Agreed Value Insurance

[SILVER BULLET]

My car is a 2002 na2 manual coupe, in good condition with good service history and approx 52k on the clock, my current insurance renewal is under £200 fully comp and is for up to 3000 miles pa, as it has been for many years, but it is not 'Agreed Value'.

Should the unthinkable happen I would be unlikely to be able to purchase a similar car with the insurance payout.

Bearing in mind the way the value of our cars has risen over recent years, do members recommend 'Agreed Value' insurance and can you recommend a good insurer based on your current/recent experience.
Thanks,
Ian

[Papalazarou]

Hi Ian,

I would definitely get a valuation. If anything did happen, you could quite easily be twenty to thirty grand down. Do some homework and come up with a value that fits.

Cheers,

James.

[SILVER BULLET]

Thanks James

[sorepaws]

If it helps Admiral do classic car insurance and agreed value - they are competative, especially if you agree maximum mileage under 5k per annum. They need photo evidence but apart from that it's simple.

[SILVER BULLET]

Thank you Mike

[Senninha]

Hi Ian,

As above, definately find some online price comparisons and change or upgrade to agreed valuation for your NSX. The photo evidence usually consists of photos for front, back, both sides, engine bay and interior. Some may ask for trip meter reading to validate actual mileage between renewals ..

I use Classic Line at present … do update when you’ve completed the insurance.

regards, Paul

[PeterW]

I'm with Classic Line on agreed value as well. I have also been with Adrian Flux on agreed value. The problem with agreed value is you have to remember to update it from time to time. Mine's definitely a bit low at the moment and I need to update it. That's generally how it's been over the years, my agreed value lagging the market because I've not got around to updating it. I do wonder if life might be simpler without the agreed value and whether, if it was a total loss, the payout might be what I would anyway have agreed the value to be. I've never had the car valued by an expert and never had my proposed agreed value refused as too high.

[Nick Graves]

Me too.

The reason I do it is, it's very hard to find comparables and Sod's law...

I invariably have a long telephone discussion with the underwriter and to why, no, that's a slushbox, and no, that's a 3.0 pop-up, etc..

They do seem flexible with mid-term adjustments, to be fair.

[Nick Graves]

Replying to oneself is a sure sign of insanity, but where WOULD one go to get an agreed valuation.

Bit of paper with NSXCB written on the top in crayon, or..?

[sorepaws]

I have just renewed and just specified what I thought was the right value, based on a few cars that have sold recently. Obviously age, mileage and condition will have an effect. Check collecting cars website for recently sold examples .