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Mar 23, 2016 23:15:38 GMT
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Ok, so in the event of a total loss of my motor, a 1983 honda civic that has very low miles, (50k) & has paint & panels that look as good now as the day it left the factory, ie like new, it has slight customisation, wheels & lows, wing mounted mirrors, upgraded stereo, But in the event of a total loss i would want to get like for like and it would realistically cost the best part of 10k mostly due to there being near on no civics of this vintage in the uk, (about 20 or so last time i checked how many left) and with it being a one year only car with different dashboard and front grill with the square lights this will prove nigh on impossible and those that i do manage to find are are going to either need work or have had work done to them therefore not having original paint etc, so i would probably have to import something from J or aus even nz, for a low mile original condition rhd civic,
now, if i tell the insurance companies this, would they take it into consideration that i would have to import something becouse there are no others like it in the uk or would they still only give a price if i were to sell for uk market rate, or does anyone know where i could insure it for a higher value rather that the insurers agreed value of which i'm sure won't be 10k,
any help on this will greatly appreciated, cheers,
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1984 Mercedes 508d
1990 Polo Country, Daily/Breadvan/Parts Hauler
1989 Polo Ranger Breadvan
1983 Honda Civic
Past motors
5 x Merc 508's man i do love em'
1977 Vw Beetle
1990 Volvo 240
If it aint got a carb, i aint interested....
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Mar 23, 2016 23:26:32 GMT
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 Not the best photo, but this is the car |
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1984 Mercedes 508d
1990 Polo Country, Daily/Breadvan/Parts Hauler
1989 Polo Ranger Breadvan
1983 Honda Civic
Past motors
5 x Merc 508's man i do love em'
1977 Vw Beetle
1990 Volvo 240
If it aint got a carb, i aint interested....
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The only way to get agreed value is to get a valuation from an owners club that is recognised by the insurer but to be honest I think you would be hard pushed to get a £10k value agreed.
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Ryannn
Posted a lot
Posts: 2,423
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Mar 24, 2016 10:18:03 GMT
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Oh no  I love that civic. I've known people in the past get a payout above market value where their car is particularly rare or low mileage. The metro I'm driving now was written off (Cat C) and the PO was payed a good chunk simply because he stuck to his guns and wouldn't accept their initial offers. That wasn't an agreed value policy either. You're in a better position of the accident is not your fault, find some for sale and email them the adverts. If there are any. You might end up getting it repaired! EDIT: I may have misread, has it been in an accident? If it hasn't, ignore what I said! lol Call some of the more specialist insurers and find out if there's a recognised owners club near you. |
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Last Edit: Mar 24, 2016 10:21:30 GMT by Ryannn
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sherv
Part of things
BEAMS VVTi Powered 1987 ST162 Celica ..More power.Better brakes.Coilover suspension.Still 80's Cool.
Posts: 80 
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Mar 24, 2016 16:17:46 GMT
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Some companies will do an agreed value,some won't.I've spent a lot of money and time on my Celica and its pretty unique,and I've got an agreed valuation in writing on it that I'm going to discuss with my insurer again this year to see if they agree to up it again.
It was insured originally under a classic policy with Peter James,however a lot of the classic companies don't like too many modifications so it got to the point where the car was going too far away from the factory spec,and upping the power by 50bhp didnt help.So I ended up with a modified policy,as a second car.In that case you don't use your NCB's on the second car,they are used to insure my daily,but you do earn separate NCB's on the other policy but only if you stay with them.So with my current one for the Celica,ive stayed with the same company for 3 years so they recognise the fact I havent made a claim against the Celica in that time,and they base my renewals inclusive of that fact.
Greenlight Insurance is who i use at the moment;they have good customer service and are actually a broker but they are highly recommended by a lot of people i know especially the Celicaclub.co.uk.,always good if you are affiliated with a recognised owners club too.My policy is with Highway,(who are in turn a part of LV I think) and mine is a specific modified policy,all mods declared,I have a 5000 mile limit on the policy but has all the usual cover plus an agreed valuation.I gave a complete description of the car,all the parts that were genuine,why the car is a cut above etc etc and supplied photos of the car too,shots of the interior,the sills,how straight it is,the paintwork etc etc.Also pics of a few little trophies the car has picked up via the club scene.They then got back to me with a figure and you can agree or you don't,so whether your car is actually worth 10k is down to them and the market for the car,you do have to be realistic.You will also get written confirmation of the amount that will be paid in the event of a total loss etc (minus any excess).
Now I'm not a lover of the insurance industry but these guys have been very good with me,you get to speak to normal person in the UK not someone in outer mongolia who cant work out what a Toyota is.Can give them a try,tell them what you want and see if they can help you.Speak to Neil if you can but they are all pretty good.
Greenlight insurance 01277 376000.
thats a good looking little Civic BTW,you wont see another like that coming towards you down the road.
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Last Edit: Mar 24, 2016 16:19:48 GMT by sherv
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taurus
Posted a lot
Posts: 1,084
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Mar 24, 2016 16:34:02 GMT
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The only way to know for sure is to speak to a few insurance companies and see what level of agreed value they will give you. I have an agreed value policy based on photographs and a conversation with my insurers. I probably wouldn't replace like to like but it's a fair value for the condition of the vehicle.
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Mar 24, 2016 18:10:12 GMT
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Footman James were happy to agree a valuation on the Holden based on Australian prices and then import fees
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Mar 25, 2016 12:11:25 GMT
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ok then thank's for the advice, looks like i'll just have to talk the good talk and convince the insurers it would be costing around that mark for a replacement, it's pretty low risk tbh think it covered just over 500 miles last year and is always garaged, i'll get on to a few owners clubs as well, it will be interesting to see what they say,
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1984 Mercedes 508d
1990 Polo Country, Daily/Breadvan/Parts Hauler
1989 Polo Ranger Breadvan
1983 Honda Civic
Past motors
5 x Merc 508's man i do love em'
1977 Vw Beetle
1990 Volvo 240
If it aint got a carb, i aint interested....
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Wilk
Part of things
Posts: 528
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Mar 25, 2016 17:55:41 GMT
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I use Adrian Flux Classic policy with an agreed value. Initially they offered me a value that was just over half of what I believe the car is worth. I'm not in an owners club etc so I took many photos and then found other similar cars being offered around the price I believed my car to be worth and the pointed out that the others at lower prices were imports and higher milage and not original spec. The assessors came back in agreement and offered me higher value
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If it can be fixed with a hammer, then it must be an electrical fault
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Dez
Club Retro Rides Member
And I won't sit down. And I won't shut up. And most of all I will not grow up.
Posts: 11,790
Club RR Member Number: 34
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Mar 25, 2016 18:37:43 GMT
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I think you're a little confused as to what 'agreed value' policies offer.
There is a big difference between what a vehicle is worth and what it would cost to replace it like for like.
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Wilk
Part of things
Posts: 528
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Mar 25, 2016 20:33:47 GMT
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I think you're a little confused as to what 'agreed value' policies offer. There is a big difference between what a vehicle is worth and what it would cost to replace it like for like. Surely the agreed value is the same amount it would take to buy another car of similar spec. If that's what they're selling for then that's what they're worth |
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If it can be fixed with a hammer, then it must be an electrical fault
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Dez
Club Retro Rides Member
And I won't sit down. And I won't shut up. And most of all I will not grow up.
Posts: 11,790
Club RR Member Number: 34
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Mar 25, 2016 20:53:15 GMT
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I think you're a little confused as to what 'agreed value' policies offer. There is a big difference between what a vehicle is worth and what it would cost to replace it like for like. Surely the agreed value is the same amount it would take to buy another car of similar spec. If that's what they're selling for then that's what they're worth Exactly. Market value of a similar or comparible car. NOT what it costs to build/modify/import a like for like replacement of identical spec. There is a distinct difference between the two. |
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Last Edit: Mar 25, 2016 20:54:21 GMT by Dez
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Mar 31, 2016 13:30:16 GMT
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One extra thing to check is what happens with your agreed value over time.
On my policy, I added my car to an existing policy at an agreed value.
The original policy was due 4 months later and therefore was automatically renewed. I didn't bother to read the renewal at the time, and didn't realise that they automatically depreciated the agreed value of my car by about 15% down to what they thought market value was.
I then put the value back up by contacting them over the phone, then it has gone up and down again on each renewal or change of details. When I changed my address, they seemed to take that as an opportunity to re-value the car!
I'm not saying that your insurer will do this, but do beware that an 'agreed value' is not necessarily cast in stone, especially for a vehicle which they do not class as a big-ticket classic car. In fact, on talking to the insurer, they said that the agreed values are never fixed and they re-value them every year, with the idea that you check the renewal before paying it.
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Mar 31, 2016 18:48:49 GMT
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Surely the agreed value is the same amount it would take to buy another car of similar spec. If that's what they're selling for then that's what they're worth Exactly. Market value of a similar or comparible car. NOT what it costs to build/modify/import a like for like replacement of identical spec. There is a distinct difference between the two. Agreed value is the amount of money that you will receive if the car is a total loss. this takes into account buying the replacement car, having it imported and the cost of the mods. you are AGREEING that is what it will cost to replace it. Some insurers won't except mods as part of the value some will. |
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I love that civic.
