tom_loughlin
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 posted on 1/2/06 at 12:58 PM |
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Agreed Valuation
As part of my insurance (sureterm)they have suggested that i get a valuation done, so if i need to make a claim, there are no issues regarding the
payout.
My question is where can i get a valuation done, bearing in mind it had to be an official document, or should i not bother?
Thanks
Tom
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stevebubs
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| posted on 1/2/06 at 01:29 PM |
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Typically done by an approved club for the marque, manufacturer, or a specialist garage.
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Mark Allanson
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| posted on 1/2/06 at 08:03 PM |
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Small print in the policy says any valuation, agreed or not can be over ridden by an inspecting engineer assessor, I know, I have done it.
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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Hellfire
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| posted on 1/2/06 at 09:28 PM |
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Does that work the other way round as well then?? Surely that's not right - afterall, your insurance premium is calculated based on the
valuation of your vehicle.
Phil
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Mark Allanson
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| posted on 1/2/06 at 09:37 PM |
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They insist you give a honest valuation, if it varies with the assessors valuation, then you have been dishonest and therefore the agreed valuation is
null and void.
You must know by now you cannot win with the big boys, they have the world including its governments sewn up.
They have even wangled VAT exemption even though their turnover is millions, but if you are VAT registered, you have to pay the VAT element of the
repair and claim it back at the end of your 1/4, this even applies if you are third party to another insurance company!
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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Hellfire
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| posted on 1/2/06 at 09:58 PM |
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I understand about not being able to win against them and having governments sewn up etc but going back to the valuation thing, they state that you
have to have an independent valuation.
If I'd been paying yearly insurance premiums based on an independent valuation of 10K only to find that when I wrote it off, the assessor valued
it at 6K and that was all the insurance company was prepared to pay, I'd be pretty pi$$ed off and ask for a second opinion.
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MikeLR
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| posted on 1/2/06 at 10:29 PM |
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For an agreed valuarion (10K) I had to supply pictures ie close ups of everything plus costs of individual parts used. I must say that the form that I
had to fill in was very comprehensive !
No independant examination was required.
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Hellfire
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| posted on 1/2/06 at 10:36 PM |
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Aahh. That may be a different policy. Without an independent written valuation, you actually DON'T have an agreed value policy. Maybe this is
where the assessor valuation that Mark is talking about comes into practice.
When we first arranged our insurance policy on the Indy, we had to provide photographs and costs and the insurance premium was based on a valuation
figure that we gave them. After having discussions with the insurance company about extending the limited mileage and offsetting the extra cost by
reducing the value (which I thought was an agreed value), it became apparent that the policy was not actually 'agreed value' until such
time as they had an independent written valuation by a company who had not carried out any work on the vehicle, which we duly provided and hence when
we wrote our vehicle off, there was no quibbling and they promptly paid the full 'Agreed Value'.
Phil
[Edited on 1-2-06 by Hellfire]
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MikeLR
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| posted on 2/2/06 at 12:30 PM |
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Thanks for the information. My policy was arranged by Gott and Wynne, Insurance Brokers at LLandudno.Will give them a ring to clarify situation.
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chrisg
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| posted on 2/2/06 at 12:56 PM |
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We at the club can do letters for insurance companies with a suggested value which can be used with supporting photographs for Locosts.
cheers
Chris
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02GF74
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| posted on 2/2/06 at 01:41 PM |
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quote:
Originally posted by MikeLR
For an agreed valuarion (10K) I had to supply pictures ie close ups of everything plus costs of individual parts used. I must say that the form that I
had to fill in was very comprehensive !
No independant examination was required.
nevertheless, should you prang it or it gets stolen. the insurance company will pay you much less than that even though they quite happily take your
money for the high valuation!! that is how insuracne businees works.
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Hellfire
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| posted on 2/2/06 at 08:33 PM |
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Like I said before, it only becomes an agreed value policy when an independent valuation has been submitted in writing to the insurance company. Until
such time as they have the letter, they will only pay the current market value which will be determined by the assessor. 
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