Got agreed value insurance?

[johnmann]

Here's something that might be worth checking if you think you've got agreed value.
Had my insurance renewal email through and spotted that a "market value" was quoted, together with a suggestion that I should "enquire" if I wanted Agreed Value. So I spoke to them and said that as far as I was aware I already had Agreed Value. I was put on hold while the young lady went off to consult her manager. I was then told I didn't have AV becasue I had changed insurer a year ago. Now the company I deal with acts, I understand, as a broker so it was they who had changed insurer and they certainly didn't mention this significant change at the time.

Anyway they say I can go back to AV but have to submit photos of the car from all angles. I explained it was sitting in the garage resting on sections of tree trunk so I couldn't do this but they are prepared to give me time.

So how does Market Value differ from Agreed Value? Cynically I'm inclined to think Market Value is whatever the insurer says it is....

John.

[2robert4]

You are right to be wary, market value is to a certain extent what the insurance company thinks it is worth based on what people are currently paying throughout a particular year obtained via a number of sources notably auction houses and auction sites and this value is most always less than agreed value because the owner needs to prove to the insurers satisfaction that the vehicle is worth the monetary value placed upon it by the client ie photos of restoration general condition provenance etc.

My advice for what it is worth is to obtain the photos and other evidence required by the insurance company when it is convenient to do so and whilst the broker did not disclose the change of insurer I assume the insurance certificate had a different insurers name on it this should always be queried as with everything purchased "caveat emptor" (buyer beware) I am sure plenty of people will have a view on this issue I hope my information has been of some help?

NP

[canuck]

John,
Quite right If you carry insurance have the correct coverage.  
On this side of the pond in my particular Province we are mandated to carry full exposure insurance on our cars. On vintage/collector cars one can choose a policy that restricts the cars kilometres by year, daily for work purpose,  border crossings per season that sort of thing. 
To insure a vintage vehicle that is 'rare' my insurance company offers a policy, (Silver Wheels  )  that requires a third party evaluation to establish the value of the car.  This is performed by physical visit to the car, full photo shoot and a report issued by the 'evaluator' . The report includes the condition of the car, interior & exterior, odometer reading and the dollar value of the car. I submit a copy to the insurance company, and this becomes my agreed value in the event of total loss., heaven forbid.


B.