Insurance - Challenge Stradale

[Ffffaster]

I have insured with Admiral for years. With the current jump in values, I asked to update the value to £300,000. They said this was the limit of what they could do.

My question is:

1. Good idea to actually insure with Admiral? If something actually goes wrong, would it be a battle to get paid out?

2. Are there any specialists out there I should speak to? Hagerty insures my other car and they want double what I am paying Admiral.

[davek_964]

I had absolutely zero problems claiming from Admiral 3.5 years ago. Quite a bit less than that, but still total loss on a McLaren.

It was a pretty quick payout (just delayed because for cars like these they get independent valuations), and it was a generous amount.

[XMA Simon]

Footman James specialise in classic and would bid on insuring your car. (Then premium options Howden or Lockton). But I imagine that all three of these would be more expensive than Admiral. If if you are looking for the cheapest premium then you are probably already in the right place.

Whether premium options or cheapest is the best for you, only you can really answer.

[WCZ]

£300k is most likely a little short imo

the blue one at dk sold for nearly £600k recently and the only one for sale atm is £480k with 30k miles

american cars have been selling for 1,000,000 usd

[garystoybox]

I had a write off in my Porsche with Admiral (as was the third part who hit me).
Superb and professional to deal with and very quick payout of more than expected.
Hit by third party last year who drove off. Admiral paid out for repair at garage of my choice, no qualms. They instructed solicitors and finally got my excess back 6 months later after instructing court summons to third party. Again all very efficient and my no claims and premium unaffected.

812 is with Lockton for agreed value…. Not cheap but I would hope good to deal with if ever needed?

[davek_964]

garystoybox said:

Admiral paid out for repair at garage of my choice, no qualms.

Yes, something else worth mentioning for my claim : I did want my car to go to a specific McLaren official bodyshop - but I didn't need to have a conversation with Admiral about it, because it turned out that their "approved" repairer for my car was that exact official bodyshop. That was a nice surprise.

(Obviously none of this is relevant if the max price they'll cover is way off the cars actual value as earlier posts have suggested).

[AmoCS]

Ffffaster said:

I have insured with Admiral for years. With the current jump in values, I asked to update the value to £300,000. They said this was the limit of what they could do.

My question is:

1. Good idea to actually insure with Admiral? If something actually goes wrong, would it be a battle to get paid out?

2. Are there any specialists out there I should speak to? Hagerty insures my other car and they want double what I am paying Admiral.

Do Admiral do agreed value?, last year I asked they said they don't but on a normal policy they will pay market value with no limit.

[ThreesixtyM]

AmoCS said:

Do Admiral do agreed value?, last year I asked they said they don't but on a normal policy they will pay market value with no limit.

Admiral also told me they don’t do agreed value.
Before I switched to Lockton about 7 years ago I asked Admiral what the payout would be as a theoretical total loss, I recall their figure was around £65k, which even then was an absurdly low figure. Not worth the risk IMO.

[Cheib]

With a car like a CS where values will vary hugely I think I’d struggle with anything other than an agreed value policy. I would not want to be arguing with an insurance company post fact what the right value is. I’ve used Zurich Private Client, Hiscox and Chubb for agreed value. Chubb also include “Diminution” in their cover….loss of value in the event of a repair/accident.