Valuation
- Thread starter pauljmcnulty
- Start date
johnny senna
New member
Alright chaps. When I crashed my 993 RS and had to claim, an agreed value would have been a curse. This is because my crash happened many months after I wrote the approximate value on the insurance application. During that elapsed time, 993 RS values had gone up 20 grand. So the market valuation system made sure I was paid out a decent whack, not 50 grand or whatever an agreed (too low) value might have been.
Dr Johnny/Paul while i hear where ur coming from i dont really agree....................i think agreed value , together with photos and report any decent insurer will require, at time of proposal are essential to get anything like ur money back.................for the record i have adjusted value during period of cover and the insureres have acknowledged
Vic, adjusting value makes sense, as i said previously, amongst posters on this thread there are not many out there who follow the 993RS so keenly. Do you suggest values to PCGB to confirm? or how do you confirm the changing valuation? I am clearly not suggesting anything, again as I say we know the values and what has happened, but I would imagine an insurance company could well be cautious to an upward revaluation during the policy term...
Bearing in mind the appalling quality of communication with some of the Brokers it may be harder ................when i had a name i cud speak with at Aon on Classics Policy i just lifetd the value on rs and Gt2 at the time on the phone , they asked for confirmation at the maturity, every 2 -4 years anyway..............................i just go for a well known name , preferrably with Headed Notepaper and send !
Vic, just to clarify. You are using a well known broker and you personally send in the updated increase in value? Sorry, but I want to be sure I follow the above. Somehow I can see problems with this in the event of a claim, unless you had a fairly unique relationship with the underwriter. if you personally increase the stated value and then the unthinkable happens a couple of weeks later and you need to claim, I would expect there to be more than a "stewards" at the Insurers, before casually paying out. Apologies, if I have got the above scenario, wrong, would be grateful for clarification as I would expect most companys would require some form of official valuation and as stated we probably have the best idea what they are worth! cheers.
Totally take ur point Paul.................i simply had an account manager who was extremely dilligent and capable of listening ............all agreed on phone then confirmed in writing, only serious change and expert confirmation at maturity.................wud have been hard to wiggle ! Actual increase prob arond 10% As an aside the only wish that company produced same service now ..................i had to send back their written policy documents 3 times for major errors in , excess figs whatever ................BTW if they had remained they were in my favour ................but i have tis awful oldfashioned of insurance being a matter of trust ! Nowadays i read every word ...................................
Vic, thanks for the clarification. Insurance seems to have become a game of annual musical chairs, you get a decent quote, set the valuation in place, do a few insured trackdays at a reasonable premium...it's all good.... Then, a year later when things are comfortable, with no change in your claims history the premium jumps 30-50% or trackdays are withdrawn, just to test your loyalty or how much of a mug/lazy you are to hunt for a more sensibly priced option. This game makes it hard to build up a relationship with an insurer/broker, even if you have not had a claim and loyally paid your premium for a slip of paper for many years.
i do realise forum s the place for a good fight but i agree again..............u got it spot on, surely continuity good for both parties if nothing too bad to cover up ? Why was i ok to go to Spa for last 10 yrs consecutively , no claims from it but this year, with a car roughly 50 % OF VALUE FROM FORMER YEARS it was a huge fuss and original reason provided was an outright lie ! Current waiting time to speak to this new combined insurer [ie one lot took over the others] , 37 mins minimum............and thats good ...............frankly relieved it was last month and its hopefully over for another year................perhaps they aim to lessen ur risk by keeping u on the phone and off the road ?
Vic, not sure about all of this agreement. I would have thought with your years of Porsche experience you were entitled to be more of a curmudgeon in your forum responses! [
] Seen this? Harris' latest video; http://www.youtube.com/watch?v=GRbdrLTsmjw I bet you agree this sounds incredible as well?? [] Apologies for those that get upset at non 993RS, content, but we have hardly been over using the bandwidth recently!
] Seen this? Harris' latest video; http://www.youtube.com/watch?v=GRbdrLTsmjw I bet you agree this sounds incredible as well?? [] Apologies for those that get upset at non 993RS, content, but we have hardly been over using the bandwidth recently!Richard Dawson
New member
Insurers and brokers often have differing viewpoints on values of classic cars. Many do not seem willing to allow for a vlaue to be set out that is above what was paid for the car. Most proposal forms ask you to fill in what the value is. My understanding is that (in theory) if the stated value was £10 and the actual value was £20 then you could be underinsured. This is tedious as brokers often won't let you put more than you paidfor the car in the first place! I think there is also then the potential for entertainment on the level of payout ; I have a vague recollection that with the figures above for instance you may get paid 50% of the insured value? Agreed values are also tricky in my view for the reasons stated in that when the market is rising and the car is a good one the values would have to be revisited regularly. On a market value if the price rises post inception then you should get the benefit of the rise though noting any requirement in the policy to advise insurer of changes is risk? Obviously agreed values work for moderate cars with static values where in my experience owners clubs always slap on a figure well above the replacement cost! If there are any folks out there who are able to definatively answer I'd be fascinated to understand how it really works!
Chaps, is this not the market valuation I have been talking about? I am sure the insurance proposer would have to do considerable leg work in establishing advertised and expert value guidance. If you left it down the the insurance co to actually find a replacement, what are the chances of ending up with a C2 with a body kit? [:-]
Chris, please read the previous posts. The C2 thing may have been, perhaps just a little tongue in cheek? [
] Agreed value, is fairly straightforward and may or may not reflect the exact valuation at the time of a payout. with market value, you would have to attempt to prove the replacement cost was now N x 1.2. I am insurance companies don't feel the need to follow valuations of these models quite as intendely as we do. Like Harry, I have also insured my car for a figure I would be happy with in the nightmare scenario of a payout, it may well be seen as under insured. We seem to be going round in circles now and have probably covered most of the options,,,,,,until one of us comes up for insurance renewal? []
johnny senna
New member
Hi mate. Yep, still using tha Madone. It's going to Ireland tomorrow for a short break. Missus will be on her Madone representing GB in the Europan triathlon championships. I shall be spectating!ORIGINAL: clubsport Cheers Johnny, sorry about your circumstances, but nice to hear some real world feedback...this agreed value while prices were/are trending is my concern. You still using the Madone?.....[
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