Agreed value Insurance questions
Discussion
So, my lancia restoration is coming to an end and its time to look at how best to insure it. As i understand it agreed value is the way to go, but my issue lies in what value to agree on.
Ordanarily this would be look at whats on the market and compare, but I havent seen a comparable one of my cars on the market in two years, in fact every example ive seen for sale has been a requires complete restoration job.
With this in mind how do myself and the insurers agree on a value? The bills for the restoration will total more than what the classic car magazines say its worth, but unless they have a source i dont (which I doubt), they havent seen one for sale either.
Bit tricky, especially considering there were less than 200 of the car in the country when they were new, coming on for 25 years ago.
Im trying to be realistic - its no 250 gto but at the same time I dont feel what the classic car mags list to be a realistic price for a top notch example.
Ordanarily this would be look at whats on the market and compare, but I havent seen a comparable one of my cars on the market in two years, in fact every example ive seen for sale has been a requires complete restoration job.
With this in mind how do myself and the insurers agree on a value? The bills for the restoration will total more than what the classic car magazines say its worth, but unless they have a source i dont (which I doubt), they havent seen one for sale either.
Bit tricky, especially considering there were less than 200 of the car in the country when they were new, coming on for 25 years ago.
Im trying to be realistic - its no 250 gto but at the same time I dont feel what the classic car mags list to be a realistic price for a top notch example.
I guess it varies between insurers, I use Footman James and if it's worth less than £10000 you just state a figure and I have always had it accepted, so you just need to decide on what you would have to pay for another one, or what it would cost to buy one and have it restored.
Over £10000 you have to a have a valuation from the club.
Agreed value is certainly the way to go, without it they will say 25 yr old car, less depreciation, now worth £50.
Also, classic insurance is very cheap. Mine is around £130 a year for limited mileage.
Over £10000 you have to a have a valuation from the club.
Agreed value is certainly the way to go, without it they will say 25 yr old car, less depreciation, now worth £50.
Also, classic insurance is very cheap. Mine is around £130 a year for limited mileage.
Edited by john2443 on Wednesday 29th August 10:18
Depending on what type of Lancia it is you can get a valuation from one of the various specialists that would be accepted by most Insurance companies. Omicron, for instance for most pre-76 cars. Try posting on the LMC forum (www.lanciamotorclub.co.uk), but state what it is you have and where you are - someone will give you definitive advice.
As to restoration costs outweighing value - yep, unless you found a stratos in the back yard for free, that will always be the way. I am restoring a Fanalone, and even with good ones now fetching towards £30k I doubt I will break even - but then that's not the point is it !!
As to restoration costs outweighing value - yep, unless you found a stratos in the back yard for free, that will always be the way. I am restoring a Fanalone, and even with good ones now fetching towards £30k I doubt I will break even - but then that's not the point is it !!
shouldbworking said:
Hopefully I wont be squeezed too much for wanting to use it as a daily car
Aah.......you'll have a problem then.Most, if not all agreed value policies won't cover as a daily driver, as they are limited mileage, limited usage, this is why they are significantly cheaper.
My current insurer, and the last one, didn't actually care what the real market value is/was, they agree to a sum, for a premium. Job done.
BG is probably worth about £10-£12K to the trade, if that. Private sale maybe £17K tops. I just spent £20K on BG though. Got an agreed value of £29K, no way is he worth that. Just covering my pocket if the worst happens.
BG is probably worth about £10-£12K to the trade, if that. Private sale maybe £17K tops. I just spent £20K on BG though. Got an agreed value of £29K, no way is he worth that. Just covering my pocket if the worst happens.
Balmoral Green said:
My current insurer, and the last one, didn't actually care what the real market value is/was, they agree to a sum, for a premium. Job done.
BG is probably worth about £10-£12K to the trade, if that. Private sale maybe £17K tops. I just spent £20K on BG though. Got an agreed value of £29K, no way is he worth that. Just covering my pocket if the worst happens.
Blimey. didnt realise youd spent quite that much on it!BG is probably worth about £10-£12K to the trade, if that. Private sale maybe £17K tops. I just spent £20K on BG though. Got an agreed value of £29K, no way is he worth that. Just covering my pocket if the worst happens.
Is BG a daily driver for you? if so who is your insurer?
shouldbworking said:
who is your insurer?
Currently Lancaster on a 7500 mile a year classic policy, used to be with RH on a 5000 mile a year classic policy. Will probably move back to RH as they have very good screen cover and in 2001 when I lost a screen, they paid the whole £1200 bill. Needed a rear screen recently, Lancaster would only pay up to £250 of the £1700 bill.one word of caution with agreed value insurance. a friend of mine had a rather nice old VW Beetle on agreed value,his insurance company just agreed the value, and didn't require any proof or anything, but when it was stolen they asked for all sorts of proof, bills etc before they paid out. my mate didn't have these so they only paid market value on an average car.
so it might be worth reading the small print or actually asking your insurance company what they'll require should the worst happen and you need to make a claim.
so it might be worth reading the small print or actually asking your insurance company what they'll require should the worst happen and you need to make a claim.
Just for information for other people in a similar position, Footman James will only do unlimited mileage agreed value if the car is over 30 years old. Otherwise the limit is 6000.
One more place to try (a-plan), otherwise itll have to be regular insurance and some valuations to support in the event of a claim
One more place to try (a-plan), otherwise itll have to be regular insurance and some valuations to support in the event of a claim
Agreed value is a tricky subject, as evidenced by the post above on the Beetle. I have an annual valuation done and keep track of what cars like mine are actually being sold for. I have a valuation from the Lynx specialist and have sent loads of photos of the car, front back and all quarters, under bonnet and inside the cockpit, even from underneath when it was on a ramp, and since the value is rising I keep it up to date each year. As above, if you aren't able to prove your case you won't get the agreed value. It isn't a fixed figure - you have to prove it is worth that money.
Another bump... I contacted AON today as they are the ones listed by the Lancia club and guess what. They dont do agreed value on everyday cars.
And yet, the person who recommended them to me has the same car as me, unlimited mileage including business use, mods on their car and agreed value insurance to boot, and all at a third of the premium they are proposing to charge me????
Either hes telling porkies or something else is up? Maybe they would offer it if the car was listed as a second car, presuming that the classic would not be his primary car? would it be legal to use it as a primary car in that circumstance?
And yet, the person who recommended them to me has the same car as me, unlimited mileage including business use, mods on their car and agreed value insurance to boot, and all at a third of the premium they are proposing to charge me????
Either hes telling porkies or something else is up? Maybe they would offer it if the car was listed as a second car, presuming that the classic would not be his primary car? would it be legal to use it as a primary car in that circumstance?
shouldbworking said:
Another bump... I contacted AON today as they are the ones listed by the Lancia club and guess what. They dont do agreed value on everyday cars.
And yet, the person who recommended them to me has the same car as me, unlimited mileage including business use, mods on their car and agreed value insurance to boot, and all at a third of the premium they are proposing to charge me????
Either hes telling porkies or something else is up? Maybe they would offer it if the car was listed as a second car, presuming that the classic would not be his primary car? would it be legal to use it as a primary car in that circumstance?
I have business use + modifications + agreed value insurance on my Scimitar but it is listed as a second car and restricted to 7500 miles. A lot of insurers just seem to ask wether you have another car and dont ask about primary or secondary useage. And yet, the person who recommended them to me has the same car as me, unlimited mileage including business use, mods on their car and agreed value insurance to boot, and all at a third of the premium they are proposing to charge me????
Either hes telling porkies or something else is up? Maybe they would offer it if the car was listed as a second car, presuming that the classic would not be his primary car? would it be legal to use it as a primary car in that circumstance?
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