9 replies to this topic

[Poppet2]

Is it really better to go with a classic mini insurance company, or would a non classic insurance company also pay the full value of your mini, if stolen?
What would a classic insurance require,that a non classic insurance company wouldn't?

[MiniMadRacer]

There are basically two options (in the UK).

 

1) Market value, determined by the Insurance Company at the time of a total loss (ie stolen or unrepairable)

2) Previously agreed value.

 

The problem with 1) is some minis market value may be vastly superior to others, and it comes down to someones opinion at the time of the loss

 

2) is usually a bit more expensive (not much usually), and you must provide about six photos of your car, your "required" agreed valaue, and a statement as to why you believe its worth that amount. In theory, if the insurance company agree with your valuation, then in the event of a total loss they pay out the value you both agreed on when the policy was taken out.

 

I would go with 2) every time.

[Steam]

Being somewhat pessimistic here but no insurance com0amy has ever paid full amount without a fight.

[mini1955]

I always have agreed value to make sure you get the Value of the car it only costs an extra £15 which I think is worth it

[MatthewsDad]

Being somewhat pessimistic here but no insurance com0amy has ever paid full amount without a fight.

You can get an agreed value in the event of a total loss but thankfully I've never needed to use that part of my policy. It doesn't really add much to a classic policy with limited mileage. I also have the option of taking the car back after such a claim rather than scrapping it. Useful should you want to recover parts etc.

[Spider]

Being somewhat pessimistic here but no insurance com0amy has ever paid full amount without a fight.

 

I wouldn't be too quick to say that. A mate's Moke was written off a few years back, smacked side on by kids in a stolen car, who did a runner and not caught until some months later. That was on a Friday evening. My mate and his daughter were thankfully unhurt. He contacted the Insurer (Shannons) on Monday, sent 3 photos same day, had the money, a full payout in to his bank account, by Thursday + he was able to keep the wreck.

[KTS]

Is it really better to go with a classic mini insurance company, or would a non classic insurance company also pay the full value of your mini, if stolen?
What would a classic insurance require,that a non classic insurance company wouldn't?

 

A specialist classic car insurer (not just mini's) will normally deal with underwriters who are able to provide policies providing levels of cover (like agreed values, salvage retention) that most mainstream insurers and underwriters won't provide.

 

Some of the key options that they should be able to quote for may include:

 

Agreed Value :  in the event of total loss the insurer pays the value agreed.  As above, be prepared to provide photos and supporting details (invoices etc)

 

Salvage Retention : in the event of a total loss you retain the rights to retain the vehicle.  Your insurer will likely deduct the salvage value from any payout they make

 

Nil-Deduction Salvage Retention : covers any salvage deduction the insurer may make from the payout if you exercise your right to retain the salvage

 

..as well as the usual Limited Mileage, breakdown & legal cover etc

 

One very important point is to ensure that you provide full details of all modifications that have been made to the car, whether by yourself or by previous owners.  Email the full list to the insurers at the outset so they can pass it on to the underwriter to quote on.

[coopertaz]

do not go for a market value policy learnt that the hard way when car was stolen/recovered and they wrote it off for sake of a door skin. another time but now on modified policy car was totalled but kept salvage so took all bits off and gave insurers the shell. also got pay out for value of car with these mods.

will now always go for modified policy with a classic insurer and agreed value for extra security. from experiences i now stay well away from high street standard fits all poilicies for classic cars

[bpirie1000]

Good info.. this is why the mini forum is so freaking awesome.....

Remember to donate to keep the forum going

[humph]

Great info here, and I’d always go for a classic policy because of the benefits above. One point though is that classic policies don’t normally build no claims discount as far as I know, so not great if your Mini is a daily driver.

Edited by humph, 22 September 2023 - 10:40 PM.