Insurance Companies

[daveyboy]

I insured my Maestro Clubman at the begingin of Ocotober with Equity Red Star on a classic policy with an agreed valuation which i had to fill in forms and send photos etc for, i have been doing this with Lancaster insurance for years and never had any problems at all and foolishly thought Equity would be the same, after paying the premium and sending in all what they wanted they wrote to me stating they couldnt put an agreed value on the car due to them wanting more information this i sent in with more photos and they write back today and say they will only honour a market value on the car.
When i called them the idiot on the phone said that market value would be a few hundred pounds, the cars mint with less than 5,000 miles on the clock, i said i felt i would find it hard to replace it and wanted an agreed value on it. They wont budge i will basically have to cancel and go somewhere else they feel it been a basic model its not worthy of an agreed value, if it were an Mg model it may be a different story. i thought to myself why would they recognise it as a classic vehicle but not honour the agreed value which i paid for? And what sort of value do i put on it? i thought a figure of circa £1000? My 91 Mg 2.0i is agreed at £2500 and Turbo No 9 at £3500 i understand on these 2 that i have reciepts for the past 5 years on the 2.0i and 2 years on the turbo to show a fair bits been spent on them
What do you think would be my best plan of attack, i have never had this sort of trouble before when trying to get an agreed valuation.

[G51 NAV]

There's various avenues you can take if they've told you to go away and find more evidence of its worth, including sending them a valuation estimation from the Club itself. But if they simply won't budge, then it's a pretty poor show that they didn't warn you in advance that they might not be able to offer an agreed valuation on your particular model and trim of vehicle.

[Guest]

Just cut your losses and walk away unfortunately, they're useless and this will just be the beginning of your problems. Are you paying by instalments, if so, they will do this through a 3rd party who will not deal with Equity on your behalf if any changes are needed during the policy. You have to personally contact both companies and mess about running between them etc.... How do I know, I foolishly signed up to Alliance and Leicester insurance, who farm out their business to Equity. Roll on September when I can tell them to stick it.

Edit: Just noticed that you signed up last October, hold out until your renewal, no point wasting over half a year's no claims and hope that nothing serious happens to your car. (Not ideal I know.) Switch back to an insurer you can trust and make sure the agreed value is in place before the policy starts or money is handed over.