Lockton's agreed value insurance
Discussion
I nearly forgot about this....
Anybody else insured a modern Aston with Lockton's and had to complete the agreed valuation paperwork?
Who did you use and what did it cost, if you don't mind me asking?
I can understand the value of doing his with a classic Aston but with the modern age cars I did think the insurance requirements of getting pictures, an approved valuation etc a bit excessive, as other similar cars are available in the network/privately.
I understand the policy reverts to market value if you can't provide the correct paperwork within a specified period.
Will my local Aston dealer be happy to do this for me or can I expect them to pull out the CAP black book and say quite simply my car is worth X, notably some £000's less than I paid for it?
Thanks
Max
Anybody else insured a modern Aston with Lockton's and had to complete the agreed valuation paperwork?
Who did you use and what did it cost, if you don't mind me asking?
I can understand the value of doing his with a classic Aston but with the modern age cars I did think the insurance requirements of getting pictures, an approved valuation etc a bit excessive, as other similar cars are available in the network/privately.
I understand the policy reverts to market value if you can't provide the correct paperwork within a specified period.
Will my local Aston dealer be happy to do this for me or can I expect them to pull out the CAP black book and say quite simply my car is worth X, notably some £000's less than I paid for it?
Thanks
Max
It was the option that was put forward to me over and above market value at the time of taking my policy out a few weeks ago..
The main benefit being that in the event of total claim, agreed value rather than market value would be paid out. My insurance premium is based on the 'agreed' value however it needs to independently agreed to that figure, thus my comments about classic v modern Aston valuation.
I understand that if I don't send an approved indpendant valuation then my insurance reverts to market value in the event of full payout (which naturally you would compare to open market values at the time).
I hope I haven't opened a can of something here
The main benefit being that in the event of total claim, agreed value rather than market value would be paid out. My insurance premium is based on the 'agreed' value however it needs to independently agreed to that figure, thus my comments about classic v modern Aston valuation.
I understand that if I don't send an approved indpendant valuation then my insurance reverts to market value in the event of full payout (which naturally you would compare to open market values at the time).
I hope I haven't opened a can of something here
Hmm, sounds like its up to you if you want to bother? I'm going to need to do this soon as I'd like the value agreed for my car, a total loss and replacement with a regular 06 Volante would NOT be recompense!
Dealer or independent would do it and will put down whatever you ask for within reason, you are of course paying the increased premium in the increased value. Within reason of course, can't very well put down £200k for a Vantage! If it was a classic I'd use AMOC but doubt there's a need for a Gaydon car. Who's your local specialist? Heritage centre (Nick Mee, Chiltern, Works Service etc) would be ideal.
Dealer or independent would do it and will put down whatever you ask for within reason, you are of course paying the increased premium in the increased value. Within reason of course, can't very well put down £200k for a Vantage! If it was a classic I'd use AMOC but doubt there's a need for a Gaydon car. Who's your local specialist? Heritage centre (Nick Mee, Chiltern, Works Service etc) would be ideal.
Hmmm....when I was with Locktons last year the methodology for agreed valuation went something like this...
Claire Manton - What would you say was the value of your car, fathead?
Jockers - DB9, 2 years old, 8k miles, I reckon £75k
Claire Manton - Agreed, I'll put that on the form. If you want a different figure, just get an independent valuation and I'll look at it.
Simple as that
Claire Manton - What would you say was the value of your car, fathead?
Jockers - DB9, 2 years old, 8k miles, I reckon £75k
Claire Manton - Agreed, I'll put that on the form. If you want a different figure, just get an independent valuation and I'll look at it.
Simple as that
yeti said:
Hmm, sounds like its up to you if you want to bother? I'm going to need to do this soon as I'd like the value agreed for my car, a total loss and replacement with a regular 06 Volante would NOT be recompense!
Dealer or independent would do it and will put down whatever you ask for within reason, you are of course paying the increased premium in the increased value. Within reason of course, can't very well put down £200k for a Vantage! If it was a classic I'd use AMOC but doubt there's a need for a Gaydon car. Who's your local specialist? Heritage centre (Nick Mee, Chiltern, Works Service etc) would be ideal.
Hi yetiDealer or independent would do it and will put down whatever you ask for within reason, you are of course paying the increased premium in the increased value. Within reason of course, can't very well put down £200k for a Vantage! If it was a classic I'd use AMOC but doubt there's a need for a Gaydon car. Who's your local specialist? Heritage centre (Nick Mee, Chiltern, Works Service etc) would be ideal.
This is why I was throwing it out there to see what others have done.
I understand with your quite special car it should be under agreed value.
I'm not sure who the specialists I should look out for here in the midlands are. DMS would have been the obvious choice, but as we know they're no longer around.
Hagley Aston is my nearest dealer but I didn't find sales very helpful when I was looking to buy. Maybe service might be better?
Cheers
max b said:
Hi yeti
This is why I was throwing it out there to see what others have done.
I understand with your quite special car it should be under agreed value.
I'm not sure who the specialists I should look out for here in the midlands are. DMS would have been the obvious choice, but as we know they're no longer around.
Hagley Aston is my nearest dealer but I didn't find sales very helpful when I was looking to buy. Maybe service might be better?
Cheers
I don't know where these 'Midlands' are that you speak of. Are they near Bamford Rose though? They're near Stratford / Leamington Spa, should be pretty easy to nip over from yours?This is why I was throwing it out there to see what others have done.
I understand with your quite special car it should be under agreed value.
I'm not sure who the specialists I should look out for here in the midlands are. DMS would have been the obvious choice, but as we know they're no longer around.
Hagley Aston is my nearest dealer but I didn't find sales very helpful when I was looking to buy. Maybe service might be better?
Cheers
max b said:
Hi Tony
Do you mind me asking what was involved with your car's appraisal? Did it go as far as pictures, etc, or did Lockton's accept a written valuation on headed paper?
Was it also at an Aston specialist or a local known independant to you?
Regards
Max
headed paper with detail and car build sheet were used.....Do you mind me asking what was involved with your car's appraisal? Did it go as far as pictures, etc, or did Lockton's accept a written valuation on headed paper?
Was it also at an Aston specialist or a local known independant to you?
Regards
Max
Jockman said:
Max, sorry to be so inquisitive but am I right in thinking you've just bought your Vantage ??
This would entail a VERY current invoice valuation that you were happy to pay for ??
As Mr Noble said, Locktons will accept this, unless of course you want a different figure
Jockman, you are right, recently purchased vantage roadster with n400 bits This would entail a VERY current invoice valuation that you were happy to pay for ??
As Mr Noble said, Locktons will accept this, unless of course you want a different figure
However I purchased privately and managed to save a few pounds in the process, whilst finding the right car. So my purchase invoice does not reflect what other advertised private or dealer roadsters are on sale for at the moment. I've set a fair agreed valuation with Lockton's (based on it taking 4 months to find the right car, having looked at private, independent and main dealer cars in the process, giving me a very good idea of values) but I wasn't sure what addititonal info Lockton's would accept. Lockton's paperwork suggests all sorts!
Maybe I should ask for Clare next time I call in
The "agreed value" is aimed more at the classics with their unfathomable prices
I had it on my last roadsters first policy and used the sales invoice as they agreed RTI (return to invoice).
IMHO it is a bit of gimmick/expensive safety/GAP insurance.
It would cost me £700 more than my admiral policy.
I guess it depends on how you see the risk of you car getting written off and whether the insurance company are going to "low ball" you on the value?
For me I'd rather spend it on fuel
I had it on my last roadsters first policy and used the sales invoice as they agreed RTI (return to invoice).
IMHO it is a bit of gimmick/expensive safety/GAP insurance.
It would cost me £700 more than my admiral policy.
I guess it depends on how you see the risk of you car getting written off and whether the insurance company are going to "low ball" you on the value?
For me I'd rather spend it on fuel
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