Agreed value car insurance?

[OxfordZ3M]

Hi all,

Im after a bit of advice!

My car insurance is due for renewal (S54 Z3m coupe) and after a a no-fault claim on my insurance this year, I realised that my current provider would only pay a quarter of the value of my car if anything serious were to happen.... therefore I would really like to look into an agreed value car insurance policy. Can anyone recommend a provider?

If anyone has any further words of wisdom, I am all ears!

Many thanks!

 

[Tufarlian]

https://www.classiclineinsurance.co.uk/

They have an agreed value option and I've found them easy to deal with and competitive

 

[GZed]

https://www.classiclineinsurance.co.uk/

They have an agreed value option and I've found them easy to deal with and competitive

I’m with classic line too. Agreed value of £9.5k on my Z3 as it has lots of mods, new bits, AC Schnitzer parts etc.

Very easy to deal with-you can actually talk to people by phone!! You get a discount for being a member of this forum too.

Of course the real test of any insurance company will only come if you have a claim but having an Agreed Value is a good starting point.

 

[Duncodin]

Hi all,

Im after a bit of advice!

My car insurance is due for renewal (S54 Z3m coupe) and after a a no-fault claim on my insurance this year, I realised that my current provider would only pay a quarter of the value of my car if anything serious were to happen.... therefore I would really like to look into an agreed value car insurance policy. Can anyone recommend a provider?

If anyone has any further words of wisdom, I am all ears!

Many thanks!

Your No-Fault Claim will push up your premium. Yes. I know. No-Fault. But that's insurance for you. Many quote questionaires don't even ask if it was fault or no-fault. It just asks if you had a claim. Any claim.

 

[B21]

I used Adrian Flux aka Sterling …seemed quite good value for a lot of cover…

 

[BillyB]

I have used Adrian flux for years with agreed value ,and they do a lot with motor sport.

 

[OxfordZ3M]

Thanks all, I will check out both Adrian Flux and Classicline!

 

[ClassicLineInsurance]

Hi, if you haven't already, please do give us a call and we'd be more than happy to look at a quote for you. Our office number is 01455 639 000, please do mention you are zroadster.org member too.

 

[elevensies]

just a point on rip off insurers,

did you know we pay within our premium so they can insure themselves for a claim. We pay roughly 10% hidden charge, so they can claim, if you claim.
WE are being ripped off, its a quango, even the ombudsman is run by the big reinsurance companies. If we were in another country, insurance works differently, you just insure yourself, not every vehicle. I hate this forced non questionable set of robbing baskets.

 

[elevensies]

Thanks all, I will check out both Adrian Flux and Classicline!

flux...... the worst of all insurance companies, they were kicked off as sponsors from Rods n Sods, the Uk largets hot rod and custom car group due to their practices and claim refusals. If they were giving away insurance i wouldnt touch them. sorry.

 

[Duncodin]

How does this agreed value insurance work then.

I can understand that I agree a value with "my" insurer and if I damage my car then the insurer pays out the agreed value.

But what if somebody else causes an accident. The other person's insurer didn't agree a value so they'll just pay out upto the market value and write it off based on that market value. In that case I assume, my own insurer makes up the difference up to the agreed value. But is the car still a CAT write off?

 

[Argyll Andy]

How does this agreed value insurance work then.

I can understand that I agree a value with "my" insurer and if I damage my car then the insurer pays out the agreed value.

But what if somebody else causes an accident. The other person's insurer didn't agree a value so they'll just pay out upto the market value and write it off based on that market value. In that case I assume, my own insurer makes up the difference up to the agreed value. But is the car still a CAT write off?

I THINK your insurer takes out another policy almost like a GAP policy and that covers the difference between market value and agreed value.

 

[Duncodin]

I THINK your insurer takes out another policy almost like a GAP policy and that covers the difference between market value and agreed value.

Yes. I understand how "Your" insurer handles the risk.

I'm not asking about that.

What about an accident where the OTHER driver is at fault. The other insurer has not agreed your value.

My question is can the OTHER driver's insurer declare your car a write off based on its market value.

 

[Pingu]

Yes. I understand how "Your" insurer handles the risk.

I'm not asking about that.

What about an accident where the OTHER driver is at fault. The other insurer has not agreed your value.

My question is can the OTHER driver's insurer declare your car a write off based on its market value.

That's exactly the same with gap insurance.

It would work in the same way. Regarding write-off value, I think the gap insurer would have the last word.


Anyway, you don't really know how good an insurer is until you make a claim. It doesn't matter how cheap the policy, if the claim doesn't go fairly for you, then they are a bad insurer. Unfortunately, you don't find out until it's too late. For all the risk that you are taking by not knowing how good or bad they are, a large part of me thinks that self insurance for my loss and third party only for everything else is not a bad option.

It's not the way that I go. I go for agreed value.

 

[Argyll Andy]

Yes. I understand how "Your" insurer handles the risk.

I'm not asking about that.

What about an accident where the OTHER driver is at fault. The other insurer has not agreed your value.

My question is can the OTHER driver's insurer declare your car a write off based on its market value.

Yip, think the other policy pays out either way regardless of who settles the “market value”

 

[Dakar Z3]

I'm with Classicline with both the Z3 and Z4.

 

[bronty]

Slightly off topic
I got a nasty shock when I just renewed my insurance for my Range Rover
Last January some imbecile smashed my rear windscreen and rear light then threw paint over the car.The idiots used water based paint so it just washed off.
I claimed for a new rear windscreen off my insurance paid the £80 got a back light for £180 of eBay and thought nothing more until my new insurance quote went up £376 even though I had 3 point taken of my licence.
I changed insurance company admitting a rear windscreen claim my insurance was £581.I then received a letter from my new insurance company that the was a claim for vandalism on the CUE register in January there for my insurance would increase by £300.
I rang my new insurance and explained the above to which they where fine about it and put the price back to the original quote.
I have since tried to have the CUE data corrected but they will not change the entry as they believe it an act of vandalism not a windscreen claim.
I am now on bricks whether to pay the extra or take the new insurance company word/letter that everything is ok.

 

[B21]

I THINK your insurer takes out another policy almost like a GAP policy and that covers the difference between market value and agreed value.

That’s correct..at least for Adrian Flux ..you have two concurrent policies…a legal insurance one that covers 35d parties plus whatever and a separate policy to take it from the first sum covered to agreed value…

I’m not sure what happens on the first policy if you say declared its value at £15k and your third part accident says it’s with £7k…you MAY take a hit on that section of the policy ..but the rest from say £15k to £35k pays out independently…

 

[Duncodin]

That’s correct..at least for Adrian Flux ..you have two concurrent policies…a legal insurance one that covers 35d parties plus whatever and a separate policy to take it from the first sum covered to agreed value…

I’m not sure what happens on the first policy if you say declared its value at £15k and your third part accident says it’s with £7k…you MAY take a hit on that section of the policy ..but the rest from say £15k to £35k pays out independently…

So let's say my 1999 1.9 Z3 has a market value of, say 2.5K but I have an agreed value value policy for 10k (Because it's really shiney).

You're saying that in the event of an accident where the OTHER DRIVER IS TO BLAME. Then the other driver's insurance didn't agree a value so they'd pay out up to the market value. My own insurer would pay out the difference up to the 10K agreed value.

I understand all that.

But let's say the damage to the car is 3K. Bonnet, bumper, bit of undertray and a repaint and we're in Cat N write off territory. The other driver's insurer will likely write it off and only pay Market Value.

My own insurer will make up the difference.

But the car is still classed as a Cat N write off.

 

[B21]

So let's say my 1999 1.9 Z3 has a market value of, say 2.5K but I have an agreed value value policy for 10k (Because it's really shiney).

You're saying that in the event of an accident where the OTHER DRIVER IS TO BLAME. Then the other driver's insurance didn't agree a value so they'd pay out up to the market value. My own insurer would pay out the difference up to the 10K agreed value.

I understand all that.

But let's say the damage to the car is 3K. Bonnet, bumper, bit of undertray and a repaint and we're in Cat N write off territory. The other driver's insurer will likely write it off and only pay Market Value.

My own insurer will make up the difference.

But the car is still classed as a Cat N write off.

That’s correct . It’s not restitutional justice ..it’s compensation..of a kind..but if you didn’t have the policy you get 2.5k ….so I’d still recommend NOT having an ‘accident’…