Valuations?

[Caractacus]

Hi All,

I've just bought a mint (and I mean MINT!) 300 Tdi Disco for the Mrs and after looking at many, many tired, rusty, over priced cars (a few at dealers) I know I have to insure this car for its retail value (more than I paid for it).

Is there any way of getting a true valution as to retail market value for older LR product? I will also need to get my Defender valued.

Cheers,

C.

[heightswitch]

Caractacus said:

Hi All,

I've just bought a mint (and I mean MINT!) 300 Tdi Disco for the Mrs and after looking at many, many tired, rusty, over priced cars (a few at dealers) I know I have to insure this car for its retail value (more than I paid for it).

Is there any way of getting a true valution as to retail market value for older LR product? I will also need to get my Defender valued.

Cheers,

C.

I never understand this!! The car is worth what you paid for it? its what the market dictated and was at a price you were happy to pay. Why would you want to value a car at more than you paid? as you said the market is full of overpriced and rusty cars?

If it is a 300 tdi than it is a 98 or older year vehicle IE 13 years old. any parkers guide will give you its market figure. Its not as if theyre aren't hundereds of the bloody things for sale?

N.

[Caractacus]

heightswitch said:

I never understand this!! The car is worth what you paid for it? its what the market dictated and was at a price you were happy to pay. Why would you want to value a car at more than you paid? as you said the market is full of overpriced and rusty cars?

If it is a 300 tdi than it is a 98 or older year vehicle IE 13 years old. any parkers guide will give you its market figure. Its not as if theyre aren't hundereds of the bloody things for sale?

N.

It is quite obvious you don't understand it.

If I paid £150,000 for a Carrera GT and market worth puts it at £250,000 what's it really worth?

If I paid £100,000 for 45 acres of quality pasture and the market values it at £150,000 what is it really worth?

There are folk in each industry that know the true market value of whatever may be for sale.

I know that the car I just purchased for the Mrs is worth more than I paid for it. This is based upon viewing numerous other vehicles that had twice the mileage, were rust buckets and had not been cherished at all.

What I don't want to happen is have the vehicle under insured should the worst occur.

No, there are not hundreds of the 'bloody things' for sale, fyi. Not like this one at least.

The same can be said for my 300Tdi 110 Def. I paid under £7k for it. Less than a week later I was offered £9k by a dealer so he could pop it on his yard. What was the true market value then? He reckoned near as dammit £11500.00. Have you seen the 300Tdi 110 sold in the classifieds recently for £15k? No? Take a look.

I hope you get it now?

If an item is sold for under market value and it needs to be insured at market value do you not feel it prudent to insure said item for real market value???

Edited by Caractacus on Thursday 5th May 20:17

[LFB531]

Unless you are going for an 'agreed value' classic policy, the value you insure it for is likely to be academic as long as it's within range of current trends. If you make a claim for say total loss, the assessor will submit his opinion of value 'on the day'. If you don't like it, that's the time to prove he's wrong by providing evidence.

If you can find someone who will insure a LR on an agreed value now, that's the way forward. Might be a challenge for a late S1 Disco though!

[Caractacus]

LFB531 said:

Unless you are going for an 'agreed value' classic policy, the value you insure it for is likely to be academic as long as it's within range of current trends. If you make a claim for say total loss, the assessor will submit his opinion of value 'on the day'. If you don't like it, that's the time to prove he's wrong by providing evidence.

If you can find someone who will insure a LR on an agreed value now, that's the way forward. Might be a challenge for a late S1 Disco though!

Thanks for your post.

I agree about the agreed value policy however we don't have that luxury as we have a specialist rural policy that combines all and sundry.

I think the best route may be find a LR dealer to state a retail value on letter head and attach loads of photos to it for reference.

The new steer for the Mrs is like new inside. The exterior has no rust, and I mean none (I went over and under it with hammer and screw driver!), it has done 64k, two owners, never been off road and the Tdi lump is sweet as a nut.

I looked at many Discos that were for sale at up to £3500 / £4000 and this beats them all hands down. I paid under £3000, so a bargain was had for sure. IMHO the retail value for the new steer has to be circa £4500 to £5000...and yes, I know, something is only worth what someone is willing to pay...it would seem that the 300Tdi Defs/Discos sell very well and for strong money when in fine fettle.

Cheers,

C.

[cpas]

Some insurance companies will offer agreed values for a small fee, and you can take photos and send off as much info as required and they will do a valuation. This is normally for 'classic' policies but, for example, Adrian Flux offered me this on my 1991 Defender.

As an aside, I think what Heightswitch was trying to say was that if your Disco was worth a lot more than you paid for it, then someone else would have paid more for it. Doesn't always work I know as we once bought a Disco for a bargain as we knew the owner and he couldn't be bothered with the hassle of trying to sell it!!

[Caractacus]

cpas said:

Some insurance companies will offer agreed values for a small fee, and you can take photos and send off as much info as required and they will do a valuation. This is normally for 'classic' policies but, for example, Adrian Flux offered me this on my 1991 Defender.

As an aside, I think what Heightswitch was trying to say was that if your Disco was worth a lot more than you paid for it, then someone else would have paid more for it. Doesn't always work I know as we once bought a Disco for a bargain as we knew the owner and he couldn't be bothered with the hassle of trying to sell it!!

I'll chat to my broker and see what can be done

I think the phrase "the early bird catches the worm" sums up my experience (and perhaps yours) wrt buying our respective LR products There are always bargains to be had, if your quick, or fortunate enough to be in the right place at the right time.

[cpas]

I bought a really nice MK1 MX5 a few years ago, clearly below market value as it was approaching winter and the owner had to sell it quickly, and I happened to be the first one to see it who had the money readily available. My insurance company flatly refused to value it or any other car at above the purchase price, saying valuing something above what it was purchased for could be classed as fraud. My argument was that, taken to the extreme, a theoretical car that I had been given by an elderly relative or won in a competition for example could therefore only be valued at zero which would be ridiculous!!!