Agreed values. - Page 2

Les4048 · 22nd September 2018, 05:00

I have an agreed value with Peter Best for my ZT-T. I’d to submit pictures the first time a few years ago. I increased the agreed value and again submitted pictures but also a valuation letter from a very reputable MG dealer who knows the car. Agreed value is now at £15,000 but as the letter stated value would expect to increase over the years.

Dansrockin · 30th September 2018, 12:10

Quote:

Originally Posted by Rogue

They were happy to take mine on a few months ago ?

Only going on what I was told. A few people had mentioned it, so i contacted them for clarification, they said that it was only new business that would be affected. They said any existing policy would be ok to renew, but they had stopped taking on any modern mgr on a classic policy as new business. This was around 6-7 weeks ago.

Teflon · 30th September 2018, 12:46

I have to confess, I've never really understood the principle of agreed valuations, surely a car is worth what it's worth regardless of any prior agreements

.

By way of example, when my Baby was rear ended a few years ago, the insurance co. initially suggested a "book value" of £1700 - that being the going rate for an example in excellent condition at the time of the accident. In response, I submitted photos, build data etc and invited the assessor to have a closer look at the car as a whole, much as I imagine you would when setting up an agreed value. As a result, the insurance paid out £3.5K, just over twice the top "book price".

What I'm thinking is that an agreed valuation policy just puts the valuation process up front, rather than after any accident, but never having really looked into it properly, I may be missing something.

Was I just lucky and am I missing something here? I'd hate to think I'm doing my car an injustice by under-insuring her

.

Cheers,

Cliff

SCP440 · 30th September 2018, 12:54

The way it is supposed to work if you have an agreed value policy and the worse does happen they will just pay out without you have to prove you valuation.

If your car caught fire or was stolen and never to be seen again you have no proof of its condition before hand.

Teflon · 30th September 2018, 14:00

Quote:

Originally Posted by SCP440

The way it is supposed to work if you have an agreed value policy and the worse does happen they will just pay out without you have to prove you valuation.........

Not too fussed about that to be honest, as you have to prove the valuation at the start of the policy anyway.

Quote:

Originally Posted by SCP440

.........If your car caught fire or was stolen and never to be seen again you have no proof of its condition before hand.

This is a very good point you make, and something I hadn't properly considered

. I've got a gazillion photos, and add to the collection every month, but of course, they don't all show the overall condition of the car, and very few show the condition of the underside. Shiny paintwork in a photo is unlikely to convince a sceptical assessor!

It would seem I may have to change my way of thinking next renewal - time to start looking around perhaps.

Many thanks,

Cliff

30th September 2018, 12:46	#13
Teflon This is my second home Lagoon 2.0 V6 75 Conn SE Saloon Join Date: Nov 2006 Location: Chertsey Posts: 5,216 Thanks: 2,825 Thanked 2,920 Times in 1,570 Posts	I have to confess, I've never really understood the principle of agreed valuations, surely a car is worth what it's worth regardless of any prior agreements . By way of example, when my Baby was rear ended a few years ago, the insurance co. initially suggested a "book value" of £1700 - that being the going rate for an example in excellent condition at the time of the accident. In response, I submitted photos, build data etc and invited the assessor to have a closer look at the car as a whole, much as I imagine you would when setting up an agreed value. As a result, the insurance paid out £3.5K, just over twice the top "book price". What I'm thinking is that an agreed valuation policy just puts the valuation process up front, rather than after any accident, but never having really looked into it properly, I may be missing something. Was I just lucky and am I missing something here? I'd hate to think I'm doing my car an injustice by under-insuring her . Cheers, Cliff __________________ No. 4 of 6

22nd September 2018, 05:00	#11
Les4048 This is my second home Rover 75 Tourer/ MG ZT-T 400 Join Date: May 2012 Location: Lhanbryde Posts: 3,278 Thanks: 2,627 Thanked 1,523 Times in 869 Posts	I have an agreed value with Peter Best for my ZT-T. I’d to submit pictures the first time a few years ago. I increased the agreed value and again submitted pictures but also a valuation letter from a very reputable MG dealer who knows the car. Agreed value is now at £15,000 but as the letter stated value would expect to increase over the years.

30th September 2018, 12:54	#14
SCP440 I really should get out more....... MG ZT-T 260 Join Date: Feb 2016 Location: Witney Posts: 2,507 Thanks: 6 Thanked 910 Times in 571 Posts	The way it is supposed to work if you have an agreed value policy and the worse does happen they will just pay out without you have to prove you valuation. If your car caught fire or was stolen and never to be seen again you have no proof of its condition before hand.