The recent total loss of 1300+ cars in a Liverpool multi-storey car-park in the course of a few hours has prompted me to re-examine my insurance arrangements. As part of the renewal process with RH Specialist Vehicle Insurance, I forwarded them copies of valuations for insurance purposes from Red Triangle of my TD21 drophead and TE21 saloon. The valuation figures duly appear on the Policy Schedule in the VALUE column. However, the AGREED VALUE column has the entry NO. If a car was completely destroyed would I automatically receive the VALUE? However, the policy documentation says that they will pay "the market value of your vehicle (including its accessories) immediately before the loss up to the value shown on your schedule, or if it applies, the agreed value shown on your schedule...". That raises the question of how the market value would be determined. So should I seek to set up AGREED VALUEs for my cars and, if so, how does one achieve this? Posted by vaningen 08/01/2018 18:10:59
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