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I have just changed company as quote was for £650. RH classic with Equity Red Star was £440, a bit more than some others, but 3k miles, £75 windscreen xs, £250 damage xs, store in garage at home address, 90 day foreign use, legal expenses, breakdown cover in UK & Europe, agreed value if wanted, and interestingly, salvage return, so if a total loss you own the wreck and can sell it whole or in parts as you wish.
Salvage return means you get first dibs on the choice of buying back the salvaged car. This will be deducted from your payout.Originally Posted by ianhb
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Privilege (from memory). On this car, I use my full NCB of 10+ years, car is parked off the road but ungaraged, Cambridge postcode. Was chuffed to get 2000m of business use because it'll be nice to take the NSX on some trips to suppliers.
No. Both appreciating and depreciating cars are valued at the time of the loss in the event of a claim on a non-agreed value policy - and not when the annual policy was taken out. Not sure why your indurer told you otherwise. It's well documented all over the Net.Yea, I was commenting more in response to goldtop saying agreed value policy is a bit daft. It's as useless as a normal policy for an appreciating car, only you know you won't be stung on the downside with a made up market value. It's all much easier when your cars are going down in price
With a car like the NSX, where you can easily list every price available, there would be no evidence for an insurance company to undervalue your car's then-current value. You would, of course, be in for a fight - this is after all, an insurance company - but only a pussy cat would accept a "made up market value" when the NSX's actual values are so easy to research.
Last edited by goldtop; 03-06-2015 at 11:12 AM.
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Interesting.
I'll have to ask my insurer about this again as that's not what I was told. It does seem strange you could pay to have coverage on a 30k car and still be covered for 60k when it's binned. Are all these air cooled Porsche owners paying based on old values?!
The hard part in agreeing a value with the insurer when you claim is the number of people talking down the prices of our cars!
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RH Classic car insurance - to clarify.
Re Salvage, "return is automatic and free of charge on all vehicles over 20 years old, with RH you will receive your agreed value payout in full and your salvage, free of charge."
also automatic cover for club rallies is included.
Say for example your car has an agreed value of £35k and you write it off. Chances are the salvage could be worth £10k as a breaker. Your insurance company might offer you first option on buying the salvage for £10k. There is no way the company with give you back a £10k written off car AND your agreed value of £35k
There must be shum mishtake!!
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For most of us driving cars of 'ordinary' value supercars (911, NSX, R8, etc), the vast majority of our insurance premiums cover the risk/cost of settling third-party injury and property claims (street furniture, etc) - not the value of your car. Ever wondered why there's hardly any difference in the premium quoted for TPF&T vs fully comprehensive?
The Ombudsman's write-up is the important one: http://www.financial-ombudsman.org.u...valuation.html
Significant bits:
"In most cases, we assess the market value as the retail price which the consumer would have had to pay for a comparable vehicle at a reputable dealer, immediately before the date of the damage or theft."
"
8. advertisements
Vehicles are often sold for less than the advertised price – and differences in mileage, the year of registration, model type etc can significantly affect their value. This means that generally – although they can be helpful in some cases – advertisements for similar vehicles are not particularly useful when deciding complaints. In a few cases, however, the vehicle does not feature in the readily-available guides – so advertisements may be the only evidence of the vehicle’s value available to us. Examples include vehicles with foreign specifications which have been personally imported into the UK. "
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They say in the documents, as in the quote marks, that that is exactly what they do. You can look up the policy online to check for yourself.
Just changed from Hagerty (465) to Admiral (£150) age 45, car kept in garage, 8 years no claims. The interesting thing was as the car was over 20 years old and a high cost they wanted photo's and information on the NSX to agree a replacement value. Received certificate yesterday and agreed replacement value is over £8,000 more than car was covered for in 214. So glad I bought the car last year as I would have been priced out of the market in 2015
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That is a very, very good price. Changed from Haggerty because of extremly high renewal , I thought Classic Line was good at £270.00 from £465 but £150 ......Admiral wanted £330 with 15 years no claims for my BMW Z4 three years ago never borhered to check them.
Kingskey
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