Classic Car Agreed Insured Values.

General Chat with an emphasis on BMC Minis & Other iconic cars of the 1960's. Includes information on MK1 Action days.
Polarsilver
Posts: 1306
Joined: Fri Jan 15, 2016 1:22 pm

Classic Car Agreed Insured Values.

Post by Polarsilver »

For many past years at the time of my Classic Cars Insurance Renewal its been a time to look at the Market Values of similar cars & to then Raise the Agreed Insured Value on my cars .. my next due Insurance Renewal i will again look at the Cars For Sale Market & will then need to "Reduce" my own Classic Cars agreed insured values.
I checked on the Hagerty valuation tool site & as yet they have not started to drop their suggested values, But as Hagerty values are based on past Auction results . :roll:
We are all going to have to face this reality.. but on the bright side my Classic Insurance may become a bit cheaper as my cars are now worth Less ;)

swifty
Posts: 1188
Joined: Thu Jun 24, 2010 11:19 pm

Re: Classic Car Agreed Insured Values.

Post by swifty »

I would never personally under insure the value of my classic cars . If something happened to one of them and I needed to claim the insurance company's are going to try and knock you down on payout anyway . So why give them a hand and under value your car .... I had a agreed insurance value on a Morris Cooper s 970 last year of 70k . This was from admiral . If I needed to claim on that you can bet your life that there going to do there utmost to pay you out less . At least the starting figure would have been 70k and not for say 50k if I had reduced the value ... What makes you think your classic car has reduced in value ? . I've never taken any notice of those valuation tools , they will have you believe you can buy a escort mexico in mint condition for 20k ... ken
1963 austin Cooper s mk1 1071
1966 Austin Cooper s mk1 1275
1968 Austin Cooper mk2 998
1962 Morris mini super 850
Porsche 997 turbo S
Ford transit van 280s

Coolcat
Posts: 35
Joined: Thu Nov 09, 2017 3:17 am
Location: Fenwick Canada

Re: Classic Car Agreed Insured Values.

Post by Coolcat »

Here’s an oddity and something to consider; albeit being in Canada. Not sure if it applies elsewhere. When applying for insurance for my Mk3 Cooper S I was asked what the value was as that was the number the insurance company was going to use. What? Really? Yes, really. Apparently if there is a claim they then get an appraiser from their company to evaluate the vehicle damage and come up with an agreed value. In their favour no doubt. And the appraiser is apparently based in southern USA. All in all an unsettling feeling. Needless to say I have an independent appraisal on file.

peasantslife
Posts: 17
Joined: Thu Jun 29, 2017 2:48 pm

Re: Classic Car Agreed Insured Values.

Post by peasantslife »

Why would you be giving money to a shark?
As best I can, I give my hard earned cash to people and firms I like and trust.(revenuers excepted)
With insurance in the UK why not buy Agreed Value cover? At least you know what your destroyed car is going to return and you will know what the companies Cost to Repair/Insured Value equation is.
Not all insurances are the same - Its your property value they are protecting on your behalf, so ask them hard questions. The difference between a heavilly advertised crook in a suit and a no nonsence 'do what they say' is minimal, and may well even work out better for your pocket on the premium!
If you dont want to do the donkey work youself there are still good broker firms out there (they get paid by commission so doesnt neccessarily bump premiums), so you are not stuck in one company for ever - unless it suits you!
Advertised premium is nothing more than their cheap marketing banner....

bwaminispeed
Posts: 297
Joined: Sat Aug 21, 2010 4:05 am

Re: Classic Car Agreed Insured Values.

Post by bwaminispeed »

Yep, agreed value based on an independent appraisal from a registered appraiser........

Polarsilver
Posts: 1306
Joined: Fri Jan 15, 2016 1:22 pm

Re: Classic Car Agreed Insured Values.

Post by Polarsilver »

Now this matter can get very Interesting .. who ,what, where. is an " Independent Registered Appraiser " of a Classic Mini .. me-thinks that Person must be fully prepared to accept his own Liability if it all goes wrong.. or is that Agreed Value Appraiser saying "its like an MOT Test my valuation was correct on that one day of my inspection" :roll:

1071 S
Posts: 678
Joined: Sun Jun 27, 2010 8:44 am

Re: Classic Car Agreed Insured Values.

Post by 1071 S »

I really don't understand what this ".. Independent Registered Appraiser ". is supposed to do ..who pays them? If their valuation is more than the insurers seems reasonable then presumably they decline to offer a policy... ????

I have an agreed value policy. I ring my insurer and a conversation ensues... "Me-I'd like to insure my Mini"..."Them-Sure we'll give you a policy that will cover you for $XX.." "Me-Hhhmm , no, I think its worth more." "Them-Why? what do you have?" " "Me-Its a 1923 prototype on which I've spent $ZZZ" "Them-Hhhmm OK, send us some photos. ... OK, we've checked on 1923 sales and looked at the photos and we think we will cover it for $XX for $AAAAA"
"Me-HHmm OK send me the policy"... pulls out credit card. Basically they have enough expertise to asses what any car is worth.. but are prepared to listen to any special circumstances... Of course the higher the value ... up to what they decide is their comfort level ... the more premium I pay...

We now have a contract. If the worst happens, I take the car to my chosen repairer who quote for the repair. Depending on how well the insurer trusts the preparers reputation they may send out their own assessor - otherwise they authorise the repair.

Should the damage be terminal, they send me a cheque for the agreed value ... minus the excess ..and I get to keep the wreck...

After a recent incident :( they sent me to what is generally considered to be the best restorers of classic cars in the area and I was very happy with the outcome...

I think anyone buying "market value" policy is being done....

Cheers, Ian

bwaminispeed
Posts: 297
Joined: Sat Aug 21, 2010 4:05 am

Re: Classic Car Agreed Insured Values.

Post by bwaminispeed »

The person that owns the car pays for the appraisal. The insurance company agrees (written into the policy) to pay out the appraised value on total loss of the vehicle, no haggling, no winging.

If the car is appraised for 40,000.00, and, it gets written off as a total wreck, the insurance company pays out the agreed value of 40,000.00 dollars, no questions asked......

A car with a 40,000.00 total replacement value costs me about 265.00/year, not outrageous at all.......

User avatar
mk1
Site Admin
Posts: 15094
Joined: Thu Jun 24, 2010 11:30 am
Location: In the Herb Garden (Somewhere in the North of England)
Contact:

Re: Classic Car Agreed Insured Values.

Post by mk1 »

As prices have risen over the last few years I have never bothered about an agreed value. Now, as prices are undoubtedly dropping, it is something that I will have to think about.

Personally I have always assumed that an Insurance Company will do everything they can to wriggle out of paying you anything for a claim & that any money received was itself a bonus.

I have claimed on insurance once in my life, the claim was 100% genuine & all the values were true, honest & fair & all I received was just over 1/2 the claim. Since then i have just assumed I am going to be ripped off every time.

Insurance is the biggest legal fiddle going!!!!!
Mark F
"I'm a very friendly Lion called Parsley".

User avatar
Minigman
Posts: 396
Joined: Sat Jun 13, 2015 1:41 pm
Location: North Devon

Re: Classic Car Agreed Insured Values.

Post by Minigman »

Was that one time with an agreed value in place Mark?
110JTO - 1960 Morris Cherry Red
HTC782N - 1974 Bronze Yellow

Post Reply