Agreed value insurance

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Agreed value insurance

Postby paulrob100 » Mon Apr 30, 2018 9:08 am

Hi
I am renewing my insurance with Footman James. The car has done just under 50,000 miles. It is in good condition but has had a respray. Last year I renewed it with agreed value at £10,000. This year they are asking if I want to increase it to £12,000. I`m not sure that the car is worth that, but for an extra £10 on the insurance, it might be worth it.

The thing is, they need an independent valuation, provided by a club or an independent specialist. Is this something that the club offers ?
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Re: Agreed value insurance

Postby simontaylor » Mon Apr 30, 2018 10:18 am

From Nottingham, I would suggest RATS is a good specialist to see.
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Re: Agreed value insurance

Postby stephendell » Mon Apr 30, 2018 11:26 am

paulrob100 wrote:Hi
I am renewing my insurance with Footman James. The car has done just under 50,000 miles. It is in good condition but has had a respray. Last year I renewed it with agreed value at £10,000. This year they are asking if I want to increase it to £12,000. I`m not sure that the car is worth that, but for an extra £10 on the insurance, it might be worth it.

The thing is, they need an independent valuation, provided by a club or an independent specialist. Is this something that the club offers ?


Seems a bargain for £10 in the event of a disaster.

No problem to provide a valuation.
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Re: Agreed value insurance

Postby paulrob100 » Mon Apr 30, 2018 3:38 pm

PM sent Stephen
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Re: Agreed value insurance

Postby paulrob100 » Mon Apr 30, 2018 3:42 pm

simontaylor wrote:From Nottingham, I would suggest RATS is a good specialist to see.


Thanks Simon. I am sure that Lee could do the valuation, as he has seen the car, although not carried out any work on it. I'm sure he has plenty on at the moment, & I know there are other marque clubs that provide the service. I thought it was worth an ask.
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Re: Agreed value insurance

Postby johnb » Mon Apr 30, 2018 5:11 pm

My cars are insured with Lancaster Insurance on agreed valuation policies.
They don't ask for an independent valuation, only that you complete a condition report every year and submit a set of photographs. You state your assessment of value and they either agree or suggest an alternative, lower valuation. In all the years I've been with them they've usually agreed with my valuation. Perhaps because I may be undervaluing the cars!
To estimate a valuation I try and look at auction results during the year and have sent Lancaster copies of information regarding sold cars. I also keep an eye on Hagerty valuations and have sent copies of those in the past.
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Re: Agreed value insurance

Postby Keith Hall » Tue May 01, 2018 8:25 pm

My Spider is with Carole Nash on an agreed valuation

They just ask for 5 photos and details of any similar models that are for sale
Just a Yellow Sport Spider...... ::N ::I ::C ::E
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Re: Agreed value insurance

Postby paulrob100 » Tue May 01, 2018 8:45 pm

Thanks , that's interesting. My insurers are fine up to £10k on the GTA, beyond that, they need proof that its worth more.
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