So What What Do Declare / Agreed Value?

Discussion in 'Motorhome Insurance General Discussion' started by TheWM, May 4, 2015.

  1. TheWM

    TheWM Read Only Funster

    Joined:
    Feb 24, 2015
    Messages:
    445
    Likes Received:
    450
    Location:
    London
    So - went to buy a MH in Germany, but when I returned to the UK after having my insurance in place, going through the vehicle/paperwork in detail it has LOADS more extras that the insurance company are unaware of.

    My essential question is - the price I have given the insurance company is about 20k short of its 'replacement' value given the extras. So, do I declare everything, or will my purchase price dictate the value of the MH?
     
  2. Snowbird

    Snowbird Funster Life Member

    Joined:
    Apr 24, 2009
    Messages:
    10,108
    Likes Received:
    16,286
    Location:
    Liverpool.
    When I have imported whatever I have paid in Euros I have declared value in Sterling. For example 30,000 Euros becomes £30,000. A good rule of thumb, but obviously there are exceptions.
     
    • Like Like x 1
  3. Judge Mental

    Judge Mental Funster Deceased RIP

    Joined:
    Sep 2, 2009
    Messages:
    6,782
    Likes Received:
    6,034
    Location:
    Sarth London
    I would declare everything, but do you always get your money back on extras...certainly don't when selling or part exchanging....
     
    • Like Like x 2
  4. Puddleduck

    Puddleduck Funster

    Joined:
    Jan 15, 2014
    Messages:
    6,456
    Likes Received:
    13,749
    Location:
    Scottish Borders
    Tell the insurance company about the extras as they are non standard additions.

    If the worst happens they don'y pay out for them anyway as a rule.

    For insurance valuation you declare what you paid for the motorhome as you can prove that.
     
    • Like Like x 1
  5. Lenny HB

    Lenny HB Funster

    Joined:
    Oct 18, 2007
    Messages:
    5,213
    Likes Received:
    5,008
    Location:
    West Sussex
    Unless it is an expensive van it won't make any difference to the premium if the value is under 75k (exact amount will vary between companies). Never under estimate the value, if you insure a 60k van for 30k and wright it off the insurance company will reduce the pay out by the percentage under insured, in this case 50% so they will only pay out 15k.
     
    • Like Like x 1
  6. Snowbird

    Snowbird Funster Life Member

    Joined:
    Apr 24, 2009
    Messages:
    10,108
    Likes Received:
    16,286
    Location:
    Liverpool.
    I always had agreed valuation insurance. maybe you pay a little more for it, but you are covered for replacement.
     
    • Like Like x 2
  7. TheWM

    TheWM Read Only Funster

    Joined:
    Feb 24, 2015
    Messages:
    445
    Likes Received:
    450
    Location:
    London
    Yes. I will inform them as my purchase price was way below replacement and I'd be gutted if anything happened to it. Will give them a call tomorrow.
     
  8. Chrisy

    Chrisy Funster

    Joined:
    Jul 10, 2014
    Messages:
    92
    Likes Received:
    27
    Location:
    Cheltenham
    If you made a claim and the fact it was not bought in the UK comes to light the insurance company would likely require paperwork showing what you actually paid for it. You can't expect to get more back than you actually paid even if the UK replacement cost is higher. If you are shown to have tried to deceive the insurance company in any way you are commiting fraud. In this case you won't be insured and any claim will be denied and you could end up in court. Insurance companies are getting increasingly vigilant and won't hesitate in not paying anything out if there has been any form of deception. Be careful.
     
  9. Vlad The Impaler

    Vlad The Impaler Funster

    Joined:
    Apr 22, 2012
    Messages:
    1,610
    Likes Received:
    2,177
    Location:
    Rutland
    What you pay for a vehicle has no relation to what your paid out if you make a claim !
    You will be paid market value, or just below,for your type of vehicle.
    Extras won't be covered unless declared and and you have an agreed valuation.



    Vlad
     
  10. Terry

    Terry Funster

    Joined:
    Dec 27, 2007
    Messages:
    10,722
    Likes Received:
    6,224
    Location:
    South yorks
    Easy way is declare the value of the van with all the extras fitted -if you think you got a bargain price then add a few grand on top of the price you paid ---the insurance company will ask what extras are fitted if not happy with the valuation -remember to get them to send stated value to you in writing-That is what a agreed value is IE you both agree a value for your vehicle
     
    • Like Like x 1
  11. TheWM

    TheWM Read Only Funster

    Joined:
    Feb 24, 2015
    Messages:
    445
    Likes Received:
    450
    Location:
    London
    Right. This is not going well.

    Advised the insurance company of everything and they have doubled our premium. Mainly due to air suspension apparently.

    I'm a bit fuming but hope to try and get some other quotes off some other companies that will insure on the chassis.
     
  12. gus-lopez

    gus-lopez Funster

    Joined:
    Aug 18, 2014
    Messages:
    4,339
    Likes Received:
    7,874
    Location:
    Lorca,Murcia,Spain
    Of course you can ! My mate bought a new Jag. It was written off
    5 months later. Price had risen by 3k & they paid out original purchase price +3k.

    All my vehicles used to be purchased through my Father as employee purchases. All were insured for full retail replacement value. There was a claim for one that a lorry drove over & they paid the full amount.
    You aren't insuring what it cost but what it costs to replace & to be put back in exactly the same position immediately before the event took place.
     
Loading...

Share This Page