winchbietch 0 Posted September 23, 2011 Hey all just a quick one. What do insurers actually use to decide on an agreed value? Point being: I recently had to put together a list for my insurer for all the work / restoration / mods on my car with parts and prices to get an agreed valuation, all prices are on parts only with no labour as im a mechanic and have carried out all the work myself which was stated on the paperwork. The agreed value they gave me is 5K less then the parts added up (with no labour or buying the vehicle included) and is also 3k less than i asked for. Is this what normally happens and should I query it or get an independant assessor to look at it. My concern is if they will accept what an independant accessor says or if they will still keep the figure the same. I was trying to get a value for he car that would more or less get me an identical spec car if stolen or totalled. I asked for a value under what I had paid anyway and they have knocked it down even more. Has this happened to anyone else? Quote Share this post Link to post Share on other sites
martinb 0 Posted November 26, 2011 Hey all just a quick one. What do insurers actually use to decide on an agreed value? Point being: I recently had to put together a list for my insurer for all the work / restoration / mods on my car with parts and prices to get an agreed valuation, all prices are on parts only with no labour as im a mechanic and have carried out all the work myself which was stated on the paperwork. The agreed value they gave me is 5K less then the parts added up (with no labour or buying the vehicle included) and is also 3k less than i asked for. Is this what normally happens and should I query it or get an independant assessor to look at it. My concern is if they will accept what an independant accessor says or if they will still keep the figure the same. I was trying to get a value for he car that would more or less get me an identical spec car if stolen or totalled. I asked for a value under what I had paid anyway and they have knocked it down even more. Has this happened to anyone else? Agreed valuations are usually based on the estimated resale value of the vehicle to a fellow enthusiast not the build cost so you will rarely get it agreed at the amount you have spent. It sounds like you have already done a pretty good job of trying to justify your valuation to your insurer so if they have not agreed this then it may well be worth submitting an independant valuation to them (I cant gauarantee with all insurers but working at HIC I get to see a lot of AV applications and certainly those with an independant valuation, are more likely to be agreed at the requested amoun)t. The insurers will usually accept an independant valuation from an owners club official or a specialist garage, however it has too be independant - a valaution from a garage you have paid to restore your car is worthless as the insurers will not consider it "independant" (they are hardly likely to give an honest opinion if they have done all the work after all!). How long have you owned the car? If they have not even agreed the amount you purchased it for, it may be worth sending a copy of the purchase receipt too. Also any examples of similar spec cars you can find for sale around your requested valuation. Hope that helps. Martin Quote Share this post Link to post Share on other sites
