PCGB valuations
Discussion
tr7v8 said:
Just for the record we can do the same at TIPEC, again free for our members.
That's good. Who do you use? We always find it's a strain as only one person is officially approved as a industry valuer, and it's all extra on top of his usual workload. I wish they's approve Register Secretaries to value the cars, that would spread the load over more than 30 of us instead of one. The problem is that not all insurers accept RSs as "experts", and in the event of a claim it's possible they'd use the "non-approved valuer" as a get-out.
pauljmcnulty said:
tr7v8 said:
Just for the record we can do the same at TIPEC, again free for our members.
That's good. Who do you use? We always find it's a strain as only one person is officially approved as a industry valuer, and it's all extra on top of his usual workload. I wish they's approve Register Secretaries to value the cars, that would spread the load over more than 30 of us instead of one. The problem is that not all insurers accept RSs as "experts", and in the event of a claim it's possible they'd use the "non-approved valuer" as a get-out.
MrCooke said:
I'd imagine it's a full time job for just one person and a right pain for members at the other end of the country to have to take their cars all the way to wherever that one person lives or works!
Well Sam , what actually happens at PCGB is you send a description plus some photos in.....the car does not move ! 
tr7v8 said:
Sean our Chairman does ours, not sure of any other info!
That's good, I didn't know Sean was insurance-industry approved. It can only be a good thing if both Clubs have an approved valuer. I was pretty shocked when I had problems with an insurer's opinion of one of my valuations, even though it was done independantly of PCGB and I was entirely honest that I was only acting as an amateur enthusiast with a semi-official role. I've since been made very aware that insurers will only accept certain people as being qualified to give a valuation, and they will happily throw an agreed value out if they have any loophole available.
We certainly need to work together to ensure that the insurers honour agreed values, otherwise they are meaningless.
pauljmcnulty said:
tr7v8 said:
Sean our Chairman does ours, not sure of any other info!
That's good, I didn't know Sean was insurance-industry approved. The insurers I use want a valuation from a specialist who actually sees the car and reviews it on headed paper. They don't accept just photos and/or a letter from a guy who has never seen it!
It is reassuring to note that PCGB"s insurers do accept valuations in this way. Which ones do accept that? Clearly there is a precedent being set here.
Thanks
Having seen some rather high PCGB valuations on cars they have never actually seen I find it hard to believe an insurance company would strike out a cheque for that amount. In the event of a claim I would imagine the insurance company will have a good look at the car and start proceedings from there.
Henry
Henry
Henry-F said:
Having seen some rather high PCGB valuations on cars they have never actually seen I find it hard to believe an insurance company would strike out a cheque for that amount. In the event of a claim I would imagine the insurance company will have a good look at the car and start proceedings from there.
Henry
That's not an option if it's an agreed-value classic policy: in that case they've already accepted the valuation (or said 'don't be ridiculous') prior to any claim. Henry
I'm sure that the scenario you outline is likely for newish stuff on ordinary car insurance, though.
MrCooke said:
That can't really be true can it?
[Some?] Insurance companies are happy to accept a valuation from someone who has never seen the car?
I've not heard of any insurer turning a PCGB valuation down myself, nor disputing it in the event of a claim? My insurer (Classicline) accepts your own valuation for an extra fee. This is merely a form you fill in and return with some photos, and a declaration that you're being honest about the condition and value.[Some?] Insurance companies are happy to accept a valuation from someone who has never seen the car?
Someone who works full-time for PCGB, has decades of knowledge and experience, and the full team of people to back him up if he needs more info, must surely be capable of valuing a car based on the owner's supplied information? You're still subject to the usual conditions that all policies have about the information you supply being accurate.
pauljmcnulty said:
Someone who works full-time for PCGB, has decades of knowledge and experience, and the full team of people to back him up if he needs more info, must surely be capable of valuing a car based on the owner's supplied information? You're still subject to the usual conditions that all policies have about the information you supply being accurate.
No one is capable of accurately assessing the value of a car without seeing and driving it.MrCooke said:
pauljmcnulty said:
Someone who works full-time for PCGB, has decades of knowledge and experience, and the full team of people to back him up if he needs more info, must surely be capable of valuing a car based on the owner's supplied information? You're still subject to the usual conditions that all policies have about the information you supply being accurate.
No one is capable of accurately assessing the value of a car without seeing and driving it.If you've stated the condition inaccurately, the insurance company wouldn't be happy. ...
MrCooke said:
No one is capable of accurately assessing the value of a car without seeing and driving it.
Then why do the insurers approve someone from PCGB to value the cars? And Tipec do the same service? And my insurers accept my own valuation if I choose to self-certify it's value? If you send me all the information I need I can value a 944 without seeing it. Of course, you might be lying about the condition, but that's why insurers will void your cover if you lie to them.
As I said, in my eight years I've never heard of an insurer either refusing a PCGB valuation or refusing to pay out the full amount agreed, so perhaps they don't have a problem with it?
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