Insurance and Agreed Value

[JAW911]

It is that time of year again for me - insurance thoughts. I have used AIB for both of the years that I have had the car and paid £1250 and £1288 per year. However, we don't use the facility to drive other people's cars fully comp and the only other real benefits are agreed value and European car breakdown cover. AIB have just quoted me for this year with Dual again at £1288 again but with agreed value reduced to £56k from £60k last year.....they also quoted me for Markerstudy Insurance at £498!
How important is agreed value? How many of you have it? Is it worth £1k extra a year? Most importantly, in the case of a total loss what experiences have people had in getting a realistic value paid out. I am told that Markerstudy send a valuer to your house so you're not agreeing the value over the phone with a guy in Mumbai. I did enter my car's details into GoCompare.com and although I listed my valuation as £60k it said that my realistic value was £39k! If they can find any cars the same quality as mine for £39k I will buy them all! Thanks and sorry for the long post!

 

[pwebb]

Does seem expensive. My 992 and the Cayenne are less than that together through NFU and they seem ok with valuations. Worth a try?

 

[Carlton]

It’s the same time of year for me as well! My 911 is now three years old, l have received insurance quotes from
Lockton, ManningUK, AIB and a few others. I have also obtained a valuation from PCGB of My 911 and the valuation I received I am happy with. For the past three years I have been with AVIA with there Private Clients offering. Which guaranteed a new replacement 911 for up to three years to the same spec as my current 911. However they only offer market value now to which I ask what was the market value of my 911 and to my dismay the figure was £16K below the valuation of the car I received from PCGB. So for me I will be going with the cars valuation and not market value. Even if the cost of the insurance policy is double the price of a insurance policy that offers market value only.

Some of the brokers who only offered market value policies recommended for me to arrange GAP insurance which was over £500 to which I had to pay up front.

Currently I swaying to go with Lockton which they have agreed the PCGB valuation for the 911, its not cheap but not the most expensive, the offer ticks the boxes for me.

I think my line of business (IT and Telecoms) and location in the country do not do any favours with regard to insurance risk for me!

 

[JAW911]

Thanks Peter and Carlton. I will try NFU - good suggestion thank you.

 

[salisbees]

I insure a 991, a SL63 and two other cars for the price of yours with a multi car cover with LV. I had the same deal with Admiral when a car ran into me causing £15k’s worth of damage. It went to an approved Porsche repairer and I had no issues with the service or result. Of course there are many different things in play here but, I personally think that the marque insurers do play the market and it is worth shopping around for what you personally want. The price does come down ??

 

[Dylan1]

My experience with LV has been very good
after a certain well documented incident on the 991 dolomites tour I needed a repair on return ...
i was able to take it to a Porsche specialist repairer of my choice for only £200 extra
bearing in mind the cost of years insurance was only £370 I thought that very good
no doubt the premium will go up next March but it would with anyone I guess

 

[Carlton]

I contacted NFU for a quote today but they only offer ‘market value’ for the 911. ?? If you are happy with ‘market value‘ then they provide a good package.

 

[JAW911]

I too contacted NFU today! They quoted £1250 with market value. Then I asked Admiral for a quote to add the 991 to our multicar policy - £347! Market value but they ’apparently’ base it market value taking into account other similar cars for sale in my region. Still need to be convinced....

 

[JAW911]

Carlton, talk to Adrian Flux. They have just quoted me c.£650 (awaiting confirmation email). Agreed value too!

 

[Motorhead]

John,

I'd also try ClassicLine Insurance:

https://www.classiclineinsurance.co.uk/porsche-insurance/

Competitive quote, comprehensive cover including UK and EU breakdown, legal cover, agreed value (they accepted my Club valuation without any problem) and track day cover.

Jeff

 

[Carlton]

Carlton, talk to Adrian Flux. They have just quoted me c.£650 (awaiting confirmation email). Agreed value too!

Obtaining insurance quotes is so fickle! I have previously tried Adrian Flux hand have found then not particularly competitive, however I have received a quote from them and for me still no good. £706.69 Market value or £1005.68 for an agree valuation! Unfortunately most of the insurance companies state in their policy "We may use parts or accessories which are not made or supplied by your car’s manufacturer but are of similar type and quality to the parts and accessories we are replacing." So this rules out Porsche dealership repairers as they will only fit genuine Porsche parts!

One thing I have noticed with Lockton insurance that they do not offer 'NCD' or provide NCD protection which is somewhat worrying! Waiting for the quote from NFU! to see if that any good.

 

[JAW911]

Ah! I will check the parts issue with Adrian Flux. I hope you are more successful with the NFU.

 

[JAW911]

Ok. Spoke with Adrian Flux. They have now confirmed that in the event of damage, I can use repairer of my choice as they understand that, for Porsche warranty, all parts must be genuine Porsche. They spoke with the underwriter to confirm this. I am now going with them. £500 for insurance plus £150 for agreed value.

 

[geoff lane]

Ok. Spoke with Adrian Flux. They have now confirmed that in the event of damage, I can use repairer of my choice as they understand that, for Porsche warranty, all parts must be genuine Porsche. They spoke with the underwriter to confirm this. I am now going with them. £500 for insurance plus £150 for agreed value.

Might be worth trying Mannings before you finalise, I am with Mannings and had my GT4 covered for agreed value, Porsche genuine parts and I think the price was £550.

 

[JAW911]

Thank you I will. I have until 20 October!

 

[Carlton]

The best I can do for an agreed valuation is over £1,000! ManningUK and ClassicLine Insurance quote both are over £1,400, Lockton over £1,200, and Adian Flux over £1000. I have over 12 years NCD and member of the IAM, with no points on my licence!!!! It's not due to the fact not being used to driving high performance cars as my previous car have over 360bhp! I just don't get it. []

 

[JAW911]

Where do you live? Certain postcodes attract higher insurance premiums. You know it may just be that they know keeping that gorgeous blue finish perfect is going to be expensive !!