Evening everyone,
In today's classic vehicle market values are constantly on the move and Stags are no different. When you're deciding whether to have your cherished Stag insured on an agreed value or market value basis, it's a distinction that can suddenly become very important in the unfortunate event your Stag is stolen or declared an insurance write-off.
Market value
Insuring your vehicle on this basis means you will receive UP TO the amount stated on your schedule (and not a penny more). Indeed, the amount you receive could be less than the schedule amount if the current market value is less than the value you've insured your vehicle for - and the value will typically be determined by the Insurer's Assessor.
Agreed value
If, on the other hand, your vehicle is insured on an agreed value basis, you will receive exactly the amount of money that the policy says your vehicle is insured for. This allows for more certainty but, particularly in a fast moving market, the importance of obtaining regular valuations and updating your agreed value policy cannot be overstated.
The great news is an RH agreed value policy is no more expensive than a market value policy (assuming there is no increase in the vehicle's value) - apart from paying our £15.00 per vehicle inhouse fee.​
Here's a handy reminder regarding RH's current process for insuring Stags on an Agreed as opposed to Market Value basis.
Values up to £30,000:
You are entitled to self-agree value with RH up to £30,000. This is subject to receipt of six recent images (clearly showing the front, rear, left side, right side, interior and engine bay) along with a completed copy of our self-agreed value form. Here is a link to the form which is hosted on RH's website: ERS Agreed Value form for RH clients.pdf (mbshosting.co.uk)
Please note our £15.00 inhouse agreed valuation fee is applicable per valuation. In the event you have a collection of more than three vehicles, we can come to a sensible arrangement and offer a discount on the overall agreed valuation fee - just contact me direct so that we can discuss.
Values over £30,000:
If your Stag's value is above £30,000 then we will require an official valuation to support your request - along with the requisite six images - as above
The valuation will need to be from either the SOC or an independent specialist. An independent specialist is someone who hasn't worked on your car or previously bought/sold the vehicle (ie someone who is totally impartial and doesn't have a vested interest in its value).
We have worked closely with your Valuation Officer, Russell Lewis, for many years and trust his judgement. Please, therefore, don't hesitate to contact Russell in the event you have any queries regarding your Stag's value.
In all instances, requests for agreed value should be emailed direct to: enquiries@rhspecialistinsurance.co.uk. I have access to this inbox and regularly check for new agreed value requests when I'm desk based. The typical turnaround for reviewing agreed value requests is 1-2 working days.
I hope this information is helpful and, as always, feel free to email me direct in the event of any queries - emma.airey@rhspecialistinsurance.co.uk.
Kind regards,
Emma
In today's classic vehicle market values are constantly on the move and Stags are no different. When you're deciding whether to have your cherished Stag insured on an agreed value or market value basis, it's a distinction that can suddenly become very important in the unfortunate event your Stag is stolen or declared an insurance write-off.
Market value
Insuring your vehicle on this basis means you will receive UP TO the amount stated on your schedule (and not a penny more). Indeed, the amount you receive could be less than the schedule amount if the current market value is less than the value you've insured your vehicle for - and the value will typically be determined by the Insurer's Assessor.
Agreed value
If, on the other hand, your vehicle is insured on an agreed value basis, you will receive exactly the amount of money that the policy says your vehicle is insured for. This allows for more certainty but, particularly in a fast moving market, the importance of obtaining regular valuations and updating your agreed value policy cannot be overstated.
The great news is an RH agreed value policy is no more expensive than a market value policy (assuming there is no increase in the vehicle's value) - apart from paying our £15.00 per vehicle inhouse fee.​
Here's a handy reminder regarding RH's current process for insuring Stags on an Agreed as opposed to Market Value basis.
Values up to £30,000:
You are entitled to self-agree value with RH up to £30,000. This is subject to receipt of six recent images (clearly showing the front, rear, left side, right side, interior and engine bay) along with a completed copy of our self-agreed value form. Here is a link to the form which is hosted on RH's website: ERS Agreed Value form for RH clients.pdf (mbshosting.co.uk)
Please note our £15.00 inhouse agreed valuation fee is applicable per valuation. In the event you have a collection of more than three vehicles, we can come to a sensible arrangement and offer a discount on the overall agreed valuation fee - just contact me direct so that we can discuss.
Values over £30,000:
If your Stag's value is above £30,000 then we will require an official valuation to support your request - along with the requisite six images - as above
The valuation will need to be from either the SOC or an independent specialist. An independent specialist is someone who hasn't worked on your car or previously bought/sold the vehicle (ie someone who is totally impartial and doesn't have a vested interest in its value).
We have worked closely with your Valuation Officer, Russell Lewis, for many years and trust his judgement. Please, therefore, don't hesitate to contact Russell in the event you have any queries regarding your Stag's value.
In all instances, requests for agreed value should be emailed direct to: enquiries@rhspecialistinsurance.co.uk. I have access to this inbox and regularly check for new agreed value requests when I'm desk based. The typical turnaround for reviewing agreed value requests is 1-2 working days.
I hope this information is helpful and, as always, feel free to email me direct in the event of any queries - emma.airey@rhspecialistinsurance.co.uk.
Kind regards,
Emma
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