A modified FIAT insurance theory

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A modified FIAT insurance theory

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I have an insurance theory that I have been using for some time now, but am interested in any problems or loopholes that the FF massive might see in it.

This is concerning my highly modified for performance 92 Uno Turbo and 94 Panda.

My main prerogative with insurance has been being legal for the lowest price. I have therefore had classic policies since owning FIAT/Lancias. I have only claimed on insurance once, in my first year of driving. Now been driving 7 years, I'm good at not crashing.

Although I have sometimes been offered an agreed value, with the above cars it will be difficult to get a satisfactory agreed price for the amount of work I put into my cars. They are basically irreplaceable without doing all the work again on a new shell, which would cost more than an insurance payout anyway. I prefer the idea of paying a very low premium for many years and saving that way. If I do have almost any accident, the car will be written off immediately, at which point I will buy it back as salvage for what- £100, £200? I then choose to repair or re-do work on a new shell which can be bought cheap enough. If the accident is more serious, then I will just be happy to be alive. The third party payout is the bit where I stand to loose the most money, so that is most important to have on a fault claim.

The theory may have me loose a few quid in a fault accident, but I would have saved a lot more by having very low "skinny" policy prices.

Basically, should I get an agreed value? If I should, how would I get one approved that was anything close to real replacement cost? My cars are impossible to value, there's nothing like them to compare.
 
I'd price it as cost of parts plus the hours of labour at £10ph (concisering it's a hobbie also).

How would that work out?

At the end of the day you could say it's one of those things if you have an at fault claim, and if a 3rd party hits you our entitled to what it'll cost you to replace like for like. IE the cost of making another.
 
Cheers for the comments.
I'd price it as cost of parts plus the hours of labour at £10ph (concisering it's a hobbie also).

How would that work out?
Probably 10 grand with parts, but no insurance company will be OK with that with an engineer agreeing. Who would do that?

At the end of the day you could say it's one of those things if you have an at fault claim, and if a 3rd party hits you our entitled to what it'll cost you to replace like for like. IE the cost of making another.

Well this is it. If someone else hits me, it has nothing to do with my cover or what I said its worth to them, it's then about the other person's insurance.

So overall, I'm still convinced this is the way to go. :)
 
It is indeed a tricky question.

Do you ..

a) Pay lowest possible price but run highest possible risk of being out of pocket in a bad crash or...

b) Get agreed value which may or may not substantially increase the premium however in the event of an accident you will get back the time (in a money sort of way) and the money you put into it.

Well none of this is even appliciable to me, as in the event of a crash I'll be pushing it back home and putting my 999cc FIRE engine back in! LOL

At the end of the day though, you have to decide would you be willing to do all the work again if it got totalled? It might even work out better as it did with my beetle.

I insured the car for £2000 agreed value by sending 7 pictures off to adrian flux when i bought the policy (it was a minter on the outside but terribly, terribly rotten underneath). The car was written off in a crash when a 3rd party hit the side of it and I was not at fault so, I got my £2000 paid out, then bought the car back for £200 which was 10% value, then I took the decent engine wheels etc back off the beetle, put them on another beetle and sold that for good money.

So really, the crash and paying for the agreed value was the best thing that could have happened. I ended 'in pocket' for it all.

What are you going to do then? Continue with the lowest price or go for an agreed value? You had any quotes for an agreed price?
 
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