Insurance Agreed Valuations (1 Viewer)

[seasideBill]

Just reviewing my MH insurance valuation as I suspect I’m underinsured in the current market. I’ve got a 2018 Weinsberg PVC and not too many about so not the easiest to value. However, original supplying dealer says £43k part-ex so I’d probably have to pay £52k to buy it now (paid £48k new). Does that sound reasonable? Also, what are the implications of increasing the valuation, do insurance companies typically hike the premium?

 

[nicholsong]

Just reviewing my MH insurance valuation as I suspect I’m underinsured in the current market. I’ve got a 2018 Weinsberg PVC and not too many about so not the easiest to value. However, original supplying dealer says £43k part-ex so I’d probably have to pay £52k to buy it now (paid £48k new). Does that sound reasonable? Also, what are the implications of increasing the valuation, do insurance companies typically hike the premium?

I am not sure that you will find it easy to get insurance based on an 'Agreed Value'

 

[seasideBill]

I am not sure that you will find it easy to get insurance based on an 'Agreed Value'

Ok, ‘sum insured’ then.

 

[Wee Bold Davy]

We bought our van new in 2018 for £43k and a year later added E&P auto levellers for just under £5k.
In 2021 insurance valued it at £41k. In 2022 they valued it at £48,500 and the premium went up for the first time by about 15%

 

[Otter Spotter]

Just reviewing my MH insurance valuation as I suspect I’m underinsured in the current market. I’ve got a 2018 Weinsberg PVC and not too many about so not the easiest to value. However, original supplying dealer says £43k part-ex so I’d probably have to pay £52k to buy it now (paid £48k new). Does that sound reasonable? Also, what are the implications of increasing the valuation, do insurance companies typically hike the premium?

Yes, premium will go up but better to be over than under insured, as on a claim if the Insurer can prove you were underinsured say by 10% they would likely reduce any payout by 10%

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[Lenny HB]

I've found insurers pretty reasonable when it comes to Motorhomes, if you have a proper Motorhome policy I don't think it will be a problem.
We are a bit underinsured at the moment as we have been given a trade in of more than we paid for it nearly 6 years ago but if I increase it, I would have to fit an approved tracker.

 

[seasideBill]

We bought our van new in 2018 for £43k and a year later added E&P auto levellers for just under £5k.
In 2021 insurance valued it at £41k. In 2022 they valued it at £48,500 and the premium went up for the first time by about 15%

When you say “insurance valued it”, do you mean the insurance offered you a valuation?

 

[Phill D]

Just had our renewal from comfort ins, 2012 Adria coral insured vale listed as £55k
But as I understand it, it will be market value if total loss.

 

[Wee Bold Davy]

When you say “insurance valued it”, do you mean the insurance offered you a valuation?

No they asked me what I thought it was worth and they accepted that valuation based on what I seen other vehicles, the same model, age and mileage.

 

[seasideBill]

Just had our renewal from comfort ins, 2012 Adria coral insured vale listed as £55k
But as I understand it, it will be market value if total loss.

But I guess with listed values, insurance company starts at the sum assured and works downwards, so best to start as high as reasonably possible when determining ‘market value’?

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[Lenny HB]

Just had our renewal from comfort ins, 2012 Adria coral insured vale listed as £55k
But as I understand it, it will be market value if total loss.

Not checked my Comfort policy by normally it is "Market value with a maximum of sum insured"

 

[Phill D]

Not checked my Comfort policy by normally it is "Market value with a maximum of sum insured"

I agree I just noted it on the summary page as , insured value.

 

[Bessy765]

Difficult on to arrive at our van bought new in 2019 was £83,000 since then with tracker 2 underslung gas tanks, 700 watts of solar 2 Transporter Lithium at £1000 each Victron 12/2000/80 inverter charger plus labour costs etc probably stands me in around £95000, so where do I value it. We use it a lot its our way of life (not full time) so how do we compare it.

 

[Terry]

My understanding is they will give a current value.
As a self builder when I get agreed value we have to agree what the value is, say 25 k and that is what they would pay out for a total loss because that could not go buy another like it. Premium is based on said value.

If you are not happy with what they offer tell them to get you same year mileage van for you

 

[Emmit]

I seem to remember that, one year on from the ownership of our van, when taking out insurance, I gave its valuation as the same as when it was bought (with no devaluation)

I would the same again this year after looking at prices.

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[Winger]

I’ve had agreed value a couple of times for an extra £15 per year. Basically you say what the van is worth and submit 6 photos of the van. A valuer then looks at the photos and if he/she/other agrees then that is what you get paid if the vehicle is a total loss.

 

[Podney]

I believe that you can either insure for an agreed value,as offered by some insurers……or you can insure on a more normal indemnity basis. This means you are indemnified for the loss of value at the time,which is a matter of opinion and negotiation at the time of a claim.

Unless you are insuring on an agreed value basis, you have to justify whatever value you put on the van at the time of the claim,and if it’s a very uncommon van that might be difficult. It really only becomes relevant in the event of a total loss.

 

[seasideBill]

Been in touch with my insurer (Caravan Guard) today re sum assured and requested to bump it up by £10k even though it will now be insured for more than I paid for it 5yrs ago! Agreement subject to me fitting approved security device or tracker. I’ve got a tracker fitted, but sadly it’s not on their approved list. Now shopping for steering wheel locks.

 

[Lenny HB]

it will now be insured for more than I paid for it 5yrs ago

Quite normal in current climate I have a trade in of more than I paid for my van 5 years ago.

 

[Coolcats]

Just reviewing my MH insurance valuation as I suspect I’m underinsured in the current market. I’ve got a 2018 Weinsberg PVC and not too many about so not the easiest to value. However, original supplying dealer says £43k part-ex so I’d probably have to pay £52k to buy it now (paid £48k new). Does that sound reasonable? Also, what are the implications of increasing the valuation, do insurance companies typically hike the premium?

I did an agreed value with Adrian Flux they wanted photos each year inside and out. It was for a converted VW T5. Given the state of the market it could be wise to try and go down this route given the cost of new and 2nd hand.

I would also ask Simon-Alan Kerr regarding value if you need to have a market valuation or maybe a weinsburg dealer then you could present that to the insurance company as well.

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[rod_vw]

As far as I am concerned agreed value should be that which would be required to replace the vehicle with another as near the same age, design and condition as the insured.

With rare classic vehicles the valuation is normally done by a club official who is known and accepted by the insurance companies. The club official uses sale and auction reports where available to provide the value usually supported by a condition report and supporting photographs. From that point there is often some 'bartering' between the underwriters and the owner. I'm speaking from experience.

 

[seasideBill]

As far as I am concerned agreed value should be that which would be required to replace the vehicle with another as near the same age, design and condition as the insured.

With rare classic vehicles the valuation is normally done by a club official who is known and accepted by the insurance companies. The club official uses sale and auction reports where available to provide the value usually supported by a condition report and supporting photographs. From that point there is often some 'bartering' between the underwriters and the owner. I'm speaking from experience.

I’ve owned several classic cars over the years so I’m familiar with club insurance arrangements, but uncommon motorhomes don’t enjoy the same support. At the current time there isn’t a motorhome broadly similar to mine on the market. That’s why I’m struggling to get a valuation, but I think I’m now as close as I’m going to get.

 

[Terry]

I used to see how much I spent on vehicle and spent on stuff to go in/on it then add 10/12 k for conversion time / sent pics and never had to speak to anyone over what value I said it was worth. All agreed and I was happy because I knew I could make another well within price if anything happened. I knew a distant mate who insured with AF for value of 12k and they tried to pay him 4 k after his van was stolen (he asked if I could/would build him one) and I told him to get back onto AF for 12k agreed value They were not happy but had to pay him 12k

 

[Puddleduck]

Just had our renewal from comfort ins, 2012 Adria coral insured vale listed as £55k
But as I understand it, it will be market value if total loss.

Our insurance documents say "market value" I check every so often for similar vans.

As things are at the moment we are considering if we should sell given the unhappy memories of the last couple of years.

 

[Maudy]

Off subject here but my husband had a garage insured which had damage
Insurers came to inspect and said it was ‘underinsured’ so that was 50% of the claim lost immediately and things went downhill from there
The inspector was ‘removed’ from the premises verbally and nothing was forthcoming at all ….
I just told hubby that day that our moho was underinsured but …

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[peterc10]

With most policies, no matter what you say your motorhome is valued at, you will still get only the lower of your figure or the "market value" if it is written off. That is what the small print says.

"Agreed value" policies can be got for more money but the policy wording will be different and the insurer will make sure that your value is reasonable. They are only usually used for rare or unique vehicles, where the "market value" can be very difficult to decide because of their rarity.

 

[Freo]

At what value does the requirement for a tracker kick in? Ta.

 

[peterc10]

At what value does the requirement for a tracker kick in? Ta.

It will vary depending upon the insurer. Ours from Comfort is £70,000.

 

[Freo]

It will vary depending upon the insurer. Ours from Comfort is £70,000.

Many thanks.

 

[Terry]

With most policies, no matter what you say your motorhome is valued at, you will still get only the lower of your figure or the "market value" if it is written off. That is what the small print says.

"Agreed value" policies can be got for more money but the policy wording will be different and the insurer will make sure that your value is reasonable. They are only usually used for rare or unique vehicles, where the "market value" can be very difficult to decide because of their rarity.

Agreed Peter to an extent
If you have notified your insurance (As you should) that you have fitted extras to your van and they accept the risk then that is what they have to pay out on
Example fitted air /leveling suspension then they have take everything into account and payout for what they have insured your van for! If you have not told them then they will payout for a basic van at current replacement value.
There are simply too many experts on here who have never had an agreed value on their van and as such don’t know what they are talking about. Agreed valuation is what it says and you will pay your premium based on that valuation Insurance companies will not agree a valuation Willy nilly Self builders should heed this advice!

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