428 Insurance

[cliffordl]

My 428 insurance is due for renewal and Flux are unwilling to consider an agreed value for a convertible in excess of £60K which seems rather mean.
   
   Any recommendations out there or do I leave it to argue 'open market value' if a claim becomes necessary?
   
   Clifford.

[lyonheart84]

Clifford, suggest you try Footman James or Aeon, but you might find that the down side of increasing values is a sudden hike in classic insurance quotes as we cannot expect the companies to charge a premium of only £200 to £300 any more for cars that might be worth £ 100,000 upwards. The higher values will sadly mean more likelihood of theft and also higher repair costs in the event of an accident. You might find more of the insurance companies will soon be requiring trackers or other thatcham 2 alarm/immobilisers to be fitted to more valuable cars.

[Classicus]

Also be interesting to discover what the current classic car insurance situation is like in Europe, America and elsewhere too....anyone ?

[302EFI]

In Germany insurers normally ask for a valuation report of a certified automotive appraiser. The value determined by the appraiser constitutes the amount insured, the premiums are calculated on the basis of that amount. The required level of detail of the valuation report may differ from insurer to insurer and often also depends on the value of the car.
   Jürgen

[cliffordl]

Lyonheart -that's true.
   As well as collecting classic cars I seem to collect points on my licence! A 100 mph jaunt on a duel carriageway resulted in 5 points and a close shave with a ban - still as long as I stick with open market value then the premium remains at approx. £350 including breakdown cover. Add an agreed value of say £120K and the premium doubles. As ever it's all a balance between risk and cost - the interesting element being whether open market value could prove to be higher than agreed value. Fixing the value might prove to disadvantageous.
   Cliff

[shep]

Hi Clifford, the problem with Classic Cars above a certain value, is that they are technically impossible to write off, as the sum of the parts is a fraction of the value of the whole. If you insure your 428 for 50k you can afford to have a serious tree fall on it, and have everything fixed well within that value. If however someone spirits the whole thing to Outer Mongolia for a waiting Yak dealer, you have a problem, as finding a replacement for that price will be extremely difficult if not impossible. Playing safe, you have to insure for 150k. You pays your money and  you takes your choice. Have you spoken to Brian Gilgart Smith who has helped out many ACOC members, as he understands that most of us are careful with our treasured cars. Adrian Flux is also really helpful, and both advertise in the ACtion Magazine. Andy.