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Agreed value insurance


Lexus Al
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I am purchasing a 2007 SC430 on Monday. I am paying £11750.00 When i put it through We Buy any car they value it at £7750.00 which is the value i assume an insurance company would pay out if the vehicle was stolen or a write off. Do you have any recommendations for insurance companies which provide a guaranteed value?

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12 minutes ago, Lexus Al said:

I am purchasing a 2007 SC430 on Monday. I am paying £11750.00 When i put it through We Buy any car they value it at £7750.00 which is the value i assume an insurance company would pay out if the vehicle was stolen or a write off. Do you have any recommendations for insurance companies which provide a guaranteed value?

Yes, my SC430 is insured with Footman James on a guaranteed value classic car insurance policy with stipulated annual mileage. Give them a try.

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I went with LV because the specialist brokers (suggested by members) were closed over the weekend and I needed to have insurance today. So I didn’t get the guaranteed value option. Fingers crossed I won’t need it!

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Hi Dan

i did call AF and your colleague quoted me £1145.00 quote ref 124/1500347/A024/CL and the guaranteed value portion was £52

I explained that I had a quote off LV for £450 so he was over twice the price of the competition. He said he would get a second opinion and call me back, he never did.

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10 hours ago, Lexus Al said:

 

Hi Dan

i did call AF and your colleague quoted me £1145.00 quote ref 124/1500347/A024/CL and the guaranteed value portion was £52

I explained that I had a quote off LV for £450 so he was over twice the price of the competition. He said he would get a second opinion and call me back, he never did.

Sorry to hear Alan, 

It may of been a case that they weren't able to find any markets more competitive than LV on this occasion. 

As always though, keep us in mind for next year. 

Take care 

Dan 

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I would have liked to have gone with Hagerty but they will only insure a car when it is kept of the public highway. I have been with LV a couple of years now on a multi car policy and the SC is around £300. Renewal is in May so I am not looking forward to how much it is bound to go up  bearing in mind the recent hikes. I often wonder how guaranteed insurance works as I know with Hagerty you can say a car is worth up to £19,500 without obtaining a separate valuation.  Whats to stop someone over inflating their cars value and getter a bigger payout at their expense?

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