Values

[ChrisG]

Bearing in mind the sale or otherwise of the white 1984 80 GTE....


Is there a difference between:
i) Agreed Value for insurance purpose
ii) what you could realistically expect to sell for
iii) what you may have to pay for a replacement of similar quality

and if so what's the difference?

[Emjay]

Originally Posted by ChrisG

Bearing in mind the sale or otherwise of the white 1984 80 GTE....


Is there a difference between:
i) Agreed Value for insurance purpose
ii) what you could realistically expect to sell for
iii) what you may have to pay for a replacement of similar quality

and if so what's the difference?

Agreed insurance value and realistic sale price do not equate to the same thing. As I understand it an agreed valuation protects you if the car is written off in a claim. In a normal insurance policy the insurer is only laible to pay out the market value of a car.

An agreed policy is designed to recognise to a certain extent the the value of the car to the owner and the amount of work to maintain the car.

In a sale situation you will only ever get a price the market is willing to pay and that really depends on a huge variety of factors including popularity, desirability and rarity of the make.

So you may have an agreed valuation of say £10,000 with your insurer for your Mk1 Ford Capri but realistically it may only be worth £6000 in the market place.

Hope that helps

[dandan]

how do the insurance company make the decision of how much an agreed valuation is? like say you couldnt for the life of you go out and buy a B2 80 turbo diesel like mine they are that rare, then take into account the £2000 ive spent on it, can you have a say in how much you thinks worth at a personal level and the insurance company listen, my insurance is up soon, next time i need agreed valuation due to the 2k ive threw at it

[Emjay]

Originally Posted by dandan

how do the insurance company make the decision of how much an agreed valuation is? like say you couldnt for the life of you go out and buy a B2 80 turbo diesel like mine they are that rare, then take into account the £2000 ive spent on it, can you have a say in how much you thinks worth at a personal level and the insurance company listen, my insurance is up soon, next time i need agreed valuation due to the 2k ive threw at it

Typically the agreed valuation is done independantly by a recognised club or expert in the marque. In our case Coxy and Issimo will value Audis and produce a certificate. You also have to verify condition with photographs to go in file and there is an additional cost for cover.

It's called an agreed valuation because ultimatley the value is agreed between the owner, the valuer and the insurance company. This is a check to make sure the valuation is realistsic and bears some resmeblance to reality

If the 3 of you can't agree then you will not get the cover. The valuation may go someway to protect the amount of work you have put in but don't expect because you have lavished 10 grand on your car you can expect the insurer to cover that.

[dandan]

cheers thats helped alot, id wouldnt say any 80 is worth 3k like the fool and the gte but id say id put £1500 as decent agreed value for mine but obvious market value would be £900ono

[ChrisG]

Yes that's exactly what I understood the process to be as well.
By the way RH Classic have told me no extra premium for agreed value.
IIRC Kully had his ( now wrecked ) B2 80 Sport covered for about £5k.

[dandan]

5k