car insurance evaluation

[Alex Carter]

is it something the club does i recon mine needs a correct evaluation so if something happens i get a good return on the car for all the work and parts ?

[slewthy]

Have a look in your insurance terms under 'agreed value' That should set out what is required.

IIRC, a set of photos is needed. Club Lotus has details of such a valuation service though i'm sure, but I cant put my hands on a magazine at the moment.

[Bibs]

Agreed value or not, if the worse happens you'll only be paid the market value for your car.

You will however pay more for your insurance to get a certificate to massage your ego.

Ring your insurer and if they will write you a cheque for the agreed value if the car is written off/stolen etc? The will, without doubt, say no.

[Bibs]

If you told them it was worth £25k they'd have agreed and take your increased premium mate. No way on Earth you'll see a payout of that though, its really not worth the paper its written on (that you pay extra for!).

[pete]

by the same token you don`t want to undervalue it because that`s all they will pay you even if market value is more

[Bibs]

They won't, they'll pay market value. It's a legal obligation...

[pete]

really didn`t know that might as well undervalue it then

[Alex Carter]

so whats the market value of my car 

[andydclements]

Bibs.

I think they'll only pay up to the agreed value, if the car is actually worth more then what comes into play is the insure then pays the proportion of the claim that was insured.

i.e. If you say a £20,000 market value) has an agreed value of £10,000 and you have a claim that's less than £10,000, they would pay half of the claim (less excess). That's on the basis that half the vehicle's value was covered. If it was a total loss then you've already agreed with the insurer (via the contract) that only £10,000 is at risk so that (less excess) is all they would pay.

 

It's very different if it's not your fault. In that case you have no contract with the other party, nor their insurer so you can go after the other part's insurer for the full £20,000.

 

I believe it also works the other way, if it's a total loss and you've correctly declared the value then they will pay out the agreed amount (less excess), if the condition was very different from that declared/ shown in pictures then that's a different matter.

[molemot]

This is what Lloyd's have to say as a definition of Agreed Value....

 

Agreed value policy An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without any adjustment for depreciation or appreciation.

 

 

I think that's pretty clear, and it's why agreed value policies exist in the first place. "Total Loss" is the operative part...

Edited May 27, 2013 by molemot