phumy Posted October 1, 2016 Report Share Posted October 1, 2016 I insure through Footman James too on an argeed value policy for my V8 Esprit and an Audi RS2, agreed value on both at £27k each and a limit on the miles of 7K and it costs me £550. 1 Quote Link to comment Share on other sites More sharing options...
purso Posted October 1, 2016 Report Share Posted October 1, 2016 I do have drive any car, anyone can drive my car break down 5 visits a year and my mrs insured so reasons it might be a bit higher. Quote Link to comment Share on other sites More sharing options...
ChrisJ Posted October 1, 2016 Report Share Posted October 1, 2016 Brooke, that might explain it. My drive other cars is though my Peugeot. No-one else is insured to drive my cars and I have breakdown cover separately. Quote Link to comment Share on other sites More sharing options...
purso Posted October 1, 2016 Report Share Posted October 1, 2016 I wasn't sure if it was my insurance guy was shooting me a line but it sounds he wasn't with what you have said Chris. The more concerning is one of the other cars on the insurance is a old Bmw 750 e38 which is coming out at 450 I think with a agreed value at 12k anyway this thread is turning into insurance questions Quote Link to comment Share on other sites More sharing options...
Gold FFM Barrykearley Posted October 1, 2016 Gold FFM Report Share Posted October 1, 2016 Mine wasn't cheap at all - not expensive either and you can't take the money with you when you die !! But - the age of mine stuffed it for me - made classic policies unobtainable 1 Quote Only here once Link to comment Share on other sites More sharing options...
ChrisJ Posted October 1, 2016 Report Share Posted October 1, 2016 @BP81 It is turning into n insurance thread. Maybe ask FJ for a quote as a comparison. I blame @Bazza 907 - he mentioned the agreed value Maybe a mod can split these posts out into a separate thread - called Agreed Values (or similar) I'll report myself once this is posted edit: reported 1 Quote Link to comment Share on other sites More sharing options...
The Pits Posted October 1, 2016 Report Share Posted October 1, 2016 Good suggestion Chris, all done. Quote Link to comment Share on other sites More sharing options...
ChrisJ Posted October 1, 2016 Report Share Posted October 1, 2016 Thanks Jonny - that's probably the end of the thread now Quote Link to comment Share on other sites More sharing options...
The Pits Posted October 1, 2016 Report Share Posted October 1, 2016 I'm sure there's still scope for further discussion even if the title is somewhat less exciting than 'prices soaring'! I think Barry raised a good point and clearly not everyone has their appreciating asset appropriately covered. My own car needs to updated too. Presumably the insurance company can and will challenge unrealistic valuations? They agreed to mine without hesitation but I guess they understand that I'd much rather still have a car that I consider irreplaceable and worth more to me than the current market value. I could go out and buy another car with my agreed value but it's not going to get me another dry sump Turbo with similar mileage, condition, Compomotives and a roof stereo. Quote Link to comment Share on other sites More sharing options...
ChrisJ Posted October 1, 2016 Report Share Posted October 1, 2016 I also think you need to shop around when renewal time comes, don't just accept the renewal quote. Both my valuations are on the high side, but if the values move as they have done so over the last year, they won't be high for long. And I'm with you Jonny as regards replacement. I would find it very difficult/impossible to replace my Esprit if the worst happened - there certainly isn't one available at the moment, and those up for sale all have leather Quote Link to comment Share on other sites More sharing options...
Bazza 907 Posted October 1, 2016 Report Share Posted October 1, 2016 5 hours ago, BP81 said: I do have drive any car, anyone can drive my car break down 5 visits a year and my mrs insured so reasons it might be a bit higher. Just a word of warning guys.. The Driving other cars extension (DOCE) is being phased out amongst insurers so it's worth checking you have the cover before jumping into somebody else's car and thinking you're insured to drive it. Also be careful because whilst the DOCE will cover you legally for driving somebody else's car, the cover is only Third Party i.e. not fully comp. In other words it will pay up if you damage something else (another car, a wall or a person) whilst driving that car but if you prang the car itself your insurer won't pay for it. 1 Quote Link to comment Share on other sites More sharing options...
Iconic Ride Posted October 1, 2016 Author Report Share Posted October 1, 2016 On 9/28/2016 at 01:56, silverfrost said: To bigger words for me John, can you explain that in laymans terms please if it was meant for me . Dan, was not meant for you specifically. Was just attempting to give an analogy of what most of us would be up against in trying to find a suitable [equivalent] Esprit to the one we have if it were "totaled." To quote Mark (Loose Cannon), "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." Which is to say, good luck with finding another Magna Carta, especially if you're under insured. Quote Being second is to be the first of the ones who lose. Link to comment Share on other sites More sharing options...
silverfrost Posted October 2, 2016 Report Share Posted October 2, 2016 Chhers John, thankfully Chris translated it for me in the next post. Could not agree more with your concerns Quote A Link to comment Share on other sites More sharing options...
Chillidoggy Posted October 3, 2016 Report Share Posted October 3, 2016 I wonder how sound the "agreed value" is. I say this because insurers accept a valuation quite readily with a set of photographs, however I based my own valuation using a combination of what I considered to be the market value, plus a proportion of my recent expenditure on it, and what I thought I could purchase another car in the same condition. Having spent a subtantial amount on parts recently, the final figure was I arrived at was much higher than what might be considered market value. And, as a result, I always wonder if there is likely to be any wriggling should the worst happen, and I exeperince a total loss. Quote Margate Exotics. Link to comment Share on other sites More sharing options...
Bazza 907 Posted October 3, 2016 Report Share Posted October 3, 2016 14 minutes ago, ian29gte said: And, as a result, I always wonder if there is likely to be any wriggling should the worst happen, and I exeperince a total loss. Ian This is why you have an Agreed Value policy so that there is no wriggling if the worst were to happen. There might be some wriggling if you have not kept within the conditions of the policy such as keeping the car parked on the road overnight rather than putting in a garage or somebody else (not insured to drive it) wrote it off whilst driving. But you'd expect these normal caveats. We had this debate a while ago and I got one of the leading insurers in the space to write (I cut and pasted as I recall) and explain that an agreed value basis of settlement was in fact just that. Quote Link to comment Share on other sites More sharing options...
silverfrost Posted October 3, 2016 Report Share Posted October 3, 2016 I think Ian they class it a market value still, as no matter how many new parts you fit, once used they are no longer new and the car is classed as standard value group. unless i suppose you never use the car other than a museum display piece. I have mostly used old vw oil burners as a daily driver and had this argument years ago with my an golf estate, some muppet pulled out of a petrol station in front of me when i was about 1 metre away.! put me over the other side of the road into a farmers field. The car a time was a good few years old as are all my daily drivers, but mechanically they have always been spot on and well maintained by myself. The car in question had, had a new cambelt, radiator and full service along with other new parts fitted like new tyres all round less than 200 miles before this accident. I explained this to the insurance and said i would not find another car in the same condtion and could not even find one for the money they payed out, The accident was not my fault and yet i still came out short changed and had to buy anotherr car plus my own money added to get he same sort of car.! Which i why i always now keep crap daily drivers and run them till they self destruct with as little possible money spent on them as my lesson was learnt.! 1 Quote A Link to comment Share on other sites More sharing options...
Gold FFM Barrykearley Posted October 3, 2016 Gold FFM Report Share Posted October 3, 2016 Never let them have the car before a payout is agreed imho. and then - it's very often best to buy the salvage back Quote Only here once Link to comment Share on other sites More sharing options...
nigeninja Posted October 6, 2016 Report Share Posted October 6, 2016 Its always best to buy the salvage back , i brought mine back for £3000.00 and sold it on for 6000.00 and it had an agreed value so got that on top,win win apart from rather it had not happened in the first place Also mine had the old needs to be garaged at nights,but rang them cos i knew it would be not park in my garage and miles away from my house for two nights and they was ok with that,I took the dudes name just in case Quote Link to comment Share on other sites More sharing options...
JP Posted November 13, 2017 Report Share Posted November 13, 2017 Does anybody have an agreed value policy on their car, but also allows to be parked on the road at night and allow use for SDP and "travel in connection with business"? I am struggling to find anybody offering this so just wondered if anybody else has it? Thanks, Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.