Agreed value - is it actually worth it?

[s2driveruk]

thoughts...need to renew and been offered this option but the cynic in me wonderes if it actually makes any sense or not.

answers on a postcard

[Christophski]

They still try to not give you the agreed price so I have heard. I had it for years and have it on my beetle but not really sure if it's worth it

[Dingo]

I've just renewed mine, it was actually half the price it was last year because it qualified for clasic car this year and for an extra £10 they would give an agreed value, but just being a mint car isnt enough, I sent them lots of photo's and receipts as requested but they wanted more, so in the end I didnt bother as I was just pleased at the price anyway, I think unless youve got receipts for thousands of pounds (and its not heavily modified) you wont get it.

[20Vcqdriver]

Pretty much essential I'd say. If my Cq got hit, it would without doubt get written off, even if it was a relatively minor bump....

[Christophski]

So would my 93 avant qualify for classic insurance then?

[HPmuirt]

Don't bother unless it is a second vehicle on a classic policy and therefore cheaper, otherwise it is just as easy to use current adverts to prove the value of your car as you will do just as much arguing even on a so-called agreed value policy.

Just insured mine today as a daily driver, not garaged - including business use and with the upgrades it costs nearly £235 and it offends me giving the thieving bar-stewards that much


Another example of why I hate them: My renewal notice arrived 2 weeks ago saying they would auto renew for £350 unless they heard from me to the contrary. £350 is way too much so I waste half my lunch time on confused.com and the lowest quote comes from their sister company at £115 less

Call them up berate them and they say "oh, no problem sir, we'll match that price for you and decrease the excess to boot"

SO WHY DIDN'T THEY JUST DO THAT IN THE FIRST PLACE?!? - Makes me mad!


Cheers n

Si

[djh]

Handy to hear your views si, and yeah i've had that before with them just sending thru the renewels and then wasting time phoning them up, they just hope your too lazy to.

[Rusty]

Saved me a load of hassle when someone hit the back of mine a few years ago, so, based on my experience, I think it's very much worth it.

[s2driveruk]

interesting lack of agreement going on here

[jogi730]

Pretty much essential I'd say. If my Cq got hit, it would without doubt get written off, even if it was a relatively minor bump....

Ditto all the above.
There are many problems here. As David says, a small prang and market value comes into play..... £1000 - £1500 at a guess. That would cover my wheels and tyres lol.
Respray and engine mods would not get a look in, not to mention all the little things (uprateds engine & gearbox mouts etc.)
THen there are people like SkyInsurance (many interesting discussions on here) who do not offer AGP on highly modified vehicles - for now. Instead they offer a like for like policy. Fine if you have a bad accident and parts need replacing or repairs. However, in the event of total loss due to theft or fire, you and a the proverbial creek without a paddle.
So to sum up, depends how much value you place on your vehicle and whether or not you could cope with a total loss.
Saving £400+ per annum without AGP on insurance is great - until you need it.

[Ian Simmonds]

IMHO Agreed value is invaluable, so long as you understand what it's about... The 'agreed' value for 'total loss' is set, and a premium agreed, so an agreed value of £10k on an S2 will increase the annual premium but also increase the 'category' write off point of the car, so a prang that would, by default, be financially unrecoverable, under agreed value insurance becomes repairable.... Certainly in the Ur quattro world we have seen many cars saved that would have otherwise been fiscal write-offs.

[s2driveruk]

ok, starting to understand the value now, thats been useful and i think now making it more mandatory than i was previously thinking so thanks

I'm looking at £360 on a limited miles policy, all mods declared and an AV of £5.5k

having said that, where do you set the bar on AV?

[Dan]

Just insured mine today as a daily driver, not garaged - including business use and with the upgrades it costs nearly £235 and it offends me giving the thieving bar-stewards that much

****, I'd chop my left nut off to have my insurance cost only £235

[Ian Simmonds]

Agreed value is the value the insurance is liable to pay out on a total loss of the vehicle, put simply, they know the 'ultimate liability' on the vehicle (not the 'risk'...).

So this 'agreed liability' also raises the 'write-off' value... Say an S2 with 'market value' insurance and a similar car with 'agreed' value insurance are equally damaged to the front... Broken headlight, bonnet damage, and bumper + fog/indicator... Total bill for repair comes in at £1700.00... Agreed value is £7000.00 so car 2 is well within the 'cost effective repair' bracket... Car 1 is 'market value'....

[andy broke it]

****, I'd chop my left nut off to have my insurance cost only £235

Mine went down to £480 from £800 last renewal and i was happy as larry...thanks for ruining the illusion that i was doing well lol