Agreed Valuation ideas please

Hence my earlier comment. I’d be surprised if anyone paid out the (completely arbitrary and ridiculous) sums “agreed”.

 

Mike Clements.

I've £25k agreed with Lancaster, miles limited to 6k, but they did insist on an immobiliser.
Just ask for the earth & barter until everyone agrees.
Ask high, and take what they offer. It'll be better than 'market value'.

 

I agree ... I would be very surprised to get that £30,000 for a total loss.
I'd expect them to make an offer that I can haggle over and end up with something more like £20,000 ... and if they have a %-of-value write off point I'd want that value to be as high as possible to make sure they don't write it off.
(Had a mk2 GTi needlessly written off once)

 

Thanks, yes, Clements.
What was I thinking?
Predictive text?
No matter

 

The premiums go up IF they pay out .... I was quoted the same premium for a whole range of agreed values ...
which supports the suggestion that they wouldn't pay out at the top end

 

True, but it wasn't THAT much of a range!
Someone posted earlier about the actuarial art of setting premiums based on likelihood of total claims in a population.
I reckon, using my case, they know they're never going to pay out more than £20,000 so they spread the risk and set the premiums on that basis.
Reminds me of something someone who used to work for Zurich Life said a few years back.
They automatically refused household claims outright in the first instance because 50% of those people never followed up ...

 

I reckon in the current market if an agreed valuation was 20k and the vehicle was a total loss, the insurers would offer a sum sufficient to buy a replacement vehicle which would be much less than 20k, which is the principle of an agreed valuation, its not intended for the owner to make a profit on it. Insurers don't like paying out claims and they do anything to get a low settlement.

Mine has a 14k agreed valuation which is sensible and a replacement would cost about 10k to 12k in the current market. If a total loss happened I would expect the insurers would offer around 10k as their claims folk would be looking at the latest sold prices.

Like many folks on here, I have had experiences with claims and while the selling folks are all sweetness and light, claims people are the exact opposite.

 

Insurance assessors are not noted for their charitable nature...

 

But it will cost much, much more to insure a £150 vehicle than a £1500* vehicle.
Because they think you'll not take care of it.

*this appears to be the sweet spot at the mo, never go lower.

 

True, and the less likelihood of an accident, the less is the likelihood of a third party payout which, if it involves serious injury, could cost zillions.