2+2 valuations

[inner pickle]

I have a 1966 series 1 2+2 UK car. manual

its just undergone a 10 year full rebuild
I'm the 2nd owner
everything has been upgraded/replaced
CME completed the engine rebuild at a cost in excess of £10K
the car has air con added as an extra over and above as built, other than that, its as ex factory

what I've paid for this is irrelevant however I have a valuation in mind and I'm keen to insure it as such correctly.

some background being my restorer sold the same model/year as mine last year at auction which he'd carefully refurbished, nothing more, at £74K plus fees
I'm also aware of an almost identical similar car to mine being recently sold with air-con and power steering circa £130K - £140

with this in mind I spoke with my owners club to seek out a valuation ....

thoughts on what I was advised?

[mgcjag]

You need an agreed valuation on what it would cost you to replace like for like in the case of a total loss...this is very different to what you could sell it for....and you may need to convince your insurer on the replacement cost....Steve

[inner pickle]

exactly Steve

the reason for my somewhat ambiguous post is to seek views / comments

my concern is like for like will cost considerably more than my owners club valuer is suggesting

I have these two cases to propose as benchmarks as I've outlined, but a concerted, verifiable case would support my case I feel

[mgcjag]

Do you have recipes for purchase and restoration costs..I assume your valuer is giving a for sale valuation

[dlgis]

Aren’t agreed value policies based on what it would cost to buy an equivalent replacement car rather than what the insured car cost to restore? With the continued fall in e type values, restoration cost is likely to exceed value for most models unless it’s a diy restoration - i assume?

[mgcjag]

Hi Darryl yes as I mentioned above like for like replacement....but may be difficult getting your insurer to agree on the replacment cost....you need to be able to show similar cars sold at the price your wanting to insure for.....Steve

[rswaffie]

Hi
Classic car insurers, indeed all types of insurers, live or die by managing risk as realistically as possible. As noted above, they will use various factors together with some clever algorithms within their systems to derive your premium. (I have audited these systems and algorithms many times).

When they offer agreed value policies, they will be guided by data from a number of sources (Hagerty, magazine value tables, owners clubs and their own experience or views on the market). They will then have some thresholds for values such as ‘up to 30k, 30-100k and over 100k’. Each threshold will require increasing levels of evidence or validation. So, if you state that your 66 fully restored car is excellent or concourse, they will look at their data, your evidence and see if your valuation is in line with their view.
As already stated, they may ask what you paid/spent on the car, but that doesn’t directly correlate to their valuation. So, taking Hagerty’s valuation for a concourse car as a starting point, (52k), you would need some substantial evidence to get it covered for more than 100k. Private and dealer advertised prices don’t always equate to sale prices and outlying auction sale prices merely increase the average ‘values’ that are used by the insurers.
Your best bet, which is what I did, is to get an independent E-Type specialist to asses and value your car and provide this in writing to the insurer.

[dlgis]

Here’s one for sale that may assist in getting a valuation at a higher level.

https://www.carandclassic.com/car/C1256341

[malcolm]

Hmm, can't see it getting that much to be honest. I'd like to see it as a 2+2 owner myself, but I think it's over priced in today's market.

[Series1 Stu]

Peter Jarvis has been peddling massively overpriced E Types for years.

That said, it does look exceptionally nice. Although I can't see anybody that really knows about E Types parting with that amount of money for a 2+2, no matter how nice it is.

Regards

[rswaffie]

He has a couple of other nice looking RHD 2+2 in the £60-70k bracket - this one has won ‘several concours’ trophies (doesn’t specify which or when) so maybe he feels the premium is justified.
There maybe someone willing to pay for it, who knows?
If you are going to use it as a marker for your own valuation, then get a few concours trophies under your belt.

[christopher storey]

Forget Peter Jarvis as a price guide - the asking prices, for anything, are always a joke .

I'm afraid that I think that expecting an agreed valuation for any 2+2, however good , in six figures in today's market is ambtious, and possibly very ambitious indeed . Since CMC have worked on this car, and have a good reputation (albeit on the high side pricewise) perhaps it would be an idea to have them value it ?

[chrisfell]

The best value related quality of a 2+2, is that using it , and using it a lot, does little to dent its value.

[chrisfell]

I wonder if this car will indicate where the value of 2+2s in today's market.

https://angliacarauctions.co.uk/classic ... -2-2-coupe

[Allrand]

Wheel nuts, on a wire wheeled car?

[mgcjag]

They obviously mean spinners. ....and they're repro

[Simon P]

Hedging bets by only enamel coating one half of the manifold?

Also that washer fluid must be nice and toasty by the time it comes out the bottle....

[chrisfell]

There is a lot to criticize over the presentation if this car, not least it's S1.5 appearance / S2 classification. So much of it says S1.5, only the exhaust says S2. The front brakes are definitely Dunlop. The chassis number will say for sure.

But it does look clean and is probably no more or less rusty than mine (fresh paint over who knows how much filler).

[Gfhug]

Interesting choke control and no heater controls on the dash

Geoff

[chrisfell]

I wonder if this car will indicate where the value of 2+2s in today's market.

https://angliacarauctions.co.uk/classic ... -2-2-coupe

It went for £32,400. Just over its estimate. Someone may have bought a lot of E-Type for not a lot of money.