Discussion
GRBF430F1 said:
Do you really want to insure it at a fixed valuation when the market is going up ? Surely you are better off with "market value" if it moves £30k in a year like 2014 you could be out of pocket unless you build in some appreciation in your valuation
Market value is tricky in a rising market when none are for sale. DL car just set the new high water mark for a dealer car although I know of a few private sales near the same figure. Unless you have an agreed value (and keep it updated) you might very easily end up out of pocket. I have to submit a Ferrari dealer valuation to Locktons to set an agreed value figure, they won't take my word for it. 
Edited by Russell996 on Thursday 29th January 19:24
Russell996 said:
GRBF430F1 said:
Do you really want to insure it at a fixed valuation when the market is going up ? Surely you are better off with "market value" if it moves £30k in a year like 2014 you could be out of pocket unless you build in some appreciation in your valuation
Market value is tricky in a rising market when none are for sale. DL car just set the new high water mark for a dealer car although I know of a few private sales near the same figure. Unless you have an agreed value (and keep it updated) you might very easily end up out of pocket. I have to submit a Ferrari dealer valuation to Locktons to set an agreed value figure, they won't take my word for it. Edited by Russell996 on Thursday 29th January 19:24
Russell996 said:
GRBF430F1 said:
Do you really want to insure it at a fixed valuation when the market is going up ? Surely you are better off with "market value" if it moves £30k in a year like 2014 you could be out of pocket unless you build in some appreciation in your valuation
Market value is tricky in a rising market when none are for sale. DL car just set the new high water mark for a dealer car although I know of a few private sales near the same figure. Unless you have an agreed value (and keep it updated) you might very easily end up out of pocket. I have to submit a Ferrari dealer valuation to Locktons to set an agreed value figure, they won't take my word for it. Edited by Russell996 on Thursday 29th January 19:24
1. Once per annum obtain an independent valuation at renewal time say.
2. Keep an eye (as best as you can given so few on the market!) on monthly value changes
3. Every qtr advise them of your valuation with examples etc and then they will adjust premium and also scheduled Agreed Value
4. In the event of a full claim they would pay your latest agreed value plus 50% of the difference between that Agreed Value and the latest price
I do not know if this would work if actually tested but there is some peace of mind that you are not going to fall foul of rapid price changes. I renewed in January so I will do a market check and advise them end of March, June etc and then get a proper valuation Dec.
I know this isn't quite the right thread for this but it does relate to your point Russell
_Leg_ said:
JCT Ferrari Leeds reckon they sold a 16M last week for £310k.
I was looking at a black Scud they have in at £220,000.
Ive decided not to. Im now wondering if I've made the right choice. FFS.
I'm not a fan of JCT. I was looking at a black Scud they have in at £220,000.
Ive decided not to. Im now wondering if I've made the right choice. FFS.
But beyond that, if that's true (£310,000) then things really are out of control.
_Leg_ said:
JCT Ferrari Leeds reckon they sold a 16M last week for £310k.
I was looking at a black Scud they have in at £220,000.
Ive decided not to. Im now wondering if I've made the right choice. FFS.
Scud for £220k (interesting)I was looking at a black Scud they have in at £220,000.
Ive decided not to. Im now wondering if I've made the right choice. FFS.
Cant seem to find this Scud on their website
Do you have a link you can attach
Thank you
Gassing Station | Ferrari V8 | Top of Page | What's New | My Stuff