Agreed value

[WINGNUT]

Hi all, insurance time again and this year my agreed value needs to be redone so fresh pictures to the insurers in order to cover the value. My question is looking at some prices I've spotted westfields sell for of recent I'm not so sure If I'm selling it short? Have things increased? My car is a 2004 Sei wide with a 2.0 zetec running twin webers. In my opinion it's a nice example, just wondering what thoughts are on what I should be putting it down as price wise? Ive put some pics on for an idea, thanks in advance

[Paul Gibney - Lancashire AO]

how much did you put down last year for insurance ?

 

[WINGNUT]

It lasts 2 years paul, had it down at £8500. Just want to check I'm somewhere near really

[Steve (sdh2903)]

I'd think that's too low. 10k at least. 

[WINGNUT]

10 minutes ago, Steve (sdh2903) said:

I'd think that's too low. 10k at least. 

Really? Didn't think I was that far out I best up it looking at it

[Paul Gibney - Lancashire AO]

i would go somewhere near that but will it make any change to the policy ?

[Steve (sdh2903)]

Ask yourself what would it cost to buy another at similar spec from the likes of toybox should it be need to be replaced. 

 

Values are up lately.

[Mark (smokey mow)]

My agreed value was always a couple of £K more than what I considered to be its market value.

 

the way I looked at it was that since I would be very unlikely to find a replacement car identical to mine it would cost me at least £2K on top of the car I bought to change it to the same spec as mine.

[WINGNUT]

11 hours ago, Paul Gibney - Lancashire AO said:

i would go somewhere near that but will it make any change to the policy ?

From what the girl said at A plan I don't think so.

 

As both @Steve (sdh2903) and @Mark (smokey mow) say I guess you have to look at replacing like for like or as near as i guess. Thanks for the input guys and ill put it across to the insurers this week 

 

cheers Scott 

[jeff oakley]

I would agree it is too low at £8.5k £10k seems reasonable.

 

Remember if you  are too high the underwriters will say so anyway. Just make sure you have recent photographs date stamped ideally then there is no argument that you used 5 year old pictures

[WINGNUT]

@jeff oakley all pictures are new ones mate, even speedo with current mileage on. I've spoke to them again today and if I agree value of 10k there is no change in policy price, anything over that and up to the next threshold (which I think is 15k) it goes up by around £19. I don't think that's too bad especially of an agreed value can be reached, god forbid anything happens but for the sake of £19 you'd get a higher return. I was aiming for £10,500 or do I say higher as the premium won't change anymore? But it's like you say if you go too high it will get knocked back

[jeff oakley]

When I had my yellow and black car I figured a value which I was happy with. I took the view that if it was written off, then I would negotiate to get a figure and the car to rebuild, but either way the parts were covered.

 

Perhaps you might be able to get an indication of what they will agree to. Parts to replace will be £15 k minimum so maybe worth asking for the higher figure and seeing what they come back with.

 

If you were happy to get £10.5k for £500 I would probably go with the £10k and no increase 

[Dave Eastwood (Gadgetman) - Club Chairman]

One thing to consider when trying to come to a value, (note, I mean a "what would it cost to  buy/modify to this spec", not what's it worth to sell), is the big increases in parts prices over the last few years. You may need to add more than you think, to cover mods and variations from "stock".