The need for Agreed Value insurance cover.

[Teddynewson]

Kept seeing we buy anycar So I thought for a giggle what the s5 was worth too them £185.00🤭🤭🤭🤭🤭🤭 

[SamTan]

Reminded me of buying my first Audi (a TT roadster), still miss it, anyway, at the time I had a Megan convertible with the glass roof.  did not consider trade in so tried We Buy myself was offered £180, turned it down, they upped to £250, refused that checked prices on AutoTrader, so asked for £1,000, sold it to a mechanic for £800, he was chuffed with his purchased.  I'm now on my third Audi 2019 A3 Sportback, traded in an A3 Cabrio'.  I now wonder where We Buy get their prices from.

[Teddynewson]

6 minutes ago, SamTan said:

Reminded me of buying my first Audi (a TT roadster), still miss it, anyway, at the time I had a Megan convertible with the glass roof.  did not consider trade in so tried We Buy myself was offered £180, turned it down, they upped to £250, refused that checked prices on AutoTrader, so asked for £1,000, sold it to a mechanic for £800, he was chuffed with his purchased.  I'm now on my third Audi 2019 A3 Sportback, traded in an A3 Cabrio'.  I now wonder where We Buy get their prices from.

Exactly I would put my s5 around 4.5k 5k mark due too what's gone into it, I think thay got pulled up before for under value car prices

 

[Magnet]

Hello Edward,

Interesting, and can be taken as ‘they are joking’, but well worth giving it a good coat of thinking about, and then enter your registration into the insurance comparison sites and see what valuation they place on it - frighteningly low for a ‘standard ‘ vehicle, leave alone one which has had thousands thrown at it. 

Now the horrible truth sets in :- irrespective of what has been spent on it, and what the owner ‘puts on it’ value- wise, this is what will be paid out in the event of a small amount of damage, and it being declared a total loss, unless:- 

The cars gets insured to an agreed value by a specialist broker. 
That is the hard fact of life! So after all the money has been spent on it, it will need a (significantly?) enhanced insurance premium to insure your asset is properly covered. Vital in my book. 
WBAC? But do they buy -any- car?? No they don’t, so it seems. 
They have an office at my local Asda, so wishing to sell my pre war car which I’ve owned for decades, I wander into their office.  That surprised them, and they informed me that they only do inspections and final valuations on vehicles already valued on line, so I have to first get an on- line valuation. Oh, OK - out of devilment, I input the original registration number, and back it comes ‘ Registration number not recognised’ - although it’s on the DVLA system as Taxed, and on Askmid as insured. So end of road to be able to satisfy their procedure, so no, they don’t actually buy -any - car. 

[Teddynewson]

4 hours ago, Magnet said:

Hello Edward,

Interesting, and can be taken as ‘they are joking’, but well worth giving it a good coat of thinking about, and then enter your registration into the insurance comparison sites and see what valuation they place on it - frighteningly low for a ‘standard ‘ vehicle, leave alone one which has had thousands thrown at it. 

Now the horrible truth sets in :- irrespective of what has been spent on it, and what the owner ‘puts on it’ value- wise, this is what will be paid out in the event of a small amount of damage, and it being declared a total loss, unless:- 

The cars gets insured to an agreed value by a specialist broker. 
That is the hard fact of life! So after all the money has been spent on it, it will need a (significantly?) enhanced insurance premium to insure your asset is properly covered. Vital in my book. 
WBAC? But do they buy -any- car?? No they don’t, so it seems. 
They have an office at my local Asda, so wishing to sell my pre war car which I’ve owned for decades, I wander into their office.  That surprised them, and they informed me that they only do inspections and final valuations on vehicles already valued on line, so I have to first get an on- line valuation. Oh, OK - out of devilment, I input the original registration number, and back it comes ‘ Registration number not recognised’ - although it’s on the DVLA system as Taxed, and on Askmid as insured. So end of road to be able to satisfy their procedure, so no, they don’t actually buy -any - car. 

I did jump on to car wow, and another one can't think of it now but thay where much better not great but more realistic around 4k mark, when you look round eBay, face book market place you see your make of car 5k 6k same year nothing done work wise its like 😁 wow what's mine worth, and to me its been well worth putting the money in mine rebuilding it -replacing parts, then you see a fresh engine rebuild for sale 5k on its own, so at the end of the day places like that wants them cheap as thay can get for auction, and possibly aboard 

[Magnet]

Sounds good Edward, but the acid test:-

Are you going to insure it for an agreed value or not? 

If you don’t, without doubt, you can quote as many adverts as you like, values of as many engines as you like, but there is no doubt that they will eventually win hands down on shear experience of dealing with such claims - and your knowledge bank with such issues will pail into insignificance. 

No one can tell you what to do, even if they know it is the correct decision, so you either insure your hard work and effort, or you take a chance - a big chance on your investment. 

I think we have all come across enthusiasts who will throw unbelievable amounts of money (and time) at a car, then get downright mean when it comes to insuring their asset. Daft, but true. 

Kind regards,

Gareth. 

[Teddynewson]

7 hours ago, Magnet said:

Sounds good Edward, but the acid test:-

Are you going to insurer it for an agreed value or not? 

If you don’t, without doubt, you can quote as many adverts as you like, values of as many engines as you like, but there is no doubt that they will eventually win hands down on shear experience of dealing with such claims - and your knowledge bank with such issues will pail into insignificance. 

No one can tell you what to do, even if they know it is the correct decision, so you either insure your hard work and effort, or you take a chance - a big chance on your investment. 

I think we have all come across enthusiasts who will throw unbelievable amounts of money (and time) at a car, then get downright mean when it comes to insuring their asset. Daft, but true. 

Kind regards,

Gareth. 

Noo I'll be insuring her for 6k witch I think it's a far price got a quote of 400.61 per year full com with all mods declared so that's not so bad

[Magnet]

Sounds good Edward. 
So we take it that the £6,000 valuation has been agreed ( most important part) and confirmed with the insurer, rather than you just stating that you value it at that figure-? 

Under this ‘Agreed value’ insurance you would normally need to complete a Condition Form, and provide photos that the insurer would assess, before confirming that they would pay that amount out - without question - in the event of a total loss. 
Can we take it that process will form part of the insurance-?

[Teddynewson]

4 hours ago, Magnet said:

Sounds good Edward. 
So we take it that the £6,000 valuation has been agreed ( most important part) and confirmed with the insurer, rather than you just stating that you value it at that figure-? 

Under this ‘Agreed value’ insurance you would normally need to complete a Condition Form, and provide photos that the insurer would assess, before confirming that they would pay that amount out - without question - in the event of a total loss. 
Can we take it that process will form part of the insurance-?

Yea on the form you fill out thay put a price of what thay think it's worth due too year and mileage, and all I did was edit it too 6k on the value of the car and thats where thay came back with 400.61 iv got all the photos of the build here on my phone as iv gone along 

Edited August 28 by Teddynewson

[Magnet]

Sorry, but that is not ‘Agreed Value’.

That is what you think (in caps) it is worth.
Totally different things. 

Still, it’s not my car, not my expenditure and effort Edward, and I don’t think I can spell it out any clearer, so I wish you well with your belief that you are indeed covered for that value. 
Kind regards,

Gareth. 

[Teddynewson]

10 minutes ago, Magnet said:

Sorry, but that is not ‘Agreed Value’.

That is what you think (in caps) it is worth.
Totally different things. 

Still, it’s not my car, not my expenditure and effort Edward, and I don’t think I can spell it out any clearer, so I wish you well with your belief that you are indeed covered for that value. 
Kind regards,

Gareth. 

The only thing I can do when I insurer her is phone them and tell them and get it agreed that way and go from there

[cliffcoggin]

Not so. Unless you have the agreed valuation in writing from the insurer you will only get the miniscule book value in the event of a claim.

[Magnet]

Apologies for saying it as it is Edward, but for the very clever chap you obviously are to be able to carryout all the work you have (at great expense), you are acting a bit ( very big bit!) daft with this. 
Cliff sums it up far better than me. 
All I can add is:-

Absolutely,

A verbal agreement is not worth the paper it’s written on.

Kind regards,

Gareth. 

[Teddynewson]

No that's there fare commitments and I take them on the chin I just assumed when you changed the price on the form that's it job done, but I'll get it in writing the valve of the car it may put the price up but as you say the work that's gone in to her it's worth doing