Agreed value insurance. How does it work?

[Duncodin]

I haven't had an accident. I'm just wondering about the merits of agreed value.

We put a lot of blood, sweat and tears into our cars and the value, to us, is often higher than market value. Isn't that the point of agreed value insurance?

My insurer and I agree a value and I pay a premium based on that value. If the car gets stolen the payout is the agreed value. Or isn't it?

But what about an accident where the other driver is to blame. The other driver's insurance didn't agreee a value with me so they'd just make up some low market value and say the car is a write off Basically ignoring my agreed value?

Or what?

 

[B21]

I’ve just done this as I’ve tipped over £20k into my E89 35is..

Essentially you have two policies..a standard comprehensive policy to take you to ‘book’ value and a separate top up policy…

I went with AidrIan Flux aka Sterling Insurance..

For me with over 100 mods I paid around £300 for £15k worth of comprehensive insurance and then about £50 for an additional £12k of cover.

I had to give them copious pictures and a detailed spreadsheet..they discounted my mods by around 50% of their value inc fitting costs.

Still far better than the basic..

So in the event of a write off boty policies pay out…I assume if the comprehensive one can be recovered from the other party then that happens…

Took around 2 months to get it sorted as far as the second part was concerned..

Hope that helps..

 

[BillyB]

I'm with Adrian Flux with agreed value and have been for 7 years now ,and read it to be as @B21 says. As I have no mods it.s just 7 pictures and some receipts for work done and have always been happy with what they charge me.

 

[Z Victor 1]

Yep, mine same as @BillyB with Adrian Flux.

 

[andyglym]

@ClassicLineInsurance may be able to advise.

 

[ClassicLineInsurance]

@ClassicLineInsurance may be able to advise.

Thanks Andy.


Agreeing a vehicle value is quite a simple process for a ClassicLine policyholder. We will ask the vehicle owner to complete a valuation form and submit this along with 6 photographs of the car that will give us a full view of the condition of the car. The valuations team will then look to substantiate and agree the required value. If we can help with any other questions, please do give our office a call on 01455 639 000. Many thanks.

 

[Duncodin]

Hello @ClassicLineInsurance Can I ask a question about modified cars. Sure I could phone you but there'a a few of us on the forum who are 'rebodying' our cars and they may well be interested in your response.

In the case of a Z3 a 'rebody' is where the bonnet, wings, bootlid etc are removed. Those panels are all just screwed on so are easy to remove and replace with fibreglass panels to completely change the appearance of the car.

If I go to a typical insurer to get a quote for a modified BMW Z3 the only modification options i can select/declare are "Full body kit" or "Fibre glass panels".

If I phoned you would you have different options? Or does "Full body kit" AND "Fibre glass panels" cover it?

On the other hand if I came to you saying that my car is a BMW but a model name that doesn't exist in your list of possible options would you simply accept the model name I give you and simply insure at an agreed value?

Or wouldn't you be able to insure such a rebody or unknown model name?

Thanks

 

[ClassicLineInsurance]

Hello @ClassicLineInsurance Can I ask a question about modified cars. Sure I could phone you but there'a a few of us on the forum who are 'rebodying' our cars and they may well be interested in your response.

In the case of a Z3 a 'rebody' is where the bonnet, wings, bootlid etc are removed. Those panels are all just screwed on so are easy to remove and replace with fibreglass panels to completely change the appearance of the car.

If I go to a typical insurer to get a quote for a modified BMW Z3 the only modification options i can select/declare are "Full body kit" or "Fibre glass panels".

If I phoned you would you have different options? Or does "Full body kit" AND "Fibre glass panels" cover it?

On the other hand if I came to you saying that my car is a BMW but a model name that doesn't exist in your list of possible options would you simply accept the model name I give you and simply insure at an agreed value?

Or wouldn't you be able to insure such a rebody or unknown model name?

Thanks

Thanks ever so much for the question. This is something that we would really need to discuss with you over the phone to be able to give you accurate information. Feel free to give our office a call on 01455 639 000 and we would be more than happy to assist. Likewise, if anyone else has a similar question, please do not hesitate to call us.