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Agreed value insurance.


upnover4x4
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Hi all, In the process of sorting out insurance for my 90 & was wondering how to get a true value for what the vehicles worth. Was curious how others have evaluated the cost following such mods as new suspension, rollcages,wheels/tyres & winches etc. I could just get a bog standard policy with a book price figure on the vehicle, but this amount comes nowhere near the true cost that it would take to rebuild to the same standard. Your comments would be appreciated.

Adrian

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Hi Adrian

Was talking about this eirlier on anouther subject I have had exactly the same dilemer. I paid £6500 for my 1990 what wasa 110 county Turbo. Its had a 200TDI fitted all new doors complete re spray, new windows, new window seals, new bumbers, all lights new, new bullbar,well it goes on and on and on stands me in at around £13500 at the mo with anouther £4000 to spend on it. Yet god forbid if anything was to happon the book price would have been carp. I went with MCE ( 0870 4202914) at around £280 odd a year for me (only had a licence 5 years as well) 5 years NCB unlimited milage and my partner fully comp with lots of modifications upgrades and have a garanteed payout of £10,000 now Adrian Flux would have insured me for around the same but without a garanteed payout BUT thay do cover all you boys toys bolt on modifications so...cheequer plate, bull bars, raceing sterring wheels, steering guards, gas shocks, expensive roof racks, etc etc etc The only reason I didnt go with them is my new doors and re spray job wouldnt have been coverd but if you dont have anything like that thay would prob be your best bet to cover all your Bolt ons modifications hope that helps.....

Paul

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you will need a specialist insurer for something like this, one that will insure your modifications on a like-for-like replacement basis in the event of a loss. telling direct line that the vehicle is modified and has £20,000 worth of bits on it wont hold much water when it comes to a claim - they'll see a 20 year old landrover and pay out as such, no matter what it is insured for or worth in your own opinion.

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telling direct line that the vehicle is modified and has £20,000 worth of bits on it wont hold much water when it comes to a claim - they'll see a 20 year old landrover and pay out as such, no matter what it is insured for or worth in your own opinion.

I think you're confusing declaring modifications and value thereof, with agreed value which means if it goes missing you get the value you agreed, not the book price.

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my point being that i dont think any of the mainstream insurers will give you an agreed value. they dont need to offer it, as owners of normal vehicles aren't really interested in that option. whereas specialist insurers do offer it.

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You may have to get an engineers report, which isn't expensive, a list of all the work/modifications done, plus pictures of the vehicle - the insurer will specify what pictures they want, but usually it's at an angle from the rear to show the number plate and one side, then the same thing from the front - again showing the number plate and the other side.

Les

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I'm insured agreed value with Adrian Flux, the conversation went like this:

"I'd like to make this an agreed value of £X please"

"Certainly sir, that's £Y extra on your premuim"

TBH it wasn't much extra to have an agreed value, must mean I'm getting old :ph34r:

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I'm insured agreed value with Adrian Flux, the conversation went like this:

"I'd like to make this an agreed value of £X please"

"Certainly sir, that's £Y extra on your premuim"

TBH it wasn't much extra to have an agreed value, must mean I'm getting old :ph34r:

All depends on the agreed value thay wouldnt do mine at £10,000 Told me what im geting from MCE is amazing value

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Hi,I sent pictures of all my improvements and mods to my broker,together with bills for chassis etc,then we had a telephone conversation where he asked me how much i wanted to insure for.....i roughly worked out how much it would cost me to get another truck back to the same spec and he agreed my value there and then. All photo`s were then returned stamped by the broker. It has nothing to do with the market value of a b reg 90,it has everything to do with what you have built and to what standard and what sort of bills/photographic evidence you can produce. I pay £150 per year fully comp,agreed value,unlimited mods other than lifts limited to 4inch and tyres no bigger than 35 inch,anything else all ok. Sounds cheap but it is a specialist policy for modded vehicles that are not the daily driver,so only good for 5000 miles a year and you must be running a main vehicle too.

KGM 4 wheel drive policy. I got mine through Peter Best and dealt with Mathew Best who sounds like he likes Land rovers,likes to talk anyway ;) Nice chap.

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  • 4 years later...
I think for an agreed value policy you usually need to get a written independant valuation from a recognised club or specialist.

I understand that this is something that several insurers like to use to arrive at an agreed value. Often they will offer an extra discount for membership of the various clubs like the Land Rover club.

This can mean a big difference for high cost policies such as young drivers.

All the same be aware that agreed values work both ways. If the market price for say, defenders keeps rising as it is, you can lose out if you claim near your expiry date and the true market value has kept shooting up.

Its a minefield we all try to get through each year.

Cheers

Barry

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I think Insurance pay outs on cars are dun on the "book price" mine being 23 years old the book price is prob only a few thousand ........so have to have an agreed value or I wouldn't get anything . With AF you don't have to have a valuation but do have to provide seven colour photos

Front

back

left side

right side

engine bay

interior

and speedo

Plus a list of all work and modifications carried out.

I all ways provide lots of extra photos a details list of yearly work carried out and new parts, upgrades and there cost.

And of course am able to prove every thing by a photo record and I keep EVERY recite.

You must all so be 100% honest and list EVERY modification - upgrade ...A modification is classed as anything you do that is non factory standard.....I'm fanatical about insurance and it could be said I take this to the extreme and even list things like changing my light fixing screws to stainless ones. My partner works in insurance and the bottom line is if you have told them they don't have an excuse not to pay you with the " oh you never told us about that so we cant pay you" ...........Better safe than sorry

To add to that any mid term modifications I do I inform them ( no charge if it don't affect performance) and get confermation in writing from them that they have been told

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