Insurance is a necessary requirement in law, so that we are covered in the event of an accident. It is fair to say that at some point in our lifetimes we may need to claim on our car insurance due to an accident, theft or fire. We have many choices when taking out an insurance policy, from third party insurance which covers our mistakes to others, through to comprehensive insurance which will cover our cars, even if we are at fault. Many specialised insurers will also offer an agreed valuation with their policies.
For cars less than 10 years old agreed valuation insurance is largely irrelevant as you will have a fair idea of your cars market value, and printed or online price guides such as “Parkers” will be also be able to point you in the right direction.
Problems often arise with cars like ours that are over 10 years old and certainly not getting any younger. Insurance companies are not experts in the values of Maestros and Montegos and their price guide is normally based solely on the age of the vehicle, regardless of its condition and mileage. Unfortunately this means insurers will often undervalue them.
With an “Agreed Valuation” the value of each car is agreed individually with the insurer at the onset of taking out the policy. This means in the event of an accident or total loss there can be no argument on the value of the vehicle when claiming. For our cars and, in particular, those that are to concours standard or rare models, an agreed valuation would be recommended.
It is important to check when taking out insurance that your policy provides an agreed value option. If it doesn’t you will have difficulty claiming above the sum offered by the insurer in the event of a total loss, even though you were asked to provide your own valuation of the car when you took out the policy.
Unfortunately we often hear from members who did not have agreed valuation insurance, or misunderstood their insurance cover and are now struggling with the insurance companies to recover the true value of their vehicle.
The Maestro & Montego Owners Club is able to assist members with compiling valuation certificates which can often be used to support insurance claims and agreed valuations. In order to create an accurate valuation, insurance companies would normally need the following (along with any documentation that may relate to the current condition of the car):
Clear photographs of back, front, both sides, front and rear 3/4, interior and engine bay
The exact model specification and year
Body colour and originality
Number of owners
History / service record
Details of ALL body damage, marks or corrosion
Interior condition and originality
Any major mechanical replacements
Your own valuation
For more information please don’t hesitate to contact us.