What is "Market value "

[Frank Houlder]

Hi all. I have just bought a Stag through online auction after looking at many cars over the course of a year. Problem is my insurers "Classic line" will only cover the car for what I paid ( which was well below its true value ) and not what it's worth. I have the last two valuation certificates covering Four years, both from the Triumph sports six club for £15000. It would cost this much to replace the car from a reputable dealer but Cassic line are using the recently sold section of eBay as there main valuation tool. They completely ignored the popular classic press valuation guides.
So what is market value... Is it the drop lucky price you pay on eBay when somebody is desperate to sell, or is it the considered professional evaluation of a recognised dealer.
If you use eBay as a measure, then my 1963 Healey 3000 which is valued at £50000 is really only worth £32000 ( the last one sold ).

[Phil S]

then provide them with a bill of sale, sure you have one somewhere, the log book no longer lists the last owner, so who knows.
get a valuation from the club as well to back up your purchase price. you could also try the club insurance, or Carol nash who I use.

[Stagdad]

You could try putting you reg into "we buy any car"

[DJT]

Dump Classicline and go with RH or Peter James or one of the other insurers that respect Agreed Value cover.

[MandM]

There's a big section on insurance in the August Mag

[fussydave]

Classic Line are not going to take your estimate of the car's value without proof, no insurance company will. So you need to get the car valued. You can do this through the Stag Club's valuation service, Classic Line's own service, an independent valuer, or, in my case, my local Stag specialist garage who know the car well. You submit this with 6 photos of the car and they will then agree the value.

Dave.

[Goldstar]

I have agreed valuation cover with Classicline. I got a valuation via Russell Lewis (see mag) and sent it to them et voilá agreed value sorted.

ive I shred several cats through them and always found them helpful, give them a call and ask.

[DJT]

ive I shred several cats through them.......

[marshman]

Go back to them and ask them to add the "agreed value" option to your policy as listed on their website. Usually involves filling out a vehicle condition form and supplying a few pictures (unless the valuation is really high - but £15,000 for a Stag sounds reasonable). Should add no more than £15 to £20 to the policy. Any classic car insurer will do an agreed value extension on a classic car policy but you might need to explicitly ask for it.

Just moved my stag insurance to Adrian Flux - £85 with Agreed Value of £15000, they just need me to fill in a mileage declaration and send them 6 pictures - they wanted an extra £15 for agreed value cover but I got them to waive the fee as it was a new policy with them and they wanted my business.

Roger

[flying farmer]

When I bought my stag I paid about £5700 for it but it came with loads of valuations in the 10 to 12K region and I had the same problems to begin with, but I subsequently had to do a lot of work to it. I later insured it for a greater value than I paid for it

[Goldstar]

If only. Love a bit of autocorrect

[Sarge66]

I too am insured with Adrian Flux and this year I applied for an agree valuation of £1500. Downloaded the application form and provided the photographs they required. Posted the paperwork to them and received confirmation of the agreed value in about 10 days. Good value at £15 and easy to do.

Noel

[flying farmer]

I too am insured with Adrian Flux and this year I applied for an agree valuation of £1500. Downloaded the application form and provided the photographs they required. Posted the paperwork to them and received confirmation of the agreed value in about 10 days. Good value at £15 and easy to do.

Noel

I assume the above is a typo, a £1500 stag is a bit of a heap!

[Sarge66]

Oops! Needs another 0 so yes a typo. Should have been £15000. Thanks for pointing it out.

Noel

[Rod1883]

I have the TR2 and the Stag insured via the TR Register scheme (which I appreciate isn't an option if not a TRR member) - the process was as others have said, photographs etc - and up to the value I have (£15k) you can self certify. I was also lucky that I was able to get the TRR Insurance chap to look at the car in the flesh when it was on the Triumph Survivors display at the TRR International weekend last year. I addition to Agreed Value, I also have a 25% uplift to cover the extra cost over value for reinstatement of the car should the worse happen.