Agreed value for modified
Discussion
Couple of implications here...
someone'll be along to tell me that the insurers wouldn't pay it, but :
98S F/Lift Chim 5.0, 30kmiles, Proper FSH, 3rd owner, Imperial Blue, vgc throughout. Insured last year for £15k (what I paid)
Value of mods (lost count tbh) about £20k, so it owes me £35000. Plus it's now 450+bhp. Insurer has a full list of every mod - what, why, by whom and at what cost.
Aviva have accepted my renewal at a "MARKET VALUE" of £27000.
It might fetch this if i sold it (
). If it gets written off (what with 450bhp+ n'all) will they pay the £27k ?The other point of interest is that, they claim (and I've got the details of date/time/who I spoke to in case the recorded call ever needs played back) that no premium loading is applied for any agreed value up to £50000.
Quote from my broker:
"An Agreed Value is available on Classic, Collectable or Modified Vehicles. Depending on the vehicles condition the listed Market Value may not reflect the true value that could then be reached if you were to sell the vehicle.
If you choose an Agreed Value and your vehicle is a Total Loss, then any offer will be based on the agreed value, rather than current market price value."
So by my reading a 'Market Value' is what the insurer thinks it's worth on the day. An 'agreed value' is, as the name suggests, agreed between you. I'd suggest that what you need to get in writing is the Agreed Value.
"An Agreed Value is available on Classic, Collectable or Modified Vehicles. Depending on the vehicles condition the listed Market Value may not reflect the true value that could then be reached if you were to sell the vehicle.
If you choose an Agreed Value and your vehicle is a Total Loss, then any offer will be based on the agreed value, rather than current market price value."
So by my reading a 'Market Value' is what the insurer thinks it's worth on the day. An 'agreed value' is, as the name suggests, agreed between you. I'd suggest that what you need to get in writing is the Agreed Value.
Naybr said:
Quote from my broker:
"An Agreed Value is available on Classic, Collectable or Modified Vehicles. Depending on the vehicles condition the listed Market Value may not reflect the true value that could then be reached if you were to sell the vehicle.
If you choose an Agreed Value and your vehicle is a Total Loss, then any offer will be based on the agreed value, rather than current market price value."
So by my reading a 'Market Value' is what the insurer thinks it's worth on the day. An 'agreed value' is, as the name suggests, agreed between you. I'd suggest that what you need to get in writing is the Agreed Value.
Thanks - that was also the distinction I was considering. Aviva don't offer "agreed value" basis, as it's not on a specialist policy. It is, however, a "5 star" rated policy, that is to say highest possible level of benefits, "integrity" and so on. "An Agreed Value is available on Classic, Collectable or Modified Vehicles. Depending on the vehicles condition the listed Market Value may not reflect the true value that could then be reached if you were to sell the vehicle.
If you choose an Agreed Value and your vehicle is a Total Loss, then any offer will be based on the agreed value, rather than current market price value."
So by my reading a 'Market Value' is what the insurer thinks it's worth on the day. An 'agreed value' is, as the name suggests, agreed between you. I'd suggest that what you need to get in writing is the Agreed Value.
Better not write it off, eh ?
I wouldn't risk a specialist car like yours with Aviva
I had agreed valuation on a specialist Griff (Monster) with an actual valuation.
Mannings did this for me and were excellent value, and whilst they couldn't guarantee a valuation (things change on the car etc) it was the excepted, agreed valuation. ie £24K
They also had agreed power/premium level 20% more power / 20% increase in premium.
Also covered Trackdays.
Definately the best IMHO. They know their TVRs!
Andy
I had agreed valuation on a specialist Griff (Monster) with an actual valuation.
Mannings did this for me and were excellent value, and whilst they couldn't guarantee a valuation (things change on the car etc) it was the excepted, agreed valuation. ie £24K
They also had agreed power/premium level 20% more power / 20% increase in premium.
Also covered Trackdays.
Definately the best IMHO. They know their TVRs!
Andy
Guillotine said:
I wouldn't risk a specialist car like yours with Aviva
I had agreed valuation on a specialist Griff (Monster) with an actual valuation.
Mannings did this for me and were excellent value, and whilst they couldn't guarantee a valuation (things change on the car etc) it was the excepted, agreed valuation. ie £24K
They also had agreed power/premium level 20% more power / 20% increase in premium.
Also covered Trackdays.
Definately the best IMHO. They know their TVRs!
Andy
Thanks Andy - ironically none of the specialists wanted to quote on a Supercharged ! Apart from REIS, who were (slightly) dearer than Aviva.I had agreed valuation on a specialist Griff (Monster) with an actual valuation.
Mannings did this for me and were excellent value, and whilst they couldn't guarantee a valuation (things change on the car etc) it was the excepted, agreed valuation. ie £24K
They also had agreed power/premium level 20% more power / 20% increase in premium.
Also covered Trackdays.
Definately the best IMHO. They know their TVRs!
Andy
I was insured with Admiral, but after getting upgrades on my engine and changing the " insured value " on the policy to a greater value then a load of calls later i found out out that it doesnt make any difference . They will still only pay out the market value. I have also changed to Mannings who have agreed a value. Plus they were not far off the Admiral price, although i did cancel half way through my policy so lost a years no claims, but i just didnt want to risk it.
IIRC the problem with the chargers, is that they didnt have a specified power output.
If the got that they could work out the premium.
Have a word, that MAY still be the only problem. Unless the underwriters won't do it, but thats what they said with mine until I walked them through the Mods etc.
It would have to be a varified figure by engineer, but you would only need someone like Garners/Power/Austec to state power and value in a letter along with the engineers report.
Mannings are very knowledgeable and know whats what.
A
If the got that they could work out the premium.
Have a word, that MAY still be the only problem. Unless the underwriters won't do it, but thats what they said with mine until I walked them through the Mods etc.
It would have to be a varified figure by engineer, but you would only need someone like Garners/Power/Austec to state power and value in a letter along with the engineers report.
Mannings are very knowledgeable and know whats what.
A
Jammy Dodger said:
To be honest I suspect in the event of a claim of even the market value, I wouldn't be around to claim.
Nonetheless, I'll phone Aviva and see If I can get a commitment. Even verbal will do, they really do record all calls, I've already tested that.
Over 50 mph in any TVR would be a whole lot worse in a smash than any "normal" car made of metal with all the saftey bits, but not half the car to own or driveNonetheless, I'll phone Aviva and see If I can get a commitment. Even verbal will do, they really do record all calls, I've already tested that.
One thing to also look at with your insurance is the "salvage-value". It was something that came to light recently in a discussion of insurance for classic cars.
See http://www.irmi.com/online/insurance-glossary/term...
See http://www.irmi.com/online/insurance-glossary/term...
Edited by alex_gray255 on Monday 23 April 18:38
Gassing Station | General TVR Stuff & Gossip | Top of Page | What's New | My Stuff