Advice for Insurance Valuation

[Apollya]

Hi all, I’m coming up to insurance renewal time and need to update the car’s valuation to ensure I have correct cover level.

Car Details: 2008 Manual V8 Vantage 4.3L N400 Roadster in Lightning Silver. Currently about 59,000 miles.

The issue I have is the suggested valuation just depreciates year in year, I know what I paid for the car 2 years ago, but since then it’s seems to me prices have gone up somewhat.

When I try using any online list price or valuation tool, I cannot even select the correct car model, N400 doesn’t exist in their systems so it just returns prices for standard 380hp 4.3L V8.

The valuations I’ve managed to get online seem too low and unrealistic.

I could only find one other N400 for sale online, at £38k it had similar mileage at 60,000, but was a Coupe not a roadster and also was Sportshift and not manual gearbox. From when I was looking to buy originally I recall roadster seemed to add a few k and manual as rarer often added about 5k.

So question is what do you think is reasonable for me to set as valuation or can any offer any advice.

[alscar]

Are you talking about getting a valuation for a specific agreed value policy or just giving the Insurer something to go off for quoting ?

[LTP]

If you want agreed value you'll need to get an official valuation and an agreed value policy, because most insurers, irrespective of what you tell them it's worth, will only pay book value.

And, in my experience, agreed valuation policies won't take your word for it.

[nickv12]

Yeah… just renewed my insurance at an agreed value. It’s only enabled if they get a third party valuation in writing. HWM kindly provided the valuation, but they know the car well and see it regularly.

If you go to an AM main dealer for servicing, they may be kind enough to help too.

Otherwise, I wouldn’t go for an agreed value for yours. Don’t get me wrong - it’ll be lovely and cherished, but depending on your risk tolerance, the extra paid for an agreed value may be proportionately not worth it.

[alscar]

In addition to the good advice already given would just add that if you did want to go the agreed value route then post year 1 sticking with the same Insurer helps maintain ( or indeed increase ) the value.
Alternatively going via a broker may help.
Again agreed value policies / choice of Insurers dictates these won’t be “ cheap “ but as ever you get what you pay for.
Valuations are usually needed ( year 1 definitely as they won’t just take your word for it ) but these could be a mixture of MD , AMOC potentially , or in your case a combi including what Auto trader might have.
Fwiw I have a Chubb masterpiece policy for all our cars and all 5 are agreed value including the “classic “ Defender of 2008 vintage.
Each year they make some adjustments but are open to conversation.
Chubb also give an uplift clause of +50% should for whatever reason our agreed value isn’t sufficient.
As all 5 are either now not made or are somewhat hard if not impossible to get in the same condition and mileage and spec this means the cost ( which isn’t cheap ) is worth it for peace of mind.

[nickv12]

alscar said:

Chubb also give an uplift clause of +50% should for whatever reason our agreed value isn t sufficient.

That's interesting. I'm with Locktons, and from memory, they would stick firmly to the agreed value. I like the sound of Chubb's policy, just in case values shift (as they always do).

Another note about insurance. Premium insurance typically also adds the clause that you can elect your chosen repairer (MD or otherwise) for any work. This is what made me nervous when I temporarily switch to Admiral: much cheaper, but I don't want a massive argument whether the car is to be dragged off to the local mass volume paint shop or welder.

[alscar]

nickv12 said:

alscar said:

Chubb also give an uplift clause of +50% should for whatever reason our agreed value isn t sufficient.

That's interesting. I'm with Locktons, and from memory, they would stick firmly to the agreed value. I like the sound of Chubb's policy, just in case values shift (as they always do).

Another note about insurance. Premium insurance typically also adds the clause that you can elect your chosen repairer (MD or otherwise) for any work. This is what made me nervous when I temporarily switch to Admiral: much cheaper, but I don't want a massive argument whether the car is to be dragged off to the local mass volume paint shop or welder.

As I say it’s not cheap although when I have had Locktons quote in the past the differential wasn’t sufficient to get me to change.
I’ve also had policies with ZPC previously but they didn’t seem to understand customer loyalty post loss and then jacked up the price for literally no good reason a few years later !
I’m sure with any of the so called HNW insurers choice of repairer shouldn’t ever be an issue and indeed most if not all market this as one of the benefits.
Unfortunately ( or maybe not ) people don’t really appreciate this until they suffer a loss.

[Apollya]

Thanks all for comments and responses.
I think what I was struggling with is for a numbered car how they evaluate the market list price, my view is it needs to cover replacement, easier said than done. I’ll reach out to some of the insurance companies named for quotes and see if they are reasonable, I’m also AMOC member, so had heard of lockton, let’s see what they come back with.

[alscar]

Apollya said:

Thanks all for comments and responses.
I think what I was struggling with is for a numbered car how they evaluate the market list price, my view is it needs to cover replacement, easier said than done. I ll reach out to some of the insurance companies named for quotes and see if they are reasonable, I m also AMOC member, so had heard of lockton, let s see what they come back with.

I think making them aware of the numbered edition is a good starting place and going agreed value as opposed to market value as well.
Locktons as the AMOC’s recommended broker is a good idea as they should be aware of such nuances.
If you need to go to a neutral broker ( they will probably end up with slightly different access to different Insurers ) then I have used Nowell & Richards for years.