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Insurance value - I'm confused

wagonface

Well-known member
Joined
4 Apr 2006
Messages
1,427
My Insurance is up for renewal. Last year I said my car was worth £24k, which was a little low then, but is now very low given the appreciation of all 964's this year (mine is a 3.3 Turbo). I estimate it would cost me £35-40k to replace the car in the current market.

I just spoke to Bridle and they say my policy would pay out the market value of the car, which would need to be confirmed by the insurer's valuation person. So what should I do - leave the value low so my premium is low, and then present evidence that to replace it would cost £35-40k? Or increase the value to £35k and pay a higher premium?

I don't understand why they would pay out the market value without questioning my low valuation?

Part of the problem is that 964 Turbo's don't sell very often, so getting a good idea of replacement cost isn't easy, and could make it hard for me to convince them of the £35-40k replacement cost.

Anyone know how the wicked world of Insurance works?

Thanks, Josh
 
I'd say you need to be clear at what you value it at otherwise we would all insure our cars at a value of £5k and then try and claim £30k if a total loss/theft.

PCGB carry out valuation I believe or ask a few respected Indy's for their valuation based on condition.

The lower the set value the more chance the car will be an uneconomic repair if you have to claim and then you are in the world or arguing what your car was worth.
 
Forget whoever you are using and use another specilaist broker who will insure on an agreed valuation basis. Take the car to some indy's and obtain a valuation in writing based on age, condition, spec and history what it would cvost to buy a replacement car in the event of a total loss.

Market valuation is simply not appropriate for some cars - yours being a Turbo also and a low valuation (market valuation) will easily result in your car being written off with damage if the repair costs exceed a % of the market valuation. Arguing the toss after the event is the wrong way to go and may be a waste of time.

Be proactive - find a broker who has access to agreed valaution policies, have the car valued by at least two (if not three) sources - must be in writing - and then see where you go from there. Be preapred to pay a fee for valuation - perhaps £50 or so. Usually its free if you use a good indy.
 
Wagonface,
I think you may find the criteria used by the Insurance companies may not be the criteria used by the members. The Insurance company is more likely to pick up the Glass's guide and extrapolate a value downwards, hence the agreed valuation scheme.
 
OP,

I just insured through the PCGB scheme and got an agreed value policy for the price of the best 'market value' price i could find. My PCGB Insurance also includes a direct line to the broker - Anne - circumventing any call centre rubbish and it includes breakdown and recovery and a raft of other inclusions.

Broker is LOCKTON (a private clients broker that is happy to deal with hoi polloi like me) and underwriter is CHUBB. Some simple reqs. You must own the vehicle with no HP or lease etc. Must be garaged.

FAB!
 
jcx - I like that, a personal service. What does Anne sound like :oops:
 
Nice one JCX,
They've just put me in their reminder schedule, always worth a punt these sort of thing. :thumb:
 
Thanks for the advice. I'm with Bridle, but they are just a broker for Competition (who include track days, which I want). I have already told them to increase the value to £35k for next year.

I will try and find an agreed value policy. Personally I think its a joke that I have to get a valuation done for an agreed value policy - the point is that I want to insure a sum of money (in the form of a car in thise case), and they should simply charge me the price for insuring £30k or £70k or whatever value I choose. Anyway, no point in fighting the system. I will now spend hours on the phone giving my details to the usual recommended places.
 
wagonface said:
Thanks for the advice. I'm with Bridle, but they are just a broker for Competition (who include track days, which I want). I have already told them to increase the value to £35k for next year.

I will try and find an agreed value policy. Personally I think its a joke that I have to get a valuation done for an agreed value policy - the point is that I want to insure a sum of money (in the form of a car in thise case), and they should simply charge me the price for insuring £30k or £70k or whatever value I choose. Anyway, no point in fighting the system. I will now spend hours on the phone giving my details to the usual recommended places.

Making it that easy would be an open invitation to some people to insure an old banger for £30k or £70k with the express intention of writing it off.
It's understandable that insurers are not inclined to do it.
 
The PCGB Insurance also includes track days... and also require a valuation. As I got mine PPI'd by Tognola they have agreed to provide the valuation FOC or as part of their top notch service.

Red993C4 is right, it is only reasonable to back-up your claim re value. It is not an exhaustive process, just an opportunity to demonstrate that you are not a scam artist.
 
Probably a stupid question: do you have to be a PCGB member to get the Insurance? I ditched my membership 1yr ago. (Mind you, they do free valuations for members, so possibly two birds with one stone...)
 
wagonface said:
Probably a stupid question: do you have to be a PCGB member to get the Insurance? I ditched my membership 1yr ago. (Mind you, they do free valuations for members, so possibly two birds with one stone...)

I am not sure... they asked if i was and i said yes. A lie could cause Insurance issues. Not sure what might have happened if i had said no.
 
Boxsey said:
JCX, I've never heard of Porsche CLUB Great Britain Insurance. Do you mean Porsche CARS Great Britain Insurance?

This is Insurance which is promoted through PCGB (club) and the broker (Lockton) sponsors lots of PCGB events.

Just look in Porsche File booklet for details or Porsche Post magazine. Or shout and i will add details here...

Bridle quoted me for a lower agreed value, with only 3 k miles (less than the 5k miles i have) for £200 more per year.
 

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