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Agreed value insurance help
Posted: Fri Sep 06, 2019 8:43 am
by daisyduke
Hi guys, hope everyone is really well.
My insurance is up for renewal and i'm changing to KGM / A-Plan on the same policy as I have the TR6 as they've offered me a super competitive rate. I have an agreed value on the TR6 and looking to do the same with the capri, but I have to give an estimated value, which they then appove or reject. Those of you that know my car, what do you reckon its value would be?
1.6 Mark III laser, just gone over 100k miles.
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 8:53 am
by D366Y
Hi Daisy,
I have both of mine set at £7k agreed value - I'd say at least that figure to be honest, yours is a lot less rusty than mine!
Cheers
Danny
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 9:06 am
by daisyduke
Ok great, thanks. And what are opinions on declaring mods... does it make much difference to the cost?
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 9:13 am
by pbar
Danny's figure seems fair, or perhaps try a little higher. If it happens to be the first time you are insuring then the agreed value is usually what you paid for the car. Irrespective of cost, I would declare the mods anyway, otherwise you run the risk of trouble if you would have to make a claim.
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 9:35 am
by D366Y
pbar wrote: ↑Fri Sep 06, 2019 9:13 am
Danny's figure seems fair, or perhaps try a little higher. If it happens to be the first time you are insuring then the agreed value is usually what you paid for the car. Irrespective of cost, I would declare the mods anyway, otherwise you run the risk of trouble if you would have to make a claim.
For the sake of making sure you're properly insured you might as well, realistically it won't affect the premium by that much, and it would in most cases justify the value you're putting on the car
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 9:58 am
by andyd
Go for an agreed amount that you would need to get another car of the same spec/standard.
After enquiring with my insurer earlier in the year, I increased my agreed value by £3.5K as they told me they felt it reflected current market trends.
Always declare all mods, that way there is no issue should you need to claim.
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 10:08 am
by daisyduke
ok, thanks guys! So I should declare twin choke webbers, carb, race cam. How detailed do you go? Is it more engine-based than cosmetic, new wings etc?
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 10:23 am
by Peter-S
daisyduke wrote: ↑Fri Sep 06, 2019 10:08 am
ok, thanks guys! So I should declare twin choke webbers, carb, race cam. How detailed do you go? Is it more engine-based than cosmetic, new wings etc?
It is supposed to be modification to original spec Daisy. So wings are just a repair but the carb and cam should be mentioned but I would be surprised if anyone would even notice those as modifications. They will doubtless want photos which is usually front, back, each side, interior and under bonnet. I think your car looks fairly standard, apart from the stripe!, but if there is anything that has obviously been changed then tell them.
Are you doing Brooklands?
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 10:47 am
by D366Y
When I did mine I sent them loads of pictures of the refurb of everything as well, can't say it wasn't worth it if I send them pictures of everything being sprayed again!
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 11:12 am
by stevemarl
IIRC, they weren`t bothered about the carb but did increase it very slightly for the 4 branch manifold. AS said, failure to declare could come back to bite you.
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 11:39 am
by andyd
stevemarl wrote: ↑Fri Sep 06, 2019 11:12 am
IIRC, they weren`t bothered about the carb but did increase it very slightly for the 4 branch manifold. AS said, failure to declare could come back to bite you.
Unless you super charge or turbo charge it then most mods won't increase your premium too much, but anything you know of that isn't standard even stripes need to be declared, so it has been noted even if not extra on your premium.
If you didn't know about a cam change then you can't declare it
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 2:03 pm
by stevemarl
andyd wrote: ↑Fri Sep 06, 2019 11:39 am
If you didn't know about a cam change then you can't declare it
This is a thing I`ve thought about myself. If you buy a modern car, esp. with a turbo, it could have been re-mapped by the 3rd owner prior to you to give masses more power, of whic h you may be completely unaware. How would an insurance company deal with that? Unless there was some kind of date-stamp in the ECU, how could you prove you
didn`t know about it?
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 2:49 pm
by andyd
stevemarl wrote: ↑Fri Sep 06, 2019 2:03 pm
andyd wrote: ↑Fri Sep 06, 2019 11:39 am
If you didn't know about a cam change then you can't declare it
This is a thing I`ve thought about myself. If you buy a modern car, esp. with a turbo, it could have been re-mapped by the 3rd owner prior to you to give masses more power, of whic h you may be completely unaware. How would an insurance company deal with that? Unless there was some kind of date-stamp in the ECU, how could you prove you
didn`t know about it?
I'm sure the ECU is updated when the car is mapped. But as long as it was sold as a standard car and mapped before you bought it then you aren't to know.
I enquired about a 3.0S Capri last year that was advertised as standard apart from a Janspeed Exhaust, the owner claimed he knew nothing about the car mechanically he just liked it and said it drove fine.
I did some searching on the web and found out from a previous sellers advert it had major internal mods and was 210 BHP
Playing dumb if you suspect it then not much can be done, and unless you can prove internal mods then you have to assume it is standard imo.
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 3:50 pm
by Andrew 2.8i
In order to not pay out in the event of a claim, would the insurance company need to prove that you knew about any modifications?
That would be easy if you didn't declare a massive set of aftermarket wheels, for example, but I can't see how insurance can be declared invalid for unknown engine internal modifications. Would the insurance assessor even know what cam or carb would have been fitted to a particular engine as standard? If you were claiming half a million pounds for a classic Ferrari, I'm pretty sure they would spend a lot of time researching all of this, but would they really do so for a sub £15K Capri? I'm not so sure. I could be wrong, but I suspect that the assessor would probably just give the car a cursory glance over for obvious modifications.
Andrew.
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 4:01 pm
by Peter-S
Andrew 2.8i wrote: ↑Fri Sep 06, 2019 3:50 pm
In order to not pay out in the event of a claim, would the insurance company need to prove that you knew about any modifications?
That would be easy if you didn't declare a massive set of aftermarket wheels, for example, but I can't see how insurance can be declared invalid for unknown engine internal modifications. Would the insurance assessor even know what cam or carb would have been fitted to a particular engine as standard? If you were claiming half a million pounds for a classic Ferrari, I'm pretty sure they would spend a lot of time researching all of this, but would they really do so for a sub £15K Capri? I'm not so sure. I could be wrong, but I suspect that the assessor would probably just give the car a cursory glance over for obvious modifications.
Andrew.
The trouble is your 15k car might total a Ferrari
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 4:18 pm
by Andrew 2.8i
Yes, well, it's definitely a very sensible idea to declare all known modifications.
I will admit to not having any experience in this particular area. It would be interesting to hear from somebody who might have had a claim refused or even a settlement reduced because of undisclosed modifications. I suppose the first step would be to get the financial omdudsman involved in the case.
Andrew.
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 6:06 pm
by Fordoholic Nick
I declared all the suspension work I had done on B112 when I renewed with FJ a few months back and after having a chat about the work I had done they were fine but it did put about £50 onto my premium. All the drive train work they classed as restoration not modification. Last year when I insured with FJ as a new customer for first time I 'declared' the wheels, the sportex exhaust and the k+n filter which they just noted and no change to premium. Christ knows what, they will say when I tell them about Tickover Pt 4 in the new year........
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 6:30 pm
by andyd
Fordoholic Nick wrote: ↑Fri Sep 06, 2019 6:06 pm
I declared all the suspension work I had done on B112 when I renewed with FJ a few months back and after having a chat about the work I had done they were fine but it did put about £50 onto my premium. All the drive train work they classed as restoration not modification. Last year when I insured with FJ as a new customer for first time I 'declared' the wheels, the sportex exhaust and the k+n filter which they just noted and no change to premium. Christ knows what, they will say when I tell them about Tickover Pt 4 in the new year........
Hi Nick,
I'm surprised they increased your premium for the resto work
Personally I would increase the agreed value by a £1000 to make up for it
It cost me £20 to increase my AV mid term
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 6:41 pm
by Andrew 2.8i
andyd wrote: ↑Fri Sep 06, 2019 6:30 pm
I'm surprised they increased your premium for the resto work
As I recall, as well as the restoration work, Nick also changed the standard springs for single leaf items and fitted lowered front springs. That would definitely be classed as modification not restoration.
Andrew.
Re: Agreed value insurance help
Posted: Fri Sep 06, 2019 6:44 pm
by andyd
Andrew 2.8i wrote: ↑Fri Sep 06, 2019 6:41 pm
andyd wrote: ↑Fri Sep 06, 2019 6:30 pm
I'm surprised they increased your premium for the resto work
As I recall, as well as the restoration work, Nick also changed the standard springs for single leaf items and fitted lowered front springs. That would definitely be classed as modification not restoration.
Andrew.
Ah, serves him right then