Section : Agreed Value

Agreed value insurance

Posted By : Michael Davis, 28-Apr-2003, 03:27pm

I was just sorting out some things and the following question occured to me...

Is it possible to get an agreed value on a car which is not in one piece?

For example, if a car is partially stripped down for restoration, is it still possible to agree a value (assuming all the relevant parts are present but just not fitted)?

Mik

Followups :

Agreed value insurance

Posted By : Nigel Gibbins, 29-Apr-2003, 08:40am

Interesting one that... I suppose it's up to John and Bill as they are the guys who are authorised to give these valuations.

AS a note, I've always assumed that it isn't applicable to our race cars as the work done on them is ususally so extreme that a valuation is almost impossible to agree on. (This is true for all race cars).

So I insure my racer with a specialist competition car insurer.

NiG
http://www.niginthecar.net
- Agreed value insurance
  
  Posted By : John Davies, 29-Apr-2003, 01:37pm
  
  Nigel,
  You're right about 'use for competition or pacing', but I had my old Vitesse racer insured for road use.
  Tradition really - I drove it to meetings at first, before I had a trailer and when we had to have them MoTed - but also convenience, so that I could road test without the expence and time of booking a track. And it qualified for a free Road Fund licence.
  F.James charged a low premium, and had no problems with a car obviously modified for racing. And when I was trashed by a Sunday driver, no quibble payout.
  
  But as always, it depends what you want/need.
  John
  - Agreed value insurance
    
    Posted By : Michael Davis, 30-Apr-2003, 10:51am
    
    It was actually my half-finished race car that set me off thinking about this although I asked the question generally since it would still apply if I had decided to rebuild the car for the road instead of the track.
    
    I suppose the question maybe should be what would happen if I had a good car with an agreed value on it and I (for example) took the engine out for a rebuild, and the car itself was written off in the meantime (stolen, tree fell on it etc.) Is this the same situation?
    
    Purely an academic question really. This could turn into a complicated discussion. Maybe I shouldn't have started it :-)
    
    Mik
    - Agreed value insurance
      
      Posted By : John Davies, 30-Apr-2003, 11:18am
      
      Mik,
      Not so academic - cars must be damaged this way, and the answer must lie with the insurance co. If you do get an answer, please share it with us!
      John
      - Agreed value insurance
        
        Posted By : Michael Davis, 30-Apr-2003, 03:02pm
        
        Once my car is in a state worth trying to get a value on (soon), I'll take the pictures and send them off to find out.