Insurance anto valuations 2005 4200

[Carpetman]

Hi
It time to renew my car insurance for my 4200 2005. Low mileage use 3000 etc. I was shopping around and two of the main comparison site moneysupermarket and go compare both now have auto valuations as part of there questions.

Both stated that my car was worth tops £6400 and auction price was less than £5000. As this would become there maximum payout should there be a claim this is a worry. Where are these very cheap 4200 for sale for that price ?
I guess this apply s to all makes and models now ?

 

[Corridore]

I don't think they use that as a maximum- where does the data come from to calculate it? When I spoke to the broker insuring mine I mentioned this. In general they don't offer agreed value for this age of car but will offer market value, so the advice was to keep a record of original advert/bill of sale, and keep an eye on adverts for similar cars to yours- copy and save them to build up a folder of evidence of fair market value. The alternative option was to purchase an extra insurance product that is a bit like gap insurance. Best bet would be to talk it through with whoever your insurance is with, and I would recomend one of the brokers like Adrian flux or Chris knott. I, like you, felt a little uncomfortable seeing that my car with a value of ~£20k showing as ~£9k on the auto valuation on insurance comparison web- sites.

I'm sure it must be a common complication with older cars that are appreciating/no longer depreciating as per glass guide or whatever. Think of all the 993s that where ~£9k that are now £40k+

 

[casadalloro]

I have agreed value on both of my cars with flux...4200 and barchetta.

 

[Trev Latter]

The alternative option was to purchase an extra insurance product that is a bit like gap insurance. +

So the insurance companies don't want to charge the correct premium for the true value of the car, but are happy to sell you an add on policy so that you pay for their shortcomings!

Thieving bar stewards.



Sent from my iPhone using Tapatalk

 

[highlander]

You can get agreed value for any age of car but not all insurance companies offer it. Have just raised my agreed value with Adrian flux for marci to 17.5k. For £15, it is worth the piece of mind of not having to argue if the worst happens.

 

[Corridore]

Insurance companies. Don't you just love them !

 

[Mott The Hoople]

The valuation on the comparison website is meaningless. Unless you have one of the special 'agreed value' policies valuation is always a matter of post claim negotiation. Insurers have no choice but to pay a fair market value but will invariably make a ridiculously low offer to start with. This is compounded in the case of a rare car, where they have no idea of value and make no real attempt to get a fair value. Collect data and be prepared for a long wrangle. Getting a decent deal in the end is a matter of firm persistence and being prepared for it to take a long time. The situation is actually much better these days because we have a free Ombudsman service that will decide on a fair value (in a fair manner) if the parties cannot agree. The Ombudsman is basically on your side but will expect a cogent case to be presented.

However, it's worth noting that maintenance matters such as service history, tyre condition clutch life etc. won't really be a consideration in deciding fair market value. To that extent, you may get less than your particular vehicle's value. An agreed value policy is the way to go if you want full peace of mind and less claims hassle - but they do cost more.

There's lots of specialist brokers offering policies on a car such as a Maserati but you generally need to phone them rather than go online. This is because there is a bespoke element in a quality policy and they need to discuss your exact requirements with you. Different brokers will have different policies to offer and a chat is needed to ensure that their options meet your personal needs. They also tend to have staff that like cars more than your average bod. I used to use Hagerty at Silverstone but now have a cheaper standard online policy.

Steve.

 

[Mott The Hoople]

Oh...and it's worth adding that Churchill (as quoted on comparison websites) do a 'replace your car with a similar one' guarantee. Not read read the small print to check what this means in practice but the price was good so I went with them anyway. Good luck to Churchill in finding 'a similar one' to offer me though!

Steve.

 

[cheshiremaserati]

I have both the Porsche and the Maserati on specialist agreed valuation policies with 3k miles per annum limit. It gives me the choice to use marque-approved repairers for bodywork and glass as well as a host of other benefits. One consideration for an agreed valuation policy is to ensure the agreed valuation keeps pace with the cars value in a rising market.
Although the valuation is valid for two years, I had to revise the valuation for the Porsche every year for 4 years as it more-than doubled in value from start of year 1 to end of year 4.

No such anxiety wit the Maserati. These cars don't seem to rise in market value at seismic rates like some of the sought-after Porsche models despite Porsche numbers being so much higher.

I should add that an agreed valuation is not the market selling value. Rather it is what I would have to pay to buy a replacement that is equivalent or close to the insured car in the event of a total loss.

 

[Mott The Hoople]

Agreed value can be anything that policyholder and insurer agree to. In practice it's common to have an agreed value a bit higher than market value. I insured mine for 15% more than I paid for it when I first got it.

You always have a choice of repairer - that's a legal requirement. In practice insurers will lean on you to use theirs and may have a higher excess in the policy for 'own repairer' claims. However they must agree to let you use your own repairer if you choose to.
I don't believe that the difference in excess is allowed to be a massive one, but that's not something I've looked into. the ones I've seen had about £50 - £200 difference in XS.

Steve.