Is it worth getting an 'Agreed Value' on insurance?

[Wisewoman]

Hi there

I ended up being insured by Adrian Flux for my camper van. I see they have this additional 'Agreed Value' agreement that I can buy for £15 - I wanted to ask if its worth doing? if I don't, in the event of an accident, am i likely to get much less if I dont have an agreed value arrangement with them? Not come across this before...

Cheers,
Melissa

 

[Steve121]

I built my own based on a rare ex-military battlefield ambulance. Shortly after becoming the first civilian owner the cost of replacing it almost doubled; they are now in the region of £20,000 + VAT. Then you need to add the cost of converting it to a motor caravan. My insurance broker advised an agreed value policy (at no extra cost), basing the valuation on recent sales. As luck would have it there were a few, some of which I've seen, and we agreed on a valuation of £32,000. Without an agreed value I'd be lucky to get half the true value if it became a write-off.

 

[harrow]

Hi there

I ended up being insured by Adrian Flux for my camper van. I see they have this additional 'Agreed Value' agreement that I can buy for £15 - I wanted to ask if its worth doing? if I don't, in the event of an accident, am i likely to get much less if I dont have an agreed value arrangement with them? Not come across this before...

Cheers,
Melissa

If you can go for it.

Peace of mind if your camper is written off.

 

[Fazerloz]

Ask exactly what it means. Take nothing for granted.
I have some vehicles on agreed valuations and have to supply every year several recent high quality photographs of them so the company can see you are not overvaluing them. Most people seem to think their vehicles are worth more than they actually are.
On that sort of policy I would want to read the small print very closely. For that sort of money what would stop someone valuing a £50,000 van at £75,000 with no proof, claiming and pocketing a further £25,000. One thing is for sure, insurance companies are not there to give money away.

 

[Wisewoman]

Thanks for the replies. My van was only a few thousand so not totally sure if its worth doing really. I understand now though why those of you with special vans and motorhomes would want to get it done.

On reflection, I think I will get it done just for peace of mind that in the event of an accident I'm not going to get seriously shortchanged!

Cheers,
melissa

 

[Deleted member 35703]

Thanks for the replies. My van was only a few thousand so not totally sure if its worth doing really. I understand now though why those of you with special vans and motorhomes would want to get it done.

On reflection, I think I will get it done just for peace of mind that in the event of an accident I'm not going to get seriously shortchanged!

Cheers,
melissa

Bought a t5 panel van and converted to a camper so put quite a few thousand into it an agreed valuation would pay at least some of this just going through the hoops at the mo with the insurance got to be worth the effort and admin cost for peace of mind

 

[Channa]

Agreed values really started in the classic market where vehicles may have provenance. Where are you going to find a replacement Ivory Calthorpe ? For those that have no idea what one is , it proves the value of pre agreed valuations.

Fazerloz is right, you have to be aware of the terms and conditions, and it does what it says on the tin. One of the most stressful parts of having a vehicle written off is arriving at an acceptable value. If it is pre agreed, a lot of the hassle is removed

Channa