John Ridehalgh

Agreed Value Insurance

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Hi Everyone.I have a 2006 Zetec S Tdci which I bought new .Over the years I have kept up with all maintenance and servicing.I have replaced the timing belt.Recently had the front repainted to address 110,000 miles worth of stone chips.Had alloys refurbished & Michelin Pilot Sport 3's fitted.The 1/2 leather front seats have been refinished by Leather Care Renovations nr. Knutsford in Cheshire.If you see the attached photo,my motor is pretty mint.Has anyone had any experience in getting agreed value insurance on such yehicles ?Like a lot of us out there,if the worst should happen,it is worth more than £400 ! Any advice would be gratefully appreciated.Thank you     John Ridehalgh

PN56 WRK Dec 19 6.jpg

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Thought that sort of insurance was only for custom, collectable or antique cars isn't it?

Whether it has had £10,000 of work and renovation put into it, a 2006 fiesta will only be worth book price won't it?

Not sure how old it has to be to become collectible, classic or sought after to start pushing the value of the vehicle back up.

I am sure there will be members with more knowledge on this, good luck.

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It will matter not what you value it at as your insurance Company will only pay out the book value which will be plus or minus depending on mileage, with that mileage probably in the minus, pre-accident condition rarely is considered,  if it should be written off, unfortunately nowadays insurance Companies will deem a vehicle 'uneconomical to repair' for  seemingly minor damage as they account for high labour charges and materials plus paint, they often stipulate that the repairers are of their choosing and replacement parts to be genuine OEM. Again, as said, agreed valuation for insurance purposes is only normally offered on classic, vintage, veteran and vehicles of special or historical interest.

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You might be able to claim a Zetec S is a 'sports' car, but being diesel may cause trouble.  Some of the sports & modified insurers wouldn't cover my diesel Golf a few years ago...but the standard insurers wouldn't cover it either! :laugh:  

If you try Brentacre, Greenlight, even Adrian Flux may all be able to do an agreed valuation but the big standard companies like Admiral etc won't.

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Use brentacre. Seriously. Don't ***** with flux theyre the worse Insurance company known to man. They took 6 months to tell me a 306 was written off then had a go at me as I phoned them and told them I was pulling engine out as I needed it and they're taking to long.

Sent from my SM-A505FN using Tapatalk

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Adrian flux is a broker not an insurance company. I assume they place insurance with a range of different insurance companies. 

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When my missus got her R reg' Escort 1.1L stolen in 1990 she was offered £700 for it, I refused because I foolishly said it's just had 4 new tyres - refurbished wheels - new full exhaust - an interior out of a Ghia - new front windscreen - new leaf springs - new dampers - new discs & pads - new front suspension - pair of new wings - new slam panel - part repaint... blah blah blah...In total I must have spent 2.5K on it, Insurance company then said ''such parts should be on the vehicle in the first place and be in a safe satisfactory condition to be used on the road, what you spend on maintenance does not increase the book value''

It stumped me on the spot and we took the offer.

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Hi.

Please feel free to give us a try for insurance if you wish. We can offer the option of a fixed agreed value on pretty much any car as longs as it's over 12 months old.

Regards,

Dan.

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With respect, how can any insurance Company agree to the value of any car under the age where it qualifies as classic, historic, vintage and vehicle of special interest or veteran as a vehicle over time depreciates and can only be valued at market value at the time of total loss and deemed as uneconomical to repair. Whereas vehicles that have attained a certain age or status often hold a market value or increase. Any vehicle is only worth what anyone is prepared to pay for it at the end of the day and value is subjective. I wager that even if you could get an agreed value, in the event of a total loss the insurance Company would still squirm.

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You would agree a value and the premium would increase to reflect this.

you could probably insure it for £1 million if you were prepared to pay an equally stupid premium.

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There are many criteria that will determine what amount of premium you will pay for your insurance and what affects that premium is your age, the engine size, your post code, where you keep the vehicle, on the road, locked garage, private compound etc., private and/or business use, other drivers, modifications and other stuff. You can value your vehicle for a Kings ransom but in the event of it being a total loss you will only be paid out the book value plus or minus not what you yourself value it at. As I said in a previous post, agreed value is only applied to vehicles that have attained a certain criteria and to be able to insure with an agreed value that has to be done through an owners club or specialist auction houses and presented to the insurers in black and white.

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