Classic cars forum & vehicle restoration.

[Rick]

How do you go about deciding a valuation when insuring your old car(s)?

Reading this article got me wondering about the subject:
http://www.dailymail.co.uk/money/cars/article-2660596/Classic-car-owners-lose-thousands-insurance-claims-old-cars-soar-value.html

While some of the quoted figures sound optimistic (£40k for a Fiat 500? maybe an Abarth but not the usual versions surely, and soaring Sierra values? Cosworth maybe), it raises a fair point about re-assessing values at the time of insurance renewal.

RJ
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[ka]

I use a specialist insurance company that offer agreed value insurance policies.
Part of the process is to supply written statements and photographs of the machine, that are supplied to the insurance company. The company I use then supplies them to an acredited Club, to give a valuation for them, this is the basis of the agreement.This valuation is reviewed every five years.
I have increased the amount every year since inception to keep up with Auction values.
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KA

Better three than four.

[mikeC]

It's quite remarkable how some cars have apparently shot up in value recently, but the problem is knowing whether advertised prices are matched by sale prices. I have been watch Austin Seven prices rise by as much as 50% in the last year to eighteen months, and there are now numerous chummies for sale around the £20,000 mark... but there have been three quite tidy cars on eBay in the last few weeks that have failed to sell at £10-12000.

And there are three pre-war Morgan 4/4s on the market, all described as recently fully rebuilt, for £18-20000; are chummies really worth the same as or more than the Morgans?

Nevertheless, I agree that insurance values need to be reviewed frequently if you don't want to have problems in the event of a claim

[MikeEdwards]

I guess the details of insurance vary from company to company - in the valuation area I'm in, I can self-certify the value, I don't have to get anyone else involved. If I tried to value my car much higher than the book (well, Practical Classics or C&SC or whoever) value of the same model, I think questions would be asked, but as long as I'm not a mile off and the pictures back up the declared condition, all is well. Over a certain value it gets more complex.

[vitesse]

I think £40k for a Fiat 500 is being hugely optimistic even for an Abarth. A RHD 500F with the round speedo like mine and in A+ condition is worth £13k +. Whether you would be able to sell it for that is another matter. They are very sought after at the moment, up to 2008 there were approx 300 odd on the road or on SORN. Out of that 300 and I am guessing that only 200 or less were RHD.

With the intro of the retro new Fiat 500 in 2008 the numbers have doubled, as they have become more sought after and the new car raised people's awareness of the old car. There are now about 600 on the road or SORN, the additional 300 are almost certainly all LHD imports.

I am insured by Peter James, so the plan is to take my 500 over to a 500 specialists about 10 miles away and get them to value it for agreed value but I am expecting in excess of £10k.

Tony

[colwyn500]

My neighbour brought that article across to me. The car pictured is one of the more desirable early models of Fiat 500 and I have been reading today that these are exceedingly rare in right hand drive.
Having said that, the story is a bit sensationalist but made me realise that it would be wise for me and many others to insure my car even though it's still not on the road.

[gresham flyer]

I look at auction results....the cars have sold in the cold light of day for that price.

I think all classic and vintage vehicles have gone up a fair amount over the last five years. Supply and demand + low bank rate.

Even plentiful MGB`s have risen well.

I have been looking for a good MGB GT for a French friend....I was amazed how I had lost touch with their prices.

G.F
_________________
Austin A30 / A35 Van.
Austin Devon.
Morris Minors.
Jaguars.
Rootes Cars.
MG.
Etc.



Viking Fibreline Caravan.
Cheltenham Sable
Shorts Built Vintage Caravan 1936.

[JohnDale]

Hi all, I review my agreed values every year(both on a multicar policy with Peter James) & find them open to reason. However,even as a 'dyed in the wool Practical Classics subscriber) I think that their pricing of cars is way out of touch with the market place. Low prices quoted for dealer/concours would never be found for sale at those stated prices unless it was someone who had to sell(for whatever reason) Cheers,JD.
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1958 Ford Zephyr Mk2 Convertible
1976 Ford Granada Ghia.

[mikeC]

[aps]

cosworths are getting expensive to insure ,not only because of the engine,the body panels cannot be easy replaced we have made a few panels for crash damage cars ,hand made items are not as cheep as off the shelf items ,wayne

[gresham flyer]

I do not just look at some obscure small auction that was held in the middle of Wales, down a single track road on a wet day when every classic car enthusiast is else where.

I look at a few auction results i.e Kings Lynn Auctions, Silverstone Auctions, East Anglia Auctions and take a mean average.

Your car is only worth what the market place decides.

Insurance agreed values are for repair or replacement costing, not what the man round the corner is willing to pay you.

I have my vehicles valued by a club official from photo`s, then the paperwork is sent to the insurance company. Then it has an agreed value.

Nobody has physically inspected my car.

How many times have you judged a car from photo`s, arrived to buy it and it looks nothing like the one you have poured over in front of your computer.

Its a nonsense.

G.F
_________________
Austin A30 / A35 Van.
Austin Devon.
Morris Minors.
Jaguars.
Rootes Cars.
MG.
Etc.



Viking Fibreline Caravan.
Cheltenham Sable
Shorts Built Vintage Caravan 1936.