Agreed value insurance?

[Livermpj]

Many years ago I had a "modern" Spitfire, which was insured as a classic with an agreed value of £5,500. The car was only 6 years old and the market value was around £2,000.

So I got to thinking, my 75's in very similar condition to the Spitfire - I've driven it from new, maintained it thoroughly, have a full maintenance record with receipts - surely it should be insured with agreed value?

I've only managed to find one insurer willing to offer agreed value (Highway, via Adrian Flux).

Is anyone else thinking along similar lines? Does anyone have agreed value insurance on their 75 or ZT?

Cheers,
Pete.

[Dorset Bob]

I tried to insure my Rover 75 on a classic car policy with an agreed valuation and did not have much luck.
In the past I have insured cars such as a Rover P6 3500S and various MGs (Abingdon ones!) on this basis, but it seems to me that the Rover 75 is not seen as a classic yet.
It would be great to know if anyone out there knows an insurer that will.

[Dominic22]

I have the 75 V8 on an agreed value limited mileage policy with Peter Best Insurance.

[Dave Goody]

Is it right that a car with a value of £2,000 can be insured with an agreed value of £5,000 ? I always thought that insurance was designed to cover replacement?
Can you insure to make a profit? Dave

[MrDoodles]

Some interesting points about "Classic" cars here!

http://www.insurancesos.co.uk/articl.../eligible.html

[vindaloo]

Colin NI has explained all about his insurance deal HERE

[wraymond]

Originally Posted by Dave Goody

Is it right that a car with a value of £2,000 can be insured with an agreed value of £5,000 ? I always thought that insurance was designed to cover replacement?
Can you insure to make a profit? Dave

You are right Dave. It is known as 'an insurable interest' and is meant to cover any financial interest someone may have in another person or asset, the loss of whom or which would set a financial loss or liability. Phew.

That's why you can have an insurable interest in a business partner or 'life' partner (ie unmarried but domestically relied on) and that person's continued existence is crucial in your joint venture.

With regard to material assets, the loss of a car through damage or theft would mean replacement was either necessary or expected and the general idea is 'to put you in the same or similar financial position after the event as you were in before it'. With regard to non-classic cars, it is generally held that the trade value is taken as its insurable value. A big bone of contention! I would find it difficult to buy a car 'trade', and even if I could there would no warranty with it.

With so called classic cars there appears to be no meaningful definition, as the op outlines. Relatively late cars are considered 'classic' by some, not necesarily by others. And of course not all old cars by any means are 'classics'. If you use popularity as the defining base then are all Vauxhall Vivas, Hillman Imps, Bedford Rascals 'classic'?

In 'our' case, and in the event of a total loss (sorry to use those words on here!), there was a relatively short manufacturing period, so fewer made, so maybe would not be considered in such a scheme. However, in the event of me suffering such a disaster and in order to ensure a realistic settlement I would make good use of all service records and costs involved in mods were made available the insurer. I would stress that in considering a replacement I would want a car that had been looked after as well as mine was. But normal annual servicing and maintenance is of course not an insurable extra.

I too had a long succession of P6's and Sunbeam Alpines covered under a classic car scheme (with Footman James - still trading I think). At best it's a murky pool. Maybe, given the number of associated motor clubs, there is a deal to be made with an insurer, with a respected club official or suitable senior (with Mechanical or Trade experience) giving a notional 'value' certificate. That happens with the Rolls Royce Enthusiasts Club, are they more trustworthy than us?

[BarryH]

Originally Posted by MrDoodles

Some interesting points about "Classic" cars here!

http://www.insurancesos.co.uk/articl.../eligible.html

Very interesting reading.I think that would exempt all of our cars
Barry

[Grumpy1]

Yes, Footman James are still trading. I insured my classic motorcycles with them, when I had them, so thought I'd try them for my recent renewal for my 75. Unfortunately, they don't consider our to cars to be 'classics' and were not competitive. Ageas, through M&S, came out tops.

[Fusilier]

I have got two of my cars on a classic policy, just renewed MGF agreed value of £6k, and ZT agreed value of £2.5k, and it cost me £110 and £147 respectively to insurance them with Peter Best

Stu