Agreed/Guaranteed Value Insurance: What do other people do?

Hi all

I bought a bit of a shed in 2015 which had a good solid chassis which I paid good money to have steam-cleaned, treated and coated inside and out. Since then I've replaced the various moving parts which have been on their way so the amount my Max is worth is a lot more than the age/mileage i.e. market value would suggest.

I know you can get agreed value insurance where you will get an agreed amount in the event of a write off- does anyone have any suggestions of where's best to try? This must be an issue others here have experienced.....

Hi, Agreed Value protects the value of the finished vehicle rather than the amount you've spent. I suspect the car is worth the upper end of Glass's but it won't attract anything higher just because you've spent alot on it I'm afraid.

best,
Nick

Thanks for the reply- just a couple of questions....

- Isn't value just want someone's willing to pay for it? If a vehicle's been heavily modified and/or many parts replaced shouldn't that increase the value? Obviously not £ for £ but if I'd replaced the engine with a new engine and replaced most of the moving components surely the previous mileage would become much less relevant?

- I was under the impression that you could insure anything for any value you like providing you are willing to accept the premiums? Isn't insurance a simple calculation of risk (i.e. likelihood x severity) so if I'm saying I'd like a pay out of, say, twice the market value then that would broadly double my premiums? (because likelihood of a write-off is unchanged)

Is your reply related to your company or your impression of the industry as a whole?

Regards,

Adam

Quote:

---

Originally Posted by InkBlue

Thanks for the reply- just a couple of questions....

- Isn't value just want someone's willing to pay for it? If a vehicle's been heavily modified and/or many parts replaced shouldn't that increase the value? Obviously not £ for £ but if I'd replaced the engine with a new engine and replaced most of the moving components surely the previous mileage would become much less relevant?

- I was under the impression that you could insure anything for any value you like providing you are willing to accept the premiums? Isn't insurance a simple calculation of risk (i.e. likelihood x severity) so if I'm saying I'd like a pay out of, say, twice the market value then that would broadly double my premiums? (because likelihood of a write-off is unchanged)

Is your reply related to your company or your impression of the industry as a whole?

Regards,

Adam

---

Hi Adam,

The valuation for an Agreed Value policy should ideally be supplied by a marque expert and will take account of how special/rare an example the vehicle is. If you replace the 80k mile engine in an '08 SMax to an 20k mile engine, it's just an '08 SMax with a lower mileage engine (and Glass's guide responds). However, as it ages, if the model is rare and a particularly fine example, there's an argument that then it will outshine the competition by enough that special consideration is required in the form of an AV policy. I think some will fudge you an AV policy on newer (dare I say run of the mill) cars but that's not the normal view. Sorry it's not what you want to hear.

N