Agreed value on 2004 RX-8

[SeriousSam]

Morning all,

Our RX-8 is currently in for a rebuild over at Hayward's, and a few other bits are being swapped off at the same time. Given the hefty recent outlay, I've asked Adrian Flux to provide an agreed value policy for this year, which they have agreed to, and now I just need to work out what that value should be. I'm estimating £5000, but I'd like to draw on members' experience to inform that figure. I've also started a thread on the RX8OC to get more opinions on this.

So, it's a 2004 231 with about 72k on the clock, in decent condition with no rust and good bodywork. The car is relatively unmodified, aside from uprated brake pads, but I'll probably perform some further light modifications in future. In terms of the value increase, that comes from the engine work and Carl's 30 month warranty. It's having £4000 worth of work done, including a full rebuild, Hayward's stage 2 port, then also fitting an Exedy stage 1 clutch, Racing beat lightened flywheel and counterbalance, and a braided clutch line.

Now I do realise that the agreed value will have to change over time - I'm happy to take a 3-year write-down on the work I'm having done, because that's the way it works. What I'm after is the value on the day it leaves the workshop for insurance purposes. I've got no current pictures since it's still at Carl's, but what would people pay for a car in this condition?

[clive]

First up, Welcome to MRC 

As you have already opened a dialogue with Adrian Flux, I would ask them outright if they would insure on a genuine agreed value price for the figure requested.

A friend of mine recently "thought" he had an agreed value on his RX-8 and then when it was written off by a fire, he was challenged to find the same model in the same condition for sale.

In spite of an official complaint to the insurance ombudsmen his "agreed" claim was reduced from £12.000 to just £4500 !!!

At the end of the day his and many so called agreed value policy's was just word of mouth and although the £12000 was clearly printed on his insurance document it really was a "fake" agreed policy

By becoming a full club member of MRC  we do offer to assist with  proper agreed valuations but this must be agreed well before the new policy comes into force

I hope this helps

[exiled-viking]

Yep Adiran flux do, do the agreed insurance how ever they will make you jump through a series of hoops to get it . I done it with my car

[SeriousSam]

Thanks for the welcome folks

Clive, I've been given some forms to complete by Adrian Flux that would kick off an agreed value policy, it's going to cost an extra sum on top of the original premium to administer so it looks pretty much above-board. It would be pretty good to get feedback from someone who's been in the unfortunate position of having an agreed value car written off while insured by Adrian Flux, just to know whether there were any problems with getting the agreed value paid out. We've just gone through the painful process of moving away from Markerstudy because of a claim that took six months to pay out, but that's a story for another day.

I'd be happy to sign up as a full member to get some guidance on the agreed value, and while I'll need to be quick about it, the car is still in the workshop at the minute so I've got some time in hand.

[SeriousSam]

Righto folks, brief update. Having had some feedback from the RX8OC, they're suggesting the agreed value should be more like £7500. Given the list of work that's been done, does this sound reasonable?

[clive]

You have listed, 

Hayward's stage 2 port, then also fitting an Exedy stage 1 clutch, Racing beat lightened flywheel and counterbalance, brake pads and a braided clutch line, is this a standard car apart from these mods.

[SeriousSam]

Braided brake lines and Racing Beat uprated droplinks as well, but otherwise standard. For now at least