RSOC

[Mark-C]

I have one car on agreed and one car on market value...market value lets you decide the value yourself and the insurance will pay up to that amount if the worst happens, higher the value higher the premium

[morpheous]

1.2 The agreed value which you pay for this is normally charged separately but can also be built into the premium charged, this type of valuation is where you supply pictures and a vehicle condition form and the insurer then decides the value of the vehicle (there choice not yours, if you don't agree with the value then your back to square one again and really need to evidence the value by means of an independent value or other evidence of vehicle values.

Mine would fall into this category which i feel is the better option and only cost a small fee and a few uploaded pictures,
they also like a report of the vehicle and if they agree its worth the amount you ask for then job done never needed any independent persons

[biz]

More than serious,
I waited for 5 hrs at knockhill 2 years ago

Couldn't have been 2 years ago, as I had mine done there then, and it was our very own Dave who was doing them then...

[devil]

Me too, Dave did mine as arranged at Knockhill

[simbo]

I have one car on agreed and one car on market value...market value lets you decide the value yourself and the insurance will pay up to that amount if the worst happens, higher the value higher the premium

Extremely crucial point there is “”UP to that value””, if you insure a car for 50k that’s the MAXIMUM they will pay, but they’re not guaranteeing that they will pay that. legally, there’s nothing to stop them offering you 25k. And then let the arguing and haggling begin. You can insure a car for whatever you want but it doesn’t mean that’s what they’re going to pay out. This is where I fear a lot of owners think they have an agreed value when they actually don’t. If your policy doesn’t say AGREED on it then everything is open to various factors.

out of curiousity, why do you have 2 cars on different policies?? What makes market value suitable for one but not the other?

[simbo]

1. Agreed Values


So what is an agreed value, it is a value agreed by you and the insurance company for them to pay that amount less the policy excess in the event of a total loss.

1.1 There are different type of agreed values available, some are free of charge and included in the insurance policy these tend to be the ones where YOU supply a valuation to the insurance company/broker and an agreed value endorsement is applied to your insurance schedule.

1.2 The agreed value which you pay for this is normally charged separately but can also be built into the premium charged, this type of valuation is where you supply pictures and a vehicle condition form and the insurer then decides the value of the vehicle (there choice not yours, if you don't agree with the value then your back to square one again and really need to evidence the value by means of an independent value or other evidence of vehicle values.

1.3 Agreed values that you pay for which is actually another insurance policy, these policies pay the difference between the main insurer pay out and the value they have agreed, so in the event of a claim you make two claims. The cost of this varies depending on the value of the vehicle. (Need to Insure do not sell this type of valuation so I don't know exactly how it works)

As I said on the thread covering valuations and agreed values, as far as I can see, 1.1 and 1.2 are the same thing, an agreed value is an agreed value. It doesn’t matter if it’s free or paid for, if you put forward a value or if the insurer puts forward a value, BOTH parties have to agree on the amount. Once the 2 parties are happy it’s put on your policy schedule and documented as “AGREEDVALUE” this is the amount you will get if there is a total loss scenario, no more, no less. It’s written there in black and white on a legal document.
if your policy doesn’t say agreed on it then it’s open to the insurance assessor to find a value for it.

[radiant rob]

Need to insure have never ever given me a good price on renewal ever, cant get close to other companies yet younger than me
yet other people get a great deal plus some of the staff are a bit clueless
.

[simbo]

Need to insure have never ever given me a good price on renewal ever, cant get close to other companies yet younger than me
yet other people get a great deal plus some of the staff are a bit clueless
.

There could be a hundred different reasons for that tbh mate. Insurance is a totally individual thing.

[simbo]

i find it hard to believe that the RSOC are the only people in the whole of the uk that can value an old ford car, what sort of qualifications have they got if any, that nobody else possess ?

They’re not,
http://www.classiccarvaluations.co.uk/
there’s an independent classic vehicle valuer there. give him a call and see how much he takes for a valuation, make sure your sitting down when you phone.
Depending who you want to believe, there’s allegedly plenty other people that can give you a valuation. Just check with your insurance company to see what they legally accept.

[Mark-C]

out of curiousity, why do you have 2 cars on different policies?? What makes market value suitable for one but not the other?

Market value on the small turbo car because as the market goes up so does my car, if the worst should happen then they go on other similar cars with same mileage/owners/condition that have sold and not just a random offer, and the Motorsport is on agreed value because there is nothing in the UK to compare it to should the worst happen

[simbo]

Market value on the small turbo car because as the market goes up so does my car, if the worst should happen then they go on other similar cars with same mileage/owners/condition that have sold and not just a random offer, and the Motorsport is on agreed value because there is nothing in the UK to compare it to should the worst happen

Cool.

how do they know how much other cars have sold for?

[Dave H]

has anyone seen the escort special published by practical classics? Had a flick through in WHSmith the other day they have valued escort cosworth at £5k for a rough one, £15k for an average one and £25k for a concours one! These journalists are supposedly enthusiasts who you'd expect to know a little more. Just hope our friendly insurance valuers don't go off that as a guide if we ever need to claim!

[Simon T]

I'm a member and will continue to do so.

I don't use the forum, or the FB pages but i'm hoping to get to some shows this year and park on registrars or local group, so need to be a member.

[The Radman]

has anyone seen the escort special published by practical classics? Had a flick through in WHSmith the other day they have valued escort cosworth at £5k for a rough one, £15k for an average one and £25k for a concours one! These journalists are supposedly enthusiasts who you'd expect to know a little more. Just hope our friendly insurance valuers don't go off that as a guide if we ever need to claim!

wow thats awful , they really havent done any research at all