Jump to content

Agreed Value Insurance


Recommended Posts

Not easily, take the pictures and figure out where yours sits in the rat to concours scale, have a look at pricing in landrover owner mag they used to do 3 different prices you expect to pay for different conditions of vehicle and suss out where you think yours sits and put a price in you think is realistic regards Stephen

Link to comment
Share on other sites

I haven't done it either. Instead I have told the broker, who in turn has told the insurer, of every additional item added or replaced that are non-standard. In that way I hope there's a fairer understanding / ability to calculate, what it would be worth should bad things happen.

Link to comment
Share on other sites

My 90 has had agreed value insurance for the past 21-years. I have moved a few times and yes, it can be a faff setting up a new policy as you have to list history, receipts etc but when done you can just add the previous 12-months spend & details of work done to the existing history.

My 1986 90 was previously insured for £14K but after the re-chassis last year (and all the other parts that were replaced at the same time) I upped it to £20K and they accepted it no problem (of course it helps if you have a photographic history & receipts to back up your words).

Link to comment
Share on other sites

The way Adrian Flux do it is you list everything and take photos of every angle of the truck inside & out and tell them what value you want (you can ask for a million pounds if you want) - and their guys will look at it and either approve it or not.

Link to comment
Share on other sites

Thanks for your replies.

I have been insured with Adrian Flux with an agreed valuation policy for many years and have never increased the value but asking prices seem to be going up so I thought that it should now be increased. 

I suppose at the end of the day the valuation needs to be what I would be happy with if the worst were to happen to it.

Link to comment
Share on other sites

Agreed value is a balancing act: too little keeps the premium down, but you would be short if there was a loss; too much and either the underwriter will decline the risk, if it is too far from their expectations, (it's potentially a fraud indication), or you will be paying a lot for something that might never be claimed, as premiums will be £xx.xx per £1,000 value per annum.

My (non-working) LR90 van with windows has apparently doubled in value over the last 5 years.

You can use the services of an appraiser to fix a value for you, but it will cost you.

Link to comment
Share on other sites

Interesting to hear the differences between insurers. My insurer wants an appraisal by an independent garage/trader to state what it is worth, minus the cost of restoration. I assume that means labour, which of course is zero anyway.

I know a sensible top-end price for a 33 year old car with 170k on the clock, and I know the sum total of what I've spent on it. Any valuation is going to be the lower number.

I supplied the spreadsheet showing the cost in parts/upgrades, but still need someone to value it. I would love to just tell them a number.

Link to comment
Share on other sites

I got an agreed value from Heritage - I sent them a link to an online book I’d made documenting the restoration. I picked a figure and they just came back saying ok, no problem. 
 

Picking the number was difficult - at the time 80”’s were going crazy - but that felt artificial and some of the ones at really high prices weren’t moving. Then you’ve got the - how much to do it again valuation, which is usually way more than the value of the car … but with 80’s at that time it probably wasn’t. I ended up asking for what just seemed reasonable 🤷🏻‍♂️
 

Link to comment
Share on other sites

I'm with Footman James and have had an agreed valuation for my '95 300Tdi 90 for the last 5 or 6yrs. I have increased it several times, think it's stand at 8K now!?!

They asked what its value was and I gave them a figure, waited a few minutes and they came back and said OK! No photos to send in, no reports, no list of things added nothing!?!

My paperwork from the insurers shows the agreed amount every time! I did ask what is the Maximum agreed value I could put on it and the guy said I can't tell you that!?! So every couple of years I put it up a Grand hence it's now at 8K.

Every other insurer wants photos, reports and other information and I have told them I am not happy with the idea of someone sat in an office who knows nothing about LR's and what is involved in keeping it on the road and usable telling me what he or she thinks it's worth on a given day!?!

 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...

Important Information

We use cookies to ensure you get the best experience. By using our website you agree to our Cookie Policy