Agreed Value

As my resto is nearing completion () I'll be requiring insurance.

I didn't go down the agreed value route with previous years but since spending a fair whack on it, it'll be the sensible option this time around.

How do you come to a decision as to what it's worth? Purchase price + resto costs?

I just went for as much as I could get within reason.

Mine is agreed at 6K that's a modified 230bhp GTI tintop is excellent but not concours condition.

The wife's cabby Sportline again is 6k that is mint except for the engine bay.

You never get back what you spend on them, try and decide yourself what you would be happy with.

My Rivage is agreed for £8250.

Mint apart from a grubby engine bay (no time to clean it)

Safest way is to have a look at cars similar to yours that are for sale and base valuation around if your car was a total loss how much would you have to spend to get a like for like replacement plus a bit for the hassle of travel etc.



 

Yomp said

Safest way is to have a look at cars similar to yours that are for sale and base valuation around if your car was a total loss how much would you have to spend to get a like for like replacement plus a bit for the hassle of travel etc.



 

I don't think you can look at it that way. You could spend 3k on a car and a further 10k restoring it, that doesn't mean its worth 13k

BigNormRivage said

I don't think you can look at it that way. You could spend 3k on a car and a further 10k restoring it, that doesn't mean its worth 13k

I never mentioned anything about how much you spent on the car.
What i said was look at similar cars for sale and base it on that.
If the rule is - "you don't get back what you spent" (which is subject to another debate) then neither will the geezer you are buying off who has spent a similar amount to you on a similar condition car!

Mine has had a full respray and I've replaced almost everything on the engine without doing a total rebuild. The interior is great so that hasn't been touched.

Trouble is Yomp, there aren't many original Formel E's about!  

Going on what has been said, I'd be looking at least 4k I think.

You'll have to let me know at the AGM if its worth it!

You said, "think how much it would cost to get a like for like"

So the only way to achieve a like for like is to spend the same cash as originally spent.

Like for like means buying a car in exactly the same condition.
It doesn't mean buying an average car and spending a load on it to bring it up to the same condition as the totally lossed car. 

m00 don't sell yourself short. If your worried about the cost of your premium going up then ask the insurance company to tell you how much extra another £1000 value costs.

Also, build up evidence by printing off or save car adverts of similar cars you see that you based your valuation on.

Ok, 5k it is then!

I'm not overly worried about my premium going up - I'm more worried about doing all this work, some chump writing it off and me getting £200.

It's interesting to see what others have theirs agreed at - which insurance companies are you with?

Adrian Flux for my Sportline with value of £6k but spent far more :-)

I think that you have to look at the condition, the originality (whether its been restored vs original), the rarity of the model and the history that comes with it.

So a series 1 in original, non restored condition with full VW service history and associated paperwork in top condition (in my opinion) would pull a higher premium than a later, more readily available model in restored top condition. 
Owners can insure their cars for crazy values but the test is when a claim is made. The company will look at similar models and assess from there. 
If you over-insure then they can knock you back too. There is only so far that you can go reasonably. 

Mine has an agreed value with AF.
Because of how much I wanted to insure it for I paid for a guy with loads of letters after his name, approved by the insurance company, to come and inspect the car, take photos, and write an independant report.
I  gave him evidence of other similar cars that had been for sale over the last 12 months along with all the receipts for the restoration.
Cost about £100 but I think its money well spent in the unthinkable event of getting into an arguement with the insurance company.
it's valid for 3 years and also takes into consideration the incresing value of the cars.

Indeed, money well spent. 

Dano said

If you over-insure then they can knock you back too. There is only so far that you can go reasonably. 

That's completely wrong.

If they agree a value with you they HAVE to stick to it. Just read your small print and it will confirm it.

If they think you have over valued it then they will tell you, like they did with me. then we met in the middle.

Once its agreed then its agreed and that's that

Dano said

Owners can insure their cars for crazy values but the test is when a claim is made. The company will look at similar models and assess from there. 

If that's the case, then there is no need for agreed value insurance - or the extra it costs.

paul_c said

Dano said

Owners can insure their cars for crazy values but the test is when a claim is made. The company will look at similar models and assess from there. 

If that's the case, then there is no need for agreed value insurance - or the extra it costs.

Really??? 

Well it would be pointless having an agreed value if they could lower the value in the event of a claim.

My brother looked over the small print and its water tight in the customers favour, and he should know being a lawyer.

I have asked the question a few times in the past but no one has ever posted back, i would like to know who has had experience with a car being written of etc with an agreed value on it and if the insurance company did just payout the agreed value figures no questions asked as we would all hope. Be interesting to know.

If they didnt then take them to court as they wouldnt have a leg to stand on as its a binding contract.

The smallprint states 'if the vehicle is stolen or written off then the agreed value will be paid out'