Agreed insurance valuation dispute. Help needed.
Posted: 10 Jul 2013 06:10 pm
Hi all,
I've just sent the agreed value form off for the Volvo, and have received a reply stating that the underwriters won't agree to the car being worth any more than 10% more than the purchase price. The problem that I have is that I bought the car from my Grandfather for a token gesture of £200 as he wouldn't accept any more. I have been shopping around and these cars seem to be going for between £800 and £1000 in this condition. Practical classics say £1100. So I have insured it for £1000 which I think is reasonable, as surly the figure should reflect the price you will be paying to replace the car like for like.
Any thoughts or advice would be much appreciated.
Thanks
Tommy
I've just sent the agreed value form off for the Volvo, and have received a reply stating that the underwriters won't agree to the car being worth any more than 10% more than the purchase price. The problem that I have is that I bought the car from my Grandfather for a token gesture of £200 as he wouldn't accept any more. I have been shopping around and these cars seem to be going for between £800 and £1000 in this condition. Practical classics say £1100. So I have insured it for £1000 which I think is reasonable, as surly the figure should reflect the price you will be paying to replace the car like for like.
Any thoughts or advice would be much appreciated.
Thanks
Tommy