Valuation

[ant]

Can anyone from the club help me out with a Stag valuation for my insurance company. I've sent them pictures which they're happy with but also want an official valuation from the club.

I've stated the value as 20,000 (no pound sign on my keyboard as I'm in Canada at the moment).

I've stated it high because that is what I (conservatively) estimate it would take to replace my Stag if it was a total loss. I know "value" isvery personal, and the "worth" of a vehicle isonly what someone is willing to pay for it, but this car was the last one that Al from Nottingham did before he passed away, and it's superb. So I would have to start from scratch to recreate what I've got now and I reckonit would take at least 20k.

How would someone from the club do a valuation? Is it through pictures and description, or do they have to physically inspect the car.

I've got about 30 days to supply thisto my insurance company.

Thanks guys.

ANT

[wb50]

imported post

Ant, I sent off the write up that Al put on ebay with mine and they valued it at £20000.00, with no other valuation needed. Will

[martin]

imported post

Hi Ant, it depends which insurance company you're with, if they need a valuation from SOC, go to the SOC Spares site, a separate company only loosly connected to the club, you can download a valuation form and submit to them.
On a personal note, I would doubt they will agree to an agreed value of £20k, but if you include a summary of what you've put here, it's certainly worth a try. Cheers, Martin.

[martin]

imported post

Most reputable insurance companies need an inspection for values above £15k. Do be careful, there are some bloody rogues out there, as you would expect with insurance companies. Agreed value is supposed to be exactly that,but some will still wriggle. You are looking at agreed value aren't you ? Martin.

[ant]

imported post

Will,

Thanks, I've got that printed out - all 28 pages of it - so I'll send them a copy and see what they say.

Martin,

Thanks for the guidance. Yes, agreed valuation of 20k.

Regards

ANT

[Rubce]

imported post

Hmmm seeing as Al was selling them forapprox £15k on the tinterweb, why do you suddenly think it has gained £5k by the simple fact that you have owned it for a few months?

Bruce

[wb50]

imported post

The reason being that Al was not getting the full value that he spent on the car with all the new or recon parts used, The problem was that he needed to sell a car quickly as to fund the next car that he was restoring. He did sell two cars for over £20000.00.

Will

[Rubce]

imported post

Will

Exactly , its a buyers market. So £20k is un-realistic as a valuation for a Stag. But what hell, I ain't insuring it.

Given £20k I would buy an E type or a 1960's Mustang.

Bruce

[wb50]

imported post

Bruce, could you buy an E type for 20 grand that would be any good?

Will

[Rubce]

imported post

wb50 wrote:

Bruce, could you buy an E type for 20 grand that would be any good?

Will

Will

You could buy a running E type for that. You can purchase a running Stag for £3k. For £20k you buy a Gold Plated exampe of GT6, TR6 etc and still have £10k left over to spend on something else.

Its your money, spend it as you will.

Bruce

[DJT]

imported post

The problem with this is that there has only been a small number refurbished to this standard, and now there won't be any more from this source. If you have one, how much will it cost to get another one to replace it on a like-for-like basis if the unthinkable happens? Look at Big J's restoration, I believe this cost twice as much.

If the insurance company is prepared to accept an agreedvaluation of £20k, and the insured is happy to accept it in the event of a total loss, knowing that he will probably never be able to replace it, then the only stumbling block is agreeing on the size of the premium.

Dave

[Rubce]

imported post

DJT wrote:

Look at Big J's restoration, I believe this cost twice as much.

Dave

Dave

You are not comparing eggs with eggs. Big J paid for his "total basket case" to be restored because it had sentimental value to him as an individual. As a result it cost a huge amount of money. I am assuming that Al only restored cars that were in a reasonable condition to start with.

Bruce

[DJT]

imported post

Rubce wrote:

DJT wrote:

Look at Big J's restoration, I believe this cost twice as much.

Dave

Dave

You are not comparing eggs with eggs. Big J paid for his "total basket case" to be restored because it had sentimental value to him as an individual. As a result it cost a huge amount of money. I am assuming that Al only restored cars that were in a reasonable condition to start with.

Bruce

Possibly, Bruce. But the rest of what I said stands. Insurance is based on paying a premium for replacement of, or compensation for, an item damaged or lost. Value of that item, and cost of premium, is an agreement between the insurer and the insured.

I still say that replacement of ANT's car with one of a similar standard would cost more than £20k, now that Al is no longer around.

Dave

[Tdm]

imported post

Insurance is a sore point with me.
For years (5 actually) I have been paing between €400 & €500 for my Stag on which I had put a value of €10,000, and this for 3rd Party only as comprehensive (or Classic) insurance is not available over here on old cars.
It was only this year that I found out no matter what I valued my Stag at, I would only get €880 (yes eight hundred and eighty) Euros for it if it was stolen or written off in an Accident. That is the value the Police put on the car as they base it purely on age, nothing else.
I have now swapped insurance companies and pay just over €100 per year for third party cover and have to accept that if something happens to the car I will lose out.
At least I dont have to pay any road tax (I would in the U.K. as my car is a '77 model), and petrol is only half the price that it is in Britain. You can't win everytime, but I know where I would rather be regardless.

[Andy Rundell]

imported post

DJT wrote:

Rubce wrote:

DJT wrote:

Look at Big J's restoration, I believe this cost twice as much.

Dave

Dave

You are not comparing eggs with eggs. Big J paid for his "total basket case" to be restored because it had sentimental value to him as an individual. As a result it cost a huge amount of money. I am assuming that Al only restored cars that were in a reasonable condition to start with.

Bruce

Possibly, Bruce. But the rest of what I said stands. Insurance is based on paying a premium for replacement of, or compensation for, an item damaged or lost. Value of that item, and cost of premium, is an agreement between the insurer and the insured.

I still say that replacement of ANT's car with one of a similar standard would cost more than £20k, now that Al is no longer around.

Dave

Yep +1

.............Andy