Insurance And Agreed Value

[Guest boggie]

Hi all,

 

I just wanted to flag an insurance issue and get your thoughts / experiences. Adrian Flux have just dropped my agreed value significantly without explanation and I am now tied in with them. To explain:

 

Adrian Flux previously valued my car at £11000 but this year, using the same insurer they have dropped it to £9000. I was with Premium Choice the year before that and they valued the car at £12000. Seeing as the value of these cars is supposed to be increasing I am disappointed that Adrian Flux are lowering their agreed values.

 

I have receipts for the build totalling more than twice Adrian Flux's valuation, not including labour and the car has won best in class awards. It has only covered a little over 10K miles since completion and it remains immaculate. Why would Adrian Flux drop the agreed value by £2000, despite the car covering less than 100 miles since the previous agreement?

 

Now I could vote with my feet and go to a competitor but Adrian Flux have my full premium and have stated that it is non-refundable. Effectively they are saying I am forced either to accept the lower valuation, less than half the replacement cost, OR pay for an independent valuation and take time off work etc. I phoned Premium Choice who whilst at a 11% higher premium had valued the car at £13,000. I originally asked Adrian Flux if they were able to match the value and they said until they had received the photographs etc they were unable to confirm but said that all insurers would be in the same ballpark so I went with Adrian Flux rather than Premium Choice. However I do not call a difference of four grand 'in the ballpark' and now I am 'locked in' to Adrian flux as they offer no refund upon cancellation and we are a couple of days past the two week cooling off period.

 

Let's face it, if the worst happens and our cars are subject to total loss we would never get back what we put in but having a value dropped by over 25% after paying for 2 years insurance to only drive 135 miles makes what I would get back even further away from the true replacement cost.

 

I guess you get what you pay for and Adrian Flux are cheap for a reason but I feel I was misled and am now stuck with a policy that is not what I wanted.

 

Any of you had similar issues with Adrian Flux or other Insurers?

 

Thanks,

B

 

 

[Guest mower man]

To be honest you will never recover build costs from any insurer no matter what its won or how you value it ,I never bothered with agreed values because they will drop them willynilly with out rhyme or reason I stopped trading with flux after premiums rose by 100%in three years many people are happy with the way they trade but not me. run the policy out and research a better deal mower man

[theduck]

They legally have to provide a ccooling off period. If you have only just been made aware of the full T's and C's then the cooling off period is legally only just starting. it is atleast 14 days but may be longer now. Do a bit if research on the cooling off periods and play your face while mentioning them and taking complaint to FCA and they will refund you.

[Guest Ian Maycock]

This is a change of terms and conditions regarding your policy for which they have to notify you. If you fail to respond in the time specified you will have been deemed to have accepted these changes. this may be not what you want to hear but as The Duck says look back to see when you were advised of the change.

 

BTW I have always found Flux to be expensive. There are others out there that are far more competitive.

[Guest boggie]

Thanks guys,

 

Unfortunately the cooling off period is 14 days (EU directive 97/7EC). The valuation came in at 16 days after I signed up. As this is a new agreed valuation (on their request, not mine) at the renewal then it is not considered a change of T&C...

 

Unfortunately Adrian Flux were considerably cheaper than anyone else in my case and I rang lots. However, I doubt very much I will be using them again. I would rather pay lots more for straight dealing. If i could leave I would. I have disputed all this with them and looked into cancelling but on limited milage insurance it is Adrian Flux policy to offer no refund, even if you cancel only three weeks into a whole year's insurance....

 

I will let you know what happens.....

Edited January 29, 2015 by boggie

[theduck]

Cooling off period starts only once all terms are made clear as I remember. If they requested new value it is them changing the t&c. You definitely have a case.

[agent_zed]

I don't know for sure but from my limited knowledge if you are not made aware of all the facts then as Duck says they are in the wrong. Otherwise they could have waited 2 weeks and said the agreed value is £30 and not give you a refund.

 

I'd write a recorded delivery letter to Adrian flux informing them that you will be contacting trading standards (or whoever is the insurance ombudsman) and go from there. Same as PPI if you were not made aware of all the fact at the time then you are entitled to cancel and a refund.

 

Did you pay by credit card? if so contact them and explain you were mis-sold the policy.

 

I can't believe flux is so stupid, the forums are full of complaints you'd think they would do a quick search and change up their game a bit.

 

Good luck.

[fry61]

Don't try for the currant & the bun --- ask for 11 months refund due to change of cover -- very unlikely to get 12 as the car has/was covered for some short while.

 

Then when all is settled -- get out & USE your car ---- at present insurance is costing around £1/mile!!

[Guest boggie]

All sorted! Adrian Flux reviewed my complaint and have now revised the agreed value to the original, higher amount.

 

Thanks all,

B

[Guest Ian Maycock]

Well done.

 

I suspect Flux will have picked up on some of these posts.

[Guest boggie]

I guess it is possible. The gain of positive publicity balanced against the likelihood of a total loss claim having to pay out the extra £3k is worth the risk, especially in my case: the car rarely ventures from the garage/workshop which is effectively an alarmed fortress has built-in fire protection and there are two other cars between the Hood and the shutters (not to mention the dog that barks and growls at the slightest thing and is prone to taking lumps out of unexpected visitors)

 

So apart from the (hopefully) unlikely event of me comprehensively stuffing the Hood, only a meteorite strike could realistically wipe it out. Hmmm must check the T&Cs to ensure Acts of God are covered.....

 

Cheers,

B

[Guest 2b cruising]

Well done.B. I hope everyone in the club reads this and uses it to thier own advantage.

Don't forget next year, get several quotes and tell AF what that quote is, what value they put on it and t and C's about policy cancelations. A F will usually beat this quote but get it in before your next years policy gets auto renewed.

Good luck next year. Ken.

[sj-bradley]

This thread and others are what put me off getting a quote from A Flux this time and ended up going for A-Plan this time around.

 

If only they (insurance companies) would quote sensible renewal prices rather than just trying to stitch you up every year, this merry go round would not happen.

 

If Adrian Flux do read this, then see what bad press can do to your business?

 

Simon.

[Guest 2b cruising]

I find that Insurence agents and not the underwriters seem to take the peeeeeee moe and more. More commission, more policy alteration fees ever increasing first part of claims.

Insurence is no longer Insurence, it is just a loan. If you don't claim it's just like boating. Sit on deck and throw tenners over the side, Just to watch your money float away.

All agents know exactly who are the cheapest and fairest underwriters are, but they just go for the best commission.

[Grim]

I used to be with Adrian Flux for years, until they pulled the same trick. Never been back.