Insurance value
 

My insurance is up for renewal and the two big comparison websites are valuing the car at around £395. That doesn't even begin to cover the new rear suspension parts I'm about to put on. Deduct the £150 compulsory excess and it means they'd pay out £245 in the event of the car being written off - which renders comprehensive insurance completely pointless.

Has anyone found a way of insuring at the actual replacement value?

Classic car insurance with an agreed value, if you can get it, would be the way to go. :shrug:

My broker struggled to get a company to put my car on a classic car policy with agreed value or more precisely a company that would pay out if the worse did happen.

There are brokers that will take it on but many of them will start back pedalling apparently if they do need to pay out. If they don't ask for photos and a valuation from the club or other professional party you are unlikely to get the value you think you will.

My broker reckons keep all adverts of cars as good as yours that are for sale and you can use that as proof of its value.

As soon as our cars are over 20 years old it is a lot easier but you will have to watch your mileage, I know with my Jensen that is obviously on an agreed value policy I have been close to my annual limit a couple of times when I have used it for holidays and a foreign trip all in the same year. Most have a 5k limit but I have seen some with a limit as low as 3k, that is under 60 miles a week.

Thanks chaps. Would agreed value insurance (if I could get it) be a lot more expensive than a standard policy?

The price depends on various factors for example where you live, your age, if you are married or not and if anyone else is going to be driving your car. The other ones are, accident and traffic offences, garage or kept on the road, any modifications, do you own a property - sometimes they ask about that..... will you be using the car for commuting, work etc ;) Mentioning you are a member of this club helps bring the premium down

I have a mileage restriction of 5,000 miles per year, but over the past 3 years I have driven no more than 3K in a year. My 75 has an agreed valuation of double its market value in the event of a write off (Classic car insurance).

What you could do, is ring up the various insurance companies offering classic car insurance. Ring or google online, the choice is yours :}

Have your answers ready and then do a comparison. Last year when I moved from London to Bristol, my premium dropped significantly. The usual spec once agreed is to submit 7 photos of your car and a copy of the MOT as proof of mileage. Happy hunting :}

Try A Plan brokers in Brum, they have always been happy to accept a good valuation from me, sensible prices too, this is my 4th year with them because they keep beating comparison sites.

:smilie_re: A Plan

Doing an ordinary search on Comparethemarket gives results ranging from £136 p.a. to £734 p.a. That's for 5,000 miles per year SDP only, compulsory excess £150, voluntary excess £150.

The annual premium for an agreed valuation insurance will probably be far higher than £136 so even double market value (say 2 x £395) is nowhere near high enough to make it worthwhile. Ten times market value would be more like it (especially with the number of brand new parts that are about to go on this car).

I'll give A Plan a try (and a few others) but I'm not holding out much hope.

I paid £218 comprehensive, 7000 miles pa, SDP, £0 voluntary excess and legal included. Car value at £1,100 according to my policy docs.

All I can say is try.

Did you try them for more than £1,100? (The new parts I mentioned cost more than that, let alone the rest of the car).

No I didn't, I also have just had all new rear suspension including upper and lower arms and springs, plus new front suspension and all bushings. Brakes alone cost almost £300 too. They will simply class that as wear and tear maintenance, even newer cars need maintaining.
We will never get the full cost of what we put into these cars back unfortunately.

You could always ask them for a higher valuation though.