So What What Do Declare / Agreed Value?

[TheWM]

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]

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.

 

[Judge Mental]

I would declare everything, but do you always get your money back on extras...certainly don't when selling or part exchanging....

 

[Puddleduck]

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]

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.

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[Snowbird]

I always had agreed valuation insurance. maybe you pay a little more for it, but you are covered for replacement.

 

[TheWM]

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.

 

[Chrisy]

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]

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]

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

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[TheWM]

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.

 

[gus-lopez]

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.