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agreed value insurance


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7 hours ago, Bazza 907 said:

Chaps

This should act as a stark reminder that you should make sure that your 'Agreed values' are in line with current market values. Yes, higher values mean higher insurance premiums but if the car were to be written off it would at least partly ease the pain knowing that you got a realistic pay-out.

What concerns me is that even with a full payout in the event of total loss I couldn't just walk out and buy the same car.

It could take 12 months or more before something the same condition and price came along, otherwise it means paying considerably MORE to tempt an existing owner out of his car!

I don't know if thats a sign of an undervalued car, or just "rare" cars in general?

In the garage no-one can hear you scream 

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Does anyone know how this works with insurance companies regarding prices.  I insure my silver s3 for 10k at the moment as i always looked at it that if the worst happened i could purchase another esprit with the payout and hopefully buy the damaged one back from the insurance company and swop things over to the new esprit.  But looking at it now although my aud v8 car will not reach top money if sold, well not to most people looking for an esprit anyway. the body is standard and everything regarding suspension etc is all new.  I could not buy a decent esprit now or anywhere near for the insurance payout now. 

The only other option is those insurance specialists who come round and value the car, but that obviously comes out of your own pocket, do the insurance companies keep up to date with the prices or as Loose cannon said about you have to provide them with car prices etc. Or will they agree to up the insurance cover payout for a total with out much fuss i.e over the phone with me saying look the cars have gone up dramatically in value. ?

A

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If you insure the Magna Carta and it burns up in a fire, will the proceeds permit you to purchase one of the [now even more valuable] three remaining exemplifications?

Being second is to be the first of the ones who lose.

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As I understand it if you have agreed value insurance, if the worst happens and the car is written off, you will get the agreed value - no insurance specialist coming around after the incident to negotiate. So you need to get your value agreed before you take the insurance out.

I'm just about to renew (today) my classic car insurance for an agreed value £35k - up from £25k last year. That might be right at the top end right now for a G car, but with the way prices are moving, in a years time the going rate for the car will be much higher.

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Yes i understand that after a dramatic event of a write off you would only get the agreed payout, what i meant in my earlier post Chris and you have probably just answered my question in your last post, is it just a case of picking up the phone an saying my car is now worth x amount due to the current market increase....  or will most insurances companys say, no you need to have a chap come round at your own expense to value the car. ?   my car is currently insured for storage at the agreed value but as said with current prices rising heaven forbid the worse happened i would feel sick spending my own money to get back an esprit in the same condtion as i started with. 

Plus not sure how far in to my policy i am, I just hope its just the case of a phone call and they accept that prices have risen, :ermm:

A

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If you want to increase the value, they may accept it via a phone call, and there might be a premium increase. Possibly easier to cancel the existing policy and take out another one if there is any hassle.

I've never had someone come round to value the car. All done via the post (if at all).

When I blew my 5000 mileage limit last year after 6 months, I just cancelled the existing one and took out another one for 10000 miles (got a 6 month refund as well)

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Fingers crossed it will get sorted over the phone then.  I think the specialist was just to check the cars condtion if you wanted to up the value way back then. I have not increased the cars value ever think it was a mandatory settingat 10k.  Given the prices now i do not think they can argue and as you say just hopefully change insurance companies if they make a fuss. Cheers for the advice Chris.  :thumbup:

A

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The issue is with Esprits woudl seem that the insurance companies don't recognise the market value. I had my 85 turbo valued at 26k earlier this year and they would not accept it and i had to jump though a load of hoops as they only wanted to offer 20K. if i did not have this valuation and somethign happened they would only offer me 20k no where near enough to get a replacement these days. 

I will certainly be staing on top of them 20 quid seems like a bargin for a diffference of 6k or more 

My old mans 280sl they are happy to value at over 100k. 

How do we get the insurance companies to get up to speed?

 

Do you expect me to talk........ No Mr Bond I expect you to die!

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I just helped someone with a £14k agreed value policy get a cheque for £17k as his car was written off. That was the market value to replace it, that's what he got. 

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

Evora NA

For forum issues, please contact the Moderators. I will aim to respond to emails/PM's Mon-Fri 9-6 GMT. 

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I've just renewed my Agreed Value Insurance.

  • Esprit: £35k
  • Excel: £9k

I've switched from AIB to Footman James this year as AIB quoted a renewal of £340 for just the Excel, whereas FJ have insured both cars with the above valuation for £250, with a joint 10,000 mile limit - and if I am going the break this limit, I just take out a new policy at that time.

 

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That sounds awesome Chris, 5000 miles per vehicle and those agreed cover valuations.   I think i am being robbed, I only get a 1000 miles a year for 160 pounds and cover for 10k and i thought that was a cracking deal at the time :ermm: wonder how much my mods play into though ?

A

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It's 10000 miles for both together - this year I've done around 8000 miles in the Excel and 2000 miles in the Esprit, so I should be fine. FJ Quotes individually were £150 Excel (10000 miles), £190 Esprit (3000) miles. If the Esprit had had a lot less value, the cost for both together would have been not much more than for just the Excel on it's own.

The renewal for my Peugeot 3008 came though this morning, £430 through the RAC. Quick check with the Meerkat, £230 with Hastings Direct. So I think all Insurance companies/brokers try it on with renewals and there doesn't seem to be any discount for brand loyalty, rather the opposite, so I now check at renewals, go with the cheaper (not necessarily cheapest) quote, and don't bother giving the original company a chance to match it - which is what they should be doing in the first place.

@silverfrost - Back in the day I put my Esprit onto Classic Insurance when I bought my 1st Excel in 1991 - so 9 years old - with Footman James as well.

 

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I have just renewed with FJ last month. £125, 6000 miles, £25k agreed value.

Caught between a rock and a hard place in a catch 22 situation, So its 6 of one and half a dozen of the other. Your damned if you do, but your damned if you don't so shut your cock!!!!!!!!!!!

Lotus Espirt Turbo S3    

Lotus Esprit S4 

Lotus Elise S2 Sport 130

pig_zps6d7342f1.jpg

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What do your policys say in the small print to getting these deals !  My on road insurance states if its in the garage its insured, if i am on the road and have an accident i am insured.  If i park up and leave the car and its stolen i am not covered and i am still paying more ! Basically if i am out of the car and its not in the garage and something happens i am knackered !   That was reading the small print ?

A

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I have the esprit on a fleet policy with Hiscox through aib who told me (I haven't seen the breakdown of costs just my total) that the costs for the esprit on 1500 miles a year and agreed value of 70k is 650£.  The esprit is the most cost effective as well. 

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4 minutes ago, silverfrost said:

What do your policys say in the small print to getting these deals !  My on road insurance states if its in the garage its insured, if i am on the road and have an accident i am insured.  If i park up and leave the car and its stolen i am not covered and i am still paying more ! Basically if i am out of the car and its not in the garage and something happens i am knackered !   That was reading the small print ?

Dan

The exclusion re theft usually only applies when parked at your home and is there to encourage you to put it in the garage where, if it were stolen, it would be covered. This restriction often only applies from say 10pm to 6.00am. Have a re read of the policy. 

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4 minutes ago, Bazza 907 said:

Dan

The exclusion re theft usually only applies when parked at your home and is there to encourage you to put it in the garage where, if it were stolen, it would be covered. This restriction often only applies from say 10pm to 6.00am. Have a re read of the policy. 

Cheers Barrie appreciate the advice :thumbup:,  So i may of been extremely over cautious for no reason for many years :(

A

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My Esprit is insured as garaged, the Excel is insured as parked on the drive. Both have drive to work included in the cover.

Brooke - I don't think the mileage is the issue, it's the valuation will bump the price up, but £650 does seem excessive.

Dan - I agree with Barrie, It can't be anywhere but in your garage overnight within a certain distance from home (same town?) - that said, mine has only spent two nights out in 29 years of ownership :)

 

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