Insurance - Agreed Evaluation.

[Jim H]

Morning folks.

Is this something you guys go for?

My Elise is up for renewal this month, I’ve had it 20 years, it’s low mileage, 2 owner (me being the second), garaged all it’s life, pretty immaculate etc.

I was thinking that with the recent price rises ( it’s probably worth near to what I purchased it for in 2003

I’ve enquired with my insurer and they want an extra £50 for an agreed evaluation. They did stress however that they would settle (on complete loss) current market value depending on condition.

Just wanted to gauge opinion- do you guys have it on your insurance ?

[Tupwood]

I have it on my Caterham - but I have never been asked to pay any additional costs to add it – I just supply photos every three years to show its condition. £50 seems a little steep - but for the ££££ you could loose if the 'adjusted market value' comes in way below expected - it is probably worth it.

You may wish to have it professionally valued - Guy Munday offers this service for members of the Caterham Owners Club - and he may have a similar arrangement with the LDC / other Lotus clubs…

[Jim H]

Tupwood said:

I have it on my Caterham - but I have never been asked to pay any additional costs to add it – I just supply photos every three years to show its condition. £50 seems a little steep - but for the ££££ you could loose if the 'adjusted market value' comes in way below expected - it is probably worth it.

You may wish to have it professionally valued - Guy Munday offers this service for members of the Caterham Owners Club - and he may have a similar arrangement with the LDC / other Lotus clubs…

Thanks fella,

I have agreed valuation on my MK 1 Scirocco with the same company, as that is pretty much irreplaceable.

But, I had that when I first insured it with them so I can’t compare the cost.

On the Elise this has become a ‘bolt on’ to policy

I’m trying to weigh it up on balance of risk, I only do max 2000 miles a year in it, all summer months- so it’s not exactly out on the roads much!

And again, the car would be pretty much irreplaceable now for what it actually is - and I guess we all know it doesn’t exactly take much for an Elise to be written off.

Should the worst ever occur id probably not want to replace it as I feel I’m getting a bit old for it now (30 when I bought it 50 now).

But wiser! It does have a bit of value, and perhaps that extra insurance would be worthwhile.?

[BertBert]

Seems a no-brainer to me. There's no way I'd leave it to the ins co to determine market value in the event of a total loss!
You could always search around for an agreed value policy at a good price.

[LostCockney]

I have had an agreed valuation on my TVR Griffith for the last 16 years and have never been charged for having this option.What is the justification for the Insurance company or broker making this charge ?

[Jim H]

LostCockney said:

I have had an agreed valuation on my TVR Griffith for the last 16 years and have never been charged for having this option.What is the justification for the Insurance company or broker making this charge ?

Hello Pal,

I’ve not asked.

Im afraid I’ve fallen into that situation that many car owners do - laziness!

My 3 cars were spread across 3 separate policies a few years ago, and due to my status ( no points, age, NCB etc across all.

I consolidated them all onto one insurance provider, and even my breakdown cover.

It’s kinda payed dividends for the last 18 months where my total costs for insurance / breakdown have been really competitive (cheap).

But I’ve never tested them, and that’s one thing we should always consider.

I suspect, my insurance company now are looking for a bit of return for their discounts to ‘get me on board’ - it’s just business let’s face it.

I’ve taken out the new policy on the Elise, I may extend for agreed evaluation? However, it’s all food for thought for next year when I come to re insure again .

I must add, I made my current insurer aware, this year of some modifications which I’d not declared before.

Nothing major: a sports steering wheel, induction kit, and that made no difference. Just to be safe.

But they wanted more for agreed evaluation