Insurance value

[Blink]

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?

[roverbarmy]

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

[SCP440]

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.

[Blink]

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

[Gate Keeper]

Originally Posted by Blink

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

[Vossy]

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.

A Plan

[Blink]

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.

[clf]

Originally Posted by Blink

So we've got these 'valuations' and premiums:

Vossy - value £1,100 (premium £218)
Darcydog - value??? (premium £230)
Gate Keeper value £3,000 (premium £325)
My quote - value £395 (premium £136 if I bought the insurance)

Those are wildly different valuations. What would each company pay out in the event of a prang that cost (say) £500 in parts?

Condition of the car does not appear on any website I've tried. Mileage of the car does not appear either. So if a complete refurb makes no difference and the car's mileage makes no difference, what does?

This box is on one of the big two comparison sites but the figure entered appears to make no difference to the results - I tried it twice (£1,500 & £3,500) and got the same quotes. So the box is pointless.

With 'regular'car insurance, the declared value is irrelevant (probably unless you value lower than an actual replacement value). In the event of a write off, they will pay out market value. Market value for our cars at the minute will be a similar condition car up for sale. Dealer prices and trade prices wont enter into it.

If you want an agreed value, you will have to pay a little more for it.

Sent from my SM-A600FN using Tapatalk

[Mike Trident]

Whatever you say it's worth won't matter with a normal policy.
Agreed value insurance is too restrictive for my liking. I want to drive my car not look at it.

You just have to hope you never have to claim.
This is the main reason cars get written off, it's a big risk. Even fitting 4 new tires could be more than its worth in a write off situation.

[Blink]

Originally Posted by Gate Keeper

The condition is verified via the 7 photos and a copy of the MOT. I have the valuation agreed in writing in the event of a Cat C write off. Lets face it, £3000 isn't much. I could argue for a higher amount and maybe I will. I know to get a much higher valuation say 30K, the car would need to be assessed and a report done. I imagine the premiums for 30K would be high.

Have you thought about upgrading the immobiliser, installing a tracker and dash cameras? I gather the insurance companies give a discount for doing so.

When you have made your decision, please let us know the outcome. Another thing you can do, if I may suggest, is to check the customer reviews per insurance company on trustpilot reviews.

https://uk.trustpilot.com/review/pet...nsurance.co.uk

https://uk.trustpilot.com/review/aplan.co.uk

Thanks for the info.

Yes, I have thought about an immobilizer, tracker and dash cam but it's too expensive for me at the moment after buying all these parts. How ironic!

Originally Posted by clf

With 'regular'car insurance, the declared value is irrelevant (probably unless you value lower than an actual replacement value). In the event of a write off, they will pay out market value. Market value for our cars at the minute will be a similar condition car up for sale. Dealer prices and trade prices wont enter into it.

If you want an agreed value, you will have to pay a little more for it.

There are 54 75s on AutoTrader at the moment - 42 of them are trade. Lowest private one is £450, highest is £2,750. I'll bet the £2,750 one hasn't got a complete rear end refurb (and it's done a higher mileage than mine). Highest trade one is £5,000 - 40,000 miles on the clock (still higher than mine) and I bet it hasn't got a rear end refurb either.

The cost of the premium on an agreed value basis is the deciding factor.

Originally Posted by Mike Trident

Whatever you say it's worth won't matter with a normal policy.
Agreed value insurance is too restrictive for my liking. I want to drive my car not look at it.

You just have to hope you never have to claim.
This is the main reason cars get written off, it's a big risk. Even fitting 4 new tires could be more than its worth in a write off situation.

By write off, do you mean if they value it at (say) £200, and it needs £250 in parts after a prang? In other words, the slightest damage will write it off - e.g. a cracked bumper. In this case, I'd just have to take the £200 (less excess) and pay for the rest myself. Or, not bother claiming in the first place.