Porsche 911UK Forum

Welcome to the @Porsche911UK website. Register a free account today to become a member! Sign up is quick and easy, then you can view, participate in topics and posts across the site that covers all things Porsche.

Already registered and looking to recovery your account, select 'login in' and then the 'forget your password' option.

Insurance renewal - agreed valuation vs market value insure

adamw

Well-known member
Joined
9 Jul 2009
Messages
4,339
Hi guys
That time again
Always used specialist broker for agreed value
Work for one of the mainstream motor insurers (red phone :) and thought I'd get a quote this time round for the 993 as I get 50% discount.

The main reason i haven't done so in the past was the agreed valuation as they cover at market value.

However the premium is circa £250 cheaper this time round and can't ignore ..


Any comments for or against agreed value vs. market on these cars

:thumbs:
 
Hi Adam

With the Pork market as fluid as it is you may find you sell yourself short going for an agreed valuation, as daft as that may sound!
 
I insured mine at market value with Privilege. I wasn't interested in trackday or european cover and the premium was about half of the 'specialist' quote.

I suppose an agreed valuation might save you some hassle if you do need to claim* but the amount could easily be left behind if the market value keeps moving upwards.


*To reduce the chances of ever needing to claim just keep the car in the garage as much as possible, like I do. (I think I'm getting the hang of this 993 ownership lark already!) :grin:
 
Thanks guys - appreciated
This was the way my thinking was going so comments reassuring!

It's kept in the garage under cover most of the time only covering circa 2-3k a year...

To give an idea of difference between the policy prices, it's £180 per year fully comp vs £525 per year with specialist ...
:?:
 
In my eyes, market value is market value. So if it would cost £60k to replace your car, that's what the Insurance company should pay. You'd go for an agreed value if there was a big difference between the market value and what someone felt their particular car was worth.

What I think is funny is that whenever I renew either my car or motorbike Insurance they ask me what the vehicle is worth, I tell them, and they then immediately say "oh we will only pay the market value anyway you understand?". They then vary the Insurance premium depending upon what I said the car was worth. So it seems they are only asking that to adjust the premium accordingly and charge you for the higher valuation, but will still only pay out the market rate anyway if you claimed.
 
Think of it this way - is there a material reason why you would consider your car to be worth more than a typical example in the market? Is it an unusual spec or colour combination, does it have expensive modifications, is it very low mileage or in immaculate concours condition? If none of the above then I can't see a reason to go agreed value, but if those factors are in play then it may be (though you have to stay on top of the valuation as the market moves).
 
Disco said:
Think of it this way - is there a material reason why you would consider your car to be worth more than a typical example in the market? Is it an unusual spec or colour combination, does it have expensive modifications, is it very low mileage or in immaculate concours condition? If none of the above then I can't see a reason to go agreed value, but if those factors are in play then it may be (though you have to stay on top of the valuation as the market moves).



Re the above :

*unusual spec or colour combination - No
*does it have expensive modifications - No
*is it very low mileage - No (but below average for year - 100k)
*in immaculate concours condition? - maybe not concours but very very good and has a great service history with lots spent to keep it tip/top machanically and cosmetically.

Based on this I'm feeling like I may take my chances with market value and if I ever experience worst case scenario I would fight for the right amount based on condition.
Independant valuations should hopefully help..

Thanks again guys
:thumbs:
 
adamw said:
Based on this I'm feeling like I may take my chances with market value and if I ever experience worst case scenario I would fight for the right amount based on condition.
Independant valuations should hopefully help..
Just a thought -

A policy with a mainstream insurer is likely to require you to have any repairs undertaken by a garage which they specify, quite possibly not a Porsche specialist. Would you be happy to accept this? Specialist broker (eg Locktons) allows you to choose your own preferred repairer.
 
flying_scotsman said:
adamw said:
Based on this I'm feeling like I may take my chances with market value and if I ever experience worst case scenario I would fight for the right amount based on condition.
Independant valuations should hopefully help..
Just a thought -

A policy with a mainstream insurer is likely to require you to have any repairs undertaken by a garage which they specify, quite possibly not a Porsche specialist. Would you be happy to accept this? Specialist broker (eg Locktons) allows you to choose your own preferred repairer.

It's a good point and I do believe "mainstream" co would push me to use one of their recommended repairers but I don't think this is mandatory and think I can state which repairer I'd want to use.
I'll get this 100% clarified before I take out the policy :thumbs:
 
Using your own insurer is not mandatory. It is you that decides where and who repairs your car. On the other hand, if you pursue this, your insurer can (rightly) agree to pay only the cost estimated by their approved repairer and you will be left to pay the difference (plus your excess) between that price and your chosen repairer. If you choose a Porsche-approved repairer, that difference can be considerable.

It goes beyond this also. You will not have access to a courtesy car under your policy if you do not use their repairer. In practice, not a big issue because owners of Porsche may also have additional car(s) and/or your elected repairer will likely have a courtesy car.

There is also glass replacement policy to consider.

And in the event of a total loss, a policy with a specialist such as Locktons will allow you to keep your wreck if you want to accept the agreed total loss value and repair it yourself (there is a deduction from the total loss sum). A volume insurer will likely not allow it as once they pay you the scrap value, the wreck becomes their property to dispose off (and they do make some money out of that disposal).

In the end it is always your choice. I only insure via a specialist broker for the Porsche. It is the total package that gives me peace, not the volume insurers cheaper prices. For some, price drives their peace.
 
cheshire911 said:
In the end it is always your choice. I only insure via a specialist broker for the Porsche. It is the total package that gives me peace, not the volume insurers cheaper prices. For some, price drives their peace.

^^^ +1. I pay around £100 more for Locktons than the average mainstream price. But I'm much more comfortable with their package, and the extra cost is minimal when compared to the value of my 964.
 
Cheers for the input guys
I hear what yr saying and all points that are running through my mind and the reason why I didn't just imedialtely go for the cheaper quote...
The only thing is it's not just £100 different we're talking. It's £275 difference.
Need to ring some other specialists this week.

With AIB / Hiscox

Going to try:

Classic line
Bridle
Locktons

:thumb:
 
I think with ClassicLine you will not able to accumulate any No Claims Discount. But check for yourself.
 

New Threads

Forum statistics

Threads
124,350
Messages
1,439,433
Members
48,707
Latest member
race911turbo
Back
Top