Agreed value insurance

by **paulrob100** » Mon Apr 30, 2018 9:08 am

Hi
I am renewing my insurance with Footman James. The car has done just under 50,000 miles. It is in good condition but has had a respray. Last year I renewed it with agreed value at £10,000. This year they are asking if I want to increase it to £12,000. I`m not sure that the car is worth that, but for an extra £10 on the insurance, it might be worth it.

The thing is, they need an independent valuation, provided by a club or an independent specialist. Is this something that the club offers ?

by **simontaylor** » Mon Apr 30, 2018 10:18 am

From Nottingham, I would suggest RATS is a good specialist to see.

by **stephendell** » Mon Apr 30, 2018 11:26 am

paulrob100 wrote:Hi
I am renewing my insurance with Footman James. The car has done just under 50,000 miles. It is in good condition but has had a respray. Last year I renewed it with agreed value at £10,000. This year they are asking if I want to increase it to £12,000. I`m not sure that the car is worth that, but for an extra £10 on the insurance, it might be worth it.

The thing is, they need an independent valuation, provided by a club or an independent specialist. Is this something that the club offers ?

Seems a bargain for £10 in the event of a disaster.

No problem to provide a valuation.

by **paulrob100** » Mon Apr 30, 2018 3:38 pm

PM sent Stephen

by **paulrob100** » Mon Apr 30, 2018 3:42 pm

simontaylor wrote:From Nottingham, I would suggest RATS is a good specialist to see.

Thanks Simon. I am sure that Lee could do the valuation, as he has seen the car, although not carried out any work on it. I'm sure he has plenty on at the moment, & I know there are other marque clubs that provide the service. I thought it was worth an ask.

by **johnb** » Mon Apr 30, 2018 5:11 pm

My cars are insured with Lancaster Insurance on agreed valuation policies.
They don't ask for an independent valuation, only that you complete a condition report every year and submit a set of photographs. You state your assessment of value and they either agree or suggest an alternative, lower valuation. In all the years I've been with them they've usually agreed with my valuation. Perhaps because I may be undervaluing the cars!
To estimate a valuation I try and look at auction results during the year and have sent Lancaster copies of information regarding sold cars. I also keep an eye on Hagerty valuations and have sent copies of those in the past.