AGREED INSURANCE TROUBLES (Read 190 times)

[gasmark1]

Hi I've recently renewed the insurance on my Laurel C32 with the same company with same agreed value amount only to be told that they now think its over valued and will only offer market value!The car car has been insured at the amount for the last 5 years. I've asked for the policy to be cancelled and a full refund because it was mis sold having bought it on the strength of the renewal letter but they won,t refund the full amount.I asked them what they consider as market value as they will struggle to find one for sale or as in a good of condition.The only way forward now is to get an independent valuation which is proving very difficult.The brokers are performance Direct and to be fair to them its the underwriters that are creating the problems( Zenith classic mark )Anyone else had trouble recently because ive heard that insurance companies are now getting arsy with older Japanese cars and their values. F840SMK agreed value of £10k for the past 5 yrs now only market value which
is ? 

[gainsb1]

Hi, gasmark1. I think you may have a case to complain to the Insurance Ombudsman, particularly in relation to the refund. It's worth a try.
Aside of that, it's the same old issue that a car is only worth what someone is prepared to pay.

I am "assured" by one of our Datsun members that my A10 160J SSS would easily achieve £9k BUT, in the reality of the actual marketplace research it would probably be somewhere in the region of £7k. I have an agreed value of £8k due to the rarity of finding another in the UK of similar condition and the "extra" value is due to import costs etc.of finding another from abroad.

The MOT history for yours is excellent (you are not driving it enough, you bad person....) and if it were (as I'm sure it is) in great condition then I would estimate it at around £8k. That might shock/offend you but let me explain.

Myself and Nigel Gates (spotted laurel- club historian) are, for some reason, accepted by the DVLA as authorised points of contact. Similarly by Insurers for valuation purposes. As such, we prepare valuations and identification for those bodies.In recent months I have had a small flurry of import enquiries by dealers and valuation requests by owners looking to sell, and barn find people with deceased estates. We are able to help.

To do so, we will look at the Classic market press, search on-line sites (Fleabay, Auction sites etc) to appraise current values and then view numerous photos of the actual car to give an informed value; hence my initial valuation for your motor. I have recently valued a similar car to yours.

Two years ago a dealer bought a beautiful imported Laurel at Anglia car auctions. It initially failed to sell at reserve of £12k but turned up on the dealers site/Classic Car Weekly ad for an eye watering £15k! I would have paid that.... it was gorgeous as if it had just come off the assembly line, I kid you not. Until recently, it was still being advertised at that price. From my research, I would have valued that at £8k as that is apparently what you can get one like that for, from abroad.

Ultimately, Nigel and I have to preserve the integrity of the valuations and identifications and the days of taking the owners word for it are no longer acceptable.

I hope you (and any others reading this) understand. You can PM me if you wish or'phone me (number at top of page)

Good luck with the insurance and keep posting.

Leigh (Area rep)

[gasmark1]

Hi,I've been looking round myself and agree that a figure of £8000 would be right until such a time i can have it appraised so im going to send them another agreed valuation form with that amount and see if they will accept my word for it.Your right i should use it more and have thought of selling it but every time i take it out im hooked again and if i sold it and wanted another one in years to come where would i get one? let alone in the same condition as mine. I've had the car for 13 years now so don't think its going anywhere.

[gainsb1]

I'd love to see it. Post some pics? Try www.imgur.com as a hosting site.

Leigh (Area rep)

[gasmark1]

There's a couple of pics on google images and a couple on here to have a look at.