Insurance valuations

[mike v]

Hi all
I have just renewed my insurance for my 911 ssc I was told that they have a valuation of £ 17000 on the car and if I want to increase it his my premium may increase , I have read an article that said a owners valuation is not taken into account when a claim is made, has anybody had any similar experiences or advice? I don't want to pay more but I know what insurance companies are like
Thanks

[Longman66]

you need an agreed valuation , yours is well under insured , probably by half or more.
Go onto the impact bumpers site , at the top is a link for valuations , its well worth it ...
or click here http://www.porschevaluations.com/

Edited by Longman66 on Monday 8th June 19:43

[mike v]

Cheers longman, i was going to get an agreed valuation but if I needed to claim would the insurance company just look at current valuations and just payout that amount. Prices are changing so quickly how long before it would be out of date? Just want to make sure I am covered in all events

[Longman66]

mike v said:

Cheers longman, i was going to get an agreed valuation but if I needed to claim would the insurance company just look at current valuations and just payout that amount. Prices are changing so quickly how long before it would be out of date? Just want to make sure I am covered in all events

It looks like your new policy would only pay out what they say is the value of your car , do you have any cooling off time with the new policy? maybe cancel and reinsure with a proper agreed value.
As for a price hike mine went up £100 for all my mods listed and another £100 with the agreed valuation which is currently in the 30's ,so now £400 odd but includes 5 trackdays , next year I'll get it valued again .
Over on Impact Bumpers there is a long thread about insurance and what people are getting for their money.

[mike v]

They said that I would be able to change my policy at any time if I needed to, cheers I will look into it asap

[Crimp]

I've just increased the insurance valuation on mine via "Classic Line" its put my premium by £25 pa.

[mike v]

How much did you increase it by? Cheers

[AdamV12V]

On a normal policy (i.e. where you don't have an agreed value) the insured amount is the maximum they will pay out. If you increase the insured amount it will normally increase the premium, although there may be steps which trigger premium changes, so you might not hit one with just a small increase.

Increasing the insured amount significantly over the real value is pointless as they will only ever pay out what they see as the "market value" (which is quite often an offer lower than the real value), however having the insured value lower than the real value will mean they will only ever payout a max of the insured value so this is a really bad thing to do.

If your policy allows it, get an agreed valuation - a bit more hassle to agree and document, but the only real way to know what they will pay out.

Welcome to the world of rip off car insurance!

[mike v]

Cheers Adam will have to bite the bullet, don't want to lose out if something goes wrong