Concourse chims
Discussion
db484bhpv8 said:
I think i need to up my valuation for mine next renewal
Well worth it Derek, often people come unstuck with agreed values and find themselves in a position where they would have been better of with a standard market value policy.An agreed value policy is a binding contract based on the figure you've agreed with your insurer, and it's quite common for people not to update the figure as the value of their classic car increases.
Insurance companies love this apathy and often benefit greatly from it.
I know of one guy who had his series one 3.8 E-type roadster on a £55k agreed value policy for years, sadly the car was recently destroyed in a fire so became the subject of a total loss claim.
The payout was at the agreed £55k on the nose, even when everyone concerned accepted the true market value was nearer £105k, that's the flip side of a binding agreed value policy.
The irony of the situation is, if the owner just had the car on a standard market value policy he would have had a strong case to claim his £105k in full.
So if you have an agreed value policy the moral of the story is...
"keep your agreed value updated in line with the car's rising market value"
db484bhpv8 said:
I would need to check but think mine is at 12k at rhe moment. Hard to say what mine is worth really.
Mines only a standard 400 (97) it's a good clean example and have a 12k agreed with Classicline...I had a written valuation done by one of the specialists £11,500 and then sent a pile of photos to CL and they increased it by £500 to reach 12k
db484bhpv8 said:
I would need to check but think mine is at 12k at rhe moment. Hard to say what mine is worth really.
You definitely need it valued more than £12k, fiberglass cars are not cheap to repair properly because the work is very skilled a labor intensive.Heaven forbid any of us ever need it but having a full front end replaced after a collision could easily result in a £9k repair bill, and you need to keep in mind most insurers will only sign off a repair on or around 50% of the market value.
So to be safe you really need an agreed value of around £18k to avoid the dreaded Wright-Off situation.
Only idiots are talking the value of our cars down, the clever ones like Fernhurst are talking them up.
Like a good estate agent can play his part in setting the market locally, so the likes of Str8Six & Fernhurst are doing the same with TVRs, and lets be honest why wouldn't they when the market for all classics are going ballistic right now.
In the currently very strong market for useable classics, even at £18k a TVR stands as excellent value, and setting your agreed value at £18k could just save it in the event of a prang.
If you want my opinion we should all have an £18k agreed value policy as minimum
Your assuming that it is somebody from the magazine who has written this, but in reality it is likely to be a freelance writer that has submitted the feature. As for their knowledge of the car, then that is anybody's guess. I've been writing for magazines for years. I take what I deliver seriously and try and ensure that it is technically correct. Others don't... Nuff said!
ChimpOnGas said:
Well worth it Derek, often people come unstuck with agreed values and find themselves in a position where they would have been better of with a standard market value policy.
An agreed value policy is a binding contract based on the figure you've agreed with your insurer, and it's quite common for people not to update the figure as the value of their classic car increases.
Insurance companies love this apathy and often benefit greatly from it.
I know of one guy who had his series one 3.8 E-type roadster on a £55k agreed value policy for years, sadly the car was recently destroyed in a fire so became the subject of a total loss claim.
The payout was at the agreed £55k on the nose, even when everyone concerned accepted the true market value was nearer £105k, that's the flip side of a binding agreed value policy.
The irony of the situation is, if the owner just had the car on a standard market value policy he would have had a strong case to claim his £105k in full.
So if you have an agreed value policy the moral of the story is...
"keep your agreed value updated in line with the car's rising market value"
Ive never understood agreed valuations ,Insurance premiums seem to increase rapidly just buy increasing the agreed value by a few thousand .An agreed value policy is a binding contract based on the figure you've agreed with your insurer, and it's quite common for people not to update the figure as the value of their classic car increases.
Insurance companies love this apathy and often benefit greatly from it.
I know of one guy who had his series one 3.8 E-type roadster on a £55k agreed value policy for years, sadly the car was recently destroyed in a fire so became the subject of a total loss claim.
The payout was at the agreed £55k on the nose, even when everyone concerned accepted the true market value was nearer £105k, that's the flip side of a binding agreed value policy.
The irony of the situation is, if the owner just had the car on a standard market value policy he would have had a strong case to claim his £105k in full.
So if you have an agreed value policy the moral of the story is...
"keep your agreed value updated in line with the car's rising market value"
If i smashed my car in to a 1 million pound super car and put the driver in hospital which could cost another million what the hell does a few thousand extra on the value of your car matter !
Edited by SILICONEKID345HP on Tuesday 14th April 23:09
SILICONEKID345HP said:
Ive never understood agreed valuations ,Insurance premiums seem to increase rapidly just buy increasing the agreed value by a few thousand.
It's just a multiplier set by the actuary.The insurance game is just like gambling on the horses, the job of the actuary being fundamentally the same as that of a bookmaker.
The odds set by the bookmaker are no different to the premiums set by the actuary.
Premiums are calculated on risk & probability of claim, again this is the job of the actuary.
SILICONEKID345HP said:
If i smashed my car in to a the 1 million pound super car and put the driver in hospital which could cost another million what the hell does a few thousand extra on the value of your car matter !
Like I said, premiums are calculated on risk & probability.
The probability of a northern plumber crashing into a 1 million pound super car are virtually nil
On the other hand, slipping on cobbles & running over a whippet probably happens every week
ChimpOnGas said:
Like I said, premiums are calculated on risk & probability.
The probability of a northern plumber crashing into a 1 million pound super car are virtually nil
On the other hand, slipping on cobbles & running over a whippet probably happens every week
You are more likely to be pulled out your TVR and buggered by a queer within the M25,that is priceless .The probability of a northern plumber crashing into a 1 million pound super car are virtually nil
On the other hand, slipping on cobbles & running over a whippet probably happens every week
You would be to embarrassed to claim
Edited by SILICONEKID345HP on Tuesday 14th April 23:44
ChimpOnGas said:
Like I said, premiums are calculated on risk & probability.
The probability of a northern plumber crashing into a 1 million pound super car are virtually nil
On the other hand, slipping on cobbles & running over a whippet probably happens every week
Thought he was from the Midlands?The probability of a northern plumber crashing into a 1 million pound super car are virtually nil
On the other hand, slipping on cobbles & running over a whippet probably happens every week
SILICONEKID345HP said:
ChimpOnGas said:
Like I said, premiums are calculated on risk & probability.
The probability of a northern plumber crashing into a 1 million pound super car are virtually nil
On the other hand, slipping on cobbles & running over a whippet probably happens every week
You are more likely to be pulled out your TVR and buggered by a queer within the M25,that is priceless .The probability of a northern plumber crashing into a 1 million pound super car are virtually nil
On the other hand, slipping on cobbles & running over a whippet probably happens every week
You would be to embarrassed to claim
Edited by SILICONEKID345HP on Tuesday 14th April 23:44
Have you blokes seen the Griff SE that Fernies have up for sale? 34K miles, 2001 MY, and the asking price is only 50K (it is mint mind... and modified, I can't see an AFM)
Yep that's right £50,000 for a Griff..... I think it's about time we had a major think about how much our beloved Chims should be worth....
Yep that's right £50,000 for a Griff..... I think it's about time we had a major think about how much our beloved Chims should be worth....
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