V12V agreed value insurance policy uplifts
Discussion
With Locktons who I insure with, who give a guaranteed value that is discussed and agreed at the start of each policy year, I just ask an Aston dealer to provide a written estimate of cost of replacement (retail) for something similar to my car and Locktons seem quite happy with that
I believe I have the option of rejigging the value partway through the policy year, subject to a premium increase to reflect same
The dealer normally says something like 'I can confirm that if we were to retail a car of the same model with similar mileage, specifications, etc we would expect to ask//sell it for £xxx' on headed notepaper.
I believe I have the option of rejigging the value partway through the policy year, subject to a premium increase to reflect same
The dealer normally says something like 'I can confirm that if we were to retail a car of the same model with similar mileage, specifications, etc we would expect to ask//sell it for £xxx' on headed notepaper.
Edited by jonby on Tuesday 26th April 15:32
Edited by jonby on Tuesday 26th April 15:32
There's an existing thread around this and I think it got quite lengthly. There was quite a debate around valuations and how many insurance companies would only offer market value. Given these cars are (or were up until the V12S M) irreplaceable, it begged the question of what market value really meant. I suppose now values are climbing, it's good news. That said, I for one am driving considerably more carefully 
FWIW any decent insurer will pay current retail market value. That said if your last declared value was £75k you should update them with a more realistic "market value". The main reason for example is they may have a different Tracker requirement for vehicles "over" £75k. Don't give them any excuses to pay just the £75k or not at all.
BTW I have nothing against agreed value policies but you need to accept that what has been agreed is what will be paid. The Chubb HNW contract is the best IMHO as it gives the widest cover available for drivers as well.
As an aside most fleet policies are not interested in value at quote/inception stage and trackers and alarms are determined on the vehicle grouping. In the event of a total loss a decent broker will achieve the correct market value.
BTW I have nothing against agreed value policies but you need to accept that what has been agreed is what will be paid. The Chubb HNW contract is the best IMHO as it gives the widest cover available for drivers as well.
As an aside most fleet policies are not interested in value at quote/inception stage and trackers and alarms are determined on the vehicle grouping. In the event of a total loss a decent broker will achieve the correct market value.
While not as much of an expect as Nick, I do know a little about the topic of insurance. My question was around what uplifts are people seeing proposed by their insurers. I only ever use Chubb, Zurich Private or Hiscox for nice cars where I want to be able to make a claim and have minimal fuss.
For me, I picked a number that I think was pretty substantially up on the previous year agreed value and we settled on that.
Wondered on what other people were seeing from their broker or insurer?
For me, I picked a number that I think was pretty substantially up on the previous year agreed value and we settled on that.
Wondered on what other people were seeing from their broker or insurer?
JohnG1 said:
While not as much of an expect as Nick, I do know a little about the topic of insurance. My question was around what uplifts are people seeing proposed by their insurers. I only ever use Chubb, Zurich Private or Hiscox for nice cars where I want to be able to make a claim and have minimal fuss.
For me, I picked a number that I think was pretty substantially up on the previous year agreed value and we settled on that.
Wondered on what other people were seeing from their broker or insurer?
Hi John,For me, I picked a number that I think was pretty substantially up on the previous year agreed value and we settled on that.
Wondered on what other people were seeing from their broker or insurer?
I am no expert, just trying to offer some input.
I paid £95k and that is what is currently stated on the schedule 5 years down the line. You have a similar dilemma to Chris in that both of your cars are pretty unique. Put simply you need to pick a realistic agreed value that will give you cash to put into something else as what you have is irreplaceable unless in your case Phil decides to sell.
Science cannot be applied in this case.
Nick
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