Agreed value Insurance policies

[barzya8]

Hi Guys & Girls,
Does anyone on here with a D2 S8 have an insurance policy with an agreed value included.
As you will see from my signature I have a 2002 S8 FE.
Market values for these cars, if a total right off, is well below replacement value.
Some of these later D2 S8 are now being advertised between £5 - 6K, with mileage being much higher than my car.
My car is also not a daily driver, so I could restrict my annual mileage.
I am currently insured with Hasting Direct, who would only cover market value. Auto Trader value the car at circa £1850.
I clearly could not replace the vehicle for this some of money, so I am keen to source an insurance company that would acknowledge its true market value.

If there are Insurance Companies who are willing to do this, I am sure many forum members would consider moving to an agreed value policy when their insurance comes due.
Thanks for any help provided
David

[pete-p]

I'm not certain that an agreed valuation is required. Even though Glasses and others value the car at about £2k this isn't really the market value according the ombudsman (as I well know after mine was damaged). According to the ombudsman market value means "the likely cost to the customer of buying a car as near possibly identical". This would just be a matter of looking for near identical cars for sale, or perhaps recently sold. I was also in the fortunate position of only buying mine a few months before the accident so still had a sales receipt which confirmed the true market value.

I guess that the problem will be with the diminishing numbers of D2 S8s available for sale it's going to be hard to find one near identical.

[barzya8]

Did you end up going to the ombudsman because your insurance company only offered to pay out what they though the market value was

[pete-p]

I went back to the insurers after receiving the engineer's report (basically a desktop valuation), I didn't need to contact the ombudsman but was able to quote them which gave weight to my case, along with adverts for similar cars for sale and my original receipt.

I think that the issue is that the D2 S8 is included as an variant of the A8 in the guides rather than a separate model, so it just gets valued as an A8.

Usually they won't use adverts to help value a car "But they may be if the car’s a classic or rare model" which the D2 S8 is.

http://www.financial-ombudsman.org.u...valuation.html

I just wonder how beneficial an agreed valuation would be, what if the prices increased during the year and the agreed price was too low (could go the other way too though!). I'm also not sure if it would increase the premiums much, maybe someone here has experience of agreed valuations?

[barzya8]

For cars of 15 plus years old, I believe you can revalue on a three or four year basis.
Cars over twenty years you can revalue annually. Not sure if this is factual though

[MikkiJayne]

I tried to get agreed value on mine when I renewed but was told it wasn't valuable enough and needed to be >10K.