just opened my insurance documents for the M3, seems they have screwed up a little...

 

I insured it on a classic policy with a guaranteed market value of 8500, they must have misheard me, I have a certificate in my grubby mitts with an agreed value of 18500!!!!! anybody want to nick and torch my car for me :D

 

lol

d'ya think they have charged a premium to insure a car worth £18500 ??

May explain why the premium is high???

On my way mate, I know where you live remember ;)

 

lol

 

disclaimer: If said vehicle does ever get stolen, these words here are purely for jest only, and I WILL have a watertight alibi. Officer. :x:

Im debating whether to call them...

 

If I call Im expecting the answer "sorry thats just a typing error on your certificate, there is no refund we will send you a new cert"

 

however if I dont call and the worst does happen Im pretty certain the certificate will be legally binding and I will be quids in! :) hehe

 

speaking of insurance my mate just got a mini cooper S, not a slow car by any means, cost him 15k, just insured it fully comp for £400!!!!!!!!!!!!! he's only 25.... jammy git...

Unfortunately in the event of an insurance claim, they usually go by Parker's or Glass's guide as to the price of your car. It wouldn't matter whether you had it insured at 18K or 180K, if it's only worth 8K, in the eyes of Parker's, that's all they'll pay out, after a struggle.

 

If it's the other way around they don't bother... As in if you insure your car as worth only 4K, but Parker's says £6K, they will only pay out 4K as that's what you said it was worth.

Unfortunately in the event of an insurance claim, they usually go by Parker's or Glass's guide as to the price of your car. It wouldn't matter whether you had it insured at 18K or 180K, if it's only worth 8K, in the eyes of Parker's, that's all they'll pay out, after a struggle.

 

If it's the other way around they don't bother... As in if you insure your car as worth only 4K, but Parker's says £6K, they will only pay out 4K as that's what you said it was worth.

Cheeky f**kers! Surely if they put your premium up because you say your car is worth 10k more than it actually is, then they should pay out 18k as that is what you are paying for essentially... 18k worth of cover. I can see they why they pay out if you quoted cheaper than parkers - because you rocver is adjusted according to what you said it was worth.

I think you'll find this only applies with policies with NO AGREED VALUE...

David has an agreed value and you can bet his premium reflected this.....

 

Hence my post about, was he charged a premium for an £18500 vaue or a reduced premium for a car "only" worth £8500??

Unfortunately in the event of an insurance claim, they usually go by Parker's or Glass's guide as to the price of your car. It wouldn't matter whether you had it insured at 18K or 180K, if it's only worth 8K, in the eyes of Parker's, that's all they'll pay out, after a struggle.

 

If it's the other way around they don't bother... As in if you insure your car as worth only 4K, but Parker's says £6K, they will only pay out 4K as that's what you said it was worth.

 

If it's on a classic you can have an "agreed value" applied to the vehicle in the event of a total loss. This is usually agreed on inspection of the vehicle or with recent photographs and is a guaranteed payout.

 

Steve :)

I think you'll find this only applies with policies with NO AGREED VALUE...

David has an agreed value and you can bet his premium reflected this.....

 

Hence my post about, was he charged a premium for an £18500 vaue or a reduced premium for a car "only" worth £8500??

 

You got there first Steve ;)

stuff it I will give em a call and see what they think the agreed value is..

 

they charged a valuation fee but havent said anything about anybody coming to look at the motor or me sending in pictures... very odd...

If it is all kosha.... i'll nick ya car for ya ;)

If it is all kosha.... i'll nick ya car for ya ;)

 

lol nothing kosha about insurance fraud :D