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Third party, fully comp or agreed value - talk about it here
Section : Agreed Value
Posted By : Steven Fenby, 10-Nov-2005, 07:12pm
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 wouldnÂÂ’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
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Posted By : Mike Crewes, 14-Nov-2005,
05:04pm
Steve
You have entered a contract with your insurer, and although you may feel that the contract is not complete, no doubt they will. Unfortunately there may
not be very much you can do.
I know it's not much help now, but next time REALLY consider Footman James. They maybe a little more expensive, but you get what you pay for! Plus
you've got the TSSC behind you should anything go wrong. All my cars (modern & classic) are with them and have been for years, you can't beat their
service on agreed value.
Good luck, hope it all pans out.
Mike
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Posted By : Julie Sewell, 15-Nov-2005,
02:17pm
Just a back up to Mike Crewes post.
I am insured with Footman James and had an accident.
I was slightly nervous that agreed valuation may not mean exactly that, but a cheque dropped onto my doormat only a short time later for the whole
agreed valuation amount.
I can honestly say that I was very impressed!!!
All our cars are now with FJ as I know from first hand experience this scheme works.
Hope all works out well.
Julie