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Agreed Value Policy

Discussion in 'Insurance' started by bigasotonuk, Oct 31, 2012.

  1. bigasotonuk

    bigasotonuk Senior Member

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    Hi,
    As I have spent a small fortune on my C43/55, on much repair work, complete respray, engine conversion etc.
    To replace the car now with like for like would neigh on impossible.
    Can anyone reccommend a company/broker who does competitive agreed value policies?
     
  2. grahamcol

    grahamcol Senior Member

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    Yes, I've just swapped my W202 C200 to agreed value through Chris Knott, Easy and painless and done very quickly. I don't have their number to hand but Google them and it'll come up.
     
  3. turbopete

    turbopete Senior Member

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    theyre also forum sponsors
     
  4. Sky Insurance

    Sky Insurance Senior Member

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    Whilst an agreed value policy may not see you back in the same position, eg you are not going to re-coup all the money spent, it is definitely the best option.

    We offer an agreed valuation policy, feel free to get in touch and please make it clear this is something you are after.

    http://www.skyinsurance.co.uk/call_back_new.phtml

    Thanks and regards

    Ollie
    Sky Insurance

    http://www.skyinsurance.co.uk/car-club-insurance.html
     
  5. turbopete

    turbopete Senior Member

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    isnt that the whole point of insuring, especially with an agreed value policy? to ensure that the owner is NOT out of pocket should the worst happen and WILL put you back in the same position? or is this another case of rip-off insurance policies?
     
  6. star

    star Forum Supporter Authorised Forum Supporter

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    I use Haggerty for my race car, its only an E36 M3 and the normal value is pence but have an agreed value of over £15k because of the stuff thats on it.
     
  7. David Nock

    David Nock Senior Member

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    Heritage Insurance do Agreed on our 1st generation Mazda RX7
     
  8. ChrisKnottIns

    ChrisKnottIns Forum Supporter Authorised Forum Supporter

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    Please see our signature below for our number...
     
  9. Chrishazle

    Chrishazle Senior Member

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    If it's a second car rather than your primary, try Classic Line - I've insured my 968 through them for a number of years on an agreed value policy - and the excess is a lot lower than most (if not all!) others I've tried.
     
  10. KeithEvans

    KeithEvans Senior Member

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    I tried everywhere for an agreed value policy. Because it is my only car, I was tuned down by everyone, including the forum sponsors. It didn't help that it's parked on the road outside my house either. Seems that unless its garaged or a least parked on a drive and isn't your only vehicle, then you can't get an agreed value policy.

    One actually told me that most agreed value cars are kept in a heated showroom!

    Yeah right!
     
  11. Sky Insurance

    Sky Insurance Senior Member

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    If you look at it another way, insurers have to be incredibly careful they do not over-value a vehicle otherwise they leave themselves wide open to fraudulent claims. Car insurance isn't on a new for old basis like other types of insurance. I wouldn't say it a 'case of another rip-off', as an example, I have a 1988 Toyota MR2, I have spent £12,000+ over the years improving it, modifying it , keeping it in tip-top condition, do I value it at the £12,000 plus original purchase price? No. I'd be lucky to sell it for £4000, this is what my agreed valuation is fixed at. I'm comfortable with that figure.

    Ollie
    Sky Insurance

    http://www.skyinsurance.co.uk/car-club-insurance.html
     
  12. star

    star Forum Supporter Authorised Forum Supporter

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    Are you saying you cannot get an agreed value policy or if you can how does it work? I have to send pics of my race car and details of it to the insurance co and with my other car I have a club/dealer valuation for it and its insured for that?
     
    Last edited: Nov 2, 2012
  13. Sky Insurance

    Sky Insurance Senior Member

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    Insurers have different ways of dealing with agreed valuations.

    Via a couple of our specialist underwriters, we offer agreed valuation policies for limited mileage cars. We ask for the proposed value to be how much the car would sell for, in today's selling market, to a like minded car enthusiast including all modifications. Our role in the applications process is to find the 'happy' medium between the underwriter and the customer.

    Thanks

    Ollie
    Sky Insurance

    http://www.skyinsurance.co.uk/car-club-insurance.html
     
  14. kth286

    kth286 Senior Member

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    must admit I agree with all thet sky insurance is saying.

    it's all to do with the market place for that type of car, not how much you have personally spent on the car.

    it is fairly easy to get to an agreed value for say a 1995 124 coupe in good solid original condition as the market is readily identifiable, and numerous examples abound.
     
  15. turbopete

    turbopete Senior Member

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    perhaps if you read my posts on another insurance related thread, you would understand WHY i feel car insurance in general is such a rip-off.
     
  16. television

    television Always remembered RIP

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    It is not a rip off Pete at all, its something we all must have, its not my fault if where you live cost you more to insure than where I live.

    I cannot see how you can insure for £XXX if things were not going right, one could just destroy the car and claim way in excess of any true value. And what is a true value ???
     
  17. star

    star Forum Supporter Authorised Forum Supporter

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    Exactly, what is the true value, most insurers will have valued your car for less than the normal retail value, thus the gap between a customers valuation and an insurers. When I have taken out an agreed valuation policy, I have to supply documentation to back up my agreed value.
     
    Last edited: Nov 2, 2012

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