Agreed value insurance ..the results are in..

B21 · Post by **B21** » Mon Oct 02, 2023 8:30 pm

Given I’d spent a small fortune (less than buying a G29 M40i) on various (100+) upgrades my paranoia at being shunted up the backside and written of for £7,500 based on WBAC..left me exploring agreed value insurance..

As I was already with Sterling Insurance aka Adrian Flux due to their much better (factor of 3 ) cheaper quote than LV..I gently inquired about their agreed value insurance.

To come to the end I submitted my photos and spreadsheet of mods and today they agreed a value of £32k for an additional premium of around £70 for my Yellow Peril..based on £15k basic value plus £17k based on £34k of mods..so they discounted by 50% the value of the mods..

Still a lot lot better than it could have been..result..

Mr Tidy · Post by **Mr Tidy** » Mon Oct 02, 2023 8:41 pm

That sound like a great outcome.

I was with AF last year but their renewal premium was much more than the quote I got from Chris Knott.

B21 · Post by **B21** » Mon Oct 02, 2023 8:45 pm

Mr Tidy wrote: ↑Mon Oct 02, 2023 8:41 pm That sound like a great outcome.

I was with AF last year but their renewal premium was much more than the quote I got from Chris Knott.

Do CK do agree value ?…in a previous life they weren’t competitive for me but things change .l

Mr Tidy · Post by **Mr Tidy** » Mon Oct 02, 2023 9:09 pm

B21 wrote: ↑Mon Oct 02, 2023 8:45 pm Do CK do agree value ?…in a previous life they weren’t competitive for me but things change .l

I don't know if they do, but I didn't have agreed value with AF either. I'm starting to think maybe I should look for one after the miserable settlement I got from Hastings earlier this year when one of their policyholders hit the rear of my 3 Series and they decided it was a Cat N.

Pondrew · Post by **Pondrew** » Mon Oct 02, 2023 10:19 pm

So for £49k spent you have an agreed value of £32k? Bargain!

What happens to the agreed value in a year's time? Is there a standard sliding scale, or do you have to 're-negotiate' it?

B21 · Post by **B21** » Tue Oct 03, 2023 9:13 am

Pondrew wrote: ↑Mon Oct 02, 2023 10:19 pm So for £49k spent you have an agreed value of £32k? Bargain!

What happens to the agreed value in a year's time? Is there a standard sliding scale, or do you have to 're-negotiate' it?

The premium reflects what insurers say ..that is 3rd party costs represent the biggest part of the premium…I was pleasantly surprised…we will see what happens at renewal time..I can’t see how they can depreciate the add one logically..anyway that’s a 2024 problem..

BMWZ4MC · Post by **BMWZ4MC** » Tue Oct 17, 2023 12:57 pm

I have agreed value for my Zed here in Aus. It’s set at 70k AUD (c 35k GBP), which is approximately what I paid for the car in 2009 plus the cost of all the modifications over the years.
I didn’t have to negotiate, I just told the insurance company what I thought was a fair value and they set the premium at a level that reflected that value.

Hilly30si · Post by **Hilly30si** » Wed Oct 18, 2023 2:02 pm

My Agreed Valuation with AF came back this very morning for the TR6 £28000 cost was only £15 on top of my cover. I paid £26000 five years ago so it’s great to have that safety net if it’s wrote off.

B21 · Post by **B21** » Wed Oct 18, 2023 3:59 pm

Hilly30si wrote: ↑Wed Oct 18, 2023 2:02 pm My Agreed Valuation with AF came back this very morning for the TR6 £28000 cost was only £15 on top of my cover. I paid £26000 five years ago so it’s great to have that safety net if it’s wrote off.

Good result

Ed Doe · Post by **Ed Doe** » Wed Oct 18, 2023 4:41 pm

Hang on.... your car has to be in the garage between 10pm and 6am or damage fire and theft is not covered?! WTF?!

Insurers are cheeky w&nkers these days

B21 · Post by **B21** » Wed Oct 18, 2023 7:36 pm

Ed Doe wrote: ↑Wed Oct 18, 2023 4:41 pm Hang on.... your car has to be in the garage between 10pm and 6am or damage fire and theft is not covered?! WTF?!

Insurers are cheeky w&nkers these days

You could say it’s out on the road..then your premium will go up…I could live with my self imposed constraints…

TOMGREEN413 · Post by **TOMGREEN413** » Sat Oct 21, 2023 10:12 am

Mr Tidy wrote: ↑Mon Oct 02, 2023 8:41 pm That sound like a great outcome.

I was with AF last year but their renewal premium was much more than the quote I got from Chris Knott.

Same here, I dumped AF last year after they were completely useless and incompetent after I had a muppet in a Robin Reliant roll back into my Vauxhall corsa, without going into boring detail, I paid for the repairs myself and after 10 years of patronising them I dumped them. I was going to report them to the insurance ombudsman for negligence and incompetence but couldn't be bothered with the stress.
Just be aware that most of these insurance companies are great until you need to claim.......

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