Telegraphs top 10 future classics
If you have to make a claim get a bunch of examples for sale immediately. (Assuming your car depreciates). These will be your bartering tool.
There was a post a while back where a guy was given something like £2500 for a write off with the insurance company refusing to admit that the Trophy was with more than a cup. Poor bloke, while he was wondering what to do, he saw his car being driven around having been sold and repaired. I bet the insurance company got more than £2500 for the write off.
Basically if you need to make a claim be prepared to fight.
There was a post a while back where a guy was given something like £2500 for a write off with the insurance company refusing to admit that the Trophy was with more than a cup. Poor bloke, while he was wondering what to do, he saw his car being driven around having been sold and repaired. I bet the insurance company got more than £2500 for the write off.
Basically if you need to make a claim be prepared to fight.
i had my 1st car stolen, burnt out 
and the insurance gave me market value, not what i had insured the car for, but, take my T for exapmle, i insured it for £3k, which is what i paid for it, then had that fight with a roundabout, and i had to send them 3 exapmles of T's for sale on ebay ect, the only 3 that were for sale were £6.5k, 5.5k and 4k i think, so they had to give me an avg value from that, which worked about £1700 more than i paid for the car , so the reparied it at a cost of £3600
and the insurance gave me market value, not what i had insured the car for, but, take my T for exapmle, i insured it for £3k, which is what i paid for it, then had that fight with a roundabout, and i had to send them 3 exapmles of T's for sale on ebay ect, the only 3 that were for sale were £6.5k, 5.5k and 4k i think, so they had to give me an avg value from that, which worked about £1700 more than i paid for the car , so the reparied it at a cost of £3600One can get agreed value policies under Classic Car insurance (Future Classics) policies, but there are some restrictions. Two main restrictions; the car must not be a daily driver and annual mileage is usally limited to between 3K and 5K depending on insurance company.
Haven't insured the Trophy on such a policy, but have insured a 2003 & 2005 Clio V6 (and others) with Hagerty on an agreed value basis. Depending on the company one needs to either send photographs in every 3 years or get a valuation done by a car club or a valuer. Hagerty need photographs, which is very handy. Have been with them for years now, and a brilliant company to deal with - a phone call or email usually is more than enough to get things done. If the car is written off, or lost for whatever reason, the agreed value is paid out. If Trophy values start to firming up I will look at adding the T to the policy I have with Hagerty.
Haven't insured the Trophy on such a policy, but have insured a 2003 & 2005 Clio V6 (and others) with Hagerty on an agreed value basis. Depending on the company one needs to either send photographs in every 3 years or get a valuation done by a car club or a valuer. Hagerty need photographs, which is very handy. Have been with them for years now, and a brilliant company to deal with - a phone call or email usually is more than enough to get things done. If the car is written off, or lost for whatever reason, the agreed value is paid out. If Trophy values start to firming up I will look at adding the T to the policy I have with Hagerty.
Ok, so the 'what's it worth' box you fill in is NOT an agreed value.
My Trophy is insured for 4k miles a year and I have an agreed value of £8k I think. I had to provide significant evidence of receipts for all modifications, photographs, and a comprehensive summary of why it deserved to be valued so. After a little negotiation the insurer and I agreed on a value and that's what I would expect to receive if the car was written off.
Mikey & Gungo, I don't believe your comments relate to a policy like I have, and like Lankan mentions.
Without such then general market values will prevail, and yes, you'll have to work hard to convince the uneducated that it's worth considerably more than a bog standard 182!
My Trophy is insured for 4k miles a year and I have an agreed value of £8k I think. I had to provide significant evidence of receipts for all modifications, photographs, and a comprehensive summary of why it deserved to be valued so. After a little negotiation the insurer and I agreed on a value and that's what I would expect to receive if the car was written off.
Mikey & Gungo, I don't believe your comments relate to a policy like I have, and like Lankan mentions.
Without such then general market values will prevail, and yes, you'll have to work hard to convince the uneducated that it's worth considerably more than a bog standard 182!
Most insurers who offer Agreed Value policies ask this question: "how much would it cost to replace the car you have with something exactly the same". The answer to this question is taken as a basis to set the agreed value that underpins the policy, and that is the figure you get paid out. No more, no less.
Additionally, it is up to you to monitor the market and adjust the value to suit. As an example, the recent increase in value of Clio V6's led me to increased the value of both, one by £5K and the other by £10K. The value can be changed at any time.
Additionally, it is up to you to monitor the market and adjust the value to suit. As an example, the recent increase in value of Clio V6's led me to increased the value of both, one by £5K and the other by £10K. The value can be changed at any time.
Lankan,
Is the price of the insured vehicle reflected in the price of the policy,i mean if you value a trophy at say 6K (top money at current market prices) do you pay a lot for that policy ?
Is the price of the insured vehicle reflected in the price of the policy,i mean if you value a trophy at say 6K (top money at current market prices) do you pay a lot for that policy ?
CC, I trust you want to know whether the annual premium is impacted by the agreed value. Yes it is but given that the policy has restrictions (e.g. limited mileage) the premuims are very reasonable and outweigh the cost. For example, have a 1996 Porsche on an agreed value of £130K and the premium is £600. PM mee if you want more details.