Agreed value insurer

[cvega]

Hi Folks, quick question

Having just spent 20k+ on my 3.9 996 conversion, I would like to insure it to at least cover some of its cost in case of the worst happening.

I understand that agreed value insurance is the way forward but need some pointers to providers or brokers you've used in the past that could provide such service?

cheers
J

[supersport]

Most if not all the classic insurers offer agreed value policies.

Personally I find the whole thing a bit st.

The insurer asks you for the value of the car, offers you a premium based on that and the car. But if not's agreed value then they are free to pay out as they please, within bounds.

Pay £15 for agreed value, and you get what you paid for.

This makes no sense. You paid a premium based on the declared value, I would expect that is what you should get regardless of the market.

[stevebu916]

I have my Boxster Spyder & GT3 on an agreed value policy through ‘Classicline Insurance’. You need to get the value independently verified every 2 years, which is something Classicline will do for a small fee. They are the preferred insurance provider for members of Tipec.

[garypotter]

The problem with agreed value is the max they payout in a total loss, in the recent current 2nd hand market is soem cars have increased by vast amount of money. With your modified car it would be very hard to put a price to replace it and i would find it hard to get something in writing to agree the value!

[jh001]

I have an agreed value policy with Lockton which as easily arranged.

[cvega]

....so is the consensus that it pretty much doesn't make sense, then ?

[jh001]

Mine is a new car so easily arranged, as others have said, valuing a modified car is subjective and far more difficult to agree a value on.

[JPCGT]

Another one for Lockton. If you're a member of Porsche Club GB, get a free of charge 'agreed' valuation and supply this to Lockton who will then cover you for said amount. Simples.

[Cheib]

cvega said:

....so is the consensus that it pretty much doesn't make sense, then ?

I have agreed value on all our cars…on my classic 911 I need a valuation but that is because of the diminution cover. On our other cars we don’t need a valuation I just give them the amount I am happy with at renewal. If you think about it they shouldn’t need a valuation ? If you want to inspire your car for £50k they’ll charge you a premium based on that. They should be agnostic.

As I said with my classic 911 it is because of a specific type of cover in the policy not because of the agreed value. They don’t need to see the valuation but I have to have a recent valuation to claim on that part of the policy.

[alscar]

Even agreed value policies have to be realistic ie insurers won’t just accept any requested sum insured even if you are paying a premium based on this.
The issue then becomes year 2 where they will no doubt want the limit reduced so onus falls on you to prove the value - I find an email to the sales manager of your dealer concerned usually gives a fair figure.
Where cars have been bought over list might well prove to be interesting given what May happen with values over the next 12 months.
As regards modified yes more difficult but with receipts etc a decent broker should be able to help.
I use Nowell and Richards for my non modified cars who are extremely helpful.

[jonny finance]

Classic Line brokers for me.

Pretty straightforward; inc recent photos emailed in, third party valuation offering opinion and value. Premium pertinent to cover level. I’d upped one of mine by £50k mid term which generated expected surcharge.
Happy days once you have that certificate indicating £agreed value in place.

[Cheib]

alscar said:

Even agreed value policies have to be realistic ie insurers won’t just accept any requested sum insured even if you are paying a premium based on this.
The issue then becomes year 2 where they will no doubt want the limit reduced so onus falls on you to prove the value

I’ve been insuring our cars with an agreed value policy since 2015…for the last 4 years I’ve been insuring a GT3 whose value has gone from £180k to £130k and is currently somewhere in the middle of that. Every year I give the insurer a new value via the broker and have never needed any evidence of the valuation on that or any of the other cars.

[alscar]

Cheib , you’ve obviously been realistic in your numbers and the insurer agrees - where perhaps unrealistic or unsustainable values of some being given today or for that first years renewal was my point.