Greenlight - No more agreed valuations

[Mikeyjp]

Been speaking to Neil as my insurance is coming up again soon, and he said they will no longer be doing agreed valuations on the T, Due to a hand full of owners, that wanted a ridiculous price for their car. But on the plus side, if you already have one with them, then they will still honor it, but threre wont be any movement on price

 

[Rik Perry]

Thats bad news...

 

[swanny71]

Sounds like bullshit to me. If an owner wants a guaranteed value which is higher than 'normal' then surely they just up that particular premium.
That's how it worked with my last TVR/insurer when values were on the up and I was 'adding more value' with engine rebuilds, wheels, interior re-trims, performance parts etc.

Greenlight were great first year with them but their renewal price/excess jumped significantly and their attitude to customer care was poor when discussing those renewal terms, didn't have agreed value either. No longer with them.

 

[Rik Perry]

I think we could do with finding someone decent for the future as values are on the up and a few owners have allready had problems with low valuations from std insurers...
Any ideas gang ???

 

[SharkyUK]

That's not what I wanted to hear... I currently have an agreed value on my 'outgoing' build / Trophy but it will not even come close to covering what I'm having done on top of the rising value of the Trophy. I guess it's time to find a new insurer. Keith Michaels perhaps? I believe they have links to CSOC and can offer good deals (although not sure on their agreed value policies).

 

[Ashtons99]

I'm just going through the same thing with them, I'm with green light, my renewal is due on 7 Jan. I got my renewal notice from Highway has come through and it just shows "market value" at the side of value. It was £6500 previously, I've not spoken to them yet but I did get a voicemail message to say they wouldn't increase the value.
I don't know but I think all their agreed value policies were with Highway.
I think a number of underwriters have binned it as it's easier for them not to bother with it

 

[Mikeyjp]

Have heard a few good things about Keith. But from what Neil has said, the problem they have is that the T is not old enough to be a classic, and because groups like Glasses do not recognise the T as a special car, so its very hard to get the right price, as people find out when their car go through a claim.

I think it would be a great idea to see what specialist insurance companies we can find and see if we can get our club/trophys in with them

 

[SharkyUK]

I'm just going through the same thing with them, I'm with green light, my renewal is due on 7 Jan. I got my renewal notice from Highway has come through and it just shows "market value" at the side of value. It was £6500 previously, I've not spoken to them yet but I did get a voicemail message to say they wouldn't increase the value.
I don't know but I think all their agreed value policies were with Highway.
I think a number of underwriters have binned it as it's easier for them not to bother with it

My current policy has an agreed value of £10,000. I've just taken a look over the paperwork and this is the maximum AV they would offer anyway according to the small print. Either way it looks like I'll need to be looking for a new insurance company

Good call @Mikeyjp - I'm not aware of any off the top of my head as I've never had to bother until now. Bugger.

 

[Peter O'connor]

Worth trying classic line insurance - I have another car with them already.They have some underwriters who classify the trophy as a classic. I will ask them tomorrow if they cater for an agreed value. Only issue is that when I wrung them today for a quote the max mileage they would allow as it is considered a classic would be 5k maybe 7k at a push!!! Which isn't a lot if you plan to use the car as a daily runner.

My insurance quote was £536 for the year. I am 33 with an sp30 34mph in a 30mph just so you have a reference for the premium.


Any other suggestions for insurance companies would be appreciated

Thanks

Pete

 

[Ashtons99]

I'm on the Lotus forum, they promote Richard Egger Insurance on there for agreed value

 

[Mikeyjp]

I'm on the Lotus forum, they promote Richard Egger Insurance on there for agreed value

I have emailed them

 

[Ashtons99]

Let us know how you get on mikey

 

[Hampy]

Insured mine with Footman James on a classic car policy £240 including breakdown cover but limited 3000 miles. Agreed valuation was an extra £20 ( I am over 50 though!). Definitely worth a try.

 

[Ashtons99]

Here's the response from Neil@greenlight.

The underwriters we use are not offering new agreed value policies on Clio Trophy models at the moment, they will continue with any existing agreed value policy but wont increase it. Historically agreed value has only been available to highly modified classic type cars but we persuaded them to offer it to clio trophy owners on the basis that they are a sought after model. They agreed to offer it but after numerous customers arguing that the vehicle is worth way more than was realistic (some asking for £15000 on an average mileage lightly modded trophy) the underwriters have decided to no longer offer it to new policies.

I personally understand that the trophy models fetch a premium over the other models but with numerous applications for agreed value for what seemed like completely unrealistic values, followed by clients not happy when the underwriters were unable to offer their requested value it was decided to stop at present. Bear in mind the underwriters offered the service for free (when competitors charge on average £40 extra for agreed value) it just wasnt viable to continue .

This only applies to the trophy model. We are still able to offer agreed value policies on other highly modified Renaultsport models.

Kind Regards
Neil



Sent from my iPhone using Tapatalk

 

[marrow]

FJ only offer insurance on non-classics (such as the Trophy) if you have a classic insured with them.

 

[Mikeyjp]

I have emailed them :smile:

Came back as a no

 

[Patrick Bateman]

Why not just up the premium to reflect the sanity of the customers in question? Very odd.

 

[MarcB]

Better off buying a minted LY182 and sticking some Sachs dampers & a V6 spoiler on it and getting an agree'd value for £8k

 

[Ashtons99]

It does all seem a bit barmy just to refuse it on one model of car. I suppose it's the insurers prerogative. Next thing will be insurers refuse to insure them or start coming up with daft premiums.
I'm sticking with Greenlight for renewal next week as the cover is the same and the premium has reduced £20 from last year. Although I think my car is worth more than the £6500 I dont think I will do any better anywhere else really.

 

[Fiona]

I'm with Greenlight... I best start looking now!

Like previous comments.. it seems strange that they are singling out Trophys! Not good.