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911Time
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Joined: 25 Sep 2018
Posts: 93
Location: Staffordshire


PostPosted: Fri Nov 16, 2018 11:19 am    Post subject: Straw Poll: Agreed Value Insurance Reply with quote

Hi all,

Just wondered how many here used an Agreed Value insurance cover?

I'm still searching for the right car but having spoken with my current insurer and about 5 'Porsche' brokers, prices seem to vary massively (£500 - £1,500), even when the basic cover is largely similar. The key difference with the more expensive policies is choice of repairer (which I would want) and for the most expensive, Agreed Value cover.

I've had some fancy cars in the past but never considered AV to be necessary however, this purchase will be the most I've spent on a used car at £60K+ so I want to consider all angles.

If you were looking at a used non-GT/Special like a low miles 2013 or 14, C2/4S that has already seen the worst of its depreciation, would you stick with a 'Market Value' policy, or pay the extra for 'Agreed Value'?

Obviously this would only become an issue in the unfortunate event of a total right-off, so that has to be considered.

BTW, this isn't a penny pinching approach, I'm just not convinced that the extra £400-500 for an AV policy couldn't be better spent on other things - car related, naturally! Very Happy
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Mark


I'm not a perfectionist - I just want everything done 'Right' Wink

Current: 991 C4S with a few 'special bits'. Previous: C63 Estate, BMW e92 330d Coupe (700Nm/Custom Exh/Map/BBK/Quaife/Breytons), ML63AMG, Alpina e46 B3S Coupe, Alpina e36 B3 Coupe, Lotus Excel SE, Alfasud Green Cloverleaf Ti, Lancia HPE, Capri 2.0S, Marina 1.8 (don't laugh it was my first road car) plus boring company cars. Bikes: Suzuki TL1000R and BMW R1100S AC Schnitzer.
 
  
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cableguy
Kyalami


Joined: 10 Sep 2007
Posts: 1870
Location: North Yorkshire


PostPosted: Fri Nov 16, 2018 12:55 pm    Post subject: Reply with quote

I've never bothered with AV. I have my Porsche, my daily and two classics insured all year round and my train of thought is, if any were to be written off then the market would hopefully dictate what the car is worth. Basically like for like or matching my car with a similar car advertised.

C.
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spongebob squarepants
Shanghai


Joined: 20 Dec 2009
Posts: 4798
Location: Manchester and Iraq


PostPosted: Fri Nov 16, 2018 3:00 pm    Post subject: Re: Straw Poll: Agreed Value Insurance Reply with quote

911Time wrote:
Hi all,

Just wondered how many here used an Agreed Value insurance cover?

I'm still searching for the right car but having spoken with my current insurer and about 5 'Porsche' brokers, prices seem to vary massively (£500 - £1,500), even when the basic cover is largely similar. The key difference with the more expensive policies is choice of repairer (which I would want) and for the most expensive, Agreed Value cover.

I've had some fancy cars in the past but never considered AV to be necessary however, this purchase will be the most I've spent on a used car at £60K+ so I want to consider all angles.

If you were looking at a used non-GT/Special like a low miles 2013 or 14, C2/4S that has already seen the worst of its depreciation, would you stick with a 'Market Value' policy, or pay the extra for 'Agreed Value'?

Obviously this would only become an issue in the unfortunate event of a total right-off, so that has to be considered.

BTW, this isn't a penny pinching approach, I'm just not convinced that the extra £400-500 for an AV policy couldn't be better spent on other things - car related, naturally! Very Happy


Simple choice, Classicline will insure 'modern classics'. The agreed value part is only an extra 24 quid and this can be done online. Classicline don't need no claims bonus either, and have always given me personally the best quote. I would never run a Porsche on market value, as this may be significantly less than actual value. Thumb
So either agreed value or gap insurance, which when sourced yourself isn't that expensive
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asterix_the_gaul
Suzuka


Joined: 20 Dec 2008
Posts: 1235
Location: Cheshire

1999 Porsche 996 Carrera 2

PostPosted: Fri Nov 16, 2018 4:13 pm    Post subject: Reply with quote

Agreed value is kind of essential, but you only realise that when the car is written off and they offer you a glasses guide price which is usually well out for classics. They still won't give you 'market price' based on some current adverts- av or gap can save a lot of agro

Gap insurance only covers you for the difference between the price you paid for the car and what the insurance will pay out on market value, so it could work in this scenario but it wouldn't if the car was appreciating. Agreed value could be set at higher than you paid for it , so gap insurance may initially be a good solution but AV later if it appreciates
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cheshire911
Estoril


Joined: 10 Jun 2012
Posts: 3787



PostPosted: Fri Nov 16, 2018 4:40 pm    Post subject: Reply with quote

If you know a friendly trader, ask him to look up the black book car value. You will likely need smelling salts to come around after he tells you what the market value in the black book is saying its worth.

Agreed Value is a valuation that typically is valid for two years but can be updated as often as you like in that period. On a rising market you need to review the agreed value very regularly otherwise the Agreed Value may be short of actual value.

Also remember that the Agreed Value is the cost to replace your vehicle in the event of a total loss with one that matches your cars specifications, condition, history and mileage. It is not the ticket price if you want to sell your car. Agreed Value only cuts in when there is a total loss decision. It will make settling the claim pain-free and without argument with the insurer. Market Value will mean the onus is on you to justify why you think your car is worth more than the insurer's market value. Showing them ads of similar cars is not enough to persuade them (usually). They will simply highlight that advertised prices and actual prices cars sell for are different and actual are lower prices.

Personally, I can only recommend Agreed Value and policies that allow me to take the vehicle to a repairer of my choice - a Porsche-approved bodyshop.
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The return of Marty Wild
Barcelona


Joined: 04 Nov 2016
Posts: 1316



PostPosted: Fri Nov 16, 2018 7:09 pm    Post subject: Reply with quote

Echo all of the above, I’ve literally just moved over to Classicline. AV and 6 Track Days, Euro breakdown and a small excess was too much of a lure and the same as what I paid Admiral last year.
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911Time
Trainee


Joined: 25 Sep 2018
Posts: 93
Location: Staffordshire


PostPosted: Sat Nov 17, 2018 5:31 pm    Post subject: Reply with quote

Thanks for your comments.

I initially thought Agreed Value but the high price of the quotes put me off and having only had one motoring claim in 34 years you start to ask whether the extra spend is warranted but like most insurance, you only find out when something comes out of the blue and your left Sad

I'll give Classicline a try - would never have considered them for a 991 but if they do modern stuff as well then I'll see what they can offer and what sort of policy they put forward.

Thanks again Thumb
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Mark


I'm not a perfectionist - I just want everything done 'Right' Wink

Current: 991 C4S with a few 'special bits'. Previous: C63 Estate, BMW e92 330d Coupe (700Nm/Custom Exh/Map/BBK/Quaife/Breytons), ML63AMG, Alpina e46 B3S Coupe, Alpina e36 B3 Coupe, Lotus Excel SE, Alfasud Green Cloverleaf Ti, Lancia HPE, Capri 2.0S, Marina 1.8 (don't laugh it was my first road car) plus boring company cars. Bikes: Suzuki TL1000R and BMW R1100S AC Schnitzer.
 
  
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The return of Marty Wild
Barcelona


Joined: 04 Nov 2016
Posts: 1316



PostPosted: Sun Nov 18, 2018 7:00 am    Post subject: Reply with quote

Let us know how you get on!
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Jay.
Montreal


Joined: 20 Oct 2015
Posts: 532
Location: Brize Norton


PostPosted: Sun Nov 18, 2018 11:05 am    Post subject: Reply with quote

I wanted AV insurance, so I phoned classic line - unfortunately as I use mine as a daily it didn't come up at all sensible (well over £1000) - mainly due to the mileage (they cap out at 7500 iirc)..

I've had to go with one of the insurers via confused.com (LV) - I just hope that if I do get into an accident and the car is written off then they'll be sensible and at least offer me enough to buy one back off Autotrader. Plenty of success stories of people arguing the valuation using available cars as a source of proof
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rabbitstew
Hockenheim


Joined: 21 Aug 2015
Posts: 684



PostPosted: Mon Nov 19, 2018 10:29 am    Post subject: Reply with quote

I have always just gone with whatever the cheapest quote is.

My family has had 2 instances when cars have been written off and in both cases the insurance company paid out what it would cost for us to buy a similar age, mileage, condition car with the same extra`s. In one case the insurance companies first offer was about 50% of the market price, but after we sent them examples from auto-trader they price matched without quibbling.

Where I would go for an AV is if the car is something you couldnt easily replace and therefore the market price would not be easy to establish. Or, if the car has been modified which again may be difficult to find a market price.
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