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.
steve1071
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Re: Classic Car Agreed Insured Values.

Post by steve1071 »

Having worked in the industry over 30 years, albeit on the Commercial side, I would naturally disagree with some of the comments and remind of all the rogues that see insurance companies as fair game with dubious whiplash and exaggerated claims.

My advice, for what it’s worth, look beyond the price and find out who the actual insurer is as many classic car policies are now ‘white labelled’. Get a policy from one of the big names, preferably via a broker so you have comeback.

Insurance products are heavily regulated and have to be ‘contract certain’ at the time of purchase so read the documents so you know what you are buying. I know few people do but they’re very handy if you have insomnia!

I’m than happy to help anyone with insurance questions.

IslandBlue
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Re: Classic Car Agreed Insured Values.

Post by IslandBlue »

steve1071 wrote:
Mon May 11, 2020 1:12 pm
Having worked in the industry over 30 years, albeit on the Commercial side, I would naturally disagree with some of the comments and remind of all the rogues that see insurance companies as fair game with dubious whiplash and exaggerated claims.

My advice, for what it’s worth, look beyond the price and find out who the actual insurer is as many classic car policies are now ‘white labelled’. Get a policy from one of the big names, preferably via a broker so you have comeback.

Insurance products are heavily regulated and have to be ‘contract certain’ at the time of purchase so read the documents so you know what you are buying. I know few people do but they’re very handy if you have insomnia!

I’m than happy to help anyone with insurance questions.
Have to agree, I've also worked in the industry for over 30 years albeit in Marine and mostly as a claims broker arguing our clients' cases with insurers.

To my mind if you have an agreed value policy it's just that, if your car is stolen or a write-off the agreed value is what you get. My broker insists on pictures at each renewal and the insurer has the option of saying no when the value is agreed. Unless the value and condition has been completely misrepresented there should be no argument.

That said I've never had the need to argue my case fortunately although with market value policies on moderns it's a different story; be prepared to support your car's value and condition with evidence of maintenance, service history and receipts....

steve1071
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Re: Classic Car Agreed Insured Values.

Post by steve1071 »

The times I've had clients with a marine cargo claim I was astounded at speed and level of service. I suppose you don't get many boats sinking these days....!

Back on topic, as humans we are bombarded by advertising bods these days to buy the cheapest. Look at some of the crap we get from China for our beloved 10' x 5' classics, it's absolute rubbish and frankly some of it is not fit for purpose, but still punters buy it.

As my old boss used to say, 'there's nothing more expensive than cheap insurance...'

I'll get off my soap box now!

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mk1
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Re: Classic Car Agreed Insured Values.

Post by mk1 »

It wasn't motor, it was when I got my garage screwed.
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IslandBlue
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Re: Classic Car Agreed Insured Values.

Post by IslandBlue »

steve1071 wrote:
Mon May 11, 2020 3:23 pm
The times I've had clients with a marine cargo claim I was astounded at speed and level of service. I suppose you don't get many boats sinking these days....
True, but the ones that go glug (accidentally) are the easy ones! Plenty of scope for grief otherwise however, although the ships themselves are my thing rather than what they're carrying.

Some of the machinery damage claims are actually rather interesting, the scale can be huge, they sometimes grind and polish crankshaft big end journals in situ, the engineers climb into the crankcase with their machinery....

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111Robin
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Re: Classic Car Agreed Insured Values.

Post by 111Robin »

A bit of a thread drift but nonetheless insurance gripe related. I was backing my old BMW out of the garage last year and the wind caught the up and over door bringing it down onto the car roof. I was mortified, car is immaculate. Straight on the phone to the insurance company to report it and see if it was something they would cover. No problem, agreed value policy so they have loads of photo's showing the condition. Next day after some T-Cut the damage was barely visible, slightest dent if you view it at just the right angle, so I called them and said it wasn't worth going to the expense of a repair, they agreed and cancelled the claim. Thought nothing of it until this year, renewing my everyday car insurance (totally different insurance company) and they tell me my premium is increasing due to the accident I had last year. What accident I enquired ?. So they explained it was on the BMW etc. I said there must be a mistake because I retracted that claim, and anyway it was a non fault incident so why does it make me a higher risk all of a sudden ?. Apparently as soon as it is logged on the insurance database that's it in stone, even if there is no actual claim made. I was fizzing, especially when they said it was a good job they checked the database or my policy would be invalid because I hadn't declared the "accident". So all of a sudden the garage door catching the wind and hitting my car makes me a liability and pushes up my premium, on a car by the way that is never in the garage. Crazy.

Polarsilver
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Re: Classic Car Agreed Insured Values.

Post by Polarsilver »

This is another typical example of the Insurance Industry attitude & disregard for their customers privacy in the attempt to max out their profits & personal bonus payments .. example they are still flogging off their customers supposed past accident information to then allow the host of No Claim No Fee Leaches that still cold call ring me up after 5 years past ref; when my next door neighbour ran into our normal car .. telling me that i have had an accident and i can reclaim for loss.. makes my blood boil :evil:

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miniminor
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Re: Classic Car Agreed Insured Values.

Post by miniminor »

I recently thought about the agreed value of my Mk1 850 Super deluxe. We bought it in 2012 fully restored for £7900 and it was on an agreed value of £9000 since 2016. In recent times prices have been creeping up and asking prices for decent Mk1s are climbing steadily. I submitted a request for agreed value of £14000, thinking they would naturally knock this down and perhaps come back with a figure of £12000 but no, surprised when they state its still only £9000.
Is this reasonable or correct? Im not looking to try to make money here if the worst was to happen but I'd seriously struggle to get a replacement at £9000. I have asked them to reconsider but dont hold out much hope. Adrian Flux is the compny.
The Mini is not concourse, rivet counting correct but is in fantastic original condition and has won best in class and best in show on previous occasions.
What are your thoughts on this?
"Get the wheels in line, Get the wheels in line with it! ..... and then slam your brakes on or we'll be in the cabin ! "

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IslandBlue
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Re: Classic Car Agreed Insured Values.

Post by IslandBlue »

miniminor wrote:
Thu Jul 30, 2020 11:28 am
I recently thought about the agreed value of my Mk1 850 Super deluxe. We bought it in 2012 fully restored for £7900 and it was on an agreed value of £9000 since 2016. In recent times prices have been creeping up and asking prices for decent Mk1s are climbing steadily. I submitted a request for agreed value of £14000, thinking they would naturally knock this down and perhaps come back with a figure of £12000 but no, surprised when they state its still only £9000.
Is this reasonable or correct? Im not looking to try to make money here if the worst was to happen but I'd seriously struggle to get a replacement at £9000. I have asked them to reconsider but dont hold out much hope. Adrian Flux is the compny.
The Mini is not concourse, rivet counting correct but is in fantastic original condition and has won best in class and best in show on previous occasions.
What are your thoughts on this?
Every case is different and stands on its own merits. I don't know your car or particularly follow the value of Mk1s but if it would cost £12-14,000 to buy a car of similar age and condition then that is a fair value no question. If they accepted £9,000 4 years ago then the way values have been going then why are they surprised you're reviewing the value now? Playing devil's advocate I wonder whether if you'd increased it incrementally each year they'd have accepted it each time, no alarm bells rung, no questions asked.

Have they turned you down flat, offered any explanation or suggested you need a valuation from a club representative or some sort of expert? I wonder if COVID is in their minds, a less scrupulous owner with financial worries might be tempted to increase their value and have an unfortunate fire....

hicklingmick
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Location: Rural norfolk Uk

Re: Classic Car Agreed Insured Values.

Post by hicklingmick »

They are based at a big house/centre near kings Lynn and passing recently they seem to be working from home so i would ask to be put through to a supervisor because you might just be dealing with somebody sat in there kitchen.

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