Home
> Insurance > Agreed Value > Agreed Value Rip Off
Third party, fully comp or agreed value - talk about it here
Section : Agreed Value
Posted By : Steven Fenby, 10-Nov-2005, 07:11pm
Hi Everyone,
I hope someone can help. A few months ago I purchased my first ever classic car, a 1972 GT6. I purchased it for a bargain price of £1500 and
after having it checked over by a mechanic I released it was in very good condition for the money with only a few blebs over one wheel arch.
I recieved a great price from Peter Best car insurance of just over £100 fully comp for the year, and after reading some advice on here
decided to obtain an agreed valuation. I sent in the photographs of my car and waited. However I soon got a phone call saying that they were unable to give
me an agreed value unless I disclosed the purchase price. For an easy life I told them the price I paid and I soon received an "agreed value" of
£2000. Unhappy with this valuation I called them up and argued that should anything happen to my car I would like to replace it and that
£2000 would not do that. I also stated that the value of something is not necessarily the price you pay for something. If I'd discovered a
Matisse in a charity shop, I'm sure it wouldn't be insured for the few pounds I may have paid for it! After some umming and ahhhing they said there valuer
would call me back. He never called.
Not thinking much about it, a couple of weeks later a lady in a 4x4 reversed into me, causing £2500 of damage and effectively writing the car
off. The crash was in no way my fault and she admitted blame straight away. But now I'm in the predicament that my car is only valued at £2000
and I will now have to pay alot more in order to get a replacement nearly as good.
I've tried speaking to them, but they never return my calls or they leave the trainee to run the office so I can never get to speak to someone in charge.
They have left messages with her saying that they will not change the valuation and I feel totally ripped off as I now have to find a further
£2000 to find anything similar to what I bought.
I have never dealt with such an incompetent bunch in my life. Are they in the right or is there anything legally I can do?
Many thanks
Steve
-
Posted By : Colin Lindsay, 10-Nov-2005,
08:22pm
Whilst I commiserate with you on this one Steve the problem is that you have been too clever for your own good - buying such a good GT6 for only
£1500...
Insurance companies are on the planet to make money, if they didn't there wouldn't be so damn many of them. I suspect that what has happened is the
firm have asked for the purchase price because the car in the photos looked quite good and therefore liable to be expensive to replace, and they were
considering increasing the premium until you told them the purchase price which restored their faith in the honesty of everyone else but themselves.
Once they agreed the value that's it as far as they're concerned; they will supply the cheque and it's up to you to get a good deal with a replacement
car. Unless you had a specified replacement car policy that's the best they'll give you.
I don't think there's going to be any comeback after the event; probably you should have got a club valuation for a higher amount and submitted that to
them before any agreement was signed and paid for, and certainly before any claim was made.
I really commiserate with you and wish you the best of luck in finding another good GT6. You'll get one!