Admiral OK for a classic Ferrari?

[AMG Merc]

I'm looking to insure the 512TR and have been quoted fairly well by the usual suspects but Admiral have come in almost £200 lower when adding to my multicar policy. Question is how are they with classics? Do they let you take the car anywhere you like for repairs? Do they understand market value (I don't want agreed value as the price is so fluid)?

Any thoughts or experience appreciated. Cheers.

[cgt2]

Absolutely terrible company, they are cheap for a reason. Pay a bit more and go with Locktons for peace of mind and proper cover, going with Admiral is like a cheap meal, you only get what you pay for.

[gmarsh]

Lots of posts elsewhere about this subject, the FOC have a recommended insurer with 'good' cover which suits me. Price may not be the most important factor, compared to where your car might END up being repaired.

[rubystone]

Is there really a policy out there that will pay out the true 'market value'? I have to ensure my cars at an agreed value and whilst I can generally revise that at any time it does involve me using up a favour with a friendly dealer each time...

[AMG Merc]

rubystone said:

Is there really a policy out there that will pay out the true 'market value'? I have to ensure my cars at an agreed value and whilst I can generally revise that at any time it does involve me using up a favour with a friendly dealer each time...

I was wondering - if you've an agreed value and the car goes up in the market do you get paid out only the agreed value (as say a "minimum") or the market value?

Looks like I'm dumping Admiral for all cars now anyway. I don't like their specified garage policy (which I thought wasn't enforceable by law anyway). Am going with Locktons or Classicline.

[AmoCS]

Best to get an agreed value and amend annually. Market value on a car especially a classic can prove difficult as you would have to show similar examples selling on the market that match your specification of car and fight your case.

[AMG Merc]

AmoCS said:

Best to get an agreed value and amend annually. Market value on a car especially a classic can prove difficult as you would have to show similar examples selling on the market that match your specification of car and fight your case.

But agreeing annually is iffy - 512TR prices see significant changes almost monthly (mainland Europe and UK) so one would need to change the agreed value constantly.

[4rephill]

AMG Merc said:

AmoCS said:

Best to get an agreed value and amend annually. Market value on a car especially a classic can prove difficult as you would have to show similar examples selling on the market that match your specification of car and fight your case.

But agreeing annually is iffy - 512TR prices see significant changes almost monthly (mainland Europe and UK) so one would need to change the agreed value constantly.

+1

Plenty of Ferrari's have jumped in price by £10K's each month over the last year!

A good piece of advice is for owners of such cars to get their insurance re-assessed if they're in the middle of an agreed value policy as they may be woefully under-insured at the moment without realising it!