VW Golf Mk2 Owners Club

Agreed insurance valuations...

September 11, 2020, 11:36:00 AM

With the Golfs having been in bits for years now, I'd got into the habit of insuring them for 'off road' cover, which like the cars themselves just stayed the same at every renewal.

Now that I've actually got a car that drives in the form of the Pug, it's made me look at my classic insurance more closely again.

When I got the car I suppose I fell into the trap of thinking that what I paid for it was what I should insure it for and that's what was agreed.

I later upped it after doing some significant work, plus getting more knowledgable about the marque through ownership made me realised if the worst came to the worst I wouldn't be able to replace like for like even I got a full insurance payout.

I've found 205 prices are usually all over the place with in my opinion some seriously over optimistic ones being asked, so I was always going to be realistic.

I'm not with any of the site sponsors, I use a local broker and while they were open to yet another change they wanted a formal valuation first which was fair enough.

I know there's some companies agree or arrange valuations as part of the premium but this was to be at my own expense and cost £120.00 - The insurer and you each get a written report with images.

Guy did a thorough and unbiased job plus it's valid for 3 x years, so all in all not as expensive as it maybe first seems.

Got to say I was surprised at the valuation (in a good way) and while insurance values are generally above actual values it at least means I'm covered properly.

Not that I plan to, but I'd imagine if selling the car that report should at the very least make the car more attractive to potential buyers or may even add some value.

I'd strongly recommend you take a look at that side of your insurance, I was aware of the option, but it was only when I looked into it further that I realised just how underinsured I was.

Re: Agreed insurance valuations...

Reply #1 – September 12, 2020, 01:12:21 AM

Reminds me I need to get this sorted.
Have you seen Number 27 Hit and Run on You Tube?
Interesting scenario. Looks a nice Pug 205 but the damage doesn't seem to justify making a claim / blotting its history.
But of course in the event of major damage rendering the car a total loss it is worth ensuring you have an agreed valuation policy.

Re: Agreed insurance valuations...

Reply #2 – September 12, 2020, 02:30:29 PM

Touch wood we'll never get beyond talking about it.

I've been very fortunate through out my driving life and only had one or two occassions to need my insurance.

The most recent was about 5 years ago, a stationary lorry behind my then daily at a pedestrian crossing decided to begin an overtake as the lights changed, then changed their mind and pulled back in again only to get it wrong, scoring my rear door and wheel.

Wasn't a massive amount of damage, paint only really... but nearly £3500 to fix because the assessor approved a new door / wheel and side trims plus paint.

I wasn't paying it but even so it was such an over inflated estimate it was offensive.

Unfortunately I think even relatively minimal damage to the 205, with parts being harder if not impossible to get would have it written off much more easily than a newer car would making any agreed value relevant.

I suppose it could work the other way around too if you didn't keep an eye on values. The agreed amount is used for 3 x years, your classic could very well go up in value over that time, worth looking at, at renewal.

Watched some of his vids, for no other reason that it was a 205 but much prefer Jonny Smith - CarPervert and ex of 5th gear, likes his old stuff and getting big into EV's.