205 Set On Fire

[lemmingzappa 75 1 Cars]

Absolutely horrible!

[Andy_C 50]

You're in a strong position as market value is just that and there's piles of evidence showing that values are on the rise. In the current climate agreed value for some cars can be dangerous if its value increases steeply and you don't increase.

 

Shout if you need any help.

[gwyn_mi16 7]

Just thought Id update this to those interested.

 

So after a few weeks waiting, and a detailed e-mail or two later Ive managed to settle with the insurers this week for £6000, minus the excess (£300). Which overall Im happy with.

 

Just shows that market value insurance can work in your favour on classics if you can evidence it.

 

On the Police investigation they are still waiting for forensics on the neighbours vehicle, we'll see how that pans out but Im not too hopefull.

 

Would like another 205 but think Id get shafted on a new policy now. My old one was £150 fully comp with 3,000 limited miles. I fear it would be £500 plus now with this claim which is a sum i'll struggle to justify for a toy. Id be worried about it being on my drive too. I'll see how things go I guess. Thanks to everyone for the help though ????????

[Slo 283 1 Cars]

6 grand on the hip and your bothered about a monkey for insurance lol

 

Great win on the claim there hope they nail the bell end that did it too

 

Just flipped to the original post again and seen the car how it looked originally, money doesn't quite replace beauty

[Tom Fenton 1,542]

Glad to hear you got a decent settlement.

[Wes 86 1 Cars]

out of interest, why didnt you keep it in your garage?

[chipstick 382 1 Cars]

Who were you insured with?

[gwyn_mi16 7]

I've got a low mileage pristine white 306 Rallye in one garage and a home gym in the other so no room for the 205 sadly. I was in the process of sorting a garage at a family members when it happend. Sods law.

 

I was insured with LV/ Highway. Despite being a bit slow to start with and having to chase up updates they were pretty good to be fair. Their Engineer was spot on, a proper petrolhead who appreciated the 205's for what they are.

[Ramigojag 19 1 Cars]

Seeing things like this makes me very nervous for my car. It has only come out during the spring/summer months for the last 3 years, but this year especially I seem to be more on edge. I'm not lucky enough to have a garage to store it in whilst its on the road so I just have to make do with getting it blocked in on the drive.

 

Glad to hear you got a decent settlement, still bet you would prefer to just still have the car.

[deathbringer929 49 1 Cars]

I think agreed value is nonsense. My broker tried it on with me trying to get me to buy it. This is after I told him what I do for a living, I'm a motor field engineer for an insurer you will have heard of. I told the broker I'd know what to say and do to get the value I think my car is worth in the event of a claim.

Any policy will have to mitigate your loss, market value is what it is at date of loss. I think the op has the right settlement. Paid near 5k and got settled at 6k. In fairness that looks right, the car has appreciated in the time owned.

[barneys66 122 1 Cars]

I told the broker I'd know what to say and do to get the value I think my car is worth in the event of a claim.

 

Do tell..?

[deathbringer929 49 1 Cars]

Provide evidence of values of like for like vehicles, images, all purchase receipts for any parts or works carried out etc

[Juttie205 123 2 Cars]

Such a horrible sight but nice to see the insurance company gave you a great payout allthough that will never replace what you lost.

[Juttie205 123 2 Cars]

I think agreed value is nonsense. My broker tried it on with me trying to get me to buy it. This is after I told him what I do for a living, I'm a motor field engineer for an insurer you will have heard of. I told the broker I'd know what to say and do to get the value I think my car is worth in the event of a claim.

Any policy will have to mitigate your loss, market value is what it is at date of loss. I think the op has the right settlement. Paid near 5k and got settled at 6k. In fairness that looks right, the car has appreciated in the time owned.

So you dont think getting a agreed value is worth it? i only ask as im starting to look into getting some quotes and thought having it on a agreed value would help my case if the worse happened.

[barneys66 122 1 Cars]

Suggest that market value and agreed value are two different things altogether - if you have a regular 205 then it wouldn't be too difficult to find comparable examples upon which to argue the market value.

 

If you have a higher-value resto / custom / race car then agreed value would ensure you got fair compensation to reflect parts / labour / etc - you can always increase it year-on-year to track base prices.

[Juttie205 123 2 Cars]

That makes sense thanks.

[mrfirepro 127 1 Cars]

The problem I found with agreed value schemes is that they are agreeing the value upfront, but most want to set that value at what they see is the current market rate, which in my opinion puts you at a disadvantage for a later claim if values go up. I couldn't find any insurer to agree a value anything like what I had spent on it (parts alone, no labour). Eventually Andy_C (Top Bloke) came to my rescue and secured me agreed value insurance for nearly what I had spent.

 

The other problem I found was that most of the main stream providers, will offer an agreed value scheme but will only agree the value when you have taken out the policy and sent them all the information, this happen to me with Lancaster and Adrian Flux (you'd think I would have learned a lesson the first time ) who both wanted to charge me admin fees when I subsequently cancelled the policies.

[Capa 0]

Actually quite staggered that anyone would do this. I thought the days of wanton anarchy were over, though having said that my MX-5 had the stereo stolen a couple of month back, and I didn't realise that was still a thing.

 

Best of luck with the insurance, hope you get what you deserve out of it.

[deathbringer929 49 1 Cars]

So you dont think getting a agreed value is worth it? i only ask as im starting to look into getting some quotes and thought having it on a agreed value would help my case if the worse happened.

Personally no. Best advice if you think agreed value is for you then ask the insurer to explain the difference between the 2 policies. What are you actually going to get above a normal policy with an agreed value at time of a claim? ANY policy has to indemnify your loss.

[Juttie205 123 2 Cars]

Thanks I will ask the insurers when I start looking for quotes.

[Edp 67 3 Cars]

Absolutely devastating. I know its only a car but it was a lovely example. Good luck with the insurance as said.

 

I lost a mint silver 1.9 years ago to engine fire so I know how you feel in that respect.

[lagonda 42]

Regarding agreed value insurance, this was introduced many years ago; primarly because claims assessors went by Glass's Guide to establish values. Significantly old cars did not appear in there, furthermore, many of those were indeed bangers. The collected car hobby was not exactly in its infancy, but far fewer older cars then were seen as of interest and value. When I bought my 1951 Riley in 1974, comprehensive cover was simply not offered, and I only got Fire and Theft cover added because I worked for the insurer.

Eventually underwriters realised there was a significant and burgeoning demand for comprehensive cover, and a system for insuring cars outwith Glass's Guide. Hence agreed value. It means exactly what it says, no more, no less. The insurer undertook, once satisfied that the value stated was acceptable...thus agreed....that that would be the sum they would pay out, in the event of the total loss of that car. So, by purchasing agreed value cover, you have the certainty of mind of knowing that sum is what you will get.

What you won't get is more money than that, if your car has increased in value since that value was agreed. The onus is on the agreed value policyholder to ensure his agreed value is reviewed. That is especially important if values are increasing.

Coming to market value, ie the normal type of cover offered for cars generally, that also is "what it says on the tin". As the OP proved, a car he might have purchased agreed value cover for a year ago at £5000 has achieved a £6000 payout because he did NOT take that option. He would only have got a £6000 payout on an agreed value policy if he had reviewed his agreed value up to £6000 prior to the claim.

The main difference between the two is peace of mind. With agreed value, you have the certainty of knowing that you WILL get that amount when such a claim occurs. With market value cover, you are at the whim of your insurer and their claims assessor. As has been stated, insurance is primarily indemnity; ie to put you back to where you were before your loss. To replace your car with an identical one, or a cash sum enabling you to go out and buy that same car.

The OP here has benefited here from insuring with a company that maintains its reputation by being fair with its claimants. Despite the bad press insurers get, the majority are like that! Perhaps more importantly, he has benefited also from an assessor who appreciates our sort of car. This is where the problem lies with market value cover...you might have right on your side, but proving your case, indeed proving your value, especially once the car is a write off, can be a very difficult thing to do.

Regarding insuring a car for more than it is worth, because you have invested more in it...sorry, I dont agree with that, and when I underwrote agreed value insurance, would not have accepted that. Yes, I have put my money where my mouth is. Going back to my 1951 Riley, I have spent something like £55,000 having it professionally restored, in the full knowledge that I would struggle to get £25,000 for it if I wanted to sell it. The Riley has been professionally valued at £25,000, and that is what it is insured for, agreed value. You know what? I'm happy with that. It means that if the unthinkable happens, I will be able to go out and buy another Riley in similar restored condition...where quite possibly its seller has spent £50,000+ on its restoration.

[Andy_C 50]

Fair points very well made Lagonda.

 

However, 2 market leading insurers quoted for Paul's car and with respect met the principle of idemnity as otherwise he would never be able to replace his car with anything vaguely similar. Perhaps underwriting has moved on a bit.

 

OP good result and just as it should be.

[barneys66 122 1 Cars]

Great post, thanks but as you're referring the last part to my previous comment then that's not what I said.

 

I was eluding to having an exceptionally high value car compared to what could normally be argued as market value, not a return of money invested. This may well be the case with your Riley - £25k could be head and shoulders above what has gone before. Anyway, post a pic up in the Other Vehicles thread - be good to see it!

[Telf 224 2 Cars]

Urghh!

 

Cant believe what I've just seen, absolute total scum bags, there's been a couple of GTI's stolen in the Ipswich area over the last few months.

 

Sorry for you mate I'd be gutted if it happened to mine.