Agreed Value for Insurance

[chrisjcoe]

Hi guys

I was wondering what people do about valuing their cars when insuring them. Do you just have a dig around on ebay/pistonheads and see where you think your car fits in comparison? Do you ask the club to suggest a value based upon advised condition?

I'm in the process of renewing my insurance with Classicline. I think it is currently insured for about £2.5k, and thought about increasing it to £3k which is what I see similar cars going for. But, this is pretty much a guess still.

For instance, mine is a 1989 S2, 12 months mot with no advisories, 180k miles, a pretty healthy report from the Porsche Centre health check (some bushes, perhaps a bearing, minor oil leak). some peeling lacquer on a couple of panels and a couple of tiny dings on the wings, the usual seat wear damage and could do with a tidy inside. On ebay I've seen cars in this condition go for under £2k, and some for over £3k. Clearly we'd all over value our cars and then get upset when we the insurer offers us half of that after an accident, but I want to give it a realistic value really.

Thanks

Chris

 

[Chrishazle]

As you are a PCGB member you can get a free valuation from the club, contact the office for details (or try searching on here, it's been covered before but whether our wonderful (sic) search engine will find it is another matter!!)

I'm also insured with Classicline, sent them the club valuation plus photos (they asked for the photos after I'd sent them the club valuation) and they immediately accepted the club figure as the agreed value of my car.

 

[chrisjcoe]

[] yes, I tried a few searches, but terms like "agreed value" are somewhat vague!

Nothing leapt out at me from the main forum about the process to get a valuation, but then it's about 90 degrees in my non-air-conditioned office and I'm rapidly losing the ability to think.

 

[Lowtimer]

As Chris Hazle says. You can write what you like on the form when you are applying for insurance under "value of car" and all it will affect is the premium they charge you.
If you want to get that value actually paid out in the event of a total loss, you have to give them an independent valuation from a valuer they accept.

 

[Veerzigzag]

You can get a valuation application form from PCGB HQ. I got mine valued at an amount I am very happy with, sent a scan of the certificate to my insurers (Mercedes Insurance aka Aviva) and they accepted the PCGB-based agreed value. The PCGB valuation was free (and fast) and the accepted value note on my policy from Aviva was also (surprisingly) free. It's not just about how much they will pay you in the event of a total loss, but if you have a bump and they have got your car listed at a low "market value" then they will do a Cat D write-off and send you a very small cheque. The valuation and the certificate of authenticity are mega PCGB membership bonuses.

 

[pauljmcnulty]

Hi Chris,

The form is on the website, under "about PCGB" and "help and advice".

When mine was bumped, it was immediately written off as the total claim for the new wing was almost the value they have for the car. Mine's similar to yours, and the claim ended up £1600, so you see how low they value if you need to claim!

Classicline intervened, explained to the idiots how "guaranteed value" works, and the car was saved. Without the classic value policy I would have had a car written off for a walking-speed car park dink.....

Now the car's had the bodywork dealt with, I'm having it valued again to increase the insured amount.

 

[chrisjcoe]

Thanks Paul, that's the form I was after. Do you know if it is possible to post the form but email the photos?

 

[pauljmcnulty]

I think you have to print them out, probably easier than sending it separately anyway!

ORIGINAL: chrisjcoe

Thanks Paul, that's the form I was after. Do you know if it is possible to post the form but email the photos?

 

[Veerzigzag]

I think you have to print them out, probably easier than sending it separately anyway!

When getting mine valued, I asked about emailing pics but they want nice big (A4) hi-def photos.
Then afterwards you can put them in your PCGB Vehicle Documents Folder, plus one in a frame by your bedside.

 

[chrisjcoe]

Ah ****! Despite working in IT I have no printer! I'll have to ask my brother if he can print some off for me.

 

[Veerzigzag]

You can order prints off your PC at Photobox.co.uk. I haven't used them, so this is in no way a recommendation, but the prices seem reasonable and the promised service is fast.

 

[pauljmcnulty]

I haven't used them

I have, they're very good. []

 

[Copperman05]

Club valuation is a great free service, you may need to make a call to chase up after 3-4 weeks otherwise your submission can sit about not being done, however it was much quicker this year than 2 years ago when it took best part of 8 weeks. I use photobox too, great quality and very quick too.



Edd

 

[andy watson]

Pity we can't move with the times! What is Wrong with electronic pictures?
My insurance company was happy to agree my value, as was the last one, both of them within 3 days!!

 

[Copperman05]

I think you can send via email too...


Edd

 

[pauljmcnulty]

Pity we can't move with the times! What is Wrong with electronic pictures?
My insurance company was happy to agree my value, as was the last one, both of them within 3 days!!

I don't want to throw a spanner in the works, but what basis for the agreed value do your insurers use?

I've had a lot of behind the scenes talks with insurers and the Club, as I think Register Secretaries should be able to do valuations themselves. It's an absolute minefield when you try to pin them down to what they will absolutely guarantee to pay out on, even if they've given you some sort of "agreed" value based on an unofficial self-cert or something.

The only certainty I've come to is that Club valuations are rock-solid. Tipec, indies, my own, or DIY valuations are all open to being disputed if you need to claim under the numerous get-out clauses they have.

Whatever awkward things the Club valuation process throws up, at least you know you are getting an insurance-industry approved person dealing with it. That might make printing a couple of pictures out seem less of a hassle, compared to a lengthy court case trying to prove the value of your car if you don't have a proper valuation?

 

[andy watson]

Hi Paul,

I sent them pictures of the car, no special angles just square on, engine bay, interior etc. full list of works carried out and said I had paperwork to prove.

They gave me the valuation, should the worse happen I also keep the cherished salvage

One day I will get a club valuation done, you could always let me know what you would value the car at []