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.
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.