Admiral Platinum vs Agreed Value Policies

[lambo666]

As a previous poster has also confirmed, Admiral paid out properly on a high value claim for me and did not use 'book price'.
I went through with the underwriter myself with similar examples listed on autotrader and agreed the pay out for my car.
I could understand for low value cars, the claim process maybe different, and you may end up talking to the phone dummies, but me and another poster above who have actually had a high value claim through Admiral, were both happy with the final outcome.
Just to clarify, I was not once asked about optional extras on the car etc, I believe for the high value stuff you are dealt with by a more appropriate / specialist team.

[ex-devonpaul]

Masterplan said:

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.
[...]

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

I'm in the rather fortunate position of not having had to make a claim since the 1980s, so can't really comment on the various companies' payout policies, but I have probably heard of as many issues with many specialist insurers as I've heard about the big box ones (although often this had been the specialist insurer's 'add-on' companies like a recovery agent damaging a vehicle and the insco then treating it as a fault claim!). I have worked in a field where we've provided evidence to insurers, and I can telll you ALL insurers try to reduce their liabilities.

I don't know what purpose GAP insurance would serve on a 3 year old car, assuming I understand how it works I wouldn't have thought the car depreciate faster than the replayments so in the event of a total loss you should still be able to settle the finance.

Ultimately all insurers have pros and cons, but you are spending a lot of money on a car and if you are constantly worried about whether the insurance will pay out or not if anything happens, you will lose a lot of enjoyment for the sake of a couple of grand.

[Masterplan]

av185 said:

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 classifies 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.

I called them this morning, and they basically said "You don't need to tell us about optional extras that were fitted by the vehicle manufacturer, as these will automatically be covered."

I've still asked for them to review the original spec and confirm they are happy to cover it.

This would be a no-brainer if the costs were not £3k more and then £3k excess in the event of any claim.

[LooneyTunes]

lambo666 said:

As a previous poster has also confirmed, Admiral paid out properly on a high value claim for me and did not use 'book price'.
I went through with the underwriter myself with similar examples listed on autotrader and agreed the pay out for my car.
I could understand for low value cars, the claim process maybe different, and you may end up talking to the phone dummies, but me and another poster above who have actually had a high value claim through Admiral, were both happy with the final outcome.
Just to clarify, I was not once asked about optional extras on the car etc, I believe for the high value stuff you are dealt with by a more appropriate / specialist team.

It's good to hear the positive claims experience relating to vehicles. I wish my experience (where a policyholder has caused damage to my property) was similar.

[davek_964]

Masterplan said:

This would be a no-brainer if the costs were not £3k more and then £3k excess in the event of any claim.

Paying £3k extra so that (in the event of a total loss claim) they guarantee to pay you £3k less than it's worth doesn't seem all that tempting to me.......

[Masterplan]

davek_964 said:

Paying £3k extra so that (in the event of a total loss claim) they guarantee to pay you £3k less than it's worth doesn't seem all that tempting to me.......

I guess it comes down to what the determine the value of the car to be. Agreed value is guaranteed to pay out what I paid. Admiral could be several thousands lower. Some of the online value calculators are throwing out scary numbers

[davek_964]

Masterplan said:

davek_964 said:

Paying £3k extra so that (in the event of a total loss claim) they guarantee to pay you £3k less than it's worth doesn't seem all that tempting to me.......

I guess it comes down to what the determine the value of the car to be. Agreed value is guaranteed to pay out what I paid. Admiral could be several thousands lower. Some of the online value calculators are throwing out scary numbers

If you absolutely need to know what they will pay out for total loss, you don't really have much choice.

As two of us have said, Admiral don't (or didn't) use "online value calculators". They asked for adverts of similar cars for sale, they obtained bespoke valuation and they paid out enough for me to replace the car without adding a single penny.
That might change tomorrow of course - who knows. But if I was in your position - based on my own experience - I would be insuring with Admiral. I'm not sure it is suitable for you though, given your concerns.

[Masterplan]

davek_964 said:

If you absolutely need to know what they will pay out for total loss, you don't really have much choice.

As two of us have said, Admiral don't (or didn't) use "online value calculators". They asked for adverts of similar cars for sale, they obtained bespoke valuation and they paid out enough for me to replace the car without adding a single penny.
That might change tomorrow of course - who knows. But if I was in your position - based on my own experience - I would be insuring with Admiral. I'm not sure it is suitable for you though, given your concerns.

That's a fair point. My concern is that I've discussed this quote with them a couple of times, and each person tells me something different about how they establish the value of the car. I've asked for it in writing, but they defer me to their documentation portal, which doesn't specify any differences for supercars, for example.

This whole process has sucked some of the fun out of buying my first supercar. Overdramatic...perhaps, but the only time I will know if my decision was right or wrong is in the event of total loss or a significant repair.

[av185]

Masterplan said:

davek_964 said:

If you absolutely need to know what they will pay out for total loss, you don't really have much choice.

As two of us have said, Admiral don't (or didn't) use "online value calculators". They asked for adverts of similar cars for sale, they obtained bespoke valuation and they paid out enough for me to replace the car without adding a single penny.
That might change tomorrow of course - who knows. But if I was in your position - based on my own experience - I would be insuring with Admiral. I'm not sure it is suitable for you though, given your concerns.

That's a fair point. My concern is that I've discussed this quote with them a couple of times, and each person tells me something different about how they establish the value of the car. I've asked for it in writing, but they defer me to their documentation portal, which doesn't specify any differences for supercars, for example.

This whole process has sucked some of the fun out of buying my first supercar. Overdramatic...perhaps, but the only time I will know if my decision was right or wrong is in the event of total loss or a significant repair.

Don't forget the basic principle of insurance is to put you in the same position after the claim as you were before the claim.

So if you bought say a 488 for £150k retail from a franchised F dealer and it was subsequently written off a week later your basis of claim would be £150k on the grounds that you would (after providing accurate examples of similar cars on the market) have to pay this for as near identical car as possible from a similar franchised F dealer.

Tend to take the view that many folks get bogged down with the purported advantages of very expensive bespoke insurance policies compared to much cheaper more basic insurance policies when in reality they both provide similar levels of insurance payouts and the main differences apart from the premium cost often relate to marketing frippery which most never use.

Remember there are good and bad insurers like anything else but as long as they are regulated the basic principle of most insurance policies is broadly the same.

[BobM]

I wouldn't get too hung up on how much your insurer is likely to pay out in the event of a total loss. The difference between the agreed value policy and Admiral is likely to be negligible or very small and is likely to be massively less than you will lose if you sell the car in a year! You're losing £3k XS with the fancy policy anyway!

I'm with Admiral also for my 600LT. Premium just over £700pa, and includes my sons as drivers. The other insurers wanted more than £700 just to add my sons to the policy! I gave up on the bespoke policies years ago, the extra £2-3k per year adds up over 20+ years years of driving performance cars (during which time I've never made a claim).

[supersport]

My problem with admiral is this clause in their terms

h. used to participate in any test, competition or organised motoring event

This is pretty restrictive. An organised motoring event is a broad spectrum of things you might do with other people, especially if it is organised by a club.

[FFinally]

I queried this when I went on a Ferrari Owners Club event to Le Mans and they sent me an email confirming I was covered

[supersport]

FFinally said:

I queried this when I went on a Ferrari Owners Club event to Le Mans and they sent me an email confirming I was covered

Someone in the Porsche club had the same conversation and was told they weren't and weren't covered for any Club organised event, including a run out for lunch.

It seems getting a straight and coherent answer from some of these call centres is nigh on impossible.

[andyr]

My 458 is insured with Admiral and has been for 3 years. I have several other cars with them. Euro cover is included. Costs me about £600 a year.

I’ve only had one claim with them on another car and they repaired it properly with no quibble.

[AmoCS]

Admiral only do agreed value up to £100k.

[Wheelspinning]

I have an Admiral group policy that has amongst other stuff a 675LT spider, a '23 GTS cab and a '24 Range Rover SV.

No tracker on Mac or Porsche, but on the SV although they didn't ask for it and it came with it.

Prices are very, very reasonable.

Never had a claim, but am aware of Dave on here and others having a fill loss on supercars with no issues.

Hopefully I would recieve the same treatment if something happens.

[Jacksands]

Masterplan said:

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.

I'm an insurance broker myself specialising in this field of insurance. Completely understand your point regarding being £7k down the minute you need to make a claim (assuming it's a fault) however, that £7k may seem light when looking back on it if you proceeded via an online aggregate. I've seen many horrors when it comes to these insurers determining the value of a vehicle. Through a broker, for these types of cars, it will be 'agreed value'. This eliminates the need for gap insurance also. I always say to any client or prospect, in the politest possible way, that you aren't cutting corners or doing things cheaply when it comes to buying or paying out for the car so what is the reasoning for doing so when it comes to insurance? I get that you often hear insurance is a scam but not when done correctly. It a crash mat for when you are in a bad situation.

[Coxey]

My 488 Pista is insured with Classic Line for an agreed value. Excess is £1500. The cover includes FOC track days. My premium is £2585 which I didn’t think was too bad.

Might be worth contacting them?….