Insurance

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vikla
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#61 Agreed values and independent valuations

Post by vikla » Mon Nov 30, 2015 10:23 am

I am just in the process of looking at renewal options for my car.

I am currently insured with Heritage who I am generally happy with. However the premium has increased quite a bit this year and then gone up even more when I have suggested a higher Agreed Value.

One very good thing about Heritage is they have never asked me to get a third party valuation of my car for the Agreed Value. They have accepted values I have given them based on data from the Practical Classics Price Guide which I have been tracking for a number of years and also information I have given them about work done on the car.

I thought I would get some other quotes.
Just got one from Peter James and it is about 30% cheaper for the same cover. However they insist on having an independent valuation report for an Agreed Value -'Just get it from the E-Type Club' they say. I'm not aware the club offers this.
What do others do?

This also raises the issue about whether Agreed Values are a sensible thing when market values keep rising. Interestingly Heritage have recently published an article querying themselves whether it is sensible for owners given that over the last few years many values have been going up fast within the yearly timescale of annual policies.
At the end of the day the Agreed Value is only used in the event of a total write off.
Any views on this?

Separately I looked at Valuations from Hagerty. They look good but I found that they currently have S1 4.2 FHC values higher than for 'standard' S1 3.8 FHC values, which is clearly wrong.
Steve
S1 4.2 FHC 1966

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mgcjag
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#62

Post by mgcjag » Mon Nov 30, 2015 11:25 am

Hi Steve...If you dont have an agreed value then you rely on what the insurance co decide to pay out......insurance always goes up and we are always trying to get it cheaper...and there is always someone out there that gets it cheaper than you....among all the costs of E ownership insurance is relativly cheap....just go with the one you feel happy with....re valuations from the E club yes they do offer this just contact them for details...Personally i use Lancaster.....just send off 6 photoes and agree a valuation with them
Steve
1969 S2 2+2 & Building a C type replica

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Barry
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#63

Post by Barry » Fri Dec 11, 2015 8:05 am

I have experience of getting a pay out on an agreed value when the dealer I bought the car from wrote my E-type off! Peter James sorted it out personally within two weeks and I got a full pay out as per the written valuation. The E-type club do help with valuations. In conclusion, Peter James offer good value, and sort out claims in an efficient way. That has to give a thumbs up for agreed values.

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Nickleback
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#64

Post by Nickleback » Wed Apr 06, 2016 5:56 am

I'm also just doing my insurance renewal which I have just received from Specialist Insurance (RH Motor Cover) part of Hiscox from last year.

The reason I mention this, is that I now have my cherished number plate on the car and RH as a result of the total loss of the car - & I quote (in their small print under cherished number plate in the T & C's manual only) that you are "totally and irrevocably deprived of the use". In other words, both the car & number plate get written off, you can get salvage of the car, but the number plate can never be owned or used again by anyone !!

So the temptation is to include the market value of the plate in the valuation of the car so you don't lose out, but you cant do this either as this insurer will only accept the value of the car not with the plate included.

How many other insurers do this ? So if you have a cherished number plate, it's probably worth checking this out before you commit again.

I ended up (having got 6 other quotes), with Peter James Insurance on my car.
Based on a ?70k valuation, unlimited mileage, 3 drivers, salvage both on car & plate, legal, breakdown, mods listed from std (LHD-RHD professional conversion, Triple carbs, Electronic ignition & SS exhaust), ?250 excess with JEC valuation for ?210 in total. :D
Mike,
1970 S2 FHC 2R28165

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Bob.
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#65

Post by Bob. » Wed Apr 06, 2016 9:44 am

Nothing in Hagerty's T&Cs but the policy is underwritten by Hiscox and says:

"If you or a named insured person?s vehicle has a personalised registration number plate cover purchased from the DVLA and the vehicle is stolen during the period of insurance and not recovered, we will pay up to ?5,000 to compensate you for the loss of the plate. If we pay under this additional cover the rights to the plate will become ours."

What if you don't get your number from the DVLA though?

My other classic policy through Norton (Heritage) is with KGM and I can't see any reference to cherished numbers in their T&Cs or in the policy.

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Heuer
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#66

Post by Heuer » Wed Apr 06, 2016 10:23 am

All registration numbers belong to the DVLA - you can never 'own' them, you just have the right to display which can be rescinded at any time if you fail to comply with the regulations (size, font, height, placement etc). If a vehicle is written off by the Insurance company it becomes wholly their property including anything attached to it - wheels, body kit and reg number. They are free to sell these parts on to recover their costs.
David Jones
S1 OTS OSB; S1 FHC ODB

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mgcjag
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#67

Post by mgcjag » Wed Apr 06, 2016 12:14 pm

During a claim forl loss/write off....the vehicle would not belong to the insurance Co untill you agree or they pay up.....so possibly during this period you could put the plate on retention, cant see why this wouldnt work......but who knows with insurance Co.....but worth a try.....
Steve
1969 S2 2+2 & Building a C type replica

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Heuer
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#68

Post by Heuer » Wed Apr 06, 2016 1:04 pm

To put the plate on retention the vehicle can be called for a DVLA inspection and it must be road worthy. They will not issue a new registration number to a crashed vehicle.
David Jones
S1 OTS OSB; S1 FHC ODB

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mgcjag
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#69

Post by mgcjag » Wed Apr 06, 2016 1:33 pm

The vehicle has to be available for inspection but not roadworthy, for example if you scrap a car you can retain your reg.....you dont have to put a new one on the one your scraping
Steve
1969 S2 2+2 & Building a C type replica

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Nickleback
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#70

Post by Nickleback » Wed Apr 06, 2016 5:42 pm

I pushed this point on the plate with both RH telesales and a line manager who called me back as I was an existing customer and they simply would not back down - end result, I could not move either way if I wanted the plate on the car :x
I just did not want to take the risk with an expensive 1st issue plate bought directly from the DVLA, so went elsewhere - just hope that's it does not become a trend with other insurers ?
Mike,
1970 S2 FHC 2R28165

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Tony
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#71

Post by Tony » Thu Jun 09, 2016 7:33 am

It's that time of year again and the insurance renewal is in.

The history todate:-

Year Cost Agreed value Miles/year Excess

2013 250 70k 3000 150
2014 304 85k 3000 150
2015 365 95k 3500 150
2016 375 95k 3500 150

Had a valuation of 120k by JEC so need to see if that affects the cost for this year.

Doing the usual trawl before renewing

So far: Classic car comparison site ?1300 (waste of time)
Adrian flux ?692
Footman James ?393 - excess ?750

Will keep you updated: Note all my costs are with Carole Nash
Tony (E typed)

Tony

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chrisfell
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#72

Post by chrisfell » Thu Jun 09, 2016 8:10 am

The biggest element of the cost of insurance is the agreed valuation. Owning a 2+2 driver (highly polished, but nevertheless a bag of nails) helps. I set my own valuation each years based on Hagerty's valuation tool. It is always accepted by the insurers, whoever they may be. As it happens this valuation very closely matches the inflation adjusted price I paid for the car in 2003.

And I always, always, always shop around for insurance.
Chris '67 S1 2+2

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Tony
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#73

Post by Tony » Thu Jun 09, 2016 8:25 am

Tony wrote:It's that time of year again and the insurance renewal is in.

The history todate:-

Year Cost Agreed value Miles/year Excess

2013 250 70k 3000 150
2014 304 85k 3000 150
2015 365 95k 3500 150
2016 375 95k 3500 150

Had a valuation of 120k by JEC so need to see if that affects the cost for this year.

Doing the usual trawl before renewing

So far: Classic car comparison site ?1300 (waste of time)
Adrian flux ?692
Footman James ?393 - excess ?750

Will keep you updated: Note all my costs are with Carole Nash
UPDATE:

Peter Jones ?287 agreed value ?120 - ?250 excess unlimited milage.

Waiting call back from Carole Nash to see if they can better. Although it annoys me that they should not quote their best price in the first place. But loyalty means nothing these days.
Tony (E typed)

Tony

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malcolm
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#74

Post by malcolm » Thu Jun 09, 2016 10:40 am

Sounds strange, but worth trying Admiral. I do my E with them, and have a multicar policy with 2 other vehicles on. Cheap and agreed value not a problem. Good thing is that when you add other vehicles, they insure them for part years so renewal on all comes up at same time.
Malcolm
I only fit in a 2+2, so got one!
1969 Series 2 2+2
2009 Jaguar XF-S

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BRM
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#75

Post by BRM » Thu Jun 09, 2016 1:39 pm

I've insured my classics with Heritage Classic Car Insurance for many years and always found them reasonable and easy to deal with. I've just renewed the E type and they talked me into a multi car policy like Malcolm's.

The E type (agreed value ?50k/3000 miles) + Healey (?35k/3000) + my daily driver X type estate for a total of ?494, which is about ?100 less than the combined premiums for last year.

It will be convenient to only have one renewal to do next year, the downside being it's a big lump of money in one go !
Brian

1969 S2 FHC 1R20267
1960 Austin Healey 3000

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Herzeg
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#76

Post by Herzeg » Thu Jun 09, 2016 1:44 pm

I did mine with Heritage. Mine cost more, about ?245 but that's presumably becuase I'm in London. They do give you access to a free tracker which normally costs ?250.

John
1969 S2 OTS

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Tony
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#77

Post by Tony » Thu Jun 09, 2016 2:29 pm

Tony wrote:
Tony wrote:It's that time of year again and the insurance renewal is in.

The history todate:-

Year Cost Agreed value Miles/year Excess

2013 250 70k 3000 150
2014 304 85k 3000 150
2015 365 95k 3500 150
2016 375 95k 3500 150

Had a valuation of 120k by JEC so need to see if that affects the cost for this year.

Doing the usual trawl before renewing

So far: Classic car comparison site ?1300 (waste of time)
Adrian flux ?692
Footman James ?393 - excess ?750

Will keep you updated: Note all my costs are with Carole Nash
UPDATE:

Peter Jones ?287 agreed value ?120 - ?250 excess unlimited milage.

Waiting call back from Carole Nash to see if they can better. Although it annoys me that they should not quote their best price in the first place. But loyalty means nothing these days.

UPDATE No 2

Carole Nash offered me to do it for ?277 with 120k valuation And ?500 excess.
I declined the offer and went with Peter Jones for the lower excess. So in short I save myself ?100 on the original renewal[/b]
Tony (E typed)

Tony

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ernie
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#78 Re: Insurance

Post by ernie » Tue Nov 15, 2016 10:58 am

Just insuring my 1970 S2 OTS on a 3k annual mileage, value £120k (nut and bolt restoration)...only modifications is stage 2 engine....quotation from Peter James is £360 premium on excess of £250. Hmm higher than others mentioned, not in London so assume Stage 2 head pushed premium up. :questionmarks:
:bigrin:
David
1970 S2 OTS its on the road!..... :thankyouyellow: :drinkingcheers: - :seeingstars: )

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Stephanie Plum
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#79 Re: Insurance

Post by Stephanie Plum » Sun May 21, 2017 4:14 pm

I'm with Peter James. Agreed value and unlimited mileage with the JEC discount comes in at £210. Cheapest car in the fleet!

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SESH
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#80 Re: Insurance

Post by SESH » Mon May 22, 2017 7:53 pm

Just renewed mine with Admiral on an agreed value basis £135.13 on a multicar policy!
1973 Series 3 OTS Signal Red

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