insurance valuation

RSS
Email

0 Kudos

Author	Comment
marco mantara	insurance valuation		Lead	[-]
Registered Member Posts: 158 Wed, 16-Sep-2009 22:08	Tags : None Hi-------- l've just renewed my insurance on the Mantara and noticed that the car has been devalued by a £1000 on the renewal documents ! The agent said it was a standard formula based on depreciation . How do l set about an "offical agreed valution", and how does the procedure cost ? (has anyone made a major claim ,and how did the "agreed valuation" figure in the insurance settlement--was it honoured?)
Interact My Recent Posts	Reply Quote
OldNoccer		#1	[url]	[-]
Registered Member Posts: 770 Wed, 16-Sep-2009 22:48	See previous thread in this section - Marcos Cars Going up a Lot - and the response of RedLine that this is true (presumably Jeremy). Look in the recommendations section for a sensible insurer (like MSM, but take your pick). Steve There's a lot of talk these days about green transport. Well, I am ahead of the game, I already have green transport ... British racing green.
Interact My Recent Posts	Reply Quote
marco mantara		#2	[url]	[-]
Registered Member Posts: 159 Thu, 17-Sep-2009 07:03	Yes -l have already read that thread re prices going up, but would the Insurers take this on board with any claims ? At present the Marcos appears to be lumped in with the majority of cars which depreciate with age. (Another thought comes to mind, would there be a need for all Marcos to be "officially revalued "?) "Insurers", l went through Sykes and have got a lowish premium ,but as always you don't know how good Insurance companies are until you need to claim.! Do some companies accept and implement both "appreciation" and "depreciation" as appropiate with the current market prices ?
Interact My Recent Posts	Reply Quote
Plug		#3	[url]	[-]
Registered Member Posts: 9 Thu, 17-Sep-2009 10:25	I used Adrian Flux and they send you an agreed valuation form, you set the figure and fill out a declaration and supply pictures of either side front back inside car and inside engine bay, they then agreed my valuation £16k for 1994 Mantara Spyder. Ian
Interact My Recent Posts	Reply Quote
marco mantara		#4	[url]	[-]
Registered Member Posts: 160 Thu, 17-Sep-2009 11:26	Thanks Ian for info---sounds like Adrian Flux are "no nonsense" insurers ie proof of value is accepted by photos you send them and not a potentially expensive independent evaluation. Has anyone been involved in a claim and had problems with insurers re payment of claim--full value. l have a good BMW E30 325I Convertible which was pinched and damaged.a few years ago. l had real problems when the Insurers deemed it a write off ! (rear wheel and half shaft damaged ,plus superficial paintwork ,and bumpers) Apparently , a write off is given when cost of repair (including car hire) exceeds HALF the agreed value .
Interact My Recent Posts	Reply Quote
Mike009 Gardner		#5	[url]	[-]
Registered Member Posts: 380 Thu, 17-Sep-2009 12:09 Junior mechanic	If you insure with Flux as a new customer they will most likely want a written valuation as well as six photos . They did when I first used them and then accepted new photos on renewal. I asked Redline for a letter as I bought car through them but Isobel Chivers kindly provided a valuation via CMI so try the clubs if you are a member. I found that being with Adrian Flux for several years that the premium kept going up without any change of circumstances or claims. When finally challenged as to their best price for a valued customer they played the old game of what other quotes had I received. I insisted on their best offer that should not depend on what other companies quote. I am now with A+H insurance that advertise in classic car mags. and are classic specialists. They are very competative ( beat Flux`s best ) on my Mantara with guarenteed valuation + breakdown recovery home and abroad on a limited mileage use of 5000 a year which suits my needs. Just had renewal come through this week , premium up by just a few quid and not worth the hassle of chasing round and also guarenteed valuation of £14,500.00 on a 1995 4litre with no quible or extra photo`s etc. I would have thought £16,500 for a 1994 a bit optimistic in current market , can`t believe they have gone up in value that much but hey ho ! it`s only for insurance purposes so if you can get it all well and good. Give A+H a try.
Interact My Recent Posts	Reply Quote
marco mantara		#6	[url]	[-]
Registered Member Posts: 161 Thu, 17-Sep-2009 17:27	Thanks Mike, the problem is l jumped the gun as my renewal was due at the beginning of Sept. and their quote of £207 for 3000 limited miles beat Flux and others by c.£50 ! However l will certainly check out your company next time. The "devaluation" from £14,500 to £13,500 just rankled and stayed in my head ,hence the "Thread" (on reflection my Mantara is a '96 and in great condition-maybe l have under valued it anyway?) l suppose this is all hyperthetical---unless l "total" the car, or some slimebag manages to pinch it . Has anyone had their's stolen?---presumably the chances are quite remote when you think of the specialist niche of the Marcos ?
Interact My Recent Posts	Reply Quote
Mike009 Gardner		#7	[url]	[-]
Registered Member Posts: 381 Fri, 18-Sep-2009 11:57 Junior mechanic	It seems to me this insurance premium thing is one big scam . You say your current company is £50 or more cheaper than Flux and others , how come Flux were charging me over £300 for a 1995 car al be it on 5000 miles !!?? At £207 you seem to have a good deal but does it cover breakdown recovery etc ?
Interact My Recent Posts	Reply Quote
Plug		#8	[url]	[-]
Registered Member Posts: 10 Fri, 18-Sep-2009 16:23	My theory is to ask whatever you can on the valuation then by the time they use there "formula" to knock the price down it may be a realistic offer..they didn't question the figure but I expect they would ask you to prove its value if you made a claim, this is usually done by you scouring the country for adverts for sale of your car type and model selling at that kind of price, might be a bit difficult with a Marcos, not exactly on every street corner are they?. I certainly don't believe in customer loyalty when it comes to insurers. I'll give A&H a go on renewel I've had race cars and trailers insured with them previously and they where very competitive. But not when I asked for a quote on this car......love em ! Ian
Interact My Recent Posts	Reply Quote
brian coleman		#9	[url]	[-]
Registered Member Posts: 263 Mon, 21-Sep-2009 15:43 Apprentice mechanic	I notice that no one has mentioned Hagerty, based at Silverstone. A lot of us in the Kent area use them. They are very phone friendly and the rates are competive - mine was £170.52 for my Mantula for 3,000 miles with an agreed value of £10,500. There's free breakdown cover, plus we are all covered to drive each other's cars - as long as they are insured with Hagerty. They even put my missus down as an additional driver for free, not that she would ever drive it, but you never know, there could be a time when I was indisposed and we had to get home. Phone No is 08700 420220 www.hagertyinsurance.co.uk
Interact My Recent Posts	Reply Quote

<< Previous Topic Next Topic >>

Yuku free message boards

insurance valuation

insurance valuation