Agreed value insurance - Suggestions?

TYP 8Z

TYP 8Z

Member
Morning all,
I have finally decided to switch from a standard motor insurance to an agreed value cover. I have invested a bit of money in my A2, making it showroom condition with a nice set of OEM upgrades/ retrofits, so I'm very keen to protect this investment.

I received a quote from Adrian Flux but before I commit to a specific insurer I'd like to explore if there are other good alternatives.
Is there any member here that feels sharing his or her experience with agreed value insurance?
Thanks in advance!
 
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If I may add to your request for recommendations - I'd be interested in the same suggestions; only to add this, I'm more interested in an insurer who actually deliver the goods when you need them to (i.e. when you need to make a claim they are efficient, helpful and get it sorted).

To me this is more important than getting the last 50 quid off the premium or whatever.
 
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I used adrien flux for the agreed valuation on my yellow storm and the new owner has done the same. It requires some photos and descriptions of modifications - repairs/ reconditioning etc.
 
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Today I renewed with Adrian Flux. When I first took this out 3 years ago I asked for a value of £5,000 and they offered £3,500. Last year it was the same even though I spent a lot that year on the A2. This year I asked for £4,000 but they kept it at £3,500. Mind you this year I've spent hardly a penny on the vehicle as no service was due and no repairs needed.

I suspect they would want lots of comparative data (spec, actual sold price of similar vehicles) to agree a higher value.
 
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The difficulty with agreed values is that, although one may have spent £5,000 on upgrades etc, that doesn't necessarily make it worth £5,000. I suspect that there would be a lot of hard questions asked in the event that one asked for the full value - motor insurers aren't exactly renowned for throwing money around on claims. Does any one have any first hand experience?
 
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Alan_uk said:
Today I renewed with Adrian Flux. When I first took this out 3 years ago I asked for a value of £5,000 and they offered £3,500. Last year it was the same even though I spent a lot that year on the A2. This year I asked for £4,000 but they kept it at £3,500. Mind you this year I've spent hardly a penny on the vehicle as no service was due and no repairs needed.

I suspect they would want lots of comparative data (spec, actual sold price of similar vehicles) to agree a higher value.
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I've had my 1998 Land Rover Discovery insured on an agreed valuation basis via Adrian Flux for the past three years. For the first two years they agreed a value £500 less than I'd asked for; at the last renewal, they agreed the same higher value that I'd suggested each year.
When I challenged the lower valuations on previous years, comparable vehicles weren't what they expected, it was an independent engineer's inspection and valuation, which would have cost almost as much as the £500 difference between the parties.
 
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I just downloaded the policy document. The Agreed Value is insured by Trinity Lane. Besides the exclusions you get in any motor insurance (e.g. driver must be qualified) the following seems to be the key clauses:

What is Covered
In the event of a total loss occurring during the period of insurance, we will pay an amount equal to the difference between;
1) the total loss settlement paid to you by your motor insurer, and
2) the agreed value shown in your agreed value policy schedule.

Exclusions
What is Not Covered
1) Any claim where the total loss does not result in a full and final settlement being paid by your motor insurer
2) Any claim where the total loss occurs outside the territorial limits
3) Any excess payable under the motor insurance policy
4) Any claim where the driver of the vehicle was driving illegally at the time of the total loss
5) Any claim where the security devices of the insured vehicle were not in fully working order at the time of the total loss
6) Any claim for an amount above the agreed value amount shown on the policy schedule, where the additional value has not been agreed by us or the insurance adviser.
7) Any loss which occurred outside the period of insurance.
8) Any claim in excess of the value shown in the policy schedule

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It goes on to say you have to ensure the total loss settlement paid by your motor insurer is a reasonable one and you have to get the agreement of Trinity Lane before accepting that.

If one disagrees with the value one can get an independent valuation from the Institute of Automotive Engineer Assessors or http://
www.classiccarvaluations.co.uk but I guess that is going to cost a few hundred pounds

Edit: Jeff has just posted at the same time and confirms an independent valuation is getting on for £500, and I suspect that would need to be repeated. Maybe OK if you have a rarity with a value of £1m
 
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Just received an email from Adrian Flux. They have now reduced the Agreed Value to £3,000. Granted I didn't spend much on the A2 last year but then it was little used, on the otherhand good low mileage examples seem to be holding their value. I might try an email but I guess it will be water off a ducks back.
 
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Alan_uk said:
Just received an email from Adrian Flux. They have now reduced the Agreed Value to £3,000. Granted I didn't spend much on the A2 last year but then it was little used, on the otherhand good low mileage examples seem to be holding their value. I might try an email but I guess it will be water off a ducks back.
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I don't understand.....I thought the point of agreed value insurance was for the owner to be more in control of the value to cover? I'm with you that good, looked after low mileage A2's are definitely holding their value, which as it happens is more than 3K IMHO.
 
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Yes I was puzzled too - surely the point of such a policy is that you’re buying insurance for an asset valued at an amount you set, rather than an arbitrary “book” value?

I think you should consult other specialist insurers who are willing to price against your value, AF sound like they are acting in their best interest rather than yours here.
 
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dj_efk said:
Yes I was puzzled too - surely the point of such a policy is that you’re buying insurance for an asset valued at an amount you set, rather than an arbitrary “book” value?

I think you should consult other specialist insurers who are willing to price against your value, AF sound like they are acting in their best interest rather than yours here.
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I suppose the insurer's logic is understandable to a point; otherwise, what's to prevent any vehicle owner demanding an inflated value in the knowledge that they could recover more than their car is worth in the event of a claim.
In this particular instance, it's definitely worth sending them an email but, I suspect that the only way to pursuade them to increase the valuation would be to go through the rigmarole of obtaining a professional, independent report.
 
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Right but if you want to set a value, they should set a premium based on the risk taking into account that value - that’s my understanding of why I would buy an AVI project
 
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dj_efk said:
Right but if you want to set a value, they should set a premium based on the risk taking into account that value - that’s my understanding of why I would buy an AVI project
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My experience of obtaining agreed value insurance for my Land Rover Discovery over the past few years, which according to the specialist magazines is worth around £1200, was that the insurer requires not only annual photographic evidence of its condition and mileage but also evidence of the initial purchase price along with proof of the cost of servicing, repairs and upgrades since purchase in order to justify the valuation of £8500, which is currently agreed.
On the other hand, my A2, on a 'standard' policy is valued by the insurer at less than £500 despite my having spent well over £3000 on repairs and servicing since buying it for £1700 six years ago.
My reason for not trying to get an agreed value policy for the A2 is that, unlike in the case of the Discovery, I could probably buy an equivalent replacement for not much more than the value placed on it by the insurer.
I would be surprised if, unless you can satisfy the criteria I outlined in relation to my Discovery's insurance, there is even the option of obtaining agreed value insurance for an A2, other than one agreeing to the potentially higher initial cost that you might have to pay for an exceptional, low mileage, high specification example.
 
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This is always going to be a difficult one as you’ll pay in premium to get that agreed value. If you never have an accident you probably have paid the extra in 3-4 years of premiums to make up the difference between the agreed value and what your insured value is.

I tried AF and they didn’t ask any questions about my proposed agreed value however my premium came out to £1700 (wtf!) some £1400 more than Churchill. Granted there was a £2k difference in agreed value but definitely not enough to justify that premium. 1.5 years and I’ll have saved the difference!

I’ve a clean record of 25 years no claims, long may that continue (touch wood).

You make your choices!
 
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Don’t know what they did on mine but wasn’t even worth a conversation. One thing that impacted I suspect is that I have no ‘no claims’ on the A2 as everything is on my merc.
 
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Anyone tried Performance Direct ( Grove and Dean ) for Agreed Value Insurance on an A2 ?

My VW 1966 Beetle and 1972 VW 1600 Type 3 Automatic Variant have both been on Agreed Value Insurance with them for about 10 Years. Never had any problem with them. Never had to make a Claim though.
 
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66Beetle said:
Anyone tried Performance Direct ( Grove and Dean ) for Agreed Value Insurance on an A2 ?

My VW 1966 Beetle and 1972 VW 1600 Type 3 Automatic Variant have both been on Agreed Value Insurance with them for about 10 Years. Never had any problem with them. Never had to make a Claim though.
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Are you happy with the valuation and do they keep reducing it each year or two?
 
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I have my 2CV insured with Lancaster Insurance (classic brokers), agreed value. It had a full body off restoration 11 years ago and has been kept in the garage since, only used in the summer on dry days. Switched over to these guys around 6 years ago when I realised that the replacement value and what normal insurers gave as book price was diverging considerably. The value is agreed with a set of photos that their independent expert looks at each year and confirms that they agree with the value - granted it has been a classic a few years longer than an A2 - but they were as cheap as chips in the late 90s for driveable but worn ones. There has been a lot of upward pressure on the prices in the past decade due to what they cost fully restored now from a few specialists (around twice what mine is worth with a complete nuts, bolts and everything strip down and rebuild). I've not checked to see at what age they cut off, but for some of the people here with really tidy examples it might be an option perhaps? I have been thinking about asking them when I get round to my next insurance renewal round.
 
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Robin_Cox said:
I have my 2CV insured with Lancaster Insurance (classic brokers), agreed value. It had a full body off restoration 11 years ago and has been kept in the garage since, only used in the summer on dry days. Switched over to these guys around 6 years ago when I realised that the replacement value and what normal insurers gave as book price was diverging considerably. The value is agreed with a set of photos that their independent expert looks at each year and confirms that they agree with the value - granted it has been a classic a few years longer than an A2 - but they were as cheap as chips in the late 90s for driveable but worn ones. There has been a lot of upward pressure on the prices in the past decade due to what they cost fully restored now from a few specialists (around twice what mine is worth with a complete nuts, bolts and everything strip down and rebuild). I've not checked to see at what age they cut off, but for some of the people here with really tidy examples it might be an option perhaps? I have been thinking about asking them when I get round to my next insurance renewal round.
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I’ve used Lancaster and they are quite good, only thing is the sign up is quite antiquated


Sent from my iPhone using Tapatalk
 
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