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Post by icarus001 on Jul 2, 2020 5:23:13 GMT 1
I've undervalued mine for sure, but I've had the agreed value on it for over five years now and never updated it, just keep renewing the insurance, fully restored 4LO with agreed valuation of £5k.
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Post by icarus001 on Jul 2, 2020 5:24:04 GMT 1
You are better of with an agreed value If, and hopefully not, it meets a terminal issue then you get paid out what you have agreed to with the insurance company If the bottom falls out of the market, then you will get market price at that time Our 2 classic bikes are both agreed value Is the opposite true, so if the market shoots up and you've got an agreed value will they pay out more?
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Post by shaunthe2nd on Jul 2, 2020 7:07:25 GMT 1
I've undervalued mine for sure, but I've had the agreed value on it for over five years now and never updated it, just keep renewing the insurance, fully restored 4LO with agreed valuation of £5k. I will buy yours as well! Seriously, if it got nicked/garage fire/whatever you would only get £5k less any excess you may have and will be out of pocket by quite a bit. I would be asking them to up that valuation to something more realistic, its unlikely they will up the premium by much, if anything.
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Deleted
Deleted Member
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Post by Deleted on Jul 2, 2020 8:41:34 GMT 1
Hi Icarus
it’s a balancing act
In my opinion I’d rather know how much I was going to get back rather than what the insurance company thinks
Remember they don’t have your best interest at heart, they don’t want to pay out anything so they will try and minimise their pay out to you as much as possible
I’ve been there with a car, 60% damage, a crease in the roof line and they wanted to repair it with non genuine parts, it was two weeks old
They were caught out big time, it took me a week however I received a new car less the excess
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Post by biffa on Jul 2, 2020 10:18:33 GMT 1
There must be a lot of people on here with agreed valuations, is it worth staring a thread to see who's got what and where?
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Post by shaunthe2nd on Jul 2, 2020 10:52:24 GMT 1
Mines agreed at £8k on my matching numbers UK 4L0, and £6.5k on my YPVS/Aprilia hybrid.
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