Insurance Agreed Values

magoo · Jul 27, 2015

I heard today that an agreed value can work against you, in the sense that the agreed value is the maximum amount that an insurer will pay out. If you don't have an agreed value, you can argue that the bus is worth more and point to current market prices. In contrast, I've also heard that an insurer might only pay out £500 if it is not an agreed value!

Has anyone any experience with insurance companies when it come to paying out?

Thanks.

67westy · Jul 27, 2015

No experience in payouts but I think it's best to review the agreed value regularly, every couple of years is probably about right. I would much rather have one than argue the toss with an insurance company, less stress at a difficult time.

simo · Jul 27, 2015

Me too - and if you have agreed value you know what you will get if the worse happens, and if its not enough then get it increased!

mike202 · Jul 27, 2015

Yes, as said above, just make sure that you are happy with the agreed valuation amount otherwise you will only get 'market value' which tends to be low on a 40 odd year old VW.

magoo · Jul 27, 2015

The agreed value is only valid for two years. What is market value? The cost of replacing it today with a bus of similar quality which is going to be the same as my assessor's valuation? :?

StuF · Jul 27, 2015

magoo said:
The agreed value is only valid for two years. What is market value? The cost of replacing it today with a bus of similar quality which is going to be the same as my assessor's valuation? :?

Which insurance company states that the agreed value is only for 2 years?