Author Topic: Agreed Value insurance  (Read 2834 times)

Offline Orcade-Ian

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Agreed Value insurance
« on: July 26, 2020, 04:02:40 PM »
When I got my renewal for the bikes I remarked on an earlier post that they now have agreed value until 2099.  Might appear a good deal so we don't have to keep filling in forms and taking endless pics every 2 years.  BUT I've never known insurance brokers or companies do anything which benefitted me in the past.  The way classic bike prices have been rising in the recent times (including during lockdown!) means that it could be a ploy to catch the folk who just can't be bothered asking for a higher valuation and you can bet your boots the payout will be the max stated on the policy. 
When my classic Mini estate renewal came through this week, it seems the cars are still needing pics and info every 2 years as before.

When I renewed the policy earlier this year on our MG RV8 which is quite a rare car with only 300 UK spec cars made, I didn't bother with agreed value as the 'market value' is higher than I had asked for last year.  There are no British spec cars with similar mileage to be had anywhere for what my agreed value was last year - averaging about £4k more in fact.

I might be eating my words one day but I think for anything other than a special, then so called agreed value should be the same as market value, so what's the point in jumping through hoops and paying a '£15 fee' every 2 years?

Any unbiased insurance experts out there willing to comment?

Ian


Offline Nurse Julie

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Re: Agreed Value insurance
« Reply #1 on: July 26, 2020, 05:22:23 PM »
A real, 1 off, rare, special with a very high value is probably best inspected and insured at the agreed value. All the other 'normal bikes' should be at market value for a bike in that condition (whatever the condition is, ie, perfect or a dog) should only be insured for the market value and that is what you should expect to get paid out in the event of a claim. Insurance assessors can be nit picky but they can see from a 100 paces that a bike is worth the value you put on the annual insurance renewal, or not as the case may be.
« Last Edit: July 26, 2020, 05:24:12 PM by Nurse Julie »
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Offline florence

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Re: Agreed Value insurance
« Reply #2 on: July 27, 2020, 03:38:40 PM »
It can be hard to know what the value is.  When I insure mine, out of habit I say £1500, which a few years ago was very generous, but now, sometimes I've seen non runners going for that.  I'm never sure what is reasonable.

I do know that when my car was written off recently, the insurance company looked at similar ones for sale and guessed a price.  Sadly, that did not take into account all the money I had spent at the garage getting it really good.

 

Offline Laverda Dave

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Re: Agreed Value insurance
« Reply #3 on: October 05, 2020, 04:10:58 PM »
So today was the start of my annual insurance telephone challange.
I received my insurance renewal quote from Carole Nash this morning and due at the end of October.  As usual the price has gone up, this year by a staggering 21.6%, or put another way, an increase of £126.70 on my policy :o
Normally I start the merry-go-round of getting alternative quotes resulting in hours on the phone to various alternative insurance companies. When I receive a cheaper quote from someone else I go back to Carole Nash to advise I'll be leaving them. This is when the fun begins; CN will then beat the cheaper quote by a big margin and I stay another year, this was my 29th year with them, that's how good their quotes have been in the past. This annual song and dance goes on every single year without fail.  This year however I called CN after receiving and advised unless they give me a best, new policy holder quote I'll leave anyway. Their new quote was £79 cheaper @£631, still not cheap enough so I’ve shopped around. Bennett’s quoted an eye watering £800 and this didn’t include my VFR, which would be subject to an additional quote :-\. Bikesure wouldn't even provide a quote and Swinton didn’t answer the phone! 
I tried Peter James after reading some great reviews on here, well to say I'm shocked would be an understatement!  Peter James came in at £369, unbelievable! The quote includes unlimited mileage, breakdown and recovery, full Europe cover, helmet and leather cover up to £750, personal injury and only a £50 excess on each bike. They were unbelievably helpful and it only took 12 minutes on the phone from start to finish. Highly recommended for anyone who is about to renew their insurance.
Oh, and when asked by PJ how I heard about them I of course said via the Honda SOHC Forum. Who knows, they may become a site sponsor if enough of us take out insurance with them ;D.
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Offline JonnyB

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Re: Agreed Value insurance
« Reply #4 on: October 05, 2020, 05:15:10 PM »
Crickey!!!! over 600 quid. How old are you 17?

No seriously. My 1200 GT fully comp over 7 years ncd is only 200. and last year I had the k100 and the R1150 it was still only around 280.

I'm with Bennetts Multibike and that includes declaration of  De-ABSing. I was with a preferred insurer with the IAM and was even cheaper but they disowned me when I declared the ABS-Ecomy.

And Swinton wouldn't /  couldn't cover the K100

It all down to covered value and mileage though.

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Offline Trigger

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Re: Agreed Value insurance
« Reply #5 on: October 05, 2020, 05:22:55 PM »
HOW MUCH ! I draw the line at £60 for a CB750  ;)

Offline Laverda Dave

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Re: Agreed Value insurance
« Reply #6 on: October 05, 2020, 05:24:10 PM »
I wish I was 17 Jonny! I'm 58 but as I live on the outskirts of London I have to pay a heavy premium due no doubt to some of the dodgy people, and uninsured, drugged-up, crap drivers around here.
The VFR really pushes up the premium with it being a modern (21 years old!) bike. That's the reason I got rid of the Blackbird, the premium doubled!
1976 Honda 400/4
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1955 750 Dresda Triton
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Offline JonnyB

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Re: Agreed Value insurance
« Reply #7 on: October 05, 2020, 05:26:07 PM »
You should move up here. You could pay the mortgage on the insurance savings alone.


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Regards and Ride Safe!!

Daily Ride - BMW K1200GT
Summer Fun - Naked K100
Current Project - GS500E
Basket Case -  K100/1200 hybrid 
Lawnmower - 1965 Webb Delux 14" Close Cut Battery Electric.

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Offline adespin

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Re: Agreed Value insurance
« Reply #8 on: October 05, 2020, 05:31:28 PM »
So today was the start of my annual insurance telephone challange.
I received my insurance renewal quote from Carole Nash this morning and due at the end of October.  As usual the price has gone up, this year by a staggering 21.6%, or put another way, an increase of £126.70 on my policy :o
Normally I start the merry-go-round of getting alternative quotes resulting in hours on the phone to various alternative insurance companies. When I receive a cheaper quote from someone else I go back to Carole Nash to advise I'll be leaving them. This is when the fun begins; CN will then beat the cheaper quote by a big margin and I stay another year, this was my 29th year with them, that's how good their quotes have been in the past. This annual song and dance goes on every single year without fail.  This year however I called CN after receiving and advised unless they give me a best, new policy holder quote I'll leave anyway. Their new quote was £79 cheaper @£631, still not cheap enough so I’ve shopped around. Bennett’s quoted an eye watering £800 and this didn’t include my VFR, which would be subject to an additional quote :-\. Bikesure wouldn't even provide a quote and Swinton didn’t answer the phone! 
I tried Peter James after reading some great reviews on here, well to say I'm shocked would be an understatement!  Peter James came in at £369, unbelievable! The quote includes unlimited mileage, breakdown and recovery, full Europe cover, helmet and leather cover up to £750, personal injury and only a £50 excess on each bike. They were unbelievably helpful and it only took 12 minutes on the phone from start to finish. Highly recommended for anyone who is about to renew their insurance.
Oh, and when asked by PJ how I heard about them I of course said via the Honda SOHC Forum. Who knows, they may become a site sponsor if enough of us take out insurance with them ;D.

 How many bikes did you insure for the £369?
1971 cb750 K1

Offline MrDavo

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Re: Agreed Value insurance
« Reply #9 on: October 05, 2020, 06:12:38 PM »
Both of my bikes are with P James, when I had my CB750K1 they did agreed value at £12k I think, they sent me a valuation form which a mate in the trade certified for me, I had to provide photos. I guess when my Z1 project is ready for the road I'll have to go down the same route. The difference between a top dollar bike and a low value shed is hard to argue once its gone missing!

I have an oldish Merc diesel as a day to day 'runabout' car, a few years back LV put the premium up by a mile, out of the blue at renewal, I think just to see if I'd pay it. I rang up and got them to match a much cheaper quote which I'd got online via the Meerkats - from LV!!!

My 911 has always been insured, at agreed value, via Locktons and the owners club policy. It is relatively cheap, around £300, for £45k agreed value, fully comp, PCGB trackday cover (!) plus European breakdown cover on a car that must be in anyone's 'high risk' group - the 911 was known as 'The Widowmaker' back in the day. I talked to one of the Lockton guys at the Silverstone Classic, they were promoting the Ferrari owners scheme. They do policies for all the classic owners clubs, apparently, and the reason they are cheap is that almost noone ever claims, the owners look after their cars, tend to be in the older age group, and save the odd joyrider, noone nicks them, as where would you get rid of it?

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Offline philward

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Re: Agreed Value insurance
« Reply #10 on: October 05, 2020, 10:51:58 PM »
I'm with Lyndbrook - about £300 a year for 750k2, CR750 and ZZR1100 - limited mileage 3000 miles per bike, breakdown cover with £50 excess - bikes garaged - Wigan postcode. It didn't go up this year.

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Offline JonnyB

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Re: Agreed Value insurance
« Reply #11 on: October 06, 2020, 06:27:28 AM »
Insurance is a scam at the end of the day, just gambling with your premium. I'm a software developer and used to work in the Insurance industry and we were constantly being tasked with tweaks and new ways to load a premium.

I guess You're paying to put 12k on public display in the middle of London with no one watching out for it.
Regards and Ride Safe!!

Daily Ride - BMW K1200GT
Summer Fun - Naked K100
Current Project - GS500E
Basket Case -  K100/1200 hybrid 
Lawnmower - 1965 Webb Delux 14" Close Cut Battery Electric.

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Offline Trigger

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Re: Agreed Value insurance
« Reply #12 on: October 06, 2020, 07:07:46 AM »
Yes Jonny but,  I can have a bike that is insured at a small village in Lincolnshire and park it on a street in central London and my premium is the same  :o

I did have a Thundercat with the insurance costing £58 and a little CD250 with the same company that they wanted £85 a year to insure but, when i asked why the CD with a top speed of 70mph was so much compared to the Cat with a top speed of 154 mph and pointed out that is was like putting a lada up against a Ferrari they soon dropped the CD right down  ;) 

Offline JonnyB

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Re: Agreed Value insurance
« Reply #13 on: October 06, 2020, 08:09:39 AM »
LOL. I never said it made sense. ;D
Regards and Ride Safe!!

Daily Ride - BMW K1200GT
Summer Fun - Naked K100
Current Project - GS500E
Basket Case -  K100/1200 hybrid 
Lawnmower - 1965 Webb Delux 14" Close Cut Battery Electric.

John

https://batchscan.co.uk/

Offline Orcade-Ian

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Re: Agreed Value insurance
« Reply #14 on: October 06, 2020, 11:02:21 AM »
I've just done mine again this year with PJ,
Still unsure about how they work it all out, even though they use actuaries.  A few years ago I wanted Christine to use the C50 LAC but She couldn't insure it as She didn't own it.  BUT they allowed me to name her on the policy at no extra cost.  This allowed her to ride all of the 'Classics' including my GL1500SE but She was barred from riding the so called 'modern' 2008 CBF 600SA - no problem anyway.
When I got the new C125 Super Cub in March I asked specifically if I could include Christine for that bike and paid an 'adjustment' from March to October renewal.
When the new invitation came, the policy had nearly doubled, so I obviously contacted them - I've sold the 93 C90 so asked them to delete that and saved £21 but the biggest sting was having Christine riding the new C125 - deleting her from that bike reduced the policy a further £105! So She can still ride the classics including the 'Wing, which She would have difficulty just keeping upright.

This new policy also includes both of us riding other bikes - so someone else's CBF 600 or Super Cub then?

A friend down in Lancashire is also with PJ - due for renewal and has a modern Triumph Speed Triple as well as classics and the Trumpet now has a 5years plus 'introductory' NCB, my policy doesn't list that.  Also riding other bikes on his policy is listed as 'not granted'

Confused of Orkney!

 

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