Agreed value >£20k with no garage - plus a few recent examples of different insurer quotation prices

[Mr Cull]

This is a thread about getting an agreed value along with the complexities of the high value of Supras nowadays and also the implications of not having a garage.

 

 

My TT auto import insurance was up soon and I got my renewal quote back from LV for £320. This sounded pretty good I thought but when I looked at the agreed value it was only £20,000. I think the last few years I have just let my policy auto renew and not considered an increase in value of the car.

 

Having a look around at ads online I found 3 auto TTs currently for sale with prices ranging from £30,000 - £35,000. In all cases my car was lower mileage (74k), rarer higher spec GZ model, rare colour, and has very recent full respray. So I guessed I should be aiming for agreed value of around £37,500. (Does this sound about right??).

 

I tried Lancaster insurance first and they came back with £439, pending getting value agreed. This sounded potentially ok but I had not realised at this point that not having a garage could be a problem later on with getting an agreed value.

 

I then went back to my current insurer LV. I was asked to send 6 photos of the car (front,back,both sides,interior & engine) to the valuation team with my estimated value. This was required before a premium could be quoted. I also supplied the 3 adds I found of similar cars. Then I got back an email saying “we assume the car is kept in a garage?”. After stating that I do not have a garage, which I'm sure I mentioned to the original quoter one the phone, I found that they require any car with an agreed value of more than £20,000 to be kept in a garage. They then refused to quote for the renewal!

 

I tried Lynbrook next, but again they would not touch me with an agreed value of what I'm looking for and without a garage.

 

I tried Performance Direct next and pretty quickly they said if I was looking to pay less than £600 then they would not bother quoting. I didn't even get to discuss agreed value and garages.

 

Footman James was next. They said they could accommodate no garage, but this would be reflected in the premium. They came back with £1,060.

 

I tried Reis next. They also said the no garage is a bit of a problem and might be reflected in the price. Although they did ask about my cctv and security lights and said these might help. But they did say a tracker would need to be fitted to the car to compensate for the no garage. The policy came out as £561 and they added that fitting a tracker would “not be cheap”.

 

I next got back to Lancaster and crossed my fingers that they would accept me not having a garage, and that this fact would not affect their existing quote too much. They confirmed not having a garage was ok. They re-ran the quote and something quite strange happened. It came back cheaper this time at around £325! (This was only a few days after the first quote of £439 - so wft happened there!?). I asked them to double check this was ok without a garage and they said it was. I added on salvage retention (£40) and legal (£35 ish). The total came to £401 which all things considered I’m pretty happy with. 

They are sending information regarding what I have to do to get the car valuation verified, but I think this will probably involve 6 or 7 photos of the car and a few example adverts. (I’ve tried to attach the 3 example ads I'll use as PDFs to end of this post).

 

I will also try to post back here with details of what verifying the agreed valuation process was like with Lancaster once it's completed… 

 

Finally some of the insurers I tried were names I got off recent posts in this forum and that was very helpful. So thank you everyone that’s shared info in other threads recently. And hopefully this post will help some of you guys out who may be in a similar situation to me.

Also can anyone name any insurers I missed that you would recommend for cover of similar circumstances nowadays, as that may help other people on here?

 

(Rough personal details for insurance comparison proposes: Male, 1983, no convictions/claims etc, 20 year licence, drive other car with 10 years ncb on it’s policy, 3000 mile limit classic car policy on Supra with commuting, coil over suspension mod)

 

The 3 reference ads as PDFs I'll try use for agreed valuation:

www-autotrader-co-uk-car-details-202204275108732_advertising-location=at_cars&so.pdfwww-ebay-co-uk-itm-275029582208_hash=item40090a6180_g_at8AAOSw6F9ie0pT.pdfwww-ebay-co-uk-itm-304491115257_hash=item46e515b2f9_g_IjAAAOSwDQJiSwuC.pdf

[Annabella]

Glad it worked out in the end, good bit of hassle but worth it for the increased agreed value.

[Big Supes]

Just to clarify, you got the agreed valuation of 37k?

[The Raven]

No wonder they agreed mine at 24! Be 34 more next time 

[bradleyh_15]

Can’t wait for this hassle when mines finished

[Dnk]

Pretty sure I tried Lancaster a while ago and they said no unless my Range Rover was garaged 

[Mr Cull]

On 5/28/2022 at 5:32 PM, Big Supes said:

Just to clarify, you got the agreed valuation of 37k?

I am still waiting for that process to be completed and I’ll try remember to post here when done to share the info.

[Big Supes]

19 minutes ago, Mr Cull said:

I am still waiting for that process to be completed and I’ll try remember to post here when done to share the info.

Thanks mate. 

My insurer agreed the value, but said they'd also go on the current market value if it exceeds the agreed valuation. 

[Tyson]

On 5/28/2022 at 12:52 PM, Mr Cull said:

This is a thread about getting an agreed value along with the complexities of the high value of Supras nowadays and also the implications of not having a garage.

 

 

My TT auto import insurance was up soon and I got my renewal quote back from LV for £320. This sounded pretty good I thought but when I looked at the agreed value it was only £20,000. I think the last few years I have just let my policy auto renew and not considered an increase in value of the car.

 

Having a look around at ads online I found 3 auto TTs currently for sale with prices ranging from £30,000 - £35,000. In all cases my car was lower mileage (74k), rarer higher spec GZ model, rare colour, and has very recent full respray. So I guessed I should be aiming for agreed value of around £37,500. (Does this sound about right??).

 

I tried Lancaster insurance first and they came back with £439, pending getting value agreed. This sounded potentially ok but I had not realised at this point that not having a garage could be a problem later on with getting an agreed value.

 

I then went back to my current insurer LV. I was asked to send 6 photos of the car (front,back,both sides,interior & engine) to the valuation team with my estimated value. This was required before a premium could be quoted. I also supplied the 3 adds I found of similar cars. Then I got back an email saying “we assume the car is kept in a garage?”. After stating that I do not have a garage, which I'm sure I mentioned to the original quoter one the phone, I found that they require any car with an agreed value of more than £20,000 to be kept in a garage. They then refused to quote for the renewal!

 

I tried Lynbrook next, but again they would not touch me with an agreed value of what I'm looking for and without a garage.

 

I tried Performance Direct next and pretty quickly they said if I was looking to pay less than £600 then they would not bother quoting. I didn't even get to discuss agreed value and garages.

 

Footman James was next. They said they could accommodate no garage, but this would be reflected in the premium. They came back with £1,060.

 

I tried Reis next. They also said the no garage is a bit of a problem and might be reflected in the price. Although they did ask about my cctv and security lights and said these might help. But they did say a tracker would need to be fitted to the car to compensate for the no garage. The policy came out as £561 and they added that fitting a tracker would “not be cheap”.

 

I next got back to Lancaster and crossed my fingers that they would accept me not having a garage, and that this fact would not affect their existing quote too much. They confirmed not having a garage was ok. They re-ran the quote and something quite strange happened. It came back cheaper this time at around £325! (This was only a few days after the first quote of £439 - so wft happened there!?). I asked them to double check this was ok without a garage and they said it was. I added on salvage retention (£40) and legal (£35 ish). The total came to £401 which all things considered I’m pretty happy with. 

They are sending information regarding what I have to do to get the car valuation verified, but I think this will probably involve 6 or 7 photos of the car and a few example adverts. (I’ve tried to attach the 3 example ads I'll use as PDFs to end of this post).

 

I will also try to post back here with details of what verifying the agreed valuation process was like with Lancaster once it's completed… 

 

Finally some of the insurers I tried were names I got off recent posts in this forum and that was very helpful. So thank you everyone that’s shared info in other threads recently. And hopefully this post will help some of you guys out who may be in a similar situation to me.

Also can anyone name any insurers I missed that you would recommend for cover of similar circumstances nowadays, as that may help other people on here?

 

(Rough personal details for insurance comparison proposes: Male, 1983, no convictions/claims etc, 20 year licence, drive other car with 10 years ncb on it’s policy, 3000 mile limit classic car policy on Supra with commuting, coil over suspension mod)

 

The 3 reference ads as PDFs I'll try use for agreed valuation:

www-autotrader-co-uk-car-details-202204275108732_advertising-location=at_cars&so.pdf 216.61 kB · 5 downloads www-ebay-co-uk-itm-275029582208_hash=item40090a6180_g_at8AAOSw6F9ie0pT.pdf 341.42 kB · 2 downloads www-ebay-co-uk-itm-304491115257_hash=item46e515b2f9_g_IjAAAOSwDQJiSwuC.pdf 545.15 kB · 2 downloads

I'm with Lancaster and have been for 6 years (I think?) and they have always given me the level of cover I want for a reasonable price. The agreed value was a bit of a pain to start off with but they eventually caved and gave me something I was happy with last year. In the process of doing it again for this year now. They wouldn't budge last year so I got my anorak on and through a tonne of facts and figures at them and they agreed my value. Not sure what to ask for this year though and for sale adverts are getting more difficult to find.

[bradleyh_15]

9 hours ago, Tyson said:

I'm with Lancaster and have been for 6 years (I think?) and they have always given me the level of cover I want for a reasonable price. The agreed value was a bit of a pain to start off with but they eventually caved and gave me something I was happy with last year. In the process of doing it again for this year now. They wouldn't budge last year so I got my anorak on and through a tonne of facts and figures at them and they agreed my value. Not sure what to ask for this year though and for sale adverts are getting more difficult to find.

I’m going to be in the same position soon I hope. Not seen a supra with my spec for sale so won’t have anything to go by. So not quite sure what they will do

[Noz]

14 hours ago, bradleyh_15 said:

I’m going to be in the same position soon I hope. Not seen a supra with my spec for sale so won’t have anything to go by. So not quite sure what they will do

Evaluation before insurance quote way forward.

Doesn't cost much, best way to secure the value.

[Dnk]

I spoke to Lancaster yesterday and thought I'd post up, they use several underwriters so if your insuring

through them check who they are putting you with

One doesn't cover agreed value unless garaged, sorry forgot their name, they also use Markerstudy !! 

[markssupra]

12 hours ago, Noz said:

Evaluation before insurance quote way forward.

Doesn't cost much, best way to secure the value.

Absolutely this, I had a professional valuation from this company last year to get a realistic agreed value for my insurance. Only £60

https://classic-car-valuations.com/

Edited June 1, 2022 by markssupra (see edit history)

[AntD]

Pretty good premium.Just make sure the policy is not underwritten by Markerstudy. I was involved in an accident last September and the claim is still not settled.They now want to retain 45% of the settlement figure as I am buying back my car.Their lack of communication so far throughout the whole claim has been absolutely appalling.

Edited June 1, 2022 by AntD (see edit history)

[Dnk]

15 hours ago, AntD said:

Pretty good premium.Just make sure the policy is not underwritten by Markerstudy. I was involved in an accident last September and the claim is still not settled.They now want to retain 45% of the settlement figure as I am buying back my car.Their lack of communication so far throughout the whole claim has been absolutely appalling.

Who's your broker ?

[AntD]

Higos Insurance brokers. They should be held accountable for selling this crappy insurance off to people. I had no idea Markerstudy was this bad until I had to make a claim last year. The reviews are shocking.

Edited June 2, 2022 by AntD (see edit history)

[Dnk]

11 hours ago, AntD said:

Higos Insurance brokers. They should be held accountable for selling this crappy insurance off to people. I had no idea Markerstudy was this bad until I had to make a claim last year. The reviews are shocking.

Sad to read, Livingstone brokers joined them some time ago, I had them as a club insurer. Try contacting Jason Livingstone who was the boss/owner and came across as a decent guy, i spoke to him on a few occasions 

[AntD]

I have spoken to Higos on a few occasions about the appalling manner in which my claim is being dealt with,but got virtually nowhere. I also made a formal complaint at Markerstudy.They admit that there has been considerable  delays and lack of communication on their part.They sent me a cheque for £250 which I still havent banked. A slap in the face really. I have also contacted the financial ombudsman who is now dealing with the case.

Edited June 3, 2022 by AntD (see edit history)

[Mr Cull]

After waiting 2 weeks and not hearing anything I chased them up and then the next day the agreed valuation came through.

They have it as £35,000 and did not offer any reasons why it was slightly different to what I suggested.

 

The process involved:

• Stating what I think the value is.
• Sending the adverts attached in my first post
• Plus 6 pic of the car at different angles. I also included a few taking during the full respray a few months ago.
• Filling our a questionnaire regarding various details such as when the car was last services, and what condition I would rate various parts of the car etc.
• I also included a typed note providing a few further details on the car.

My docs came through when the value was agreed and my policy does appear to be with Marksturdy 

 

Maybe they are the only underwriter these days who will do an agreed value without a garage at competitive rates(?).

From reading above comments it sounds like it would be very useful for people if anyone knows of an alternate underwriter for similar circumstances(?) 

Thanks for the responses and sharing future info. 

I’ll be considering using https://classic-car-valuations.com/ in future too.