By Colin Powell
Hearses and Limousines can take many different forms; from the conventional types to specialist conversions suited for niche areas of the market. As a customer, you want, and expect, your insurance policy to protect any business asset as best as it possibly can. In the event of a total loss of these specialist vehicles, you want to know that your policy will respond quickly and will ultimately provide you with a settlement you are happy with - here is where insuring your Hearses and Limousines on an Agreed Value basis can help.
Generally speaking, Insurance Companies will settle a total loss claim using the ‘Market Value’ of the vehicle at the time of the loss occurring. The Market value will take into consideration the vehicle maintenance history, the age and mileage of the vehicle with further deductions made for any pre-existing damage and generic wear and tear. Whilst this basis of settlement is perfectly acceptable and is used across the majority of Motor Insurance, there are scenarios whereby the valuation placed on the vehicle by Insurers falls short of your personal expectations and it is therefore left for you to argue and justify an increase in valuation; a process which can be stressful and relatively time consuming and success is not always guaranteed.
Agreed Value aims to eradicate any ambiguity, personal disappointment and potential confrontation with Insurers by insuring your vehicle at an amount acceptable to all parties before a loss has even occurred. The valuation itself is determined by an independent, professional assessor and/or engineer, which, once obtained and agreed with Insurers, is valid for a two year period and renewable biennially thereafter. This report will detail the same information as carried out in a Market Value assessment, however, will also take into consideration aspects such as rarity, which is particularly beneficial for those of you operating vintage vehicles and vehicles which are truly ‘one offs’.
As part of our continuing efforts to provide the most suitable insurance arrangements for our customers, we are able to provide Agreed Value cover on your Hearses and Limousines, free of charge, should you feel that this basis of settlement better suits you and your business needs.
Should you require any further information on Agreed Value and how it could affect you, or any other insurance matters, please do not hesitate to contact me on 0208 256 4927, or email me on [email protected].
First published in the Funeral Service Times, republished with permission.
Photo kindly provided by J & S Funeral Services Ltd.