Insurance agreed valuation.
Discussion
Now my restoration is near completion, I've started to wonder what to insure it for.
I've not added up what it's all cost me yet but there's a good chance it's more than market value for a 1993 430.
So I'm asking everyone's opinion on who they insure with and what would you value a full top to bottom restored Chimaera ?
Cheers
Cokes
I've not added up what it's all cost me yet but there's a good chance it's more than market value for a 1993 430.
So I'm asking everyone's opinion on who they insure with and what would you value a full top to bottom restored Chimaera ?
Cheers
Cokes
wuckfitracing said:
My 1993 430 is agreed value at £8000 if this helps.
Way too low, I recommend you raise that value quick smart!Think about what it would really cost if you just had a moderate shunt, properly grafting a new part front end on a Chimaera could easily eat up £10k with paint at a professional GRP specialist body shop like Surface & Design.
While fiberglass is excellent at absorbing impact it is also expensive to repair properly and even a small shunt can destroy a lot of bodywork.
Keep in mind that most insurers will look to write off a car if the cost of the repairs exceeds 70% of the value of the car, now think about the potential consequences of setting your agreed value too low.
With an £8k agreed value all you'd need is to experience a small traffic accident that requires £6k of body work and you may be in for a fight to save your car from that dodgy TVR breaker in the North East of England. And lets be honest here, you don't get a lot of GRP repair work for £6k these days!
Now consider an agreed value policy can work both ways when it comes to total loss too. I know of a guy with an E-Type that never moved his agreed value from the £30k he originally set many years ago. Sadly that car suffered a catastrophic fire last year and was completely destroyed, the insurer happily paid out the £30k agreed value and not a penny more.
When Mr E-Tye went shopping for a replacement car he found he couldn't buy a similar Jag for less than £60k, as we all know the value of these cars has rocketed in the last 10 years.
That £30k agreed value worked well for the insurer but not the insured, the irony is if Mr E-Type had his car insured on a market value policy the insurer would have paid out at least £60k straight away!
So keep in mind if you have an agreed value policy it can be a double edged sword, in the case of an £8k agreed value on a Chimaera you will almost certainly be better off with a market value policy as most insurers will be happy to accept a Chimaera is worth at least £12k these days.
The moral of the story is be sure to update your agreed value in line with the rising market, and be realistic about the true repair costs of your TVR unless you want to see it become a parts car.
One thing is for sure, that TVR breaker I referred too above will pay very strong money to your insurer for the salvage, so make sure he never gets the chance to bid on it.
Trevor450 said:
My fully restored 450 is at an agreed £20k with Classicline.
Thats much more realistic, we really must stop undervaluing our cars.If you properly add up how much it would cost to fully restore a Chimaera or replace a total loss restored car with something in the same condition, I'd say a £20k agreed value is the very minimum.
My 4.0 litre car is not fully restored but it is in excellent condition and much improved from what TVR delivered to it's first owner, I fixed my agreed value at £17k and my insurer didn't bat an eyelid.
Watch those agreed values boys, if you've chosen such a policy please make sure you set the value at a realistic level!!!
Remember agreed values can work both ways, set the value too low and you could easily end up wishing you'd put your pride & joy on a simple market value policy
Edited by ChimpOnGas on Monday 3rd August 10:01
I agree maybe mine seems low and I will look to change at renewal time, however there were several 430s being sold in recent months and the highest priced one was around the 12K mark. It was in better shape than mine cosmetically but getting a valuation in writing from a TVR garage to put a figure much more than this on it would seem to me to be unrealistic.
I do not have an agreed value policy as the insurer states that a claim would be based on replacement in the same condition/spec. or as near as possible to the lost/damaged vehicle or repaired whichever is the least.
My wife's classic Scirocco was written off, our valuation at the time was put at £1500 but a replacement in the same condition cost £2200 which the insurer paid for.
Dog forbid that anything happens to my 500 because I doubt the insurers will find another with 125k on the clock!!
My wife's classic Scirocco was written off, our valuation at the time was put at £1500 but a replacement in the same condition cost £2200 which the insurer paid for.
Dog forbid that anything happens to my 500 because I doubt the insurers will find another with 125k on the clock!!
Mine's a 400(97) and before filling the form out from classicline I had a specialist do a valuation.
They did a written valuation for £11,500. cost me £15-£20
I then filled the classicline form out and attached plenty of photo's including speedo reading(I sent these via email) and sent a copy of the specialist valuation.
Classicline then gave me an agreed valuation of £12,000,this was just over a year ago. Renewal this year I left it as it was as the agreed valuation lasts two years so I was told.
They did a written valuation for £11,500. cost me £15-£20
I then filled the classicline form out and attached plenty of photo's including speedo reading(I sent these via email) and sent a copy of the specialist valuation.
Classicline then gave me an agreed valuation of £12,000,this was just over a year ago. Renewal this year I left it as it was as the agreed valuation lasts two years so I was told.
WOW, thank you all 
I haven't contacted any companies yet and so I don't have a preferred one but I did have a figure of £20,000 to £25,000 in my mind. From what some of you have said it might be a bit of a stretch.
I understand this isn't a reflection on market value but on what I think I can do it all again for. So it's worth a try I guess.
I haven't contacted any companies yet and so I don't have a preferred one but I did have a figure of £20,000 to £25,000 in my mind. From what some of you have said it might be a bit of a stretch.
I understand this isn't a reflection on market value but on what I think I can do it all again for. So it's worth a try I guess.
Trevor450 said:
Photos and a statement from me with regard to what work had been done and the condition was enough. I didn't need a formal valuation.
Well pointed out... You don't "need" a specialist report,I just asked for them to do it for piece of mind whilst having m.o.t etc.Edited
Just been thinking for a few minutes and I'm starting to think that classicline did ask me to provide one
It may be in some correspondence letter but I don't fancy digging all through that right now. But there is a little something whirring in my head that tells me they did ask.Could be a different policy regarding what insurance company you're with.
Edited by TVRJAS on Monday 3rd August 22:58
I have an agreed value of £14,000 on my 450 Chimaera with REIS. When I asked them about this they just asked for a few shots of the bodywork, dashboard and engine bay and then quoted me a price. No hassle and gives me piece of mind.
I am planning to have a few more things done to the car over the coming couple of years (outriggers refurbished/replaced, chassis rubbed down and refinished, MBE system fitted amongst others) and they are happy to reflect this work by raising my agreed value based on invoices for the work I have done.
No brainer in my opinion.
I am planning to have a few more things done to the car over the coming couple of years (outriggers refurbished/replaced, chassis rubbed down and refinished, MBE system fitted amongst others) and they are happy to reflect this work by raising my agreed value based on invoices for the work I have done.
No brainer in my opinion.
TVRJAS said:
Trevor450 said:
Photos and a statement from me with regard to what work had been done and the condition was enough. I didn't need a formal valuation.
Well pointed out... You don't "need" a specialist report,I just asked for them to do it for piece of mind whilst having m.o.t etc.Edited
Just been thinking for a few minutes and I'm starting to think that classicline did ask me to provide one
It may be in some correspondence letter but I don't fancy digging all through that right now. But there is a little something whirring in my head that tells me they did ask.Could be a different policy regarding what insurance company you're with.
Edited by TVRJAS on Monday 3rd August 22:58
Lockton may be worth a try too. They are not a plc so not owned by anyone else (or a subsidiary) but can tailor cover for owners. They specialise in all sorts, they are recommended by Ferrari owners club, and I had a Boxster S covered with them for a year. Not quite the cheapest but superb cover.
They have several branches:
http://www.lockton.com/offices/uk
They have several branches:
http://www.lockton.com/offices/uk
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