Insurance - agreed value / market value / under-value?!?

[havoc]

I'm sure this isn't news for some of you, but I had a good chat with ClassicLine today while renewing, and was reminded of the truth behind insurance payouts...

- Agreed value only pays out that value (not higher or lower), regardless of market value.
- Market value pays out the market-value of the car (as decided by the assessor/underwriter), but only up to the insured value - never higher!

So given NSX values still seem to be climbing year-by-year, how many people here have an insured value (agreed or otherwise) which is less than the cost of replacing your car if the worst happened? I last changed mine 2 years ago and if anything had happened prior to renewal I'd have been >£5k out-of-pocket. And my car is probably towards the bottom-end of NSX values...

It was suggested to me that their cannier Ferrari / Porsche owning customers were amending the agreed values every 6 months in some cases. And that recently one Porsche owner hadn't updated his agreed value for some time and ended up with c. half the market value of his car...



Just a thought...

[marknsx]

Im about to take out insurance for the first time. Nsx due in 2 weeks time. What do you suggest. Over valuing? Or is there an insurer who pays estimated market value?

[havoc]

I've been with ClassicLine since I bought the car - helpful people, keenly priced policies, simple agreed valuation process. A number of other owners seem to be heading towards them as well.

If you do a few trackdays a year then A-Plan are worth talking to (probably worth a chat anyway). Think there's a couple of others recommended on various insurance threads...

Re: Overvaluing - if you're not taking an agreed value policy, you could do that, but all that will do is future-proof your policy against price-rises during the year - if you bin it on day-1 they'll only pay current market value.

[marknsx]

Thanks havoc. I shall speak to a number of insurance companies with a view to gathering info. Am I right that the tyres I run on may be an issue? (i don't intend to do track days ATM)

[AR]

Are people increasing the value and as such is the premium higher?

[marknsx]

I have just agreed £450 on value of 32k. Stored in unlocked area at home. Interestingly the people who are selling me the car have asked if I want to turn it around as they have a customer who will pay me substantially more!