Have we all got agreed value insurance?

Chrisr1949

Chrisr1949

Zorg Guru (II)
Supporter
British Zeds
Joined
Nov 18, 2017
Points
105
Location
Southport UK
Model of Z
2.0
Hi, it's that time of the year again and following a minor accident in my previous classic I found that without agreed value insurance I would only get paid out at the "market" value. As it was 25 years old that probably meant scrap value. I sold it and got 4k for it. So the question is does anyone know of a company prepared to insure an 18 yr old Z for a reasonable value without having to get an individual valuation?
 
Most will do agreed valuation but will cost you more in premiums .

You can always argue the toss when it comes to a claim by showing similar cars for sale etc.

However if the market says they are only worth x amount then that's all you'll get regardless of what you paid for it.
 
Yeah that's the way my thoughs were drifting, plenty of photos, low mileage, service history and receipts. The Z is our fun-on-a-budget retirement car so we've got to keep costs down.
 
Chrisr1949 said:
Hi, it's that time of the year again and following a minor accident in my previous classic I found that without agreed value insurance I would only get paid out at the "market" value. As it was 25 years old that probably meant scrap value. I sold it and got 4k for it. So the question is does anyone know of a company prepared to insure an 18 yr old Z for a reasonable value without having to get an individual valuation?
Click to expand...
Hi I have just done mine through A-plan told them what I had put into the car and said I didn’t want to just have book price should any thing happen. They sorted me out with a company that will pay out a negotiated settlement or repair like for like but it has cost more and a limited mileage but try them for a quote. A plan at Thatcham near Newbury my local A plan in Salisbury put me in touch with the Thatcham branch who deal with these types of insurance, hope it may help.
 
Adrian Flux - £16,000 agreed value, 6,000 miles per annum, all mods declared - £400 per year.

It's nearly double what Admiral charge, but Admiral went wibble when I mentioned modifications and agreed values.
 
Also with Adrian Flux and agreed value
 
Classicline insurance £220 includes agreed valuation which lasts for two years 3,000 Miles per year all mods declared fully comp been with them about 5 years.
 
Thats my issue the annual mileage, mines been plus 10k for the last two years and they usually want you on a limited mileage for agreed valuation :(
 
Nodzed said:
Thats my issue the annual mileage, mines been plus 10k for the last two years and they usually want you on a limited mileage for agreed valuation :(
Click to expand...
I am on 14,000 miles a year because I told them it was my daily car I’ve got a tracker which I can shut the car down by a text message plus factory alarm and immobiliser and I have declared all mods. I have an agreeded excessive £250 Cost me just over £350 a year fully comp and a named driver on there.
 
I'm with Flux. I pay around £400 for 6000 miles with an agreed value of £8000. If I used my full N.C.B. on the Zed, it would probably be cheaper.
 
I pay under £300 on the M with unlimited mileage no agreed valuation.
 
Nodzed said:
I pay under £300 on the M with unlimited mileage no agreed valuation.
Click to expand...
Yes but you’d only get book value. I had mine insured with aviva for about £200 a year unlimited mileage but if it gets totalled I’d get scrap money for it and as soon as I mentioned mods such as lowering it and rebushing it so on and so forth they run a mile lol and said they would not take it on. Hence I went to Aplan they put me with a company KGM who deal with tailored insurance.
 
If you haven't got any mods on the car, agreed value isn't always worth it. Folks will tell you that you only get 'book value' which isn't true, if the policy states market value. The 'book' is only a guide, and really Glass' should be thrown out the window.

Market value is what the car will sell at - so if there are cars advertised at a value that is what the market is supporting :) Went through all this the other year when my old mota was written off -I literally laughed at the first valuation, told them to re - think it. They offered 10k less than they were selling for. Eventually they asked what I wanted, and then they paid - the full price that cars were selling for.
 
One advantage (or it could be a disadvantage) of Agreed Value is that the repair limit is higher.

My car has a "webuyanycar" value of <£10k, so the repair limit would usually be around £5k, but with an Agreed Value of £16k, the repair limit is £8k.

I can use this as leverage if the car gets damaged. I could tell the insurance to give me £7k and I'll fix the car myself.

I did this with my van. I repaired it myself for £50 and they gave me £500 (based on a £1,000 value). The van was not written off - everyone was very happy.
 
Just renewed my insurance with A plan agreed value of £7500 3000 miles limit. Had to send 6 pictures . cost £220 including legal cover
 
Gremlin said:
Yes but you’d only get book value. I had mine insured with aviva for about £200 a year unlimited mileage but if it gets totalled I’d get scrap money for it and as soon as I mentioned mods such as lowering it and rebushing it so on and so forth they run a mile lol and said they would not take it on. Hence I went to Aplan they put me with a company KGM who deal with tailored insurance.
Click to expand...
I get your point but everyone I have tried to get an agreed valuation with wants the car on a fixed annual mileage below 10k (not been any good to me) maybe there are those that don't but I just gave up trying tbh
 
Had the same dilemma earlier this year re: agreed and market value. I went with a market value policy in the end with A-Plan, on the basis my car is entirely standard and I would just want to be confident of being able to get a like-for-like replacement should the worst happen.

I did seek assurance on more than one occasion that they actually meant 'market' value as well, i.e. any valuation would be based on cars for sale at the time and not something like Glasses guide. They said yes to this so I was happy to go with it.
 
Thanks guys, the car's not quite up to an agreed value yet but will be by next year so all your info will be useful next year. I went for Flux but no agreed value. That will do for now, thanks again all. Chris
 
A tale of caution

I *almost* got a agreed valuation Don on the previous coupe at 18k, but I'm glad I didn't. When the engineer filed their report, there were cars listed which were S52 or LHD. In the end I got more than I would have valued when I took the policy out.

So I would say that you can always demonstrate why your car is worth more, but you can't necessarily demonstrate why your initial valuation was incorrect
 
You must log in or register to reply here.
Back
Top