greenwood03
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| posted on 11/11/08 at 12:39 PM |
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Insurance Kit Cars Claims
not a happy subject but interested to hear of any experiences with claims relating to kit cars. Stems from conversation with a pal, his agreed value
for his Rush is 12k, mine for Tiger is 8k. Wondered if anyone has had to ( or has reliable info from friend etc ) of any claims where car was written
off ( and where an agreed value existed ) - am wondering if insurance companies honour the value?? thx mark
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coozer
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| posted on 11/11/08 at 01:53 PM |
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Insured mine for 10K then binned it 4 weeks later. (FJ)
The bill came to 3K for the repair that was paid out straight to the repairer. Obviuosly they considered the value.
Although it took a long time to settle it was a fairly straightforward experience.
I was expecting the examiner not to be very experienced with my car but when he came he seemed to know quite a bit, commenting on how many get
trashed!
Steve
1972 V8 Jago
1980 Z750
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02GF74
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| posted on 11/11/08 at 03:44 PM |
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LOL funnily enough all the ones he examines were trashed!.
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jollygreengiant
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| posted on 11/11/08 at 06:06 PM |
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Not kit car, but, .........................
Case 1
1988 ish I had a Rover SD1 V8. Insured it with Bishopsgate insurance. When I took out insurance they asked the value of the vehicle (approx £1500 at
time) because the value had a bearing on the premium. Vehicle got stolen. They paid out o based on bottom book price of £250.
 
After 6 months of arguing, I managed to get them to increase offer to £350. 
Case 2.
Norwich Union.
Rover P5B coupe. (replacement for above)
Agreed value policy. Written of in side impact accident. Damaged front wing, & door. Rover maestro that hit me in the side pulling out from side
road needed full front end rebuild.
Norwich Union told me to get Knotted basically because the vehicle was 20 miles over the agreed value mileage, even though I could prove that it had a
400 mile over read on the oddometer. No pay out, had to claim through a solicitor and only then got paid out for injuries to the wife for whip lash.
Guess what, I don't trust or like insurance companies. Especially the above 2.
Beware of the Goldfish in the tulip mines. The ONLY defence against them is smoking peanut butter sandwiches.
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Hellfire
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| posted on 11/11/08 at 06:52 PM |
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Our first Indy was insured on an agreed value basis. We'd submitted the photos required and sent in the independant valuation. Our old man wrote
it off 6 months later and the insurance company honoured the agreed value. We took the damaged Indy as part of the payout.
Be careful with agreed value policies and read the T&C's thoroughly. They usually aren't 'agreed value' until certain
conditions are met. In our case we had to submit 6 photos and provide an independant valuation. It also states in the T&C's, that until such
time as this information is received, the vehicle will be insured on a market value basis only.
Phil
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owelly
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| posted on 11/11/08 at 08:17 PM |
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I've found, as have many others, that the premium will be based on YOUR valuation. Any payouts will be based on the insurance companies
valuation!
http://www.ppcmag.co.uk
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greenwood03
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| posted on 11/11/08 at 10:46 PM |
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thanks for the replies. its particularly the 'agreed value'/ kit car side that interests. really on basis that if mine was written off
even with agreed value as i'd have to pay someone to rebuild/build me something similar. i have done the 6 photos type thing with Flux who
insure mine, but would be comforting to know that the figure would be honoured. Let's hope its a hyperthetical question for us all!
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Hellfire
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| posted on 12/11/08 at 12:54 PM |
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Our kitcar was insured with Flux. 6 photos AND an independant valuation was required for 'agreed value' of 12K. Car was written off,
insurance paid out 12K.
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Jon Ison
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| posted on 12/11/08 at 08:21 PM |
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I had zero problems with A flux when I binned the GT1, I know Alez had no problems too when he binned the isonblade which I eventually bought back
after some one had bought the salvage from the insurance company.
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:{THC}:YosamiteSam
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| posted on 17/11/08 at 10:34 AM |
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i was insured with flux - agreed value of 10k - at ther time of insurance they ask to give 6 pics- was also limited mileage as an option.
they paid up no real probs - took a while to actually get the money off them and into my account - they just dragged heels as most companies do
they wanted all paperwork off me before payout too (lookin for loopholes) then said 'oops sorry we didnt anyway' hmmmm
so 2 weeks later...
they coffed up the full amount
was pleased really because of the used kit market - a 2nd hand kit car now is worth feck all no matter what the spec is - so its in your interest to
work out what it will cost to put THAT car back on the road as a new one - it will usually be double the amount the insurance will say its worth
i bought it back off them by the way for 6% of the payout - £600 ffs is that all you think its worth??? paid more than that for the exhaust!
in my opinion tho agreed value is the only way to insure a kit car - it does away with market values devaluing your car
probably would of only got about 7-8 otherwise if i was lucky!
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Mark Allanson
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| posted on 6/12/08 at 04:55 PM |
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quote:
Originally posted by coozer
Insured mine for 10K then binned it 4 weeks later. (FJ)
The bill came to 3K for the repair that was paid out straight to the repairer. Obviuosly they considered the value.
Although it took a long time to settle it was a fairly straightforward experience.
I was expecting the examiner not to be very experienced with my car but when he came he seemed to know quite a bit, commenting on how many get
trashed!
Steve
Some of the examiners (insurance assessors) actually drive kitcars, some actually post on this forum! 
If you can keep you head, whilst all others around you are losing theirs, you are not fully aware of the situation
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