Insurance Valuations

A question that has been on my mind…usually around the time when the yearly re-newal is due…and that is just how much is my motor worth. I know its all depandant on what someone is prepared to pay a lot of the time but  there must be a way of providing expert advice to the companies as part of a recognised Owner Club.
I currently have a basic policy as I use the car all year, day in day out and cover a varying amount of mileage so Classic (restricted mileage) wouldn't do for me.
I don't know if I am under insured and would like to have someone look at the car and give their recognised opinion for the cover.
As an award winner at Gaydon, I hope that my car is worth a little over the norm but I just don't know…any advice welcome.
Ya Dano.

Maybe it's one for Drew to answer given we are now a club. Perhaps there is possibility in future for valuations to be given on a letter head from the club?

Over to you Drew!! :wink:

I was speaking to our local Club GTI organiser a few weeks ago and he mentioned that Volksdragon did a similar service on letter headed paper and insurance companies accepted theirs. Maybe there would be quite a bit of credibility from the owners club.
The obvious problem would be who and how the vehicle could be checked and appriased.
As you say Hairyarse…over to you Drew!!

This is of interest to me too.  I managed to get my Campaign insured on agreed value with some photo's and just an owner's estimate.

My other car (an MX-5) is also on a classic policy, but I needed to get a specialist or club valuation for that. Sadly the MX-5OC won't do valuations as they seem paralysed by fear of legal comeback if the valuation is disputed  :roll: .

Is the solution to just find a specialist that is willing to value the car?

Sadly I have had an accident in my MX-5 before I could get the valuation sorted out so am now at the mercy of the dreaded "market value". As its quite a rare special edition with a lot of unique extras not available on a normal '5 of the same age, I feel I may be up the proverbial creek without a paddle if they try and write it off…..

Are there companies out there that do valuations on classic cars in general?

Cheers,

Chris

I think one of the first things we do when the committee is formed is to sort out this area of the club. It is a very important part of any owners club.

The Triumph Dolomite club have coupled up with a couple of insurers who undertake classic car policies. One chap at the TDC is in charge of valuations of the cars, based on photographic evidence, general condition of car, interior, mechanics, originality etc. The insurers accepts his verdicts and base the agreed valuation part of the policy on a form he submits. My sprint has an agreed valuation of ?5k on it and I whilst this is probably slightly over its true value no one can replace a car that you treasure if it fires  :cry: , gets stolen and burnt out  :twisted: ,  or gets mangled in an RTA  :cry: .

The insurers the TDC use are Chris Knott - 01580 752896 and Boncaster Ltd 01277 206911. I am insured with the latter for ?115 pa agreed valuation and 5k miles pa.  

I motion that this topic is one of the first on the Committees agenda!! I would love to have an agreed valuation done on my motor just in case the unavoidable happens. It makes things even more important if, like me, you use the vehicle as a daily driver.
I await the outcome soon (hopefully).
Dan.

Most insurance companies (Certainly footman james) will allow the owner to set the value of their vehicle using photos and a condition report.  FJ allows self valued for less than ?15K and older than 15 years

It is my understanding that the "Agreed Value" is partialy a seperate policy. The insurance underwriter covers the car under its normal market value. If necessary, the secondary company stumps up any additional money to the agreed value.

My car is currently insured with HIC on a classic policy with ltd mileage and an agreed value, which was done with photo's and an owners report. I got sent an additional "certificate of agreed valuation" which values the car at ?3500, which is the amount I submitted.

just had my renewal from footman james ?184  valued at ?2000 with
3000 limited miles that isint bad is it ?