Laid up insurance values

[paulsco]

Hi,

I am about to renew my laid up insurance policy and I would like your comments on part restored car values.

Currently for my 1965 Series One FHC, I have stated an insurance value of £35k.

I don't know if I am being optomistic here, but in the Hagerty Classic Car Values a condition 4 (Fair) is valued at £42,900 and condition 3 at £74,900. I can find no values for part completed cars.

On mine I have completely rebuilt the bodyshell on a rotissarie, rebuilt the suspension, the engine. in fact a complete nut and bolt restoration. The car is vertually complete and is running, but I have yet to respray it and it has no trim fitted.

I am building a 'driver' and not a show car.

I have added some pictures:
Picture 9032 by paul scott, on Flickr

Picture 5874 by paul scott, on Flickr

Picture 4998 by paul scott, on Flickr

Picture 4986 by paul scott, on Flickr

Picture 6226 by paul scott, on Flickr

Picture 8525 by paul scott, on Flickr

Picture 6565 by paul scott, on Flickr

Picture 5668 by paul scott, on Flickr

Any idea what sort of value I should I put on this for my insurance?

Thank You,

Paul

[mgcjag]

Hi Paul.....what would you have to pay to replace what you already have........does your insurer require photos for an agreed valuation.......Steve

[paulsco]

Hi Steve,

No; this is not an agreed value policy as such, at least not at this stage. it is more "how much do I think it is worth".
If it was stolen now, or there was a fire, the maximum I would get (assuming the pictures I have, support it) is the amount I have stated it was worth, i.e. £35k.
I think I would not in the current market, be able to buy a car that was vurually completely restored for this amount, but it is difficult to determine what it was likely to cost, as all values I have seen have been ether for restoration projects or complete up and running cars.

Paul

[mgcjag]

Hi Paul....I think you must be in the in the £70k area.......but what i was trying to get to was in the event of a total loss do they pay out what its insured for or what they think its worth.........dont know how this laid up policy works.....but on a standard policy that you dont have an agreed value on you could say you car is worth eg £50k but the insurer only pays out market value........my point realy is what guarantee do you have on the sum they would pay you out.... Steve

[Series1 Stu]

I asked the same question a little while ago and didn't get a lot of help here. Not surprising really because it is extremely difficult to determine.

I have my laid up policy (actually a multicar policy with Hagerty) with an agreed value on my 62 FHC of £75k. My car is a little further advanced than yours, only lacking the fitting of glass and trim, which I have.

I submitted photographs and they had their assessor give an opinion based on their own valuation tool. It's probably under-insured now. Who knows? I certainly couldn't buy what I've got for that amount.

Regards

[paulsco]

Thank you guys for your help.
My insurance will pay out the market value or the total amount I have insured it for, whichever is the least.
In my case that would be £35k.
The market value is clearly higher so it would appear from what you indicate, I need to at least double it.

Thanks again

Paul

[alfazagato]

You have partly answered the question I think. For what it's worth the difference in premium will be very relatively small between £35k and £70k (as there are no road risks) and personally I would go for a much higher figure as, despite your comments about the car being a driver, the works appear to be to a high standard. So, if you wish to buy an equal replacement, the insured figure should be well over £70k. Sorry to spend your money for you!

[Hugo]

To my eyes, that lot is worth pretty much the same as a complete car. Just needs putting together and painting - that's nothing.
There was a manky old barn find convertible with great scabs of rust all over it sold for £140,000 at auction recently.

[Hugo]

I have my laid up policy (actually a multicar policy with Hagerty) Regards

This is in England? I didn't know Hagerty operated in the UK? They insure my Impala in Florida - most of the less valuable cars I self-insure, except for one rather nice Corvair which I added to my Hagerty policy when I found out they were going to charge me $26 p.a. (yes twenty six) to add it!

[Series1 Stu]

Yes. Hagerty UK.

I met them a few years ago at the first Pageant of Power and got on really well with them. They are real enthusiasts.

Regards