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Agreed Value - How is this agreed #1001979
16/03/2010 19:16
16/03/2010 19:16

P
paulp
Unregistered
paulp
Unregistered
P



Has anyone any experince of an agreed value clause on their insurance policy? What sort of information would the insurance company need?

Re: Agreed Value - How is this agreed [Re: ] #1002029
16/03/2010 20:15
16/03/2010 20:15
Joined: Jul 2008
Posts: 12,643
Watford
MarioCirillo Offline
Ex El Presidente
MarioCirillo  Offline
Ex El Presidente
I AM a Coop

Joined: Jul 2008
Posts: 12,643
Watford
Usually you need to get an independant valuation, or they will come out and view your car.

You need to build up a case....
get examples of cars in simular condition that are for sale and print of the advert. Provide pictures of your car and also any invoices for work that will effect the value... ie respray and or leather retrim.


Proud Owner of Rosso Speed LE041
Re: Agreed Value - How is this agreed [Re: MarioCirillo] #1003514
18/03/2010 22:52
18/03/2010 22:52

W
Wolfman
Unregistered
Wolfman
Unregistered
W



When I claimed for the last accident I had, Elephant "agreed" a price based on something they looked up somewhere. When I tried to negotiate the price up they told me the only way they would accept a different valuation was for me to pay for an independent expert to value the car. And even if I did that they wouldn't guarantee to take that value.

How rubbish is that? I tried to argue it with them but they flat out refused. They didn't even take a look at the car because it was sitting on my drive!

Having said that the previous accident I was involved in (when I was with Sky) I negotiated the price up about £500 after calling up and quoting other for sale adverts to them.

So I guess that is a long winded way of saying it depends on your insurance company. But Elephant were rubbish.

-wolfman

Last edited by Wolfman; 18/03/2010 22:53.
Re: Agreed Value - How is this agreed [Re: ] #1003516
18/03/2010 22:56
18/03/2010 22:56
Joined: Jul 2008
Posts: 12,643
Watford
MarioCirillo Offline
Ex El Presidente
MarioCirillo  Offline
Ex El Presidente
I AM a Coop

Joined: Jul 2008
Posts: 12,643
Watford
Its for that very reason you should agree a value before you insure. In most cases the coupe isnt old enough for a Classic Car Policy although you can find someone. If its your second car go for a Cherished Car policy and Fix the price and get it in writing thumb


Proud Owner of Rosso Speed LE041
Re: Agreed Value - How is this agreed [Re: MarioCirillo] #1004036
19/03/2010 20:16
19/03/2010 20:16

P
paulp
Unregistered
paulp
Unregistered
P



Does anyone currently have an agreed value policy and if so who are your insurers?

Thanks for the above information by the way.

Re: Agreed Value - How is this agreed [Re: ] #1004119
19/03/2010 22:21
19/03/2010 22:21
Joined: Dec 2005
Posts: 3,694
Midlands
MCMike Offline
Club member 2095
MCMike  Offline
Club member 2095
Forum is my job

Joined: Dec 2005
Posts: 3,694
Midlands
Yes - I have an agreed value policy for my beloved Stag. I had to send photos showing front / rear / side / under-bonnet views.

Bear in mind this is a classic policy though, i'm insured through brokers Sureterm Direct.


1972 Triumph Stag
1984 Alfasud TI
1999 Fiat Coupe Turbo LE
2005 350Z




Re: Agreed Value - How is this agreed [Re: MCMike] #1004252
20/03/2010 08:30
20/03/2010 08:30

P
paulp
Unregistered
paulp
Unregistered
P



I am going to test the market and see what is available for the Coupe. I am at the stage where the car stands me at significantly more than it is worth if sold. I am hoping an agreed valuation my be benificial to other forum users in a similar position.

However, a Stag is a different proposition than a coupe, agreed.

Re: Agreed Value - How is this agreed [Re: ] #1004730
21/03/2010 00:56
21/03/2010 00:56
Joined: Feb 2009
Posts: 23
Bucks
Palio Offline
Newbie
Palio  Offline
Newbie

Joined: Feb 2009
Posts: 23
Bucks
Originally Posted By: paulp
Does anyone currently have an agreed value policy and if so who are your insurers?

Thanks for the above information by the way.


Yes - but it was a struggle!! Hopefully this will help you & anyone else looking. Believe me I tried everywhere including my classic insurer who already has 3 older cars on a policy. Some of the classic insurers would put the Coupe onto a classic policy but refused to give an agreed value as it was "too new".

I needed to get a proper classic policy with agreed value (part of the man maths involved the Coupe onto an agreed value policy freeing up the NCD for the new Abarth!).

Anyway the only place I could find was Heritage Insurance (part of Norton). They have given me a full classic policy including agreed value on a 1999 Coupe 20V - contact Tim Bishop 0121 2466065 and he may be able to help.

They do have several Coupe's insured as he checked the other valuations - they are quite spread out I think!

You will need to prove that the car is a proper classic (not just an old car) in that it is used sparingly (I have a 3000 mile limit) and probably that you have access to another car - I have several others so that helps! There is not necessarily a requirement to garage it, but this will depend on where you live (you also won't get class 1 business use on the car on this policy).

To get an agreed value you will need to supply at least 6 current photos (all four sides, plus interior and engine bay). You will also need to explain why you think your valuation is reasonable - in my case the car is in great condition, has a perfect service history, low mileage, recaro leather, and has appeared at Alexandra Palace & the NEC Classic Car Shows. You don't need all of that, but the more you can explain, the better your chance of a good agreed value! I wasn't asked for an independent valuation but did offer to get one from the Fiat Motor Club valuer if it was needed.

Let us know how you get on - I hope this saves you a load of wasted time and gnashing of teeth!!!

Cheers, Gavin.

Re: Agreed Value - How is this agreed [Re: Palio] #1004938
21/03/2010 16:45
21/03/2010 16:45

P
paulp
Unregistered
paulp
Unregistered
P



Thanks for your comprehensive response. I do have the use of other vehicles, my coupe has covered 500 miles this year has a full and detailed service history. I don't for one minute think my coupe is show condition, however, it is improving month by month as the funds permit.

Thanks for the foot in the door, stay tuned.

Cheers Paul

Re: Agreed Value - How is this agreed [Re: ] #1005006
21/03/2010 18:42
21/03/2010 18:42
Joined: Feb 2009
Posts: 23
Bucks
Palio Offline
Newbie
Palio  Offline
Newbie

Joined: Feb 2009
Posts: 23
Bucks
Glad to help Paul. If you can't get through on the direct dial number go through the main number on 0845 373 4777.

BTW I ended up paying £255 which sounded ok to me.

You should be able to get cover on that info, but the debate will be what it's worth.

Cheers, Gavin.

Re: Agreed Value - How is this agreed [Re: Palio] #1005016
21/03/2010 19:24
21/03/2010 19:24

P
paulp
Unregistered
paulp
Unregistered
P



Thanks again.

I will update later.

Re: Agreed Value - How is this agreed [Re: ] #1052020
12/06/2010 21:56
12/06/2010 21:56

J
jase
Unregistered
jase
Unregistered
J



I have an agreed value classic policy with Footman James in Cradley Heath, paying £160 a year approx on my 20VT. we agreed the value at the start of the policy, no valuation forms, no visit. This is based on 1500 miles per year but can be on 3000 or 4500 per year at extra cost and doesn't have to be garaged, just has to be a second car. Have had this for a couple of years now. My wife is an insurance broker so she advised me who to call.

Re: Agreed Value - How is this agreed [Re: ] #1064073
04/07/2010 19:20
04/07/2010 19:20

P
paulp
Unregistered
paulp
Unregistered
P



I bottled it in the end just shopped around for a competitive quote, saved £120 and renewed with a different insurer. Maybe next year I'll try harder.


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