Agreed Value Insurance

[Ramigojag 19 1 Cars]

Market value can be a bitch to prove. It may have just been my insurance company (Admiral) but several year ago I had a 206 gti 180 and it was written off they offered me something like £1000 where to get a similar one you were looking at closer to £2500-2800 at the time.

 

I went round and found examples similar to mine being sold for more money and had to send them to my insurance company but it got to the point where I was showing them higher mileage less service history examples going for more but they wouldn't except it because they were different to mine so it has to be exact same mileage, exact same condition, exact in almost every measurable way to make it count.

 

If you apply that to a 205 with maybe 4-5 examples on the open market at a given time how hard is it going to be find one identical to yours?

[Andy_C 50]

In the last 5-10 years I haven't come across too many issues with market valuations for ordinary cars.

 

I had a client's J-plate 1.9 written off after a rear end shunt. They were paid from memory around £2k and kept the car. Still not repaired but tucked away until they've got the time.

[Andy_C 50]

As an update, I've managed to sort Paul out.

 

Naturally I won't disclose any specific details but suffice to say that we found an insurer willing to insure a classic car based on its restoration cost but excluding any labour or specific tools bought in for the job.

 

Essentially it's a donor car + parts bought + subcontracted jobs total.

 

So it can be done and I think Paul's a happy chap.

 

Happy to assist anyone else facing similar headaches; pm initially etc.

[GLPoomobile 958]

Market value can be a bitch to prove. It may have just been my insurance company (Admiral) but several year ago I had a 206 gti 180 and it was written off they offered me something like £1000 where to get a similar one you were looking at closer to £2500-2800 at the time.I went round and found examples similar to mine being sold for more money and had to send them to my insurance company but it got to the point where I was showing them higher mileage less service history examples going for more but they wouldn't except it because they were different to mine so it has to be exact same mileage, exact same condition, exact in almost every measurable way to make it count.If you apply that to a 205 with maybe 4-5 examples on the open market at a given time how hard is it going to be find one identical to yours?

In a situation like the one described I'd argue that the insurer is acting unreasonably (and unrealistically) and threaten to take it to the appropriate ombudsman/regulatory body.

 

Out of interest, how did your situation play out?

[Andy_C 50]

Situations like that are what give the industry a bad reputation. Less common nowadays but frankly pathetic - you'll struggle to find an identical car to yours in every last way and if you're giving examples with less spec, higher miles etc. then they should just pay out.

 

Even as an insurance chap that sort of thing boils my piss.

[mrfirepro 127 1 Cars]

Andy_C your a TOP BLOKE...... :) :)

 

To close this out Andy has been able to negotiate an agreed value somewhere near my invoiced material costs for the restoration and well in excess of the barely market value sums offered by both Lancaster and Adrian Flux.

 

The car is now much more of a pleasure to drive and should the unmentionable happen I would be able to repeat the restoration.

 

Well pleased with the outcome......

[Andy_C 50]

A pleasure Paul