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Agreed value insurance.
- Thread starter sjb993
- Start date
spongebob squarepants said:
Eh? I'm with classicline and have been for the last seven years. My max mileage was 6K per year but noticed this year it's now increased to 7.5K per annum.
Reading the description their breakdown cover seems very good, especially when used abroad. Never had to use it yet thankfully mind
Cameltoe & Heel
Barcelona
- Joined
- 26 Jan 2009
- Messages
- 1,400
I'm going Classicline too, great price and great people to deal with.
Trev
Trev
While this thread is about choice of insurer, that the title is "Agreed value Insurance" I dropped in to see what the chat was about. I guess cost relating to Insurance was ever a priority for me for the majority of the time, though I suspect by the time I arrived at seeking to insure what was for me an expensive "toy" or RV if you care to adopt Americanisms, my priorities changed somewhat. If it were thought to be an investment, or some sort of rarity, just how simple would it be to replace it with another similar, or did I have some form of linkage to it that caused ME to value it more than the sum of it`s parts....if so how to insure that, and is the cheapest possible Insurance quote likely to seal the deal...hmm ?
I note that there seemed to be no contributions under the thread heading relative to how wonderfully well folk were treated by their chosen Insurance company during the claim process and recommendations arising, but then I guess none of us might like to relive the realities of a past accident and that which follows on..? I suspect Insurance companies like all others these days seem to seek to increase profitability by cutting costs a tad more than improving customer relations...? Seem to remember a TV prog where sheriff`s officers visited a LARGE Insurance brokers premiss seeking payment for a court judgement that went against them.... hard to believe that they would try to avoid paying out to that extent is it not..?
I think I may have typed elsewhere on this forum of a non-Porsche marque specific Insurance broker who attended, sponsored and promoted his brokerage at marque specific events, may even have contributed a trophy or two.. dunno for sure. In the recent past I read of a member of the marque specific club who had insured his machine through that brokerage for MANY years arrived at the unfortunate requirement to make a claim with the expectation he would be dealt with as a valued customer..... Sure Insurance claims can be rather complex, though in this situation there was no third party involvement, the machine was damaged in the insured`s garage as the result of an electrical failure causing subsequent fire damage..
Working from a poor memory... It seems the insured had no confidence whatsoever in the assessors report and trying to resolve the situation I suspect the insured may have felt felt he was being processed as data and not as a long standing customer, and that the highly promoted brokers advertising of specialist knowledge and personal touch, was non-existent...So you can well imagine there was much frustration on the part of the insured, but fortunately the insured was versed in the ways of business, and set out to resolve the situation more favourably... Yeah I could go on and on typing as is my way.. though enough to type that after a LOT of difficulty in trying to extract the claim from being just another data process (Luddite tendencies showing again (-: ) eventual final human contact restored with a measure of dogged persistence, the situation was resolved to the insured`s satisfaction in that his machine was not "scrapped" or perhaps categorised as some form of write off, but repaired to his satisfaction and returned to him to the extent that his enjoyment of HIS machine continues to this day.. (-:
Me..? Having some skills relative to things automotive, and that my chosen machine seemed to fall within my ability to repair much if not most of the damage it might incur in an "average" bump, and having a very rudimentary knowledge of Insurance company operation, I wished to go a stage beyond agreed value, and .....
At this stage I wanted to be sure not to risk typing FAKE NEWS.. so off to the cupboard to dig out my Insurance docs and just as well I did...!!!!
Back to the desire to have cover over and above agreed value relative to my machine.... I sought to retain ownership of the "salvage" should I so desire if the machine was involved in an accident, and I took care from the outset to ensure I had that specified on my policy documents.
Endorsement appendix 429 If your vehicle is considered a write off and you wish to retain the salvage, we will deduct 20% of the market value of the vehicle (Market value immediately prior to an incident resulting in the rite-off of your vehicle) from the amount we pay you for the claim...
Back with me today and the topic... With regard to the above paragraph I have an agreed value policy in force for the year and at any time during that year I EXPECT the agreed value to be paid out, and not some assessors pre accident re-evaluation based on the "salvage" he inspects.... So I guess I would perhaps have to argue that point when stressed out as the result of whatever unfortunate situation I might have found myself in... Fortunately further down on the same page is... Endorsement 051 relative to them promising to pay out the agreed value in the event of it being stolen and NOT recovered or being declared as an uneconomical repair, they will pay out the sum shown in the schedule...If it were recovered and was say a 996 or 997 on Porsche, how might it have been treated and would the assessor check for over rev possibilities along with whatever other damage it might sustain to body or trim, thinking can of worms or what..?
Having dug out the docs, and looking through them I had to go back to the 2016 renewal docs to find a mention of the salvage retention clause...!!! So what do you think of my chances of retaining my ownership of MY machine should it be determined as a write-off.... I can only guess.... sigh!
My "specialist" broker recommended by the marque club ( no not the one involved in the unfortunate claim process above) and whom I have insured this machine with continuously from 2002 right up to the present day, while like you (?) taking FOR GRANTED that MY requirements would have continued as the broker changed from one insurer to another over the years.... Double duh !!
I may be more fortunate than many, in that my machine was not primarily bought as an investment and has increased in it`s market value in time, perhaps more importantly for me is that today I feel it owes me nothing, I have enjoyed many adventures in it, and on that basis I value it more than the sum of it`s parts and suspect even it`s agreed value would NOT enable me to find or recreate a replacement vehicle approaching anything like the unusually high quality of workmanship put into the total rebuild processes prior to my purchase and at the time I agreed with the then owner that the approximate market value sum I was paying for it, would not have covered the parts and (professional) labour he put into recreating the level of perfection applied during his ownership.. Thus the salvage after a bump that might cause it to be considered a write-off was perhaps likely to be worth more to ME than the Insurance companies assessment.... If you in any way think YOUR Porsche might be hard or impossible to replace then are you adequately insured...? As this is a 993 instigated thread, I looked at the number of 993`s advertised here.... not a lot to choose from compared to 996`s and 997`s... hmm..?
I guess there ever a lot of priorities in daily life that can alter, and it seems expectations relative to Insurance are perhaps shelved quickly to get on with far more important issues at any time, UNTIL a claim situation arises..?
My machine has spent the last four years or so off road, so not at much at riskwhile housed in a substantial garage alongside my home, however I have removed mats, carpets, seats and gearbox cover to carry out some maintenance and repair tasks, that have been left to get on with whatever else came up as a priority.... if a claim situation arose.... hmm..?
Yeah, just thinking in type as ever....in the hope it might be of interest to anyone.. :?:
I note that there seemed to be no contributions under the thread heading relative to how wonderfully well folk were treated by their chosen Insurance company during the claim process and recommendations arising, but then I guess none of us might like to relive the realities of a past accident and that which follows on..? I suspect Insurance companies like all others these days seem to seek to increase profitability by cutting costs a tad more than improving customer relations...? Seem to remember a TV prog where sheriff`s officers visited a LARGE Insurance brokers premiss seeking payment for a court judgement that went against them.... hard to believe that they would try to avoid paying out to that extent is it not..?
I think I may have typed elsewhere on this forum of a non-Porsche marque specific Insurance broker who attended, sponsored and promoted his brokerage at marque specific events, may even have contributed a trophy or two.. dunno for sure. In the recent past I read of a member of the marque specific club who had insured his machine through that brokerage for MANY years arrived at the unfortunate requirement to make a claim with the expectation he would be dealt with as a valued customer..... Sure Insurance claims can be rather complex, though in this situation there was no third party involvement, the machine was damaged in the insured`s garage as the result of an electrical failure causing subsequent fire damage..
Working from a poor memory... It seems the insured had no confidence whatsoever in the assessors report and trying to resolve the situation I suspect the insured may have felt felt he was being processed as data and not as a long standing customer, and that the highly promoted brokers advertising of specialist knowledge and personal touch, was non-existent...So you can well imagine there was much frustration on the part of the insured, but fortunately the insured was versed in the ways of business, and set out to resolve the situation more favourably... Yeah I could go on and on typing as is my way.. though enough to type that after a LOT of difficulty in trying to extract the claim from being just another data process (Luddite tendencies showing again (-: ) eventual final human contact restored with a measure of dogged persistence, the situation was resolved to the insured`s satisfaction in that his machine was not "scrapped" or perhaps categorised as some form of write off, but repaired to his satisfaction and returned to him to the extent that his enjoyment of HIS machine continues to this day.. (-:
Me..? Having some skills relative to things automotive, and that my chosen machine seemed to fall within my ability to repair much if not most of the damage it might incur in an "average" bump, and having a very rudimentary knowledge of Insurance company operation, I wished to go a stage beyond agreed value, and .....
At this stage I wanted to be sure not to risk typing FAKE NEWS.. so off to the cupboard to dig out my Insurance docs and just as well I did...!!!!
Back to the desire to have cover over and above agreed value relative to my machine.... I sought to retain ownership of the "salvage" should I so desire if the machine was involved in an accident, and I took care from the outset to ensure I had that specified on my policy documents.
Endorsement appendix 429 If your vehicle is considered a write off and you wish to retain the salvage, we will deduct 20% of the market value of the vehicle (Market value immediately prior to an incident resulting in the rite-off of your vehicle) from the amount we pay you for the claim...
Back with me today and the topic... With regard to the above paragraph I have an agreed value policy in force for the year and at any time during that year I EXPECT the agreed value to be paid out, and not some assessors pre accident re-evaluation based on the "salvage" he inspects.... So I guess I would perhaps have to argue that point when stressed out as the result of whatever unfortunate situation I might have found myself in... Fortunately further down on the same page is... Endorsement 051 relative to them promising to pay out the agreed value in the event of it being stolen and NOT recovered or being declared as an uneconomical repair, they will pay out the sum shown in the schedule...If it were recovered and was say a 996 or 997 on Porsche, how might it have been treated and would the assessor check for over rev possibilities along with whatever other damage it might sustain to body or trim, thinking can of worms or what..?
Having dug out the docs, and looking through them I had to go back to the 2016 renewal docs to find a mention of the salvage retention clause...!!! So what do you think of my chances of retaining my ownership of MY machine should it be determined as a write-off.... I can only guess.... sigh!
My "specialist" broker recommended by the marque club ( no not the one involved in the unfortunate claim process above) and whom I have insured this machine with continuously from 2002 right up to the present day, while like you (?) taking FOR GRANTED that MY requirements would have continued as the broker changed from one insurer to another over the years.... Double duh !!
I may be more fortunate than many, in that my machine was not primarily bought as an investment and has increased in it`s market value in time, perhaps more importantly for me is that today I feel it owes me nothing, I have enjoyed many adventures in it, and on that basis I value it more than the sum of it`s parts and suspect even it`s agreed value would NOT enable me to find or recreate a replacement vehicle approaching anything like the unusually high quality of workmanship put into the total rebuild processes prior to my purchase and at the time I agreed with the then owner that the approximate market value sum I was paying for it, would not have covered the parts and (professional) labour he put into recreating the level of perfection applied during his ownership.. Thus the salvage after a bump that might cause it to be considered a write-off was perhaps likely to be worth more to ME than the Insurance companies assessment.... If you in any way think YOUR Porsche might be hard or impossible to replace then are you adequately insured...? As this is a 993 instigated thread, I looked at the number of 993`s advertised here.... not a lot to choose from compared to 996`s and 997`s... hmm..?
I guess there ever a lot of priorities in daily life that can alter, and it seems expectations relative to Insurance are perhaps shelved quickly to get on with far more important issues at any time, UNTIL a claim situation arises..?
My machine has spent the last four years or so off road, so not at much at riskwhile housed in a substantial garage alongside my home, however I have removed mats, carpets, seats and gearbox cover to carry out some maintenance and repair tasks, that have been left to get on with whatever else came up as a priority.... if a claim situation arose.... hmm..?
Yeah, just thinking in type as ever....in the hope it might be of interest to anyone.. :?:
:yeah: :goodjob:
TobesEtc
Mexico City
- Joined
- 2 Jun 2014
- Messages
- 1,851
Luddite said:
Whilst I don't (touch wood!) have experience of a claim with Admiral, I can say they are really good to deal with for our multi-car/agreed value policy. Every year they put the price up, every year I haggle and it drops a bit below the previous year, to the point where this year it's almost embarrassing how affordable it is for 2 cars. I actually enjoy that process - makes a change to be on the other side!
When I give them full disclosure about the mods (non-standard parts) they are remarkably relaxed about it, simply listing everything on the policy.
On the basis of my actual experience to date, I'd recommend them.
Sen, many thanks for taking the time to let me know that my Insurance ramble was of some value to someone (-:
I note that in an Insurance related topic elsewhere the COST of Insurance would seem to be the priority with no mention as to the actual level of cover which is being bought for the sums reported..?
As I typed in my ramble, for many years I guess I looked at Insurance as just another form of licence fee to put my machine on the road and thus the cheapest available Insurance seemed ideal.... until I was involved in an accident caused by a dummy who`s parents funded a lawyer to fight his corner, and as a newly married, mortgaged to the hilt 20 something with third party Insurance.... I had to push hard to have the actions leading up to the accident properly assessed... I lost what was my first car, one that I had put so much effort into "restoring," and my circumstances were such that I could not hope to find the time to repair it.... It was a real blow at the time.. I did manage to get to the point where my no claims bonus was restored, which was very important at the time... I guess I learned something back then, but it took the passage of many years before I prioritised comprehensive Insurance over other of life`s priorities..
Today... Sure cost is still very important in any purchase, but when it comes to Insurance of something one considers in some way difficult to replace, then I imagine it might be worth a bit of extra time and thought to carry out a realistic cost benefit analysis :?:
I note that in an Insurance related topic elsewhere the COST of Insurance would seem to be the priority with no mention as to the actual level of cover which is being bought for the sums reported..?
As I typed in my ramble, for many years I guess I looked at Insurance as just another form of licence fee to put my machine on the road and thus the cheapest available Insurance seemed ideal.... until I was involved in an accident caused by a dummy who`s parents funded a lawyer to fight his corner, and as a newly married, mortgaged to the hilt 20 something with third party Insurance.... I had to push hard to have the actions leading up to the accident properly assessed... I lost what was my first car, one that I had put so much effort into "restoring," and my circumstances were such that I could not hope to find the time to repair it.... It was a real blow at the time.. I did manage to get to the point where my no claims bonus was restored, which was very important at the time... I guess I learned something back then, but it took the passage of many years before I prioritised comprehensive Insurance over other of life`s priorities..
Today... Sure cost is still very important in any purchase, but when it comes to Insurance of something one considers in some way difficult to replace, then I imagine it might be worth a bit of extra time and thought to carry out a realistic cost benefit analysis :?:
Tobesetc, I do hope you never have to make a claim ever.
if I understand your post correctly you are recommending a company based upon their premium, their willingness to engage in bartering, and seemingly relaxed acceptance that your Porsche is modified...
I would perhaps value recommendations of an Insurance company, had that company proven themselves to be equally relaxed when required to pay out...
Many years ago when my son was looking to insure his first m/cycle and was getting all sorts of quotes, noting his frustration I sought to give him a hand, so phoned one of the "specialist" m/cycle brokers.... and answered all the usual questions such as stating it would not be garaged and a few other important Insurance issues....
The call centre person presented a very good quote and said he would send through the paperwork ready filled out and all my son had to do was sign it..... Call me pedantic though said to my son I want to see the document before he signed it..... Well there was a tick in the box for garaged and other boxes ticked which should not have been.... !!!
The above inclined me to wonder how this could come about given the care I had put into answering the questions accurately.... I came to think that the call centre staff were on some sort of bonus for every policy sold and to increase their bonus were reducing the quoted costs over the phone and subsequently creating incorrect documentation in the hope that the insured would just.. take it for granted that... they had supplied the correct information and were insured on that basis, signed and returned the document with payment.... :bandit:
if I understand your post correctly you are recommending a company based upon their premium, their willingness to engage in bartering, and seemingly relaxed acceptance that your Porsche is modified...
I would perhaps value recommendations of an Insurance company, had that company proven themselves to be equally relaxed when required to pay out...
Many years ago when my son was looking to insure his first m/cycle and was getting all sorts of quotes, noting his frustration I sought to give him a hand, so phoned one of the "specialist" m/cycle brokers.... and answered all the usual questions such as stating it would not be garaged and a few other important Insurance issues....
The call centre person presented a very good quote and said he would send through the paperwork ready filled out and all my son had to do was sign it..... Call me pedantic though said to my son I want to see the document before he signed it..... Well there was a tick in the box for garaged and other boxes ticked which should not have been.... !!!
The above inclined me to wonder how this could come about given the care I had put into answering the questions accurately.... I came to think that the call centre staff were on some sort of bonus for every policy sold and to increase their bonus were reducing the quoted costs over the phone and subsequently creating incorrect documentation in the hope that the insured would just.. take it for granted that... they had supplied the correct information and were insured on that basis, signed and returned the document with payment.... :bandit:
Me again..!! Just received Insurance renewal docs through the post, and as the result of this thread, I decided to take a read through them..Gripping reading it was not. However, I note that some of you folk like me have been known to drive your cars to foreign parts, and may no doubt EXPECT that while jaunting around Europe you are covered for perhaps a period of up to 90 days at no extra cost.... Great..? Possible Brexit effect...? Don`t ask me..!!!
I note that some of you chaps head for the Autobahns and elsewhere for a bit of high speed driving, if so perhaps best to check your Insurance policy, for if it is anything like mine you may not be covered to the extent you are while driving in the UK...?
Hope to attach a scanned JPEG from my ins renewal offer docs which may be food for thought..?
Perhaps best to pay attention to the wording..? MINIMUM Insurance covered by law etc.etc. In the UK that used to be known as RTA Insurance which was below the level of third party Insurance... So I guess you have all checked out just what level of cover you might have in whichever country you are planning to visit..?
Cheapest quote is best.... hmm :?:
I note that some of you chaps head for the Autobahns and elsewhere for a bit of high speed driving, if so perhaps best to check your Insurance policy, for if it is anything like mine you may not be covered to the extent you are while driving in the UK...?
Hope to attach a scanned JPEG from my ins renewal offer docs which may be food for thought..?
Perhaps best to pay attention to the wording..? MINIMUM Insurance covered by law etc.etc. In the UK that used to be known as RTA Insurance which was below the level of third party Insurance... So I guess you have all checked out just what level of cover you might have in whichever country you are planning to visit..?
Cheapest quote is best.... hmm :?:
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