Insurance values?
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Topic author - Posts: 121
- Joined: Mon Dec 01, 2014 11:11 am
- Location: In the wilds of Kent, UK
#1 Insurance values?
Evening all. My renewal will be due soon and I'm contemplating increasing the sum insured, currently set at £40,000. Looking on-line there's not too many cars for sale at that price level that I'd consider were as useable as our old girl which has 90k miles on the clock, is a UK car, has an advisory free MOT cert, and appart from the steering wheel, is all standard.
Anyone care to pass comment?
IRS unit re-build last autumn.
Anyone care to pass comment?
IRS unit re-build last autumn.
'72 Series 3 manual coupe, pale primrose/black, cww
'61 Land Rover Series 2 petrol 88" in marine blue
'15 Defender 90 Heritage Edition
'15 Defender 90 Station Wagon
‘19 E-Pace HSE (Mrs Gravygraham’s runabout)
'61 Land Rover Series 2 petrol 88" in marine blue
'15 Defender 90 Heritage Edition
'15 Defender 90 Station Wagon
‘19 E-Pace HSE (Mrs Gravygraham’s runabout)
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#2 Re: Insurance values?
Work out a value that you think you would have to pay to replace it......just check classifieds/dealers etc...
Steve
69 S2 2+2 (just sold) ..Realm C type replica, 1960 xk150fhc
69 S2 2+2 (just sold) ..Realm C type replica, 1960 xk150fhc
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#3 Re: Insurance values?
I have a '73 since new. Once vintage insurance became available years ago, I always insured the car for the amount it would cost to repair it , not replace it. So far so good....44 years, no claims. As for stealing the car, its under lock and key, and I don't let it out of my sight. If some fool did manage to get his hands on it, it is after all, a rare E-Type, and the NYC cops would find the car in two minutes....LOL
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#4 Re: Insurance values?
That's probably true but when you get it back it will be riddled with bullet holes. a
Stuart
If you can't make it work, make it complicated!
'62 FHC - Nearing completion
'69 Daimler 420 Sovereign
'78 Land Rover Series 3 109
If you can't make it work, make it complicated!
'62 FHC - Nearing completion
'69 Daimler 420 Sovereign
'78 Land Rover Series 3 109
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#5 Re: Insurance values?
Funny thing is.......years ago..I did catch a city kid in the car trying to steal my baby. Fortunately ,the stick in the middle that did not slip into "D", the extra pedal, and all the switches confused this dope just long enough for me to pull him out of the car and toss him towards some obstruction. Oh yea.....it was a brick wall ! LOL !!
John
John
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#6 Re: Insurance values?
Chalk one up for the good guys!
Stuart
If you can't make it work, make it complicated!
'62 FHC - Nearing completion
'69 Daimler 420 Sovereign
'78 Land Rover Series 3 109
If you can't make it work, make it complicated!
'62 FHC - Nearing completion
'69 Daimler 420 Sovereign
'78 Land Rover Series 3 109
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#7 Re: Insurance values?
http://apps.hagerty.com/ukvaluation/ind ... Backlink=1
A ‘72 S3 - £47k to £65.2k in good to very good condition.
When you increase the value the premium will go up. Value is the most significant variable in the premium calculation. Some naughty agencies will agree a quote at a certain value but when the policy comes through £10k has been knocked off the valuation, but without a reduction in the premium.
A ‘72 S3 - £47k to £65.2k in good to very good condition.
When you increase the value the premium will go up. Value is the most significant variable in the premium calculation. Some naughty agencies will agree a quote at a certain value but when the policy comes through £10k has been knocked off the valuation, but without a reduction in the premium.
Chris '67 S1 2+2
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#8 Re: Insurance values?
Like anything else, it depends where you go for your insurance. I use Peter James, only because I have known Peter for more than 30 years since when he was Footman James, and after a write-off with a concours S2 2+2 in 2012, paid out over £50k within two weeks; which was the approved value of the car. Go to a reputable dealer, and get a good valuation based on the replacement value. If it was written off, what would it cost to buy a similar car to replace it. It is important to have a valuation then the insurer can’t come back and negotiate it down. Don’t go to the E-type Club who have a well meaning enthusiast who is not necessarily in line with the market or its trends. Hope that helps.
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#9 Re: Insurance values?
Hi Barry,
What is the issue? My last valuation was through the club, should I be concerned by this?
Kind regards,
Kevin
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#10 Re: Insurance values?
Hi Kevin,
No, not necessarily, and I don’t want to say they always get it wrong, but my own experience showed that they were wide of the mark. More reliable to understand the replacement value from a dealer. As I said in my post, I had to do just that when my 2+2 was written off. The result proved the point. Markets fluctuate, and you can accommodate that each year. At present, it is a buyers market, and particularly Over £100,000. They are not selling. So, this can affect the replacement value.
The club seem to “take a view” which I think we all can do that! Better from a respected dealer.
Hope that helps clarify what I was trying to say.
Cheers
Barry
No, not necessarily, and I don’t want to say they always get it wrong, but my own experience showed that they were wide of the mark. More reliable to understand the replacement value from a dealer. As I said in my post, I had to do just that when my 2+2 was written off. The result proved the point. Markets fluctuate, and you can accommodate that each year. At present, it is a buyers market, and particularly Over £100,000. They are not selling. So, this can affect the replacement value.
The club seem to “take a view” which I think we all can do that! Better from a respected dealer.
Hope that helps clarify what I was trying to say.
Cheers
Barry
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#11 Re: Insurance values?
Gravygraham wrote: ↑Mon Jan 22, 2018 6:30 pmEvening all. My renewal will be due soon and I'm contemplating increasing the sum insured, currently set at £40,000. Looking on-line there's not too many cars for sale at that price level that I'd consider were as useable as our old girl which has 90k miles on the clock, is a UK car, has an advisory free MOT cert, and appart from the steering wheel, is all standard.
Anyone care to pass comment?
IRS unit re-build last autumn.
Insurers will ask for a written valuation from a specialist in the marque , they did for me anyway , plus photos frm various angles.
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#12 Re: Insurance values?
So where is the original poster.........lots of replies but no response...... Steve
Steve
69 S2 2+2 (just sold) ..Realm C type replica, 1960 xk150fhc
69 S2 2+2 (just sold) ..Realm C type replica, 1960 xk150fhc
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#13 Re: Insurance values?
Looks like £55k all day long to me. Nice car.
Under insuring cars can cause major problems even with relatively small claims. The increased declaration probably will not make a huge difference to the premium.
Lets say you knock the bonnet and the repair is £5k. The first thing the loss adjuster will probably state is that your declared value is 30% below the market value.
So therefore you are only 70% insured! so your payout will be automatically adjusted down 30%!
This is often where the arguments begin, as you will have to stump up the shortfall. Depends on your policy wording of course. I have only heard good things about Peter James in this regard.
Under insuring cars can cause major problems even with relatively small claims. The increased declaration probably will not make a huge difference to the premium.
Lets say you knock the bonnet and the repair is £5k. The first thing the loss adjuster will probably state is that your declared value is 30% below the market value.
So therefore you are only 70% insured! so your payout will be automatically adjusted down 30%!
This is often where the arguments begin, as you will have to stump up the shortfall. Depends on your policy wording of course. I have only heard good things about Peter James in this regard.
Its true, but Enzo never said it
Too many E types
XK120 SUs
Too many E types
XK120 SUs
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Topic author - Posts: 121
- Joined: Mon Dec 01, 2014 11:11 am
- Location: In the wilds of Kent, UK
#14 Re: Insurance values?
Thanks for your responses folks. I’ve upped the sum insured from £40k to £48k - they (Adrian Flux) knocked off some personal accident cover (that I didn’t realise I had) and the premium remained the same.
'72 Series 3 manual coupe, pale primrose/black, cww
'61 Land Rover Series 2 petrol 88" in marine blue
'15 Defender 90 Heritage Edition
'15 Defender 90 Station Wagon
‘19 E-Pace HSE (Mrs Gravygraham’s runabout)
'61 Land Rover Series 2 petrol 88" in marine blue
'15 Defender 90 Heritage Edition
'15 Defender 90 Station Wagon
‘19 E-Pace HSE (Mrs Gravygraham’s runabout)
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