So What What Do Declare / Agreed Value? (1 Viewer)

Affiliate links here may earn MHF compensation

TheWM

Free Member
Feb 24, 2015
445
450
London
Funster No
35,228
MH
Rapido 9010df
Exp
Newbie, but over 10 years in a campervan
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?
 

Snowbird

LIFE MEMBER
Apr 24, 2009
11,818
22,347
Liverpool.
Funster No
6,422
MH
Fifth wheel.
Exp
Since 11-05-2000
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.
 

Puddleduck

LIFE MEMBER
Jan 15, 2014
12,479
44,506
Scottish Borders
Funster No
29,703
MH
Without at present
Exp
On and off for many years.
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.
 

Lenny HB

LIFE MEMBER
Oct 18, 2007
54,503
155,108
On the coast in West Sussex
Funster No
658
MH
Carthago Compactline
Exp
Since 2008 & many years tugging
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.

Subscribers  do not see these advertisements

 
OP
OP
TheWM

TheWM

Free Member
Feb 24, 2015
445
450
London
Funster No
35,228
MH
Rapido 9010df
Exp
Newbie, but over 10 years in a campervan
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.
 
Jul 10, 2014
179
57
Cheltenham
Funster No
32,351
MH
Elddis Encore 255
Exp
3 years
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.
 

Vlad The Impaler

Free Member
Apr 22, 2012
1,633
2,227
Rutland
Funster No
20,691
MH
Coachbuilt
Exp
Since 2012 but longer in my dreams
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
 

Terry

LIFE MEMBER
Dec 27, 2007
11,986
9,310
Lincolnshire
Funster No
1,075
MH
A class
Exp
Can't remember ;)
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

Subscribers  do not see these advertisements

 
OP
OP
TheWM

TheWM

Free Member
Feb 24, 2015
445
450
London
Funster No
35,228
MH
Rapido 9010df
Exp
Newbie, but over 10 years in a campervan
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.
 
Aug 18, 2014
24,044
136,985
Lorca,Murcia,Spain
Funster No
32,898
MH
Transit PVC
Exp
16 years since restarting
You can't expect to get more back than you actually paid even if the UK replacement cost is higher.

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.
 

Join us or log in to post a reply.

To join in you must be a member of MotorhomeFun

Join MotorhomeFun

Join us, it quick and easy!

Log in

Already a member? Log in here.

Latest journal entries

Funsters who are viewing this thread

Back
Top