The apple of a client's eye was his lovingly restored 1970 DBS Vantage V8 – which he insured with us for an Agreed Value of £69,000.
On the way to a small family party the DBS was hit by a van coming out of a side turning. Fortunately, the only injuries were a few minor bruises but the damage to the car was severe.
With the 'Aston Martin Owners' Club Insurance Scheme' from Lockton:
We drove the client and his wife to the party, and then took the car to the garage of his choice – one that he trusted and always used.
The repair costs were agreed at just over £42,000.
Most insurers insist on writing-off a car if its repair cost exceeds a certain percentage of its value. The AMOC Scheme prides itself on being more flexible.
We did offer the option of a £69,000 Agreed Value cash payment, with no deductions. However, because of the DBS's sentimental value, he chose the alternative of repair.
We insisted that where possible original Aston parts only were used, including the panel work. So the car was returned in perfect order.
With a standard policy:
The DBS would probably have been been declared a write-off, and the client offered so-called 'market value' – likely to be considerably less than £69,000 – minus an excess.