Exactly. I would never expect to sell mine for what its is insured for, but to replace it would probably cost what is it insured for. Not just the bus itself, but time, petrol etc
I 'plucked a figure out of the air' - suggested £20k and that's what Lancaster accepted. I thought it is better to be ridiculously over valued than ridiculously under valued.
Some insurance companies have a max value e.g. 20k if you go over that they may refer it to the underwriters to accept, and this may cost you a little more on your policy
I have 2 agreed valuations with Lancaster. They are very straightforward and helpful and never mess about. Been with them since 2004 for the mgb and since 2014 for the van. Take the photos and mention your new engine on the form, to justify your £15k. Be honest and show the rust areas. If you fix the rust problems, next time when you renew you could ask for a valuation increase based on the work done.
They will ask what you paid ( as that's market value) and why it's worth £4.5k more, you will need to justify the increase
Still not heard back from Adrian Flux regarding my £15k valuation. However, just noticed a virtually identical bus (albeit paint is in better condition) on eBay for £19k. Have taken screenshots I case the £15k valuation doesn't go my way!
Well, after a month of hearing nothing, I chased it up to find out AF had lost a part of the paperwork. Bodes well! Resubmitted, and within 5 working days they have agreed to £15k. Happy days.
Some companys have a max limit if not left overnight in a locked garage. My company Cherished have a £20.000 limit. Found their quote very good, they give a discount to TLB members, and a free DNA vehicle kit. Agreed value confirmed when 6 pics are supplied to them. Was with Adrian Flux!
Strikes me as a load of old balls this agreed value malarkey. The only place it's actually relevant is in situations of anything other than total loss where beyond economic repair is an issue, even then as assessor estimates the repair. Other than that,put simply, if you want 20k back then they factor in your premium and any value if the vehicle is recovered. The risk and premiums are related to each other....the arguement over the vehicle worth is surely meaningless. The risk itself is worked out on accident figures and theft stats, and the premium reflects this...why would your thoughts on value matter one iota?
In France , we get what we are given... Even though my T25 is worth 20k plus... If it did get nicked ,I'd buy a T5...
