Spoke to Sky today regarding a quote for my GTO & mentioned agreed valuations, he told me I can only get an agreed valuation for another week, It was then being suspended for the foreseeable future, he said they are going to revise the wording because of claim frauds, so what its going to be changed to I dont know, wheather it will affect people who already have agreed valuations or not, remains to be seen, I don`t even know what the stipulations are now, will have to have a chat with him after the weekend.
As far as I could work out from them when I took out insurance last year, the agreed valuation is done based on you giving them a bunch of photos and details on the car, along with a value you think correct. If their people agree on this valuation, then that’s the value that will be paid in the event of a total loss.
I may have interpretted it wrongly though, and if they can’t drop their renewal price on the Prelude, then I’ll also be dropping them I think!
Yes Steve, he told me the same, but something is being changed in the wording to try & stop the fraudsters making claims, how they will do that I dont know, about the only way I could think of, is, limit the reasons for paying out, maybe if its stolen & burnt out ( typical fraud ) then its excluded, or if it just disappears, ( again typical fraud ) maybe excluded, we will have to wait & see, anyway without the agreed valuation they are £70 above my best quote.
yea i hope they come up with something soon as my insurance with them is coming up in the next couple of months and i was wanting to do the same ,not overprice the car just insure it for the money i’ve spent on it,maybee a little less but i’d want 4k for it if it was written off.might look elswhere :?
I contacted them for a quote when my insurance was up for renewal. They where more expensive than my renewal, but I don’t mind paying more if I’m getting more. So I questioned how the agreed valuations worked, but there explanation was that an agreed valuation in there minds was an agreement to value the car from supplied information at the time of a claim rather than from market value.
So basically an agreed value with sky isn’t an agreed value, you still need to argue the price at the time of a claim. So consequently I didn’t bother taking out there insurance.
I have an agreed value with them. You take loads of pics from various angles including the engine bay and interior etc. You also supply receipts and have to specify the condition of the car on a form. You then send this off and they pass this to their underwriters. They assess the info and if they agree then they will issue the insurance certificate with the agreed value on it. You cant turn round and say its worth £20k etc without proof.
The small print states that in the event of a total loss then the agreed value stated on the certificate will be paid.
Just had another word with Sky to try & clarify the agreed valuation wording, It would appear that once you have agreed a valuation for your car ( supplying 4/5 colour photos & receipts of the work done ) if then anything happens to your car ie: Stolen/ written off ( accident damage etc ) then you will receive the full agreed valuation for your car, minus the excess, Took out my policy today to run from the 21st of this month at a premium of £331 fully comp, inc. Legal & protected bonus & £35 for agreed valuation, Could have got insured for £90 less elsewhere, but like Mark Beales said, you dont mind paying that bit extra if your getting something for it, my car to date stands me at about £11,500 if it was written off today, I would be lucky to see £3000 from my insurer, so an agreed valuation will be a godsend.
The trouble is that it is difficult to convince anybody, even with photos and receipts, that the car is worth what you say it is. I said I wanted an agreed £5500, then the paperwork turned up saying £5000. I altered it and then it got altered back.
The decision is down to the underwriters and not Sky. When I spoke to them they said that if they didnt agree to the valuation they would supply what they thought it was worth. This wouldbe based on what it would cost to buy a car in the same condition / mods as yours in the market (excluding ebay etc).
I managed to get £10k agreed value on mine based on photos and receipts so am happy
Well all my paperwork has gone to Sky & I am now insured thro them, will have to see what agreed valuation they come back with, will keep you all informed.
Just had my policy through from Sky today & also my agreed valuation certificate, we settled on a valuation of £8000 That gives me piece of mind if anything happens to the car, I would still be well out of pocket with what it stands me, but better than trade value, which is all I would have got from my previous insurer.
Sky still do agreed valuations but now charge £72.25, previously £35 I believe, unless you haggle of course
Other insurers were cheaper but as mine has only done 15k miles, I can’t really afford not to go with them. I was also swayed by the negative reports of (most) other companies and the positives with Sky - they have an FTO themselves and do seem to know what they are about.
Personal choice/finance as usual but I am content for a year. 8)
