REIS & Agreed value

[Sanjøy]

This serves me right for not replying to Mary soon enough.

REIS have stopped doing agreed value on Lotus cars as of this week due to people getting inflated valuations and probably then binning their car.

CCI are nearly twice the amount for the same cover.

Anyone else having agreed value issues and renewing about now ?

Told Mary I do not want to go elsewhere but need agreed value based on my MMC valuation.

S

[Kayfur]

Sanjoy - Have you tried speaking to Matt at Henderson Taylor? ( 0161 4377442 )

I believe they offer much the same policy as CCI so you might get a similar quote, but he is generally very responsive and will do what he can to help.

Kevin

[robin]

Why do you need agreed value?

The only odd thing about your car is the engine, and if you were to start from scratch, would you actually buy a 340R and put a Honda in it, or would you go looking elsewhere for a more practical car?

If you do bin it you would presumably expect to negotiate the cost of at least another 340R as a replacement - at that point you're already in silly money territory anyway? So unless you're agreed value is 30K I think you're worrying about not very much.

Or am I missing something?

Cheers,
Robin

[tut]

I spoke to Mary about agreed value, but she said that as it has to be examined for the valuation, and as she already has it down as £18k, there would be no point.

tut

[Sanjøy]

Why do you need agreed value?

The only odd thing about your car is the engine, and if you were to start from scratch, would you actually buy a 340R and put a Honda in it, or would you go looking elsewhere for a more practical car?

If you do bin it you would presumably expect to negotiate the cost of at least another 340R as a replacement - at that point you're already in silly money territory anyway? So unless you're agreed value is 30K I think you're worrying about not very much.

Or am I missing something?

Cheers,
Robin

I see where you are coming from Robin, I do have it on the policy at £30k. I have it on there as that is its market value and if it was nicked/stacked that is what it would probably cost me to get back to where I started. Would I have the time and effort to do that though ? Probably not so would just want the cheque while I found the time.
There are 340s on PH from £24.5-£38.5k, if my head came off during said stack I just want a cheque for £30k winging its way no negotiation.

I guess the arse is not about to fall out of the 340 market (mind you with Harry selling..) so worst case they would sample PH / Autotrader and then make a decision.


Will call Mary again and see if I can escalate as this is a MMC valuation not a speculating owner.

I spoke to Mary about agreed value, but she said that as it has to be examined for the valuation, and as she already has it down as £18k, there would be no point.

tut

I have had MMC perform my valuation every two years for the policy.

[robin]

If my head came off during said stack I just want a cheque for £30k winging its way no negotiation.

One would hope you have more substantial life insurance than that ... unless you were talking about the cylinder head, of course

I agree it would cost you 30K to make another one. I am less convinced that you would get 30K selling on open market. For cars like the 340R I suspect engine conversions and non-standard paint jobs detract from value rather than enhance it.

Consider other unique cars - let's say a McLaren F1 - would you enhance its value by putting in the engine from a Bugatti Veyron? Probably not!

Anyway, if you can get agreed value on the basis of cost to rebuild rather than market value then I can see why it might be interesting.

Cheers,
Robin