Insurance Valuation

I'm wondering whether the Forum helps with car valuations as well? My car is insured by NFU but they will not accept an agreed valuation from 2018 so I need a new one from somewhere - thoughts anyone?

I believe there was some talk about this some years ago - perhaps someone with a better memory can pinpoint it...

Change to Footman James. They accepted my 9K valuation no question. NFU asked a load of awkward questions and in the end refused to insure as I had changed the seats to leather ones!

I have done this too

Hi folks,

I can confirm Footman James I have Scotty on agreed value for £11k, superb service and value

Looks like I need to change insurers then - thanks for the replies, appreciated.

Another Footman James vote from me, no hassle on agreed value and reasonable premiums

I'm with Adrian Flux - agreed valuation has to be updated annually with photos. Bit boring but I suppose unavoidable.

Previously the insurance companies the club worked with accepted the requested valuation if validated by a Club board member. This may still be the case if the figure is higher than usual.

I remember doing so for several club members, but with the proviso that I had seen the car in the metal recently to the request.

Most companies no longer ask this of potential customers if their figure is in line with current agreed values of coupes..

Instead they ask for a minimum of 6 photos; front, back, left, right, inside and engine bay, as well as completing their condition report form.

This is normally part of the agreed valuation process and once agreed may remaIn valid for 2 years if you stay with the same company.

Certainly that is how both Hagerty and Lancaster operate, citing those companies with whom we have a club deal.

With insurance valuations in mind can anyone give an indicatictaion of what my car will really be worth for insurance purposes? It's a 1998 20V, N/A, FSH with all receipts & MOT certificates, including original purchase order sheet, 145,000 miles, in excellent condition by time it's had current work completed..

Many thanks.

Andrew

Hi Andrew, my 20v is currently valued at £7500 on my Footman James policy but mileage is 105k
Ashley

A point to remember is that the 'value' for insurance purposes is in fact completely pointless. If your car is written off, there are so few vehicles available to replace it that it is effectively irreplaceable - for example, how many one-owner 16v coupes are there out there apart from mine? The second point is that the insurance companies *will not* insure for the costs that would be required to, say, take something average-to-rough and rebuild it to the condition you maintain your own vehicle in.

So you may find yourself with a valuation of ten or fifteen grand on your vehicle, have to replace it through no fault of your own, and find that you come up several grand short when it comes to replacing it.

I've insured my car as a classic for several years - though it's currently uninsured as it's SORNed in storage - and I think when it goes back on the road I'm likely just to talk to one of the mainstream insurers and insure it as a bog standard rusty old Fiat. That way, I can much more cheaply get cover that includes things like three months in Europe (essential for me) and not have a 3,000 mile annual limit. And if it gets broken, well, it gets broken. Tough. After thirty years I'll raise a small glass of Italian wine to it, and then investigate my options.

But I don't think that the 'classic' insurance is necessary any more.

I’ve adopted this view as well as Neil. I’ve spent significant amount of money on my Coupe and I realise that if anything happens there’s no way I’m getting anything near as I’ve spent on the car back. Just like Neil, if anything happens I will assess the situation if and when it comes. I’m with Saga including break down RAC, for a very good deal. That is my choice. Makes sense to me.

I agree with the above, but for possibly a different reason. And my understanding may well be wrong, but...

If you're in an accident and are at fault, surely that's where the agreed value comes in? It most possibly won't cover all you've spent keeping the car, or replacing like for like. But you'd have an amount that you could do with as you please. You've mitigated your risk to a degree by having the insurance at a value exceeding minimum market values.

If you're not a fault then surely you've got legal recourse to be put back to the same position you started (whether that's financial or otherwise). So if the party at faults insurance couldn't provide an equal replacement then rebuild and repair should be on cards. And if the car isn't salvageable then the above is likely all moot anyhow