Agreed Value Insurance

[JimmytheTurbo]

Not sure if this is the correct place to ask but Ive seen other questions in this thread relating to insurance figures.

My insurance is due and my 85 Turbo was insured for £35k I've asked a few other owners with similar and they say that what they have their insurance set at.

I think however this might be a bit low if cars are selling circa that shouldn't insurance be set higher?

Also is agreed value worth doing? If prices move so quickly (and not down) you could an agreed value less than market value especially as cars don't seem to be coming up for sale at the moment?

[Bibs]

@JimmytheTurbo

I've moved your post from the Esprit Market Watch thread to it's own thread in the Insurance section of the forums

 

[JimmytheTurbo]

Thanks and sorry I missed this whole section. 🙃

[Bibs]

No probs!

[Bazza 907]

If similar cars are selling at that sort of price then you could (try) to argue that this would be a fair "market value" of your car and no need for an 'agreed value'.

On the other hand if your car was stolen/written off you may have been better the a no argument agreed value. This should be set bearing in mind what other cars are selling at and any particular things with your car (eg better condition, lower mileage, better service track record etc etc).

Yes, generally a mid 1980's Turbo Esprit does tend to go up in value over time but I don't think that they are rocketing up - that time seems to have passed, at least in the short/medium term. 

[Rambo]

If you think it's worth more, set the GVS higher. You're insurer might want more photo's/condition report and you might pay a slightly higher premium but ....

Worth going for Salvage Retention too.