27 replies to this topic

[HUBBA.HUBBA]

How would i get one for insurance purposes. I'm predicting the insurance comany will under value my car.

Edited by HUBBA.HUBBA, 04 March 2013 - 09:18 PM.

[js183379]

1) call insurance company 2) tell them how much you what for the value 3) send in pictures (lots of them normally to prove your body panels, interior etc, arent already a mess). As long as your car isn't a heap and you are asking for something crazy like 20K coverage they will set your premium. The more you ask for valuation-wise the higher your premium will be.


Hope that helps!

[HUBBA.HUBBA]

Did that last year. Spent about £12k on mods. So £15k in total. Filled in the forms, took the pics. They came back with £8k for total value. I questioned it this time round with the ins company and they only give you a value AFTER you take out te policy, so they take your money and then say 2 weeks later "oh, we'll only be insuring it for £ xxx". It's like ordering a suit online and only getting a pair of trousers when it arrives. I don't mind more premium for it, but they didn't give me the option.

[AVV IT]

It depends completely on the individual insurer. Some require you to send in a few photos and just name a price, others want photos and for you to complete a valuation form that detailing all mods, works done and imperfections etc. Some even want an independent valuation from an owners club, classic car restorer or specialist garage.

[AVV IT]

Did that last year. Spent about £12k on mods. So £15k in total. Filled in the forms, took the pics. They came back with £8k for total value. I questioned it this time round with the ins company and they only give you a value AFTER you take out te policy, so they take your money and then say 2 weeks later "oh, we'll only be insuring it for £ xxx". It's like ordering a suit online and only getting a pair of trousers when it arrives. I don't mind more premium for it, but they didn't give me the option.

The problem is that most insurance policies will only cover the approximate cost of replacement with a model of similar spec, not the amount you've spent on modification, or what it would cost to build a replacement to the same spec. Every agreed valuation declaration I've ever completed has had this written all over it in bold.

[HUBBA.HUBBA]

I appreciate it's never going of worth the sum of its parts. But not nearly half the cost. Otherwise whats the point of insurance?

[AVV IT]

Yes, but what would it actually cost you to buy a replacement of similar spec? That's the point of insurance, if you can actually buy a car of similar spec for £8k, then that's a pretty accurate valuation, but if it would actually cost you nearer £12k to buy such a replacement then they have seriously undervalued your car.

You might want to consider using an insurer that requires an independent valuation as part of their agreed valuation process, as opposed to one that just relies on your own valuation. That way the insurer would have much more difficulty in disagreeing with any valuation provided. Who are you using at the moment?

Edited by AVV IT, 04 March 2013 - 10:03 PM.

[HUBBA.HUBBA]

You might want to consider using an insurer that requires an independent valuation as part of their agreed valuation process, as opposed to one that just relies on your own valuation. That way the insurer would have much more difficulty in disagreeing with any valuation provided.

Hence my original question.

Adrian flux

[AVV IT]

Try Footman James, or Peter James as they both require an independent valuation. If your car is heavily modified, then go with Peter James though, as Footman aren't interested in anything that's more than mildly tuned.

[HUBBA.HUBBA]

Ok , i'll try peter james. Cheers

[mk3 Cooper S]

Ho much would you value it to sell for?

[skyinsurance]

I appreciate it's never going of worth the sum of its parts. But not nearly half the cost. Otherwise whats the point of insurance?

From an insurers perspective, if we over value a car - we leave ourselves wide open to fraudulent claims.

[skyinsurance]

Ho much would you value it to sell for?

This is the way to value a car - how much it would sell for, to a like minded car enthusiast, in today's selling market, including modifications.

Kind regards

Ollie
Sky Insurance

[adam_93rio]

If I added up all the receipts for stuff I've spent on my car over the years it would be probably 3 times what it's worth.
A lot of people think that because they've spent x on a car thats what it's worth. Why don't you post up pictures of your car and a spec and see what others think? There's not many modified minis that would actually sell for 10-15k anyway

[Bungle]

can't think of any apart from a works cooper