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Agreed value? Agreed by who…

Discussion in 'Land Rover Insurance' started by congo181, Jun 10, 2022.

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  1. congo181

    congo181 Well-Known Member

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    Hi all. Just completing my 110 restoration and want to get agreed value insurance.
    At the moment I’m just telling the insurers £10k to get some quotes, but what’s it really worth? I know everyone is always asking what’s it worth cos they want to sell it, but I don’t, I just need a proper, realistic cost to replace it.
    It’s a 1987 110, genuine 96k miles, one previous owner, 2.5NA (I know!) all original everywhere including numbers. Salisbury rear axle, lift up
    door handles, Includes original pickup cab.
    Full restoration with full 2k paint, full chassis treatment etc.
    So how do I know what to insure it for? The export value maybe?
    Cheers all.
    Ps - it’s got doors too now.
    55D17EB8-DDB0-4C10-9A2B-B3D98C9BA189.jpeg 654EDF3E-524E-436F-A7BD-1B1C13640A69.jpeg 55A56B54-FE88-4200-BD7C-9172D8982247.jpeg 07ACCCB1-B542-4287-A0B4-6533BEF4994F.jpeg
     
    Last edited: Jun 10, 2022
  2. Dr Strangeglove

    Dr Strangeglove Well-Known Member

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    Are you looking for forum members to give you their estimation of value or are you asking if there are more professional (not sure if that is the correct term) estimators that provide a service?

    With defender pricing I think it must be a difficult thing to do. It's a bit like a cross between a classic car and an everyday vehicle.

    At the end of the day, what something is worth is not always the same as what is someone willing to pay. Yours is now a base vehicle with extensive works carried out- so is the value of your vehicle now the value of the base vehicle plus the cost of the works that have been done, as that is unlikely to be the same as what someone would pay.

    This is an interesting topic so I will watch with interest. Also, where did you get the £10k figure from?
     
  3. congo181

    congo181 Well-Known Member

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    Hi Doctor.
    Which am I looking for - good question
    Either and both I suppose - if a member has previous experience of this and found a third party with credentials I suppose that would be ideal.
    Alternatively if there’s anyone with genuine market experience who could value based on the current market, potentially including the US market, then that would be good too.
    At the moment i could look all the way from the £20k eBay hopeful sellers or the “ill give you £500 mate” chancers, and everything in between :)
    I plucked the £10k out of the air based on the *very* top end of what I think I might pay, if I was in the market for that exact vehicle, and knowing exactly what had been done.
     
  4. Dr Strangeglove

    Dr Strangeglove Well-Known Member

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    It looks like you have done a great job and I think your right to say it will be the top end of the value for your model.

    Well done on the restoration, it looks like a fine job.
     
    congo181 likes this.
  5. marjon

    marjon Well-Known Member Full Member

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    I think you are low on your number tbh.
    Its not about what you would pay, its about how much it would cost for you to replace like for like.

    I was with A plan for the 630R on a limited mileage and agreed value, they used my valuation even though it was well above the value of a 2001 RR.
    When they depreciated it on renewal I phoned them and explained that it needed to remain at the agreed value which they did.

    You have photo evidence of work done and receipts for parts so a good file to prove a high value. The thing to do is make sure you dont undersell it as you could end up being very disappointed should something horrible happen to it.

    Sure there must be some friendly restoration/ Landy garages near you that may give you an honest opinion on its value for the cost of a beer off the record:).

    J
     
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  6. congo181

    congo181 Well-Known Member

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    And that’s the real issue isn’t it. If something did happen, you want your insurance to make it as right again as possible. But when it’s your valuing something that open to interpretation it’s tricky.
    I got some quotes and told them £10k and they didn’t ask for any evidence at all which worried me.
     
  7. Bobsticle

    Bobsticle De Villes Advocaat

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    If you value your hand at ten grand that is what your premium will be based on. If a concert pianist values his at a million then he pays more.
    Dunt matter what it is. You want more in a claim, you pay more.
     
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  8. Dippypud

    Dippypud Never Knowingly Understood Full Member

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    You can negotiate a lower premium, by having a larger excess, (speak to a nurse about this), agree to pay annually rather than monthly, agreed value should be negotiated, if they won't then they don't really want you ...
     
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  9. Dippypud

    Dippypud Never Knowingly Understood Full Member

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    Or on the record if thats what the company want ...
     
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  10. miktdish

    miktdish Guns n Chainsaws Full Member

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    My understanding is that the 'agreed value' is what they pay out in the case of a total write-off. You pay more for an agreed value policy than a standard book value policy.
    You could value it @ £25,000 if you wanted, as long as the underwriters agree and you are willing to pay the premium.
     
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  11. Ian M in France

    Ian M in France Well-Known Member

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    I would speak openly to the insurance companies and say it is hard to value show the the silly prices on ebay, show them photos of what you have done and ask if you insured it with a value of 25k what would it cost and if you insured it with a agreed value of 10k what would it cost then make a judgement on the price difference what you want to do
     
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