Sorry! Whats it worth on insurance valuation

[blythmrk]

Wow excellent how's all the shiny bits holding up under the bonnet?

Its not about the money for me I bought a Supra originally because I wanted one and that's why I still have it now although the decrease in spares availability and the increase in values have sent me on a mission to get my Red UK car as mint as possible although its very good already I just want it better just for my own satisfaction!

Thanks

Mark

[Kev.O]

I know what you mean, it can become an obsession can't it?

 

As most things are chromed, a quick wipe and they look as good as new.

[Burna]

I know what you mean, it can become an obsession can't it?

 

As most things are chromed, a quick wipe and they look as good as new.

 

Now there's a blast from the past! Good to see you posting Kev mate

[Kev.O]

Now there's a blast from the past! Good to see you posting Kev mate

 

Hope you're well bud? I'm still about just lurk more than post 

[Alex_GT]

Might be an odd question, but is the purpose of agreed valuation to massively exaggerate what the car is worth so you get more money if something happens? I mean, in the event they would have to pay out they would give what it would cost to replace the car anyway wouldn't they?

[rider]

Insurers are generally OK to raise the agreed value limits within reason as they don't do that for free, it does attract a higher premium the higher the agreed value you insure. Having said that I have always used adverts to justify the valuation otherwise you'd usually need to have the car independently valued. So the insured value does need to reflect the market as no insurer will just say yes to give you more money than its worth should the worst happen.

 

Anyone should insure any car for what it would cost to replace and with a rapidly appreciating car its sensible to factor in a certain amount for the following years rise in value. Supra inflation is running around 25% so I'd take a dealer price and add 10% to 15% on renewal. So Marks car would be a stretch sale at £32k but he'd find it hard to replace it with £32k and by this time next year he will probably need to look at insuring it for around £40k at renewal.

[Kev.O]

Mark, I've just had an email rejecting my value of £32K after having massive issues with flux's IT resulting in me sending 31mB of photos and receipts. I need to call them tomorrow but would you be ok if I mentioned your policy as the way I see it is that it sets a presendance? PM me if you prefer?

 

I have to say that I'm really not impressed with Flux so far, their online system is awlful and they aren't overly helpful on the phone.

 

I realise I've increased the cost by a considerable amount but the last time I questioned the previous value of £18K was back in 2008 and it's fair to say prices have changed since then.

 

Regards

 

Kev

Edited May 25, 2017 by Kev.O (see edit history)

[blythmrk]

Mark, I've just had an email rejecting my value of £32K after having massive issues with flux's IT resulting in me sending 31mB of photos and receipts. I need to call them tomorrow but would you be ok if I mentioned your policy as the way I see it is that it sets a presendance? PM me if you prefer?

 

I have to say that I'm really not impressed with Flux so far, their online system is awlful and they aren't overly helpful on the phone.

 

I realise I've increased the cost by a considerable amount but the last time I questioned the previous value of £18K was back in 2008 and it's fair to say prices have changed since then.

 

Regards

 

Kev

 

Hi Kev

 

I have not replied yet to get my agreed value to be honest I had to call them as I couldn't log in but had pressed send reset password and no email came to enable that so in the end I had to call them up and then they sent me a reset password code so yes their IT is not great to be honest I filled in the form and never sent the agreed valuation back but I stated to the guy on the phone I have paid an increased premium for 32k value and its stated on my policy so they would pay me 32k or what is the point in paying increased premiums. I would actually take them to court if necessary!

To be honest all insurance companies are getting very funny I have had a running with my business insurance as they will no longer insure my company premises for flood but it has flooded once in 110 years

I have paid far more for the last 10 years to insure since we claimed for flood now they have new flood mapping and we are allegedly zone 5 the highest rating and no insurance company will insure us for an affordable amount until the flood defences have been tested I have posed the question what is an adequate test?

I feel as if they are stating if you own a highly sought after car (I have an Audi RS4) and they were the thieves favourite a few years ago and I am surprised they didn't turn around and back out of theft of vehicle cover too it seems they are picking and choosing now.

I simple to get a garage valuation report, does Lee at SRD offer this service or JM Imports as they really cannot argue back then.

I know another forum member (Rider) has had similar issues with another insurance company on agreed value only last week he has reverted back to LV and must say when I used to insure with them the service was excellent.

[Kev.O]

Well I'm wondering who within the moderation team would be able to write a letter to confirm the cost.

 

As mentioned before it's not the market value but the cost to replace the car with a similar specced Supra. I know that trying to get a set of matching wheels will be almost impossible but this has to be reflected in the agreed value.

 

Mark, on the bottom of my email it states that until I receive an email confirming the agreed value price any claim will be paid out at market value.

[DodgyRog]

I think for insurance agreed value 32k is good but fair for a UK spec

 

I got mine upto 25k agreed value this year with some haggling and I would consider yours to have a higher market value

[Kev.O]

Thanks Rog.

[blythmrk]

Well I'm wondering who within the moderation team would be able to write a letter to confirm the cost.

 

As mentioned before it's not the market value but the cost to replace the car with a similar specced Supra. I know that trying to get a set of matching wheels will be almost impossible but this has to be reflected in the agreed value.

 

Mark, on the bottom of my email it states that until I receive an email confirming the agreed value price any claim will be paid out at market value.

 

I really do not see the point in putting the value down as any more on the insurance schedule then as I think my premium went up £20-30. I am going to call them tomorrow they need to look at their market values and possible replacement vehicle costs they are going to struggle especially with UK tt6s.

[Kev.O]

I'm currently awaiting a call back from a supervisor as I've been informed the most they will agree is £25-£28K.

[rider]

I have paid an increased premium for 32k value and its stated on my policy so they would pay me 32k or what is the point in paying increased premiums.

 

I wouldn't count on that. I really wouldn't.

 

I had a response back from FJ saying they note whatever valuation the individual puts on it and will pay up to that, using whatever the market value is at the time as their guideline. So they were happy to take my £24k value premium and keep it but run with a market value of £12k guideline in the case of a total loss. I think we can work out how that'd pan out. I have written a pretty detailed report to the Financial Ombudsman on the apparent unfairness of this (or is it just plain theft of premiums?) so hopefully they will investigate it and issue some kind of dictate on it. But whichever way if you don't have an agreed value certificate your premiums seem to count for squat other than the broker saying thanks that'll do nicely.

[Guest Suprauk2]

I've owned it 12 years, but despite saying to myself I was going to keep it stock, I got the bug a good few years ago!

 

 

JM Imports have a silver auto for sale at 17k so a manual is easily 20k+ to sell but as always they are worth what somebody is prepared to pay.

 

Update

The Silver Uk is going going to Germany...large desposit received

[Kev.O]

Well I've just had an email agreeing £28K based on resale value as opposed to re build value. This is a stop gap provided by the company following my conversation with the complaints manager who agreed I shouldn't be offered market value whilst I contest the agreeed value.

 

I've going to contact one of the moderators and kindly ask them to complete some paperwork to strengthen my case for the value I think the car is worth.