upgrading insurance

[stagmuffin]

I know there has been other posts on topics regarding valuations but m wondering how you go about raising cover on your car progressively as work is being done ? I have been spending a considerable sum on my car since getting it last may full paint job new roof engine mods and bling new wheels tyres, new dash and all new clocks, stereo etc. and a full leather trim to happen in July .so in September when I get it back it will be worth more than it is now in may.
so its not worth more till the work is completed at each stage but in the last six months its value has I believe increased because of the new features and cost of them so how do you get this recognised and covered on an increasing scale ? do the club review for valuations ? I think they used to in years back. im insured with Richard hoskin and the policy is up next month but I guess id have to prove its value although its insured for 11.5k currently they are only liable to pay market value I believe as its not a guaranteed value .thought I ask here as many of you guys may of been through this before I talk to the insurance peeps
Steve

[milothedog]

Hi Steve, my agreed value with Lancaster runs for 3 years at a time but at each premium renewal they send out a form if you want it reassessed mid term (no cost). I also think you can. for a fee. amend it at anytime during the 3 year period.

Ian.

[Andy Rundell]

Steve, I have agreed value with Peter James which is through the TSSC agreed value scheme. Essentially you fill out a valuation form in which you identify work undertaken and add your view of the cars value. The form plus photos (min of 6 i think) go off to the TSSC who review the info and send back their view of the value of the car. This becomes the agreed value of the policy itself.

I have never heard of anyone being underwhelmed by the valuation received!

The valuation lasts for 2 years, but there is nothing stopping you from filling out another agreed valuation six months later (although you do pay £12 for each valuation) which then adjusts the valuation with the insurer.

The renewals premiums i have had (from Peter James) have never increased or decreased in relation to the valuation - last time the premium degcreased and the agreed value increased!

Not sure how other companies work, but your situation should be easy to sort out with a simple revised valuation with PDJ.

Good luck......... Andy

[Andrew S]

Hi Steve, the club scheme had a 'rebuild' insurance policy that covers you during a rebuild or restoration and may be worth exploring. If not, just simply submit a new valuation as and when and premium and cover will be adjusted. Just speak to your broker but be aware some cheaper premiums are they as a broker will charge you a fee for each adjustment, even moving house and a change of address. Most of the classic insurers won't though.
Cheers
Andrew