Agreed Value Insurance

[jerseystorm 0]

Does anyone know of any insurance companies that will give out an agreed value policy for a Corrado Storm. I am having difficulty because most companies require the car to be at least 10 years old.

 

My worry is that if some idiot crashes into me and writes my car off I will only get market value which is only 5k. Any help will be greatly appreciated.

 

Cheers

JerseyStorm

[VR6 0]

Try Adrian Flux or HIC.

 

I know HIC do and I'm pretty sure Adrian Flux do.

[dr_mat 0]

Many companies do, but they back out the agreed-value part of the policy to another company usually (I forget who now).

So the main insurer would pay out their own valuation of the vehicle, and if this is below the "agreed value" on the policy, the secondary insurer would cover the shortfall.

[G60Jet 1]

Many companies do, but they back out the agreed-value part of the policy to another company usually (I forget who now).

So the main insurer would pay out their own valuation of the vehicle, and if this is below the "agreed value" on the policy, the secondary insurer would cover the shortfall.

 

so basically your insuring the insurance compaines insurance policy :roll:

[jerseystorm 0]

Unfortunately HIC will not insure me since I live in Jersey and Adrian Flux will not put the Storm on any cherished car or agreed value policy :(

 

How do most of you guys insure your cars? Do you use a normal comprehensive premium and take the risk with someone hitting you and losing a lot of money :!:

[dr_mat 0]

How do you define "losing a lot of money"? Storms are not that rare that they *need* an agreed value policy, and they're certainly not worth *that* much more than a standard VR6 of the same age, spec and mileage. The only real value of an AVP is if your car has some significant modifications or is unique in some way.

A lot of people think they can use an AVP to protect them from themselves - if you pay too much for your C, you just have to accept you're unlikely to see that money back when you sell it, no matter what your personal reasons for doing so were.

I speak from experience here.... :(

[jerseystorm 0]

I do not feel I am trying to protect myself from myself if I have a smash that is my own fault i will hold my hands up and take the consequences. My worry is that if some tw*t hits me by no fault of my own, the car is written off and I lose a considerable amout of money since the market price does not reflect the "true" value the storm can sell at.

When and if i sell the car, it would only be for a better car and will therefore not mind losing a few k on it. :)

[dr_mat 0]

But surely the market price is by definition the amount of cash you will need in order to buy another car of the same type, spec, and condition as yours? If that's the case, then you won't lose a load of wedge even if someone else prangs your car.

Sure, some insurance companies would try to offer you less, but that's all it is - an offer, you have every right to argue that it's worth more and demand they fulfil their contract.

Having said all this, I did look into getting an AVP at last renewal, but was put off because my car is not truly mint. The agreed value is seriously effected by the condition...

 

And anyway, frankly if I ever have to make a claim, it'll be the end of my Corrado ownership time, simple. Until I can get protected no-claims, that is...

[Ice White Socks 0]

I agree with you on this jersey storm. I know you were looking for a real top end storm, and the last thing you would need if you ever had an accident would be a load of grief about how much the car was worth. I like the sound of that agreed value policy. I am also going make an effort to enquire about how easy it would be to buy the car back of the insurers when I renew later this year!

 

Cheers

 

Mike