Insurance query - thoughts?

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inner pickle
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#1 Insurance query - thoughts?

Post by inner pickle » Mon Apr 05, 2021 7:47 pm

I wonder, my Series 1 2+2 was delivered in parts to my restorer.
The engine has subsequently been rebuilt and awaiting fitment.
Gearbox sorted, awaiting fitment
Body sprayed and awaiting bonnet spray and fitment.
Interior in my garage at home.

In short it's still in bits so I've not collated the 6 pictures ( front/sides/rear, internal/engine bay ) that my insurance provider requires in order to justify a now near £60K +++ valuation. The eventual completed car will be close to concours.

My restorer has business insurance which covers my and other cars in his premises, all being restored.

In the event of disaster, loss, fire or other I have a nagging feeling my current £25K valuation ( as it's still in bits and not complete for a fuller evaluation by the insurer ) would be brought to book by my restorers insurers.

Who's right I wonder....the valuation of the car as I sent it in, or the valuation of the car as it now sits?

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Topic author
inner pickle
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#2 Re: Insurance query - thoughts?

Post by inner pickle » Mon Apr 05, 2021 7:50 pm

JUST A NOTE GUYS/GALS

I've deliberately posted this as a single issue, not on the Insurance "sticky"

I'm thinking this may be a regular issue and perhaps not covered / thought of under insurance issues?

if not, ship it over to "Insurance" sorry....

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mgcjag
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#3 Re: Insurance query - thoughts?

Post by mgcjag » Mon Apr 05, 2021 8:26 pm

Im currently building C type replica......when i started i valued all the parts and took out "build insurance"....for the value as is(parts).........dont rely on someone elses insurance (your restorer).....your car as it stands can only be valued in parts....not as a completed car...it sounds like it should be worth more than £25k parts.......I used Classic Line......very good to deal with.....Steve
Steve
69 S2 2+2 (just sold) & Building a C type replica

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christopher storey
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#4 Re: Insurance query - thoughts?

Post by christopher storey » Mon Apr 05, 2021 9:28 pm

The real question is how much have you now spent, including the amount paid on purchase, the cost of parts, the amount paid to the restorer, and any amount owing to the restorer for completed work which has not yet been paid for. The bailee for reward's ( i.e the restorer's) insurer is liable for those sums and your valuation insofar as they are concerned is irrelevant . However, the advice you have been given not to rely on the bailee's inurance is good - why not just tell your insurer of the amount of all the things in the first sentence of this post ? That should be the basis of the current valuation

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inner pickle
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#5 Re: Insurance query - thoughts?

Post by inner pickle » Tue Apr 06, 2021 7:29 pm

Chris/Steve

my thanks for your thoughts
sometimes you get too close to these issues and can't see a way forward

thanks for the clarity, I'll progress accordingly and advise ( my insurers )

John

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christopher storey
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#6 Re: Insurance query - thoughts?

Post by christopher storey » Wed Apr 07, 2021 7:00 am

Actually, on thinking about it there is another figure to be added into the current value, and that is the difference between what you would have to pay today to buy the car in its original state, and what you actually paid. Although there may not be much difference if it's a recent purchase, if you bought it some years ago the difference could be significant

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Topic author
inner pickle
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#7 Re: Insurance query - thoughts?

Post by inner pickle » Thu Apr 08, 2021 7:58 pm

Good point, I bought 6-7 years ago, so at least 10-£15K less than you'd pay today methinks.

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