your insurer, not their insurer, so what happens if they offer you lowest book value??
In my case (3rd party admitted liability) my insurer simply authorised the repairs (up to 60% of AV) and claimed it all back plus repatriation costs etc. from 3rd party's insurer. The legal services sorted out anything not covered by travel insurance and also the compensation claim and they too, claimed it all back from the 3rd party's insurer.You are insured as Agreed Value with your insurer, not their insurer, so what happens if they offer you lowest book value??
warp9 said:
Heritage car insurance will cover you for agreed value. It's incuded free in their policy whereas FJ and other brokers will charge you extra for it.
£10, if memory serves, for the Agreed Valuation. Took my policy up to a whopping £143, though that was a classic policy rather than for daily use. I have just renewed my SL with footman James, to add agreed value was £14 more which took the policy to £153 - No need to have an independent club appraisal if i was happy with their valuation (which I did) so seemed like a no brainier
However as its a classic policy there is no build up of NCD and you cant apply one you have built up else where.
However as its a classic policy there is no build up of NCD and you cant apply one you have built up else where.
Shakermaker said:
I used Footman James for this for a car last year, for the particular vehicle I had they were happy to accept my agreed valuation based on its recent clean MOT pass and evidence of similar vehicles for sale, but the pre-recorded stuff on the phone whilst I was on hold said they might want to get photos or independent verification for something more specialist.
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