Admiral Platinum vs Agreed Value Policies

Admiral Platinum vs Agreed Value Policies

Author
Discussion

Masterplan

Original Poster:

53 posts

3 months

Monday 11th March
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All,

I’m about to purchase my first Lamborghini. My first super car in fact.

It’s a 2021 Huracan Evo (£170k), and I started using comparison websites to check insurance. I also assumed I could purchase gap insurance, but I can’t find an insurer that will cover vehicles over £150k.

I then read some threads stating I’d be better off with Agreed Value insurers, but the price differences are wild.


Admiral Platinum cover is £1300 vs Agreed Value policies at £5500.

Question is, are there any real risks going with admiral? Do I need a GAP policy given its age? Is the £4k difference with an Agreed Value policy worth it?

I’m genuinely stumped as to what to do. So much so I’ve hesitated placing my deposit down on the car.

Any advice appreciated

TBCTBC

1,497 posts

90 months

Monday 11th March
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I would read the T&C's carefully from each vendor and go from there.

av185

18,590 posts

128 months

Monday 11th March
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If you do go with Admiral make sure you list ALL optional extras on the car preferably e mailing them a copy of the original invoice.

I would also ask them to confirm in the event of a claim you are allowed to take the vehicle to the repairer of your choice i.e. franchised dealer as opposed to their choice of repairer with no penalty or cost to you..... including glass replacement too.

davek_964

8,874 posts

176 months

Monday 11th March
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Each individual claim will vary, but as I've posted before : I am (and was) with Admiral when I had a total loss fault accident in Sept 2022 on my McLaren 650.

The Admiral "approved" repairer was....... the official McLaren bodyshop I wanted to use anyway. So the car was taken there. It took a couple of weeks for it to be declared total loss by Admiral.

Admiral then told me that - because it was not a "normal" car, they obtain bespoke valuations, because guides like Glass's / Parkers tend to be too low for cars like this. I was told that this would take about 5 days.
It actually took 2-3 weeks - and the figure they obtained was very good - and more than I'd told them what I thought the car was worth about 2 weeks before the accident (it happened at renewal time).

It's not agreed value, so it's not guaranteed - and I suppose I could have been very unhappy. But I was very pleased with them - they handled the claim well, paid me (in my opinion) a bit more than they should have and literally allowed me to replace the car with the insurance money without adding a penny.

ETA : And also didn't seem to increase the premium as a result of the accident / payout (I have protected NCD)

Edited by davek_964 on Monday 11th March 15:52

Fast Eddie

416 posts

246 months

Monday 11th March
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Personally, and only personally, I wouldn't touch Admiral with a very long pole.
Too much detail to go into here but they made an absolute 6 month drama out of a potential easy claim on my BMW.
They never answer the phone and often mislay details. Horrific experience.

I have my Performante with Lockton, the owners' club partner. It includes agreed value in the event of a write off, 90 days European cover and breakdown assistance in Europe.

Masterplan

Original Poster:

53 posts

3 months

Monday 11th March
quotequote all
davek_964 said:
Each individual claim will vary, but as I've posted before : I am (and was) with Admiral when I had a total loss fault accident in Sept 2022 on my McLaren 650.

The Admiral "approved" repairer was....... the official McLaren bodyshop I wanted to use anyway. So the car was taken there. It took a couple of weeks for it to be declared total loss by Admiral.

Admiral then told me that - because it was not a "normal" car, they obtain bespoke valuations, because guides like Glass's / Parkers tend to be too low for cars like this. I was told that this would take about 5 days.
It actually took 2-3 weeks - and the figure they obtained was very good - and more than I'd told them what I thought the car was worth about 2 weeks before the accident (it happened at renewal time).

It's not agreed value, so it's not guaranteed - and I suppose I could have been very unhappy. But I was very pleased with them - they handled the claim well, paid me (in my opinion) a bit more than they should have and literally allowed me to replace the car with the insurance money without adding a penny.

ETA : And also didn't seem to increase the premium as a result of the accident / payout (I have protected NCD)

Edited by davek_964 on Monday 11th March 15:52
Sounds positive. Book prices are my main concern, and the fact they are often much lower than reality when it comes to these cars.

Assume you’d use them again over an Agreed Value policy?

I’m leaning towards them assuming they can allow me to use any garage in the event of a claim, and they can confirm the claim process in the event of a total loss.

petjam

489 posts

147 months

Tuesday 12th March
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I have my 488 insured with Footman James along with 5 other cars (agreed value on the 488 and 2 of the other cars) and it's only £3,000 (early forties, outside of London).

That agreed price sounds crazy high.

Chrism355

103 posts

161 months

Tuesday 12th March
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Masterplan said:
Sounds positive. Book prices are my main concern, and the fact they are often much lower than reality when it comes to these cars.

Assume you’d use them again over an Agreed Value policy?

I’m leaning towards them assuming they can allow me to use any garage in the event of a claim, and they can confirm the claim process in the event of a total loss.
I appreciate Davek had a good experience with Admiral, but go in with your eyes open, as the saying goes “they ain’t not dear for a reason” and you find out why at the worst possible time when making a claim. Check the terms and conditions, their standard terms used to be in event of full loss the valuation would be based on average of three trade guides. With a car of your value it could be an expensive economy if the worst happened.

davek_964

8,874 posts

176 months

Tuesday 12th March
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Chrism355 said:
Masterplan said:
Sounds positive. Book prices are my main concern, and the fact they are often much lower than reality when it comes to these cars.

Assume you’d use them again over an Agreed Value policy?

I’m leaning towards them assuming they can allow me to use any garage in the event of a claim, and they can confirm the claim process in the event of a total loss.
I appreciate Davek had a good experience with Admiral, but go in with your eyes open, as the saying goes “they ain’t not dear for a reason” and you find out why at the worst possible time when making a claim. Check the terms and conditions, their standard terms used to be in event of full loss the valuation would be based on average of three trade guides. With a car of your value it could be an expensive economy if the worst happened.
Just to add to that :

There were several owners on the McLaren owners club who had also claimed in the past on Admiral and been happy, so it certainly wasn't a one off. There were a few that were not happy (one Lambo owner particularly) - but of the people who had claimed from them, I'd say it was 80-90% positive.

Masterplan

Original Poster:

53 posts

3 months

Monday 25th March
quotequote all
To circle back around on this….

After extensive searches through various brokers, the cheapest agreed value I can get is £4000. Excess is £3k for any claim bar windscreen, which is £110.

Admiral platinum is coming in at a shade over a grand at £1045. Excess is £500 and windscreen £150

That’s for a driver in mid 30’s with an SP30 and a fault claim 4 years ago

Both include breakdown and European cover.

Admiral will use Lamborgini as an approved workshop and will default to Lamborghini glass in the event of a replacement windscreen, should a suitable alternative be too difficult to source.

I’m new to the super car game and this has fried my mind a bit. I cannot for the life of me decide which makes more sense here, but the agreed value policy seems crazy high at £4K and £3K excess. I’ll be £7K down the minute I need to make a claim (assuming it’s a fault claim).

I’m leaning towards Admiral here, but most people on here have suggested the agreed value policies.

Would be keen to know what you’d do in my situation.

TBCTBC

1,497 posts

90 months

Monday 25th March
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Admiral for me but I’m not you.

LooneyTunes

6,927 posts

159 months

Monday 25th March
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Fwiw, I am currently claiming from an Admiral policyholder.

Admiral have been an absolute PITA to deal with. Took more than 6 calls (and several days) to get their policyholder’s vehicle recovered.

We’re looking at a few £k of claim and they’re not proving at all easy to deal with. I would not like to be in a position where I had to deal with them to recover the sorts of sums involved with a Lambo. But if they’re cheap and you don’t need to claim, you’re clearly up.

Don’t forget to read their small print to see how parts and manufacturer’s options are treated. It may be different for Platinum but their standard policies used to have some interesting clauses.

lambo666

453 posts

119 months

Tuesday 26th March
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Go with admiral, you will be fine, I had a very large claim quite some time ago and it was handled directly with one of their underwriters, not the idiot's you talk to when asking for a quotation etc.
I think if a claim is above 30/40k or so this is normal practice.
Was paid out in a reasonable time frame and for the correct amount.
I would still be with them, but the max value they will go to is 249k per vehicle, and my Merc S63 premium went from £1.2k to 3.4k which made no sense for a £60k car, and I went elsewhere for £1.4k.
Currently with Locktons, probably not the cheapest, but I did try 2 other competitors and they were both 1k more expensive.

Second Best

6,413 posts

182 months

Tuesday 26th March
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I'd avoid Admiral for these sorts of cars. When you're being asked if your supercar is a diesel or is a hatchback etc, it's not worth the risk.

I insure through Howdens and pay about £4000 (reasonable for early 30s on a Cali T, modified C63, plus some other cars). It's nice to be able to speak to someone who's agreed my valuations and I can just call and say "may I speak to Steph please".

This isn't intended to boast, or "flex" as the tiktock generation say - more that if you're in the market where insurance can be difficult to procure, it's best to go with specialists because they'll offer what you want.

Masterplan

Original Poster:

53 posts

3 months

Tuesday 26th March
quotequote all
lambo666 said:
Go with admiral, you will be fine, I had a very large claim quite some time ago and it was handled directly with one of their underwriters, not the idiot's you talk to when asking for a quotation etc.
I think if a claim is above 30/40k or so this is normal practice.
Was paid out in a reasonable time frame and for the correct amount.
I would still be with them, but the max value they will go to is 249k per vehicle, and my Merc S63 premium went from £1.2k to 3.4k which made no sense for a £60k car, and I went elsewhere for £1.4k.
Currently with Locktons, probably not the cheapest, but I did try 2 other competitors and they were both 1k more expensive.
I’m looking at £170k for a huracan, and only worry is what they deem as book price in the event of total loss.

The alternative is I suck up the £4k, hope it gets better in year 2 and take out excess insurance for the £3k excess.

LooneyTunes

6,927 posts

159 months

Tuesday 26th March
quotequote all
Masterplan said:
worry is what they deem as book price in the event of total loss.
As suggested, read the policy! On some they used to (and may still) treat manufacturer’s options (even factory fitted) as “modifications” for the purpose of cover (hence they need to be declared or risk not being covered).

davek_964

8,874 posts

176 months

Tuesday 26th March
quotequote all
Before I bought a McLaren, I was not with Admiral - I had a "high net worth" policy, which had several benefits (agreed value, fully comp when driving other people's cars etc).

However - the McLaren wouldn't fit in my garage. The specialist policies insisted on Tracker, and wouldn't offer any of the additional benefits if I was parking the car on the driveway. So I moved to Admiral - who don't care where it's parked, and don't require tracker.

As I said above, in my case they didn't use "book price" for what they paid me - I'd expect them to use a similar process for most high end cars.

To answer your latest question (what would you do?) : Before I'd claimed from Admiral, if I could still have got a policy elsewhere with all the bells and whistles - albeit for more money - I would have chosen that. Since I have claimed, and was entirely happy with the process and payout - I would now choose Admiral over the more expensive policies. In my experience, they do what it says on the tin, have less restrictions (must be garaged, must have tracker etc.) and charge less. They do use official bodyshops - as I found and you've already confirmed.

I think a lot of the "don't touch Admiral" are based on assumptions - they're cheap, they must be crap - which in my experience is not true (although I did suspect it myself before I claimed). Of course there will be people who've had bad experiences with them, and will never use them again - but that will also be true of your expensive policies.
I don't find them the cheapest for my ordinary cars - but overall, the McLaren is that much cheaper that they get my business for everything.

av185

18,590 posts

128 months

Tuesday 26th March
quotequote all
As I posted earlier to protect yourself it is always best to e mail the insurer a copy of the original invoice for the car clearly showing the exact specification and ALL the options on the car whether factory fitted or otherwise.

Admiral classify many options as either internal or external modifications btw which is very odd.

Other insurers worth a try for higher end cars include Aviva BOS and believe or not Saga! May have a max value of £150k and insist on tracker for what its worth.


av185

18,590 posts

128 months

Tuesday 26th March
quotequote all
Bizarrly the insurance premium for garaging your car is invariably higher as opposed to leaving it on the drive or even street because you are more likely to damage the car driving in and out of the garage lol.

The other relevant point is that whilst most insurers do insist on tracker being activated for most cars over £100k for those insurers not making tracker a stipulation if it is activated it invariably raises the premium.

Imo tracker is a waste of time on any car particularly higher end stuff as it is VERY easily bypassed and most stealing a £100k+ car are 'professional' car thieves/scrotes and know this simple fact.

davek_964

8,874 posts

176 months

Tuesday 26th March
quotequote all
av185 said:
Bizarrly the insurance premium for garaging your car is invariably higher as opposed to leaving it on the drive or even street because you are more likely to damage the car driving in and out of the garage lol.

The other relevant point is that whilst most insurers do insist on tracker being activated for most cars over £100k for those insurers not making tracker a stipulation if it is activated it invariably raises the premium.
In my experience, neither of those things are true. Premium was cheaper if the car was garaged - and I initially did have Tracker and the premium increased by about £150 when I removed it from the policy (which is still less than the Tracker subscription).