Time to insure the Tuscan information please
Discussion
As above, I seem to remember reading on here that you can insure the car for the scrap price should it be written off, and an agreed value.
If I am correct can somebody please let me have the phone number please, or enlighten me what I should be asking for.
At present it is insured with Reis fully comp with 9 year NCB
Thanks
If I am correct can somebody please let me have the phone number please, or enlighten me what I should be asking for.
At present it is insured with Reis fully comp with 9 year NCB
Thanks
Insurance, especially for TVRs, commonly uses two methods in order to work out what to do regarding value when if you might have an accident or the car is stolen:
1) When you took out the policy, you will always have to declare what the car is worth. This forms part of what is used to work out your premium. Generally speaking, this is then regarding as a limit to the upper value of the car, and should the worst happen, you will be offered the "market value", but it will only ever be up to the declared value, and no more.
The most common issue that occurs is that insurers methods for working out "market value", are not often in line with cars available to buy, and so often you hear stories of people being offered less than it is "worth".
Depending on the wording of your policy, you might be able to argue the case and increase the market value/payout to be higher, but it will be limited to the value that you declared when taking out the policy.
2) Some policies also have an additional option of an "agreed value". So you take out the policy, declare the value as per option 1, but should the car be written off or stolen, then you receive the agreed value, with no arguments or hassle. It can cost a small amount to add this option onto your policy, but it can offer reassurance especially in such a volatile market.
The main difference to use an extreme example, is that in the current market you could insure a mk1 Tuscan for a declared value of £25k, but unless you have an agreed value, then the market value that might be attributed to it could be anywhere between £13k and £23k as that's how much the market is varying at the moment. If you wanted peace of mind that you'd receive £25k in the event of a payout, then go for a policy with an agreed value.
Hope that helps a little!
We're with Mannings, with an agreed value which on the face of it is around £10k higher than any other mk2 has sold for, but with our modifications, it's a true value of what it would take to get us a similar car back and so we prefer the peace of mind of an agreed value.
1) When you took out the policy, you will always have to declare what the car is worth. This forms part of what is used to work out your premium. Generally speaking, this is then regarding as a limit to the upper value of the car, and should the worst happen, you will be offered the "market value", but it will only ever be up to the declared value, and no more.
The most common issue that occurs is that insurers methods for working out "market value", are not often in line with cars available to buy, and so often you hear stories of people being offered less than it is "worth".
Depending on the wording of your policy, you might be able to argue the case and increase the market value/payout to be higher, but it will be limited to the value that you declared when taking out the policy.
2) Some policies also have an additional option of an "agreed value". So you take out the policy, declare the value as per option 1, but should the car be written off or stolen, then you receive the agreed value, with no arguments or hassle. It can cost a small amount to add this option onto your policy, but it can offer reassurance especially in such a volatile market.
The main difference to use an extreme example, is that in the current market you could insure a mk1 Tuscan for a declared value of £25k, but unless you have an agreed value, then the market value that might be attributed to it could be anywhere between £13k and £23k as that's how much the market is varying at the moment. If you wanted peace of mind that you'd receive £25k in the event of a payout, then go for a policy with an agreed value.
Hope that helps a little!
We're with Mannings, with an agreed value which on the face of it is around £10k higher than any other mk2 has sold for, but with our modifications, it's a true value of what it would take to get us a similar car back and so we prefer the peace of mind of an agreed value.
Opposite for me, Mannings 50% of the price of ClassicLine for same policy 
be careful of sum assured, mine was checked by Bespoke Performance who reviewed the car, colour, rarity, mileage and what I had done etc. It's not what you want to get back if you crash it etc.
Advice from Bespoke...was insurers may ask for an official receipt of purchase. If the value is significantly higher and not justifiable e.g. someone like Bespoke cant, this might compromise any significant claim. Insurers are well aware that retail advertised prices are rarely achieved and they have a habit of investigating when a 'total loss claim' is in motion. It is at that time when you'll need the valuation to be watertight.
be careful of sum assured, mine was checked by Bespoke Performance who reviewed the car, colour, rarity, mileage and what I had done etc. It's not what you want to get back if you crash it etc. Advice from Bespoke...was insurers may ask for an official receipt of purchase. If the value is significantly higher and not justifiable e.g. someone like Bespoke cant, this might compromise any significant claim. Insurers are well aware that retail advertised prices are rarely achieved and they have a habit of investigating when a 'total loss claim' is in motion. It is at that time when you'll need the valuation to be watertight.
ratboiler said:
Thanks chaps I emailed mannings and no response, the quote was £680 fully comp, 5000 miles and no agreed valuation.
Went to classic lines £439.00, fully comp, 5000 miles, plus agreed value of 40k, plus I believe track days I will update when I get the documents.
Also with ClassicLine (have been for years on my GTV) and their really good - £450 a year for policy and as im classed as young-ish on the car, i was dead impressed.. i just turned 27 (bought myself the Tuscan on my birthday! lol) and all they asked was 'any experience with cars like this' as soon as i mentioned iv been with them before - that was that.. bank details handed over !Went to classic lines £439.00, fully comp, 5000 miles, plus agreed value of 40k, plus I believe track days I will update when I get the documents.
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