'Agreed value' on the insurance.. (Got a quote)

The "S" express · Post by **honda-hardy** » Thu Aug 07, 2014 12:55 am

the recordings are kept indefinitely on my insurance file.
when i owned my 3rd gen i took it off the road as i had bought my type s,
it came to moving it from 1 location to another, i asked if i could insure the 3rd gen and gave them the registration number. all was hunky dory.
i was looking through my insurance paperwork almost a year after and found that they had given me temporary cover on my old 4th gen that had been scrapped a year prior to owning the 3rd gen.
they went through my old recordings and found i was in the right, they refunded the cost and gave some compensation and also re-assured me that if for any reason at all that i would be covered should anything come of technically not being insured. they told me all calls are logged indefinitely.

Shiny · Post by **Shiny** » Thu Aug 07, 2014 9:41 am

I'd still get it in writing.

If for some reason they (conveniently) can't find the call recording (not that i am suggesting this would ever happen of course

), you won't have a leg to stand on.

Post by **Vtecmec** » Fri Aug 08, 2014 2:03 pm

I've just been quoted £340 by adrian flux for a £4.5k agreed value on my 4th, that's with mods declared, limited miles and I earn no claims.

bennyboy · Post by **bennyboy** » Fri Aug 08, 2014 2:08 pm

Bear in mind that with most of these 'agreed values', they are just that. Mine was an 'agreed value' of £5k (at my request) with Flux subject to photos etc - when they had seen the photos and details, I was given written confirmation of an agreed value of £3k in their opinion.
You could jump through various hoops to try to up it before actually signing on the dotted line, but the fact is there are little or no examples to go on, our cars just aren't scarce enough yet, for the best examples to be easier to value.
Unfortunately most of what's out there is rotten, either in terms of general care, or literally, 4th gen or 5th gen, sorry.

The "S" express · Post by **honda-hardy** » Fri Aug 08, 2014 6:21 pm

My insurance document has the vehicle agreed value written on it.

Post by **Vtecmec** » Fri Aug 08, 2014 6:31 pm

bennyboy wrote:Bear in mind that with most of these 'agreed values', they are just that. Mine was an 'agreed value' of £5k (at my request) with Flux subject to photos etc - when they had seen the photos and details, I was given written confirmation of an agreed value of £3k in their opinion.

Did they give you reasons for that? @bennyboy I'd assume that if they cannot find anything wrong in the photos then that right would be removed; as if they did not think a certain model of car could be worth the value stated (in the condition stated) then they should have said so when entering into contract.

89 UKDM BA4 4WS (resto job!) · Post by **wurlycorner** » Fri Aug 08, 2014 6:58 pm

It's fair enough really mec, otherwise what's to stop me phoning up to agree that my lude is worth £4k, then ringing up a few days later to say I've been an accident (when at the time policy inception it actually looked like this anyway);

bennyboy · Post by **bennyboy** » Fri Aug 08, 2014 7:11 pm

honda-hardy wrote:My insurance document has the vehicle agreed value written on it.

So does mine, the point I was trying to make is what's agreed on the phone when you get your quote and what's agreed after you've provided the requested info can vary.
They didn't pull the wool over my eyes, I know how the process works and they explained beforehand too. I knew I could arrange to take it to an assessor etc etc, but to be fair it would be guesswork with the market at the time. Not directed at anybody, but how many of you are actually prepared to pay £4k for a lude? Not many I assume, despite wanting a similar agreed value. If I'm wrong, there's a great example available right now...

bennyboy · Post by **bennyboy** » Fri Aug 08, 2014 7:15 pm

Vtecmec wrote:
bennyboy wrote:Bear in mind that with most of these 'agreed values', they are just that. Mine was an 'agreed value' of £5k (at my request) with Flux subject to photos etc - when they had seen the photos and details, I was given written confirmation of an agreed value of £3k in their opinion.
Did they give you reasons for that? @bennyboy I'd assume that if they cannot find anything wrong in the photos then that right would be removed; as if they did not think a certain model of car could be worth the value stated (in the condition stated) then they should have said so when entering into contract.

They do. They say subject to provided info, I.e. the forms you fill in and the photos you give. But they ask for things like a photo of the odometer - my car had done 180k but my engine had done 5k. So it's always subject to somebody's opinion at the end of the day, a guy behind a desk, an assessor, me.. You get the idea.
Next year, I'll be applying for more than the current agreed value, and so it will go on, as the market changes.

89 UKDM BA4 4WS (resto job!) · Post by **wurlycorner** » Fri Aug 08, 2014 7:32 pm

Once I have the 3g back on the road and the bumpers, bootlid and bonnet resprayed, it'll be so damn good that it that will be going on an agreed value insurance too