Agreed Value Insurance - should I contest?

[Alan_uk]

When renewing my insurance with Adrian Flux I succumbed to paying for Agreed Value Insurance, quoting a value of £5,000. I've was planning to spend £2,000 on various works this year plus planning a rear subframe restoration at some point, so the thinking was to protect that investment.

Having got the car in tip top condition https://www.a2oc.net/community/index.php?threads/good-scrub-up-today.37254/ I duly sent of the forms and photos. Today they confirmed a Agreed Value Insurance of £3,500.

They say I can contest this by getting a signed and dated independent valuation from a member of the Institute of Automotive Engineers and Assessors (www.iaea-online.org) or a valuation appraisal from www.classiccarvaluations.co.uk.

Neither of above websites give an indication of how much this would cost and the www.classiccarvaluations.co.uk is redirected to a Julian Shoolheifer website.

Any thought if it is worth contesting?

List of main works over it's life is attached as pdf.

PS The AV documentation says that in the event of a total loss I still have to contest any valuation by the main insurer, so this AV insurance doesn't remove that hassle.

 

[spike]

Quite an old post but Timmus used Sky Insurance for his agreed value cover. https://www.a2oc.net/community/index.php?threads/sky-insurance.24762/post-194491
It may not be practical to change insurers now but perhaps a competitive quote would be a good negotiation point with Adrian Flux

Also wonder if WOM Automotive would / could become the Clubs nominated valuer for insurance purposes. They both maintain and sell lots of 'special' A2s and will know true values better than any generic classic car company

Cheers Spike

 

[Alan_uk]

Thanks Spike. Good find. My insurance is due in April so I'm made a diary note to try Sky.

 

[205xld]

I had the same with Adrian Flux with Peugeot 205's, but when presented them with a report they did agree to the higher figure. This was about 5 years ago and cost me just over £100 per car.

 

[stevec]

Hi. Sorry to be ignorant of your car, but did u send a list of any optional extras ur car has fitted? Eg leather, electric rear windows, heated mirrors/seats, winter pack etc. As these parts are becoming increasingly hard to get hold of which is pushing prices of these parts up. Maybe if u include some 2nd hand price qoutes of any extras u have it might get you a better agreed value?
Steve

 

[Alan_uk]

Steve, yes I did send a list, not that it is that many: remap, higher 5th gear, heated mirrors, rear parking sensors, metallic paint, tracker. I included the price when purchase. Using today's prices and garage prices (rather than fellow enthusiasts prices) might help.

My thinking is the same as Timmus (in the post referenced by Spike) in that I'm is trying to protect my investment. Timmus was saying that in the event of a total write-off (which today means any damage unless very minor), he wanted to be able to buy another A2 and get it into the same position as his written off model, and that will take time and money. In theory insurance is to get you back to the same position as before the loss.

One of the problems with A2's is the prices varies widely, from a few hundred pounds to £5,000+ (£10,000 I recall for Birchall's all bells and whistles A2). With so many being sold for hundreds it is bound to drag down the guide prices. As Spike says, normal valuers are unlikely to be cognizant of the wide price variance.