I suspect it's difficult to get agreed value with the likes of Admiral, Aviva and the usual mainstream insurers (which puts me off)
Has anyone managed this ?
I guess it depends on the legal definition of agreed value, Admiral suggested an insured value to me, which was slightly above my own estimate, so I was happy to accede to their suggested value. To me that’s an agreement.
That's basically a book/estimated value at the time of the insurance quote, which I think you will find will vary inline with the car's depreciation over time. When it comes to cars being valued for write-off, all sorts of things are taken into account eg mileage, condition and age of tyres which will effect it's worth. I have had a an appreciating value car stolen whilst in storage on a storage policy and in fairness the mainstream insurers did a market value search and agreed a value which was well in excess of what I paid for the car....but that may be not be the case with everyday RTA insurance.
If there is only a small difference in premiums between a main stream insurer and a specialist agreed value policy, then the agreed value would be logical. However, if there is a massive difference in premiums and you can live with the risk eg windscreen coverage ( I have only ever replaced one in over 50 years of driving and that was on my Porsche Turbo) then it maybe a risk you are prepared to accept. For me the real issue is availability of Morgan parts eg heated windscreens,and where I would have to arrange to get it fixed and getting the car there and likely off road time whist waiting and how all of that is covered.....if at all by the insurance.
I have had an agreed value policy on my Morgan for many years and also had salvage retention as part of that policy.... In order to maintain the agreed value there was a requirement to have the Mog valued by a recognised specialist in the marque and provide proof of that independent valuation every three years.
There are some marque related clubs who can provide a valuation service, Porsche club GB do so.
As best I understand it once the value has been agreed between you and the insurer, that is the sum which should be paid out on total loss, or in the case where you may also have salvage retention, then I suspect you can argue with the ins co as to the value of the salvage to de deducted from the agreed value sum they are required to pay out...
More than happy to read alternative opinion.
The last car I had on an agreed value was my 991, and for that Footman James asked me for a breakdown of why I valued it as I did, and having done that they agreed with my assessment. The following year given the downturn in the market I reduced the value closer to the reality of the market which they questioned, but agreed to do... I had a windscreen replaced on the 991, which they suggested would have a limit placed on the pay out if I did not make use of one of their selected companies.... Which I rejected and had a Porsche supplied windscreen fitted at my local Porsche dealership, no doubt by a specialist windscreen fitting company employee..(?) The main point being that not only the quality of the screen, but the end product of fit and finish would be the responsibility of the Porsche dealership, and I would hopefully not be left as an individual to complain should the quality of the fit and finish left issues..
Windscreen replacement was circa £1100. When insurance renewal came around my premiums had gone up by enough to cause me to reluctantly think it was time to try elsewhere and as I have already typed , I saved circa £1000 by dropping agreed value and not much else if anything.
Insurance on the Mog has always been a fraction of that of the Porsche, but the Tesla has ever been the most expensive to insure. Porsche and Tesla now on multicar policy, as to how that effects the change in premiums, your guess is as good as mine...
A bit of a ramble but hopefully helps as opposed to muddying the water...?.
