Car Insurance (Market Value vs Agreed Value) Policies

[Kyle4200]

Hey guys,

Just looking over my Esure car insurance docs as you do... I’ve noticed that the vehicle value box it’s selected: Market Value! When it comes to insurance what is determined ‘Market Value’ and is it better for cars such as ours to be insured under the ‘agreed value’ bracket policy?

I would assume Market Value is the cost of being able to purchase a near identical spec car (maybe vary on colour) in your local area (within 50 miles). My car is a 2002 Coupé Cambiocorsa with 79,000mls and of high Specification considering it was an early model, it’s great condition with 12 monts MOT, recent service (500 miles ago) and clutch wear at approx 15%. In Rosso Mondiale if I was to put it on autotrader today I would look for £15k for it in the ‘Hampshire’ region wouldn’t be unreasonable! The insurance would hopefully cover that cost in the event of a total loss.

 

[philw696]

I would have her on an agreed value with a reputable performance car insurer as God forbid you will end up with 6.5K.

 

[highlander]

Market value is negotiable so if you are good at negotiating you might be ok dependent on the company. That said, I have Marci on an agreed value/buy back policy because the stress of arguing with insurance is just not worth the small saving to me.

 

[2b1ask1]

No, no no!!! Market value is based on the Glass guide and yes they have 06 GS values at £6-7 k and 4200 at £5-6 k so seriously under valued. You absolutely must get an agreed value.

 

[cheshiremaserati]

Both the Turbo and the GS are on Agreed Value policies with a specialist broker.
In my opinion, its the only way for these type of cars, especially in a rising market - the Porsche has been revalued 4 times in 5 years even though the valuation is valid for two years.

The specialist broker provides a policy that enables me to have any repairs carried out at a Porsche or Maserati-approved bodyshop rather than the insurers volume bodyshop and a host of other tailored benefits.

Highly recommend an Agreed Value policy.

 

[mjheathcote]

Mines on agreed value with A-plan.
As well as car photographs, they wanted pictures of the garage where it will be parked too!

 

[allandwf]

Unless you are prepared to argue, over a period of time, get agreed value if you can.

 

[2b1ask1]

Having had to claim in the last 16 months for one of these, having an agreed value made the whole episode so much easier to deal with. I have continued it with the GS and will be adjusting it in a few weeks at renewal time.