Any - Agreed Value - Is It What It Says?

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Fri 25 Jan 2019 11:21
Any - Agreed Value - Is It What It Says? - RaineMan

I have a multi-car classic policy through one of the many specialists who advertise in the classic press. Recently one was stolen from where I stated it would be overnight (the theft was actually during the day). After putting in a claim they came back saying the car was scrap value only as it was a Cat D some years ago. This is despite having an agreed value certificate that says the full amount would be paid out in the event of a total loss regardless of its condition at time of loss. I have bills totalling approximately 150% of the agreed value over the past two years.

I was wondering what readers experience of agreed value insurance was and if anybody had experienced behaviour like this?

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Fri 25 Jan 2019 11:55
Any - Agreed Value - Is It What It Says? - SLO76
Insurance firms will try their luck. If you accept a paltry offer then great but stand firm and demand they stand on the original terms of your policy and usually they’ll give in rather than face a fight. A polite but firm email explaining what value was agreed and your determination to take it through court if required should see some movement. Be clear that you’ll seek any legal costs too.

The only possibility of them winning is if they were not made aware that it was a write-off and you knew yourself. This could be deemed to have been withholding relevant information but again I don’t see it making a difference what the car was actually worth when an agreed value was in place and the policy paid for under those terms. If they don’t back down then speak to your lawyer.
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Fri 25 Jan 2019 13:01
Any - Agreed Value - Is It What It Says? - Bromptonaut

Was the CAT D status disclosed at time of proposal?

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Fri 25 Jan 2019 14:01
Any - Agreed Value - Is It What It Says? - Terry W
It makes good sense with an agreed value policy to make sure the value is:

- backed by detailed photos and
- backed by owners clubs valuation for classic cars .

Otherwise it is simply an old car which could be a non-running rust bucket.
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Fri 25 Jan 2019 14:29
Any - Agreed Value - Is It What It Says? - concrete

Like all insurance companies, they don't check declarations on proposals, but they do check declarations in the event of a claim. I suspect this case will turn on the declarations made on the proposal form and the terms and conditions you agree to at the time.

If it was a write off but repairable to a road worthy standard and you have the bills to prove this then you should be on safe ground to insist they honour the policy terms. However, if somewhere in the small print there is a clause which excludes written off vehicles then you may fail. Time to examine your policy in great detail. As the old saying goes:

"The large print giveth and the small print taketh away!"

Good luck

Cheers Concrete

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Fri 25 Jan 2019 18:37
Any - Agreed Value - Is It What It Says? - Leif

"The large print giveth and the small print taketh away!"

:)

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Fri 26 Apr 2019 08:45
Any - Agreed Value - Is It What It Says? - RaineMan

Sorry, I should have updated you all. After many weeks with me having to provide receipts to show money had been spent on the car (last three years more than agreed value) the claim was settled in full. Having had an agreed valuation certificate endorsed by both the broker and insurance company it has left a bad taste!

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