Classic cars forum & vehicle restoration.

[Rick]

Evening all,

Talking about the monetary value of a car, isn't really something that refined, respectable and occasionally civilised pillars of society, such as ourselves (!), tend to make a habit of.

However, insurers like to discuss this kind of thing at renewal time. How did you go about establishing the value of your vehicle(s), assuming yours is/are on a limited mileage, agreed-value policy?

And have you ever come unstuck when putting in a claim, having significantly under- or over-valued your car at the time of taking out the policy?

How often do you re-assess the £figures?

RJ
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[ka]

I recognise I am at the 'niche' end of the market, but sales prices usually give an indication of the value, if slightly inflated.
I review my agreed values at renewal time, for the Morgan and Commando, the requested agreed value is notified to the machine valuer at VMCC, who makes comments as applicable. But no problems as of yet.
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KA

Better three than four.

[MikeEdwards]

When I renewed my policy last year, I tried to increase the value on the Firenza. I didn't go for broke, but it was about double the current agreed value because I haven't reviewed it for ages. The broker agreed the new value, checked with the insurance company who said it would be fine as long as I sent new photos. I paid the renewal, sent the photos, heard nothing.

I chased it up a few days later, only to get a response that I needed to get an independent valuation, "because the insurance co can't find any adverts for my type of car to back up my valuation". Of course, this is why I asked prior to doing the renewal, to make sure it wouldn't be a problem. Still, if they'd said that before I paid, maybe I would have gone elsewhere.

So in order to get the valuation up, I've got to find a marque specialist (there aren't any, very few of this car change hands and rarely through dealers), or get a club valuation but by someone who doesn't know me or the car personally and can be objective (I've been in the club for 25+ years, very few people don't know me or the car, and they'd be new members who probably can't value it accurately). I asked them for a list of actual companies that would value it, but they won't provide it - I figured if they told me the name of someone who could produce a valuation they'd accept, I'd cut out the chance of getting one and finding it wasn't acceptable to them.

So the end result is that the car is still on the old valuation, and because of all the messing around I'll probably be switching to another insurance company come renewal time. And all because they can't just tell me what they want.

[Billf]

So how would you value this.

£50.000 spent on the build.

http://www.ebay.co.uk/itm/WILLYS-FORD-JEEP-PEKING-TO-PARIS-RALLY-WINNER-/252262347717?_trksid=p2141725.m3641.l6368

[Rootes75]

On renewing the insurance on my 1947 Minx I did not alter the valuation, as a result I was informed that I didn't need to send in any new photos to renew? That doesn't normally happen.
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Various Rootes Vehicles.

[mikeC]

[Ashley]

[christine lowery]

hi all
I am currently restoring a Royale Tourcruiser caravan this one cost £200 on ebay last year in very poor condition, they may have made 10 of these vans another one hasn't been sold this century
I am expecting to have to spend around 3 grand on the restoration
so how do they value it for insurance
ps, I'm the mark specialist
chris

[emmerson]

Like Chris Lowery, I have a Royale caravan, but mine is unique, having been custom built for its original owner. Because of its rarity, most of the bigger insurance companies said they would only cover it for "market value". When I asked one company to tell me the value of a Royale Rangemaster, they told me I'd got it wrong, it must be a Tourmaster.Because they couldn't find a value for it, they declined my business. I eventually found a sensible broker who took the cover, given providence by the owner's club. This was 16 years ago, so perhaps I now need to review it!
Regarding my Range Rover LSE, when I had it on classic cover, it was for market value, but the mileage restriction became a problem when used for Euro touring, so I went back to general cover at market value. Apparently this value will be taken from adverts, recently sold vehicles, ebay etc. As there are only around 250 LSE left on the road, this varies from around £2500 to £50,000! The insurers are happy that it is probably worth around £8,000, as are ADAC the company I have my European recovery cover with.
But, as with everything,the car is only worth what someone is willing to pay for it,but as I can't see me ever selling it it is pretty academic really, unless it gets written off.

[emmerson]

[ukdave2002]

Values are an odd thing.....

I have bought a couple cars over the years because the price was good and its better than the 40% plus tax relief on pension contributions and its a dam sight more interesting plus I have complete control over the asset !

No i don't really factor in storage costs because that would remove the fun!

Dave

[Ray White]

I have recently increased the insured value of both my old cars because the market has gone up. The insurance company have an 'agreed value' policy but as I was told it all boils down to what the assessor thinks it's replacement value is in the case of a write off or theft.

This is not always the true figure as I found out to my cost when my immaculate Vauxhall Cavalier was written off by a drug fuelled moron who drove into the back of it as I was turning into my road. The assessor's figure was well below the market value and I had to appeal. The eventual amount paid out was in fact considerable - not for the car but for the Chiropractic treatment my wife needed as she was injured in the "accident."