Home | Register | FAQ | Members List | Calendar | Today's Posts | Search |
Social Groups |
Registered
Members: 13,891 | Total Threads: 40,056 | Total Posts: 470,827 Currently Active Users: 683 (21 members and 662 guests) Welcome to our newest member, ecatobosajoj |
|
|
Thread Tools | Display Modes |
18-09-15, 10:52 PM | #1 | |
Senior Member
Classic Audi Club Member
Join Date: Apr 2008
Posts: 1,326
|
Agreed valuations
Silly question folks, but am I correct in saying that the higher the agreed value of a vehicle, the higher the insurance premium is likely to be?
|
|
19-09-15, 06:01 AM | #2 |
4 ring whore!
Classic Audi Club Member
Join Date: Dec 2012
Location: Kernow, Gods own county !!
Posts: 2,388
|
I always thought that to be the case.
|
19-09-15, 07:13 AM | #3 |
Trickster
Classic Audi Club Member
Join Date: May 2009
Location: Heckling from the cheap seats, Phnom Penh, KoW
Posts: 7,006
|
Two ends of a long bit of string.
The higher the agreed value, the higher the risk assumed by the insurer, and so a higher premium. However, I've not noticed it to increase that greatly, compared with other factors such as address, level of use, method of storage.
__________________
I wish they would keep the damned Chinese away now that I can go home, so that I can enjoy Fish amok and a draught Angkor |
19-09-15, 07:25 AM | #4 |
Mr Sixty Thousand!!
Classic Audi Club Member
Join Date: Jul 2007
Location: berkshire
Posts: 1,729
|
One thing worth noting with agreed value insurance. The agreed value, is only relevant if you dap your own vehicle. If a third party damages it, and the claim is against them, your agreed value means nothing, as you have no contract on valuation with someone else's insurance company.
__________________
http://www.oesems.co.uk/ |
19-09-15, 03:01 PM | #5 |
4 ring whore!
Classic Audi Club Member
Join Date: Jan 2010
Location: Where a spike points skywards
Posts: 12,960
|
So what is the criteria for putting a value on an old car i wonder, some have no recent sales so no guide so to speak, so how do we value them reasonably ?
I am going to run and hide in the wardrobe now before i get bombarded |
19-09-15, 04:27 PM | #6 |
4 Ring Mafia
Classic Audi Club Member
Join Date: Jul 2007
Location: on the side of a hill in Shropshire!
Posts: 28,215
|
look at 4 Star Classics prices and then divide by 7 and time by 2 and you get a realistic figure!
|
19-09-15, 04:29 PM | #7 | |
4 Ring Mafia
Classic Audi Club Member
Join Date: Jul 2007
Location: on the side of a hill in Shropshire!
Posts: 28,215
|
Quote:
I had to do a retrospective agreed valuation on a friends Audi Coupe a few years ago who'd been whacked in the rear (so non fault) and they paid out based on the agreed value I had given less scrap value as he kept the car to break for parts. |
|
19-09-15, 04:35 PM | #8 |
4 Ring Mafia
Classic Audi Club Member
Join Date: Jul 2007
Location: on the side of a hill in Shropshire!
Posts: 28,215
|
The company I use for my cars, charge a flat rate of £20 for each car with an agreed valuation on them. There is no further increase in the premium. Other than that, they will pay out based on 'market value'. This is where it can be a bit of a minefield as if there are similar cars for sale by dealers such as 4 Star, they you could end up better off. Last time I dealt with a classic write off pay out, they requested 3 adverts of similar priced vehicles and paid out the average cost. This was a 1966 VW Beetle.
The bigger issue with insurance claims on classic cars is who gets the salvage rights. Given that as many parts are NLA, even a small bump will class the vehicle as a write off, and in a lot of cases, it's actually better to get paid out a lesser amount and keep the vehicle. |
19-09-15, 04:54 PM | #9 |
4 ring whore!
Classic Audi Club Member
Join Date: Jan 2010
Location: Where a spike points skywards
Posts: 12,960
|
|
19-09-15, 04:56 PM | #10 |
Trickster
Classic Audi Club Member
Join Date: May 2009
Location: Heckling from the cheap seats, Phnom Penh, KoW
Posts: 7,006
|
Insurance. My favourite soap box subject!
Yes, the insurance on your car means you are protected. If you have an agreed value insurance policy, then it's best if you claim through your own insurer, and be involved in everything; estimates, choice of repairer, etc. If you leave it in someone else's hands, you will more than likely have a hard time. Claims handlers do not work in your best interests unless they align with their best interests. Make sure that they are conveying your needs, not expediting their claim closure rate or increasing their billing. Salvage. Many policies that I've had in recent years have been clear in that the salvage is mine. But! That does not mean that they'll let you have it once it's in their hands. If it's worth having agreed value, then it's worth thinking seriously about what you'll do if the worst happens. Insurance is based on law, not morals. What you might consider morally reprehensible may actually be acceptable in law. It's not nice, it's reality. If you want to avoid a stroke, make sure you have a plan.
__________________
I wish they would keep the damned Chinese away now that I can go home, so that I can enjoy Fish amok and a draught Angkor |
Bookmarks |
|
|