Insurance values?

[GravyGraham]

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.

[mgcjag]

Work out a value that you think you would have to pay to replace it......just check classifieds/dealers etc...

[JJC]

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

[Series1 Stu]

it is after all, a rare E-Type, and the NYC cops would find the car in two minutes....LOL

That's probably true but when you get it back it will be riddled with bullet holes. a

[JJC]

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

[Series1 Stu]

Chalk one up for the good guys!

[chrisfell]

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.

[Barry]

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.

[71 V12]

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.

Hi Barry,

What is the issue? My last valuation was through the club, should I be concerned by this?

Kind regards,

Kevin

[Barry]

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

[morganjag]

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.

Insurers will ask for a written valuation from a specialist in the marque , they did for me anyway , plus photos frm various angles.

[mgcjag]

So where is the original poster.........lots of replies but no response...... Steve

[politeperson]

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.

[GravyGraham]

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.