Agreed value insurance
My insurance renewal comes up at the end of the month.
Having spent a lot in the past year further restoring my 300GD (body off re-spray, shock perch replaced, chassis restored, blower & heater core, plastic fuel tank, ORC springs, Bilstein shocks, restored dials, wings, rear quarters, sills, 500 headlights etc ) I'd like to take out an agreed value policy rather than conventional 'equivalent replacement' as I (gu)estimate it would cost me in the region of £10K to bring a book-value typical '86 vehicle upt the same standard as my own.
Currently with Adrian Flux, but NFU have come up with a competitive quote on this basis but want an independent (written) valuation. They suggested that the owners association might do this - not something I've seen anyone talk about here though.
Anyone had any experience with this?
If you can send some photos and a brief history containing work done, mileage, service history, registration details and vin number and the value you would like to insure the vehicle for, we can provide a letter stating our assessment of the value of the vehicle. Please send it to tncarnell@tesco.net together with your name and address. It will be next week before I can do this for you, as I will be without an internet connection until then. If you state that you are a member of the GWOA you should get a club discount from Adrian Flux.
Regards,
Tim
To add to what, my perpective on this; I would expect the Insurers at some point to ask for evidence of the spend, so do keep and store all your receipts to show as evidence to support your case and file these in with your Insurance paperwork.
Regards,
I have an agreed value policy for my classic Saab convertible but couldn't get one with the same lot for the G. Would I still be able to get one despite being Cat D'd over the crash in January? I think it is the way forward so would want to if possible.
not if the volvo owners club have a say in it LOL
Adrian Flux have agreed to match the NFU policy with a 10K agreed value (subject to evidence / acceptance). The restriction is that I'm limited to 5K/ year.. I need to think about it, but that *probably* is workable.
I'll keep everyone posted.
I have my G500 insured with the NFU that includes;every day use, unlimted mileage, off road/Green lane and I must say was a lot more cheeper than Mr Flux.
Spider1V
Fair point, well made!
I'd like to use NFU, but they wouldn't do agreed value in the end and I'm concerned that with all of the work I have done to the truck - should the worst happen, I'd have a real fight on my hands to argue the true value i.e. what would it cost be to buy a s/h 300GD of similar age and miles and then bring it back up to the same condition ?
Actually having totted it up, I think it would be more than £10K.
When you start to think about the labour involved in a body-off chassis and body re-con, respray including re-engineering of rear perches and plastic tank upgrade would probably run to> £5-6K alone I'd guess and that's before you start adding in new inner wings, all the fixes to small-but-expensive parts like blower and internal heat exchanger etc.
See if you can get some idea speaking to the guys in Malvern and Caversham? (I think that the insurance companies still go to G Wagen at Caversham to get their quotes)
Hope this helps
Spider1V
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Thanks chaps. I'll do as you suggest. When searching on this topic I re-read a c ouple of other posts re. problems people have had with insurers around 'fair value' so an agreed value policy does seem to be the way to go.
Mr Chairma> no rush, so next week or week after would be fine. Vehicle is still off road at the moment anyway.. just waiting on one wretched spacer tube (brake proportioning valve) that has been on back-order for 2 months!