Agreed Valuations - without a full set of photos
Discussion
My father has 2 very rare 1920's cars worth a fair amount. One car is now in storage, fettled and awaiting its companion before being sold. The other is sitting in his garage awaiting the marque specialist to get it into a state that it can extracted from the garage (my father had pulled a few bits off but couldn't put them back on, as his dementia set it) taken to the workshop, fettled and moved to the storage facility.
The insurance policies have an agreed value of 1/4 of the real value. I spoke to the insurers and asked for the cover to be increased to a true market value but they wouldn't do this without a full set of photos from all angles, pictures of the interior and engine & a declaration by a club member type person. Despite them insuring the cars for donkey's years.
There is no way I can take photos from all angles of the car in the garage. And it would look a mess because it isn't fully assembled. Obviously, I could get photos of the other car that is in storage, if I was prepared to drive a hour or two there and back. The marque specialist would vouch for the cars values without hesitation.
They are well known cars, the marque specialist is the only specialist for these cars, my father is well known for the cars. Them being under insured makes me nervous. Can anyone suggest an insurer that is a bit more flexible in this area?
The insurance policies have an agreed value of 1/4 of the real value. I spoke to the insurers and asked for the cover to be increased to a true market value but they wouldn't do this without a full set of photos from all angles, pictures of the interior and engine & a declaration by a club member type person. Despite them insuring the cars for donkey's years.
There is no way I can take photos from all angles of the car in the garage. And it would look a mess because it isn't fully assembled. Obviously, I could get photos of the other car that is in storage, if I was prepared to drive a hour or two there and back. The marque specialist would vouch for the cars values without hesitation.
They are well known cars, the marque specialist is the only specialist for these cars, my father is well known for the cars. Them being under insured makes me nervous. Can anyone suggest an insurer that is a bit more flexible in this area?
Would they accept a valuation report from the specialist working on them? And is it worth trying with the photos you can get, and see what they say?
Ultimately, if they get the photos and the specialist statement of "in their present condition, the vehicles are worth £100k apiece", all they can do is disagree and you go elsewhere. Or of course "if I wash them, it'd be £150k..."
Ultimately, if they get the photos and the specialist statement of "in their present condition, the vehicles are worth £100k apiece", all they can do is disagree and you go elsewhere. Or of course "if I wash them, it'd be £150k..."
InitialDave said:
Would they accept a valuation report from the specialist working on them? And is it worth trying with the photos you can get, and see what they say?
Ultimately, if they get the photos and the specialist statement of "in their present condition, the vehicles are worth £100k apiece", all they can do is disagree and you go elsewhere. Or of course "if I wash them, it'd be £150k..."
Thanks.Ultimately, if they get the photos and the specialist statement of "in their present condition, the vehicles are worth £100k apiece", all they can do is disagree and you go elsewhere. Or of course "if I wash them, it'd be £150k..."
When I spoke to them they were quite insistent that I have photos from all angles etc. At the time both cars were in my fathers garage and couldn't be moved. I was hoping that the current insurer would be more flexible, they acknowledged my predicament but wouldn't budge. Approaching a 'new' insurer in this situation, I would half expect most would be even more circumspect.
1 - Can anyone else take the photos of the complete car from the required angles and email them to you? Otherwise take a drive and take plenty of pics and get the marque specialist to confirm value . At least that would be one insured with a suitable value .
2 take the photos in the garage of the views they want, plus all the component parts removed and again a marque specialists report to say work is progressing but in the present condition the value should be £xxxxx. Then update it as soon as possible . Surely it would take only a hour or two to uncover/ remove other items to be able to take photos?
3Use a camera and landscape format - insurers hate portrait phone pics taken in a hurry . Try to get the best light you can, send plenty and they may be more flexible .
4 Point out that 'treating customers fairly ( tcf) ' includes being flexible where the policyholder my be considered to be vulnerable- a principle upheld by the Finanacial Ombudsman. Also remind them in writing of the long previous association, and that to get valuations etc in the middle of a pandemic is not easy and they must make allowance for this. Try to communicate only by email so you have a copy of all correspondence
2 take the photos in the garage of the views they want, plus all the component parts removed and again a marque specialists report to say work is progressing but in the present condition the value should be £xxxxx. Then update it as soon as possible . Surely it would take only a hour or two to uncover/ remove other items to be able to take photos?
3Use a camera and landscape format - insurers hate portrait phone pics taken in a hurry . Try to get the best light you can, send plenty and they may be more flexible .
4 Point out that 'treating customers fairly ( tcf) ' includes being flexible where the policyholder my be considered to be vulnerable- a principle upheld by the Finanacial Ombudsman. Also remind them in writing of the long previous association, and that to get valuations etc in the middle of a pandemic is not easy and they must make allowance for this. Try to communicate only by email so you have a copy of all correspondence
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