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Agreed Valuations Are Now Lower!


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13 replies to this topic

#1 Himanshu

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Posted 08 November 2016 - 05:43 PM

I see that Agreed Valuation dept, (probably in house), that Lancaster Car Insurance has appraised the value of my car, incrementally higher, every year, Last year my car stood at £6500, this year after only covering less than 100 miles more, the only addition is two coats of wax, and a full under seal they valued it £500 lower. I have raised this with them and they have yet to get back to me, But having been insured with Lancaster car Insurance for the last several years, I think I need to change company. They may have got too comfortable about a loyal customer and been flippant abut it.  I have seen that the cost my my Insurance premium has rocketed from £101 to £154. These cars are appreciating in value not falling! You can probably guess that someone is going to blame Brexit or if Trump wins that as a Insurance actuary. Its a good thing they are not valuing Picasso's or Rembrandt's. Henry T Ford must have upset them.  


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#2 RScab

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Posted 08 November 2016 - 07:48 PM

Car Insurance is just 1 big rip off

 

Robbin B__dards


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#3 Ian71

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Posted 08 November 2016 - 08:33 PM

I would like to know anyone who has been paid out on these classic car agreed valuations. I would be amazed if they actually pay the figure quoted. How can they charge £120 insurance on a car valued at £6,500.00 I certainly would not.
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#4 Himanshu

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Posted 09 November 2016 - 09:28 PM

One would wonder what the car insurance would be on a Maserati, Ferrari or Lamborghini? Bugatti Vernon with a 18 year old? A Ford Escort worth £6,500

Remember on classic car insurance I am the only one insured restricted to 2000 miles on the said Policy, a year, it is kept in a locked garage between certain hours, in 32 years of owning the car, I have never made a claim, other than a windscreen chip repair. You have to have a second car, in my case a £38,000 VW which costs me £487 with a declared mileage of up to 30,000 a year. parked on the street, The car my mother has is a Jaguar, garaged, no mileage, restriction, worth £32000 and her premium is £680 /per year. any driver. over 21 with full UK license, and no convictions.


Edited by Himanshu, 09 November 2016 - 09:28 PM.

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#5 Himanshu

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Posted 09 November 2016 - 09:29 PM

Car Insurance is just 1 big rip off

 

Robbin B__dards

Totally agree with you, it seems others don't understand the concept. 


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#6 Himanshu

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Posted 09 November 2016 - 09:30 PM

I would like to know anyone who has been paid out on these classic car agreed valuations. I would be amazed if they actually pay the figure quoted. How can they charge £120 insurance on a car valued at £6,500.00 I certainly would not.


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#7 Himanshu

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Posted 09 November 2016 - 09:34 PM

What Ian71 do you think or deem an acceptable figure for the premium, given the facts that it is restricted to 2000 miles, not being able to drive at peak traffic times, garaged at night in a requirement, having a main other car is a must? 


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#8 Ian71

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Posted 10 November 2016 - 08:15 PM

Its not that I am questioning,it's the fact that if the car was involved in an accident ,the parts are not available to repair,and they will only repair on a percentage value of the cars worth,then I am sur they would view the vehicle in the flesh and I would be amazed if they payed out the full agreed value. I might be wrong but have had similar experiences with written off cars in the past. ( not classics tho)
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#9 Ollie

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Posted 12 November 2016 - 11:22 AM

would like to here other classic car owners experience of dealing with payouts etc

most of our cars could not be replaced with the money we would get paid out by our insurance companys

any excuse not to pay is there way :>(


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#10 Doyle 4-5

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Posted 13 November 2016 - 09:36 PM

I've not had a claim myself, but do know a couple of guys who unfortunately have.

On both occasions they were paid out exactly what their agreed values were set at.
Both also had the good sense to have salvage rights included on their policies. This gives you the right to buy back your vehicle from the insurance company after it's been written off and paid out, provided it's not a total loss, i.e cat A or B.

I have had my Capri insured with Lancaster, Adrian Flux and Footman James over the years and have always had an agreed value and salvage on my policy.
This year I have insured both the Capri and Escort with Footman James and paid an extra £15 to add no cost salvage to my policy. This automatically returns either of my vehicles to me in the event of an agreed value payout at no cost.
For example, if my Capri is written off, I will get a £12k payout plus the return of the car. I can then rebuild it myself.
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#11 Himanshu

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Posted 18 November 2016 - 02:43 PM

After writing to Lancaster they agreed last years figure of £6500. I wonder if the Cabriolet club would do an appraisal for a fee, which member could submit to support the value, might be an idea? After all who knows cab better than the Escort Cabriolet Club? There need to be a "glasses" guide type of value for classic cars.


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#12 Himanshu

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Posted 29 September 2017 - 07:37 PM

I cant believe my car insurance from Lancaster went up from £145 to £230 this year. Whilst the BBC stated that car insurance was to rise by 11% this is taking the Mick! 

My other cars VW golf went up from £540 to £560, a Toyota Yaris 1.0 Liter 15 year old from £330 to £743! I asked them why. and they stated it is because of your postcode. I said what about my postcode? Its been the same for the last 40 years. They said you have a lot more immigrants, and Asylum seekers which actuarists deem make fraudulent claims and drive badly. Blame Brexit is the answer I got from a few companies. Which seems strange as most Insurance companies and invisible trade is by British Companies


Edited by Himanshu, 29 September 2017 - 07:37 PM.

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#13 Keith Whitbread

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Posted 05 October 2017 - 10:46 PM

Hi I have a MK5B insured with Footman James. Its value is for a min £10,000, I pay £400 year with a limit of 7k miles per year. Seems a lot of Money, but its not.

Last December some one hit the rear quarter section.

With in two days a insurance inspector visit our home and said sadly parts were not available, we agreed to but the car for £3k and £7k was paid into your bank in 5 days. With the help of 2 club members they located a similar model be in broken for spare. After a lot of bartering the rear quarter was cut off and delivered to my body repairer all for £70. After six month's she is now back on the road, I kept photos of the donor car and all stages of the painstaking repair and respray.

These were sent to Footman James who within one day agreed to re-insure for £10,000 at the same premium, You could not find a better company to deal with, they just want to keep classic cars on the road, based in England, no offshore call centres. For £400 we can use or car with complete peace of mind.

 

Keep meaning to post Pics before, rebuilding and after. (just got to master photobucket)

 

Keith


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#14 Skittles80

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Posted 07 October 2017 - 05:56 PM

Glad to hear she is back on the road Keith look forward to seeing the pictures glad the bumper went to a good home
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