Sky / Safely Insured not offering agreed value insurance on the Supra?

[Celicasaur]

So they can't offer me agreed value cover on my Supra because apparently I would be at a loss if they put a fixed value on the car and something was to happen to it. They are only able to offer me market value for my renewal.

Generally quite happy with them and have all my cars insured with them, so I'm not going to look elsewhere, but curious if anybody else had a similar response from them regarding their Supra's. 

[Tyson]

14 minutes ago, Celicasaur said:

So they can't offer me agreed value cover on my Supra because apparently I would be at a loss if they put a fixed value on the car and something was to happen to it. They are only able to offer me market value for my renewal.

Generally quite happy with them and have all my cars insured with them, so I'm not going to look elsewhere, but curious if anybody else had a similar response from them regarding their Supra's. 

Did you ask them what they perceive to be the market value? 

[Celicasaur]

No, it was one of those one-way email responses that gives you the impression it's not up for discussion, haha.

They just said that an agreed value for the amount requested isn't possible this year. Safe to say I'd better not crash the thing any time soon.

[Tyson]

24 minutes ago, Celicasaur said:

No, it was one of those one-way email responses that gives you the impression it's not up for discussion, haha.

They just said that an agreed value for the amount requested isn't possible this year. Safe to say I'd better not crash the thing any time soon.

What was the requested amount if you don't mind me asking? I know values are on the up but I'd say you're at risk if you leave it to market value unless their market value is actually an accurate reflection of the market. Is there a reason that you wouldn't shop around and find a company that better meets your needs? There are plenty of competitive insurers that are offering agreed value.

I am at a bit of a loss with their statement that you would be out of pocket if you went for an agreed value, as that's the whole point of getting it so that you aren't. Sounds to me that they are trying to pull a fast one in the hope that you don't challenge it.

[Celicasaur]

I sent the pictures of the car looking all pristine and dandy, the mileage (57k miles) and then requested £50k, as that looks like where solid TT6 examples are at nowadays with this mileage and condition on a private listing, give or take a few thousand up or down depending on spec and luck of the draw when it comes to sale time.

Reason for not shopping around - time and making those tedious phonecalls is probably highest on the list for me. Second reason would be that the other four are insured with these guys and they've generally been fine for many years (that being said, I've not given them a reason not to be fine, ie not made any claims).

I think their statement about me being at a loss is that if they insure me for £50k, if values creep to £60k by say....next May (my renewal is now-ish) then agreeing at £50k would put me at a loss. While I get that, I'm sure that would benefit them (any insurance company tbh) and I don't genuinely believe that anybody would 'want' to give me as much as I'd be due in the event of a claim, so yes it might appear to be a bit of a fast one, but then the alternative is to move insurers and take all my cars with me (I don't want to have multiple insurers and deal with multiple call centres) which would be a royal pain.

Hmm...I guess I should at least ask what they think the market value is right now for my car. But then when they low ball me at £37k, it would essentially force me to accept the truth and move. Easier sometimes to just bury your head in the sand...

[Tyson]

6 minutes ago, Celicasaur said:

I sent the pictures of the car looking all pristine and dandy, the mileage (57k miles) and then requested £50k, as that looks like where solid TT6 examples are at nowadays with this mileage and condition on a private listing, give or take a few thousand up or down depending on spec and luck of the draw when it comes to sale time.

Reason for not shopping around - time and making those tedious phonecalls is probably highest on the list for me. Second reason would be that the other four are insured with these guys and they've generally been fine for many years (that being said, I've not given them a reason not to be fine, ie not made any claims).

I think their statement about me being at a loss is that if they insure me for £50k, if values creep to £60k by say....next May (my renewal is now-ish) then agreeing at £50k would put me at a loss. While I get that, I'm sure that would benefit them (any insurance company tbh) and I don't genuinely believe that anybody would 'want' to give me as much as I'd be due in the event of a claim, so yes it might appear to be a bit of a fast one, but then the alternative is to move insurers and take all my cars with me (I don't want to have multiple insurers and deal with multiple call centres) which would be a royal pain.

Hmm...I guess I should at least ask what they think the market value is right now for my car. But then when they low ball me at £37k, it would essentially force me to accept the truth and move. Easier sometimes to just bury your head in the sand...

You can get your car revalued at any point usually, you just have to pay the valuation fee again which is usually no more than £20. I would definitely ask what they think market value is, as even if you challenge that in the event of claim they are not going to increase their pay out significantly i.e. if they do say £37k then I highly doubt you'd get up to £50k or above. For the small amount of time it takes, it could save you tens of thousands of pounds in the worst case scenario.

Let's be honest if anyone gets their car written off it's probably highly unlikely they will get another.

[Celicasaur]

Good point sir. I've asked them what they currently value the car at in the event of a claim. I hope they don't try to lowball at £37k or anything in the £30's tbh...it might just force me to pull my finger out

[mplavery]

53 minutes ago, Celicasaur said:

Good point sir. I've asked them what they currently value the car at in the event of a claim. I hope they don't try to lowball at £37k or anything in the £30's tbh...it might just force me to pull my finger out

Sky were struggling with agreed value when mine was due so now im with Adrian flux  ..I have 40k agreed back in May .. it does seem the cars seem to be worth more now but at least im 40k in no matter what happens ... It wont be long until they will start wanting trackers fitted to the cars soon due to value 

[Tyson]

1 hour ago, Celicasaur said:

Good point sir. I've asked them what they currently value the car at in the event of a claim. I hope they don't try to lowball at £37k or anything in the £30's tbh...it might just force me to pull my finger out

 

3 minutes ago, mplavery said:

Sky were struggling with agreed value when mine was due so now im with Adrian flux  ..I have 40k agreed back in May .. it does seem the cars seem to be worth more now but at least im 40k in no matter what happens ... It wont be long until they will start wanting trackers fitted to the cars soon due to value 

I would advise keeping an eye on value and if they jump a lot, asking for another assessment during the policy if you can. You would need to check with your insurer if you can ask for re-evaluation mid policy, I am with Lancaster and they offer this.

[Celicasaur]

So I heard back from them and they politely told me to do one, if agreed value cover is what I need. They also didn't provide a market value figure.

@ yellow supra, £40k back in May would have been good and even if you need to claim in November, at least you know that you agreed to a £40k valuation for the next 12 months....you could probably understand if they didn't want to pay higher than that. 

Tyson, I'm with Lancaster for my W124 cabriolet, but from what I understand, they don't cover modified cars. While my Supra is stock for now (bar a set of TE37 wheels), it will likely be single'd next year. 

[Tyson]

38 minutes ago, Celicasaur said:

So I heard back from them and they politely told me to do one, if agreed value cover is what I need. They also didn't provide a market value figure.

@ yellow supra, £40k back in May would have been good and even if you need to claim in November, at least you know that you agreed to a £40k valuation for the next 12 months....you could probably understand if they didn't want to pay higher than that. 

Tyson, I'm with Lancaster for my W124 cabriolet, but from what I understand, they don't cover modified cars. While my Supra is stock for now (bar a set of TE37 wheels), it will likely be single'd next year. 

https://www.lancasterinsurance.co.uk/insurance/modified-car-insurance/

According to their website they do.

[Celicasaur]

How....annoying. If that's the case, nearly all of my cars are modified modern classics - maybe I should just move over to them entirely. They are suuuuuuuper cheap for my W124 cabrio - I think I'm paying like £150 for the year and that's on agreed cover, living in London. Thanks Tyson.

[mplavery]

1 hour ago, Tyson said:

 

I would advise keeping an eye on value and if they jump a lot, asking for another assessment during the policy if you can. You would need to check with your insurer if you can ask for re-evaluation mid policy, I am with Lancaster and they offer this.

Yea might be a good shout but to be honest i think after this week it wont be really going anywhere.. might still find out though 

[Tyson]

4 minutes ago, Celicasaur said:

How....annoying. If that's the case, nearly all of my cars are modified modern classics - maybe I should just move over to them entirely. They are suuuuuuuper cheap for my W124 cabrio - I think I'm paying like £150 for the year and that's on agreed cover, living in London. Thanks Tyson.

Same here for my Supra, they have been responsive and helpful over the years with any questions I have had. Always polite and knowledgeable on the phone, I always seem to get someone who has owned a Supra at some point too  The final part of the puzzle fell into place this year when I finally got the agreed value I wanted in line with what other people were getting for similar cars at alternative insurers.

[The Raven]

The more i read the more i short changed my agreed at 24k. 

I will see if flux will push 30 whens its due. The mrs modded mini is with Lancaster so i will give them a shout to 

[Dnk]

15 hours ago, Celicasaur said:

So I heard back from them and they politely told me to do one, if agreed value cover is what I need. They also didn't provide a market value figure.

@ yellow supra, £40k back in May would have been good and even if you need to claim in November, at least you know that you agreed to a £40k valuation for the next 12 months....you could probably understand if they didn't want to pay higher than that. 

Tyson, I'm with Lancaster for my W124 cabriolet, but from what I understand, they don't cover modified cars. While my Supra is stock for now (bar a set of TE37 wheels), it will likely be single'd next year. 

That's very worrying to read, glad i'm out of this agreed value lark 

Fighting to get a realistic payout if the worst happened would be very stressful 

[Style]

I'd be fighting to get their market value figure off them or tell them to do one yourself instead of the other way around and go elsewhere. Market value is pretty much a must for these cars nowadays. Reis Motorsport tend to be good.

 

Market value to them could well be £7k for a 25 year old Toyota and that's exactly what you'll get from them if the worst was to happen.

[Ric]

So much for a club insurer. 

[Dnk]

Its not very good for sure, two things you want on a mkiv supra from your insurance comp is 

A what figure is their market value at the moment 

B what agreed value will they give you 

Pretty poor if they wont/can't give you either 

I'd definitely be going elsewhere 

Edited August 17, 2021 by Dnk (see edit history)

[Noz]

You should always get an agreed value. Even if you don't agree with it.

Sky wouldn't even insure my 600hp. Reis been good as gold. So far

Insurance companies might also be putting their foot down to stop owners pushing values up and up. Everyone wants to have their supra at the highest bracket. But the average distribution can do that or the highest point is always moving

[Tyson]

2 hours ago, Dnk said:

That's very worrying to read, glad i'm out of this agreed value lark 

Fighting to get a realistic payout if the worst happened would be very stressful 

At the moment, you need to keep an eye on values all year and if they go up significantly then you need to be getting the car revalued mid policy. I am happy at the moment, Lancaster have given me a good agreed value that I am happy with for now. It'll be a fight again next year but insurance companies aren't going to willing increase your value without you being persistant!

[markssupra]

Not impressed with Safely Insured (Sky) this year, but I unfortunately left it too late to shop around for a higher agreed value as my insurance expires today. Tried to get Sky to increase the agreed value to £40k this year from the £35k it has been for last two years, politely told to FO. I have insured my Supra with Sky for many years, but I will continue to get quotes and will cancel the policy with Sky when I get a better agreed value.

My renewal this year was £795, down £20 from last year

 

[Celicasaur]

Thank you for the great advice guys and giving me the push that I needed.

I just got off the phone with Lancaster Insurance. Told them I have my W124 cabrio with them and was recommended by the Supra owners club to give them a try for my Supra renewal with agreed value being a sticking point with my current insurer. Initially the first person I spoke with said that they won't be able to cover a car on the driveway at that value (£50k) but after a bit of begging, she kindly passed me onto one of the sales guys.

He took my details and after having it referred by the insurers on his end (was a very long phone call btw) he said that Markerstudy were happy to insure it at £50k....which I found bizarre, because I'm with Markerstudy with Sky Insurance....so does that mean Sky Insurance didn't want to know regarding agreed value cover, or was it their agreement with Markerstudy? Who knows. needless to say, it came in half a tank of fuel cheaper than Sky (£500 on the dot!) so I paid up front just now and all I need to do is send in 6 pictures of my car, mileage declaration and proof of NCB. Oh...but not before cancelling the renewal with Sky, which I will do after submitting this post.

Thanks once again folks

[Dnk]

6 minutes ago, Celicasaur said:

Thank you for the great advice guys and giving me the push that I needed.

I just got off the phone with Lancaster Insurance. Told them I have my W124 cabrio with them and was recommended by the Supra owners club to give them a try for my Supra renewal with agreed value being a sticking point with my current insurer. Initially the first person I spoke with said that they won't be able to cover a car on the driveway at that value (£50k) but after a bit of begging, she kindly passed me onto one of the sales guys.

He took my details and after having it referred by the insurers on his end (was a very long phone call btw) he said that Markerstudy were happy to insure it at £50k....which I found bizarre, because I'm with Markerstudy with Sky Insurance....so does that mean Sky Insurance didn't want to know regarding agreed value cover, or was it their agreement with Markerstudy? Who knows. needless to say, it came in half a tank of fuel cheaper than Sky (£500 on the dot!) so I paid up front just now and all I need to do is send in 6 pictures of my car, mileage declaration and proof of NCB. Oh...but not before cancelling the renewal with Sky, which I will do after submitting this post.

Thanks once again folks

How strange but sounds like you got a good result 

Will anyone ever figure out the twists and turns of car insurance, it does leave you scratching your head 

sometimes 

[Tyson]

4 minutes ago, Celicasaur said:

Thank you for the great advice guys and giving me the push that I needed.

I just got off the phone with Lancaster Insurance. Told them I have my W124 cabrio with them and was recommended by the Supra owners club to give them a try for my Supra renewal with agreed value being a sticking point with my current insurer. Initially the first person I spoke with said that they won't be able to cover a car on the driveway at that value (£50k) but after a bit of begging, she kindly passed me onto one of the sales guys.

He took my details and after having it referred by the insurers on his end (was a very long phone call btw) he said that Markerstudy were happy to insure it at £50k....which I found bizarre, because I'm with Markerstudy with Sky Insurance....so does that mean Sky Insurance didn't want to know regarding agreed value cover, or was it their agreement with Markerstudy? Who knows. needless to say, it came in half a tank of fuel cheaper than Sky (£500 on the dot!) so I paid up front just now and all I need to do is send in 6 pictures of my car, mileage declaration and proof of NCB. Oh...but not before cancelling the renewal with Sky, which I will do after submitting this post.

Thanks once again folks

It is strange as the underwriter is the same so the policy should be the same, it might be slightly different prices as the brokers negotiate different discounts. Just feels like that Sky didn't want to do the leg work.