Car valuations for agreed value insurance purposes

spike

Well-Known Member
Hi Team

As our cherished cars get older the typical 'book' value becomes more and more meaningless.
As indicated in recent posts, insurers often need proof of the worth of a car before underwriting an agreed value policy.
I suspect insurers may take notice of a dedicated owners club who championed a valuation scheme for its members. Is this something the Club would consider taking on and if so, would they consider discussing this with WOM Automotive ?
I see WOM as the obvious choice for reviewing a car's spec and checking mechanical condition as part of the valuation process, possibly overseen by a nominated Club official. Photographic records could also be an option as part of a valuation pack.

If this has potential and all parties show interest, perhaps the Club could work out a price and get an interested owner to give the scheme a trial run and submit the 'valuation pack' to their insurers

Cheers Spike
 
Hi Spike

I would support this idea , earlier in the year my trusted A2 was written off , and the insurance paid out on agreed value, it was a massive hassle and the "book " value was 2K less than I received, as the final payout.
Adrian Flux provided my cover , and resolve the claim in a little under 3 weeks, I am however still awaiting my no claims to be reinstated .
 
Nice idea Spike. Is there a risk that an insurer might think that an assessor that is allied to a specialised club might be biased to give too high a value? It's no point paying for a 3rd party assessment (and cost and time of travelling to the assessor - 3 hours & 150 miles to WOM for me) if that assessment is then rejected by the insurance company. I think it is key that insurers accept the 3rd party assessment.

How many Agreed Value insurers are there? Adrian Flux use Qudos.

Does anyone know if other car clubs have arranged similar schemes? Perhaps owners for something like Morris Minors and early Minis might be in a similar situation, not old enough to be a classic but getting rare enough to be pampered by their owners.
 
Hi Alan
There has been no feedback from the Club so far but if they come on board I think the scheme has great potential and I've plenty of ideas to put forward for discussion if they are interested

Cheers Spike
 
Sorry spike - I’m going through this process with Adrian flux at the moment. They have a third party value assessor if you don’t like their value.
I hate the way you need to do this process of 7 photos and the form filling every year which is how I forgot last year.
It would be great if WOM could offer this but suspect the underwriters would not go for it.
I’ll let you know how I get on. Cheers mike
 
I use Adrian flux and similarly didn’t get around to my photos and lists this year so only have basic insurance.

If a valuation could be had as a baseline then I’d support this move.


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What is “ WOM “ please ? I also am concerned about anything happening to our A2 that ended up with it being Written Off and the payout being only a fraction of the value to us of the A2. Only previous owner was Blackburn Audi who had it as a Demo / Sales Car, so effectively it is One Owner from New.
 
They are a specialist VW dealer who have a particular liking for and lots of knowledge about A2s.

WOM Automotive Limited
Address: Unit 3, Heybridge Works, Lower Tean, Stoke-on-Trent ST10 4LN
Phone: 01538 807708
http://womautomotive.co.uk/
 
Never heard of them. Must have a look. Stoke on Trent is quite a bit further away from us than Harpers in Carlisle but may be worth the trip ?
 
The problem with this is that our A2 is owned by my son who is 17 years old, he has already been stung for £1400 for a years insurance and I suspect an agreed value insurance would be even more, if they would even offer it to him.
 
Never heard of them. Must have a look. Stoke on Trent is quite a bit further away from us than Harpers in Carlisle but may be worth the trip ?
Definitely worth a trip - WOM are very good, have done a fair amount of work on mine, as in fact have Harpers in Carlisle
 
The problem with this is that our A2 is owned by my son who is 17 years old, he has already been stung for £1400 for a years insurance and I suspect an agreed value insurance would be even more, if they would even offer it to him.

My agreed value insurance from Adrian Flux was just a fixed fee bolt on. £30 I think.


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