Low market value insurance - Footman James

[rider]

NFU Mutual rated top in customer surveys and by Which?

 

NFU Mutual are really good. I have two tractors with the NFU because they are the only company that includes, with tractor insurance, insurance for any hitch impliments as part of the policy. I'd recommend people check that out if they aren't already insuring their tractors through the NFU.

 

From their car insurance handbook:

 

Maximum Amount Payable

The maximum WE will pay will be:

a)the MARKET VALUE of the CAR or,

b)the value shown on the SCHEDULE,

whichever is less.

 

Maybe one day they will do classic car insurance, but that day is not today.

[rider]

I received 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 have written a pretty detailed report to the Financial Ombudsman on the apparent unfairness of this 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.

 

If there is anything of note arising from any correspondence with the Ombudsman I'll log it on this thread for the record.

[Annabella]

Yes I have and they offered £50:search:

 

Yep same here, there's is just a general computer algorithm.

[DodgyRog]

I received 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 have written a pretty detailed report to the Financial Ombudsman on the apparent unfairness of this 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.

 

If there is anything of note arising from any correspondence with the Ombudsman I'll log it on this thread for the record.

 

So you have not got agreed value then

 

My policy states the agreed value to.be paid in total lose

[Kev.O]

Ric, do you mind if I ask you who you contacted for the valuation as AF have provided a website but much like you I have no way of getting the car to them. Also are you able to advise on the cost the valuer charged?

 

Thank you

Ric, apologies, I didn't realise my inbox was full.

[rider]

So you have not got agreed value then

 

My policy states the agreed value to.be paid in total lose

 

I have cancelled the FJ arranged policy and reverted back to LV on the prior agreed value £24k. It wasn't worth the cost and hassle to get a valuation letter from somewhere that FJ then may not even recognise as coming from a bonafide source let alone agree with. Just too many hoops for the case of what - the LV policy was £20 more on renewal to a bit higher than that when arrange on the day.