New GT3 Insurance

New GT3 Insurance

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Discussion

Taffy66

5,964 posts

103 months

Tuesday 9th January 2018
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Tony 1234 said:
I'm with NFU and I gave them the same value and it has that on my paperwork but I'm sure they'll only pay out Invoice cost as they told me they don't insure 'agreed value' cover

I insured mine a few months ago and the car wasn't on their system then so they just described the car on the paperwork
That mirrors my experience word for word....I agree there is some confusion on the agreed value of £185k..!..They promise a no quibble brand new car replacement if the worst happens in the first two years..I'm fascinated how that would pan out in real life..

Randomer123

106 posts

173 months

Wednesday 10th January 2018
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Cmon people, let's start naming actual prices. How much are you getting quoted on from Luxton and NFU?

I've spoken with Luxton, they seem spot on to be honest - yet to try NFU, but is their agreed value the same deal as Luxton (ie. they'll pay out £190k if you've agreed 190k, no messing about).


Bieldside

Original Poster:

583 posts

200 months

Wednesday 10th January 2018
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OK

NFU - declined to quote as I live in west London ( no sheep in view as its not country !!!)

Aviva - £1055 with a value at £140,000 ( list) but no thanks to £180,000 valuation . Aviva are fine with my other cars it was just the value over £150,000 that made the difference . Nothing else

Locktons - £1,777 with no garage + happy with £180,000 valuation

No brainer really !


Tony 1234

3,465 posts

228 months

Wednesday 10th January 2018
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Randomer123 said:
I yet to try NFU, but is their agreed value the same deal as Luxton (ie. they'll pay out £190k if you've agreed 190k, no messing about).
As far as I can make out they'll only pay invoice even if it states £185k on their paperwork

You get 2 years new car cover and they don't require a tracker (at least not me)

Used them for years and first class.

throt

3,055 posts

171 months

Wednesday 10th January 2018
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Tony 1234 said:
As far as I can make out they'll only pay invoice even if it states £185k on their paperwork
I was told exactly this by a couple of Insurance outfits. In the end I got cheesed off and just went with Direct Line paying out £1400. Tracker is a must have, garage isn't though. I am in outer West London..

Randomer123

106 posts

173 months

Wednesday 10th January 2018
quotequote all
Tony 1234 said:
As far as I can make out they'll only pay invoice even if it states £185k on their paperwork

You get 2 years new car cover and they don't require a tracker (at least not me)

Used them for years and first class.
I'm stating the obvious I know, but surely that "new car cover" won't result in you getting a GT3, although at least you'll get your initial investment back.

Randomer123

106 posts

173 months

Wednesday 10th January 2018
quotequote all
Bieldside said:
OK

NFU - declined to quote as I live in west London ( no sheep in view as its not country !!!)

Aviva - £1055 with a value at £140,000 ( list) but no thanks to £180,000 valuation . Aviva are fine with my other cars it was just the value over £150,000 that made the difference . Nothing else

Locktons - £1,777 with no garage + happy with £180,000 valuation

No brainer really !
Similar then, I'm £1850, albeit with £190k (might try 180k to see if it's a bit less!). Supposedly it's a little higher than normal because they don't generally insure those under 30, not sure if that's true though!


av185

18,514 posts

128 months

Wednesday 10th January 2018
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Randomer123 said:
Tony 1234 said:
As far as I can make out they'll only pay invoice even if it states £185k on their paperwork

You get 2 years new car cover and they don't require a tracker (at least not me)

Used them for years and first class.
I'm stating the obvious I know, but surely that "new car cover" won't result in you getting a GT3, although at least you'll get your initial investment back.
New replacement GT3 cars sometime appear though.

Rare case a couple of years ago someone totalled a white GT4 on track and Porsche built them another.


Taffy66

5,964 posts

103 months

Thursday 11th January 2018
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woollyjoe said:
oh, and it doesn't matter what value you say the car is... it doesn't impact the payout in a total loss claim.
Actually what you say makes perfect sense..!

Randomer123

106 posts

173 months

Thursday 11th January 2018
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woollyjoe said:
I find this insurance chat curious...

namely that insurers have a legal obligation to pay "market value" even if it goes up because the car is rare - this is part of the design of it.

"Agreed value" seems pointless unless its a particularly rare car where it's unlikely to have comparisons - eg old classic cars. A GT3 is easy to value and the main valuers like Glass's et al do value these cars.

The financial ombudsmen would have your back.
I agree, but I guess it's a peace of mind when it comes to some of these insurance companies. I use admiral for my "normal" cars, but I just have this feeling that if push came to shove, they'd be an absolute pain in the backside if came to paying out £190,000 on a car I bought for £130,000.

Glass's guide has historically (to me at least) been a VERY poor representation of what a car is actually worth. I've had this argument with dealers in the past, where every single car available on autotrader, pistonheads, and that dealer groups have a car for sale for £115,000. Yet when they come to value my car, they use Glass's guide which suggests my car is worth £85,000 (and have shown me the Glass's guide to prove it).

If we were talking many, many ££££s more for this agreed value insurance, I'd not bother - but my comparison so far is a difference of £600, which includes trackday cover!

av185

18,514 posts

128 months

Thursday 11th January 2018
quotequote all
woollyjoe said:
I find this insurance chat curious...

namely that insurers have a legal obligation to pay "market value" even if it goes up because the car is rare - this is part of the design of it.

"Agreed value" seems pointless unless its a particularly rare car where it's unlikely to have comparisons - eg old classic cars. A GT3 is easy to value and the main valuers like Glass's et al do value these cars.

The financial ombudsmen would have your back.
The main basis of insurance is where possible to put you in the same position financially as before the claim. This, coupled with the terms they won't pay more than otr new cost to you means you would never receive over otr new cost anyway.

The fact that your GT3 is worth say £190k is irrelevant unless in the event of total loss you are actually going to go and buy a used one and pay the premium.

Agreed value appears the best solution.


boxsey

3,575 posts

211 months

Thursday 11th January 2018
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av185 said:
The fact that your GT3 is worth say £190k is irrelevant unless in the event of total loss you are actually going to go and buy a used one and pay the premium.
Which raises the question are people actually insuring so that they can replace it with one from the overs market or insuring against the potential loss of the profit if they were to sell it on the future.

I can see why some insurers are not keen to offer a higher than invoice value for a new car for fear of the potential for foul play.

Randomer123

106 posts

173 months

Thursday 11th January 2018
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boxsey said:
Which raises the question are people actually insuring so that they can replace it with one from the overs market or insuring against the potential loss of the profit if they were to sell it on the future.

I can see why some insurers are not keen to offer a higher than invoice value for a new car for fear of the potential for foul play.
That's a bit like saying you'd only insure your house for £100k because that's what it cost you 20 years ago, ignoring the fact it's actually worth £800k now. Unless you can go out and buy the same house (ie, new GT3) off the shelf so to speak, you're going to have to pay market value - hence why insuring at an agreed price makes far more sense to me.

red997

1,304 posts

210 months

Thursday 11th January 2018
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not for a GT3, but I can offer some first hand info on an insurance claim
Wrote off a highly specced 997S;
I gave the insurance co my opinion on value
Insurance co looked at the market prices
came back to me same day and agreed with me on price
all done & dusted within 12hrs
cheque arrived a few days later

av185

18,514 posts

128 months

Thursday 11th January 2018
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Sounds a good one to deal with.

Which one was it out of interest?

boxsey

3,575 posts

211 months

Friday 12th January 2018
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Randomer123 said:
That's a bit like saying you'd only insure your house for £100k because that's what it cost you 20 years ago, ignoring the fact it's actually worth £800k now. Unless you can go out and buy the same house (ie, new GT3) off the shelf so to speak, you're going to have to pay market value - hence why insuring at an agreed price makes far more sense to me.
Not sure how you can compare house insurance to car insurance. The building part of house insurance is based on what it would cost to rebuild the house, not the market value. The rebuild cost is usually significantly lower than the market value albeit that even the most basic policy today usually includes a provision for rebuilding costs of up to £1M. I've yet to hear of a house policy that would give you the market value of your house to go and buy a new one somewhere else.

I had a guaranteed value policy for a classic car but gave up on it because I had to keep getting the car revalued each year as the market price increased. That also meant that the guaranteed value slipped under the market value within a few months of each renewal which meant that I might have been under insured if I had needed to make a claim. Luckily that never happened. So, as Red997 has posted above, I prefer to now insure at market value and be prepared to provide the insurer with similar 'for sale adverts' to make the case for the market value of my loss. And that means I don't get charged extra premium for a guaranteed value policy.