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MaGic_GV
United Kingdom
868 Posts |
 Posted - 12/04/2013 : 11:07:20
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I hate to raise this subject but I recently decided that in view of rapidly rising prices I should review my cars agreed valuation for insurance purposes. Originally agreed at 25k, the insurance company dropped it to 20k when prices fell a few years back. I now think 30k is more realistic, maybe more? (blown PA, bit tatty but mechanically good)
I need to justify this to the insurers, which I think a few photos will do for me, but on the top of the form it says the car is insured for 'market value' until agreed. How do you set the market value of a running vintage car, not concours but eminently useable? Is that a better bet or will the insurers automatically down grade it to the minimum possible price? There is a price hike of course but they've been very reasonable over the years - any thoughts?
Graham
"I'd rather be happy than right anyday" Slartybartfast, Hitch Hiker's Guide to the Galaxy |
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George Eagle
United Kingdom
3267 Posts |
Posted - 12/04/2013 : 11:22:25
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Hi Graham
I am occasionally asked to value to a Triple-M car and have done so on Triple-M Register headed paper. The insurers have accepted the valuation.
Please contact me direct if you think I can assist - there is no fee!!
George
Hon Sec
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greg
United Kingdom
846 Posts |
Posted - 12/04/2013 : 12:02:26
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| I'm going to insure my j2 for £70000 when it's finished. It's a silly amount but if it got badly burnt in a fire I wouldn't have the time to rebuild it myself so I would have to get Somone else to do it. I reckon it would cost that kind of money. |
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George Eagle
United Kingdom
3267 Posts |
Posted - 12/04/2013 : 18:33:05
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Hi Greg
I am afraid that the market often features a car where the rebuild costs exceed the market value/asking price!
In the current market a J2 would not sell for £70000.
George
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Richard Hardy
United Kingdom
2183 Posts |
Posted - 12/04/2013 : 19:23:31
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It is unwise to over value your car by such a significant margin Greg as if it cannot be justified on making a full claim on the policy then insurers can pay out at an equal level below market value as a consequence of over insuring.
Insurance cover is generally there to return the claimant to a position which is no worse than before the insured incidence. If the car is completely destroyed then their payout will generally be based on market value providing your cover is adequate. An exceptionally good J2 is unlikely to achieve little more than half the amount you are considering insuring for and the level of restoration cost / time input does not form the basis of the payout. I would think carefully before over-insuring as there can be major consequences and a waste of the over insured premium element
Regards
Rich
Vintage MG Parts |
Edited by - Richard Hardy on 12/04/2013 19:24:37 |
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greg
United Kingdom
846 Posts |
Posted - 12/04/2013 : 19:37:32
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| I didn't think it would matter as long as i paid more money for the insurance as the premium would be a lot more. Ill see what they say they may not even insure me as I'm only 27! In the last 3 or 4 years some cars have doubled in price so some people need to upgrade there insurance or they will get nothing if anything happens you need to be 1 step ahead of some of these insurance firms any excuses they won't pay out! |
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MaGic_GV
United Kingdom
868 Posts |
Posted - 13/04/2013 : 10:09:40
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Thanks George, I am sending an email...
Graham
"I'd rather be happy than right anyday" Slartybartfast, Hitch Hiker's Guide to the Galaxy |
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Bob Stringfield
United Kingdom
854 Posts |
Posted - 13/04/2013 : 12:06:39
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As someone who acts as a professional valuer of collector's vehicles, I agree with Richard.
Any question of deliberately inflated value will certainly be investigated by an insurer.
Bob. |
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