Insurance..'Agreed' or 'Market' value?

[BlueNGT]

The Insurance renewal is around the corner and not sure what to do with the insurance.

A friend has recently insured his car with my current Broker A Mannings and he was asked if he wanted to insure his car for an Agreed value or Market value. For the Agreed value he was asked to for photographs and a valuation.

Couple of questions:

1.) Who does one use to get a valuation that would be accepted on how much would it cost?
2.) Is it worth getting an Agreed val with the market rising the way it is?

 

[carreraboy]

Register Secretary or Assistant can do a valuation you need to request the forms from your insurance company......and as always it's Free!

Recently both Melv and I have had more requests than normal with increasingly rising prices. The question really is if you wished to buy your car tomorrow what would you have to pay for it in todays market, problem at the moment is finding one and reluctant sellers will demand a premium. Your N-GT is very hard to replace and would think about £50,000+ as a replacement would be a ball park figure, however not really inspected the car closely but seems a really nice example. A N-GT Maritime was in the Sunday Times at £50,000 right money if the right car, however this is about the first one I've seen privately for sale in two years, so if you wanted to replace yours, be prepared to pay a premium, premiums are being paid and enforcing values and the spiral continues if you follow.

 

[BlueNGT]

I think my Insurance is due in August Des, if you or Mel have time over the Silverstone weekend would you mind having a look over it before I get the forms etc?

I'll bring along my invoices for the full rebuild 4,000 khm ago, full new Suspension fitted last November and anything else relevent.

Saw the Times car, believe its the car Autofarm sold a few years back. I enquired twice about the car couple of years back but was told both times that it wasnt for sale. Owner must have been flushed out by recent values. Never raced but has Intercom, Sprinkler and Extinguishers!?

 

[carreraboy]

Sounds a good car, Mr PW and I put a certain private punter on to it....hopefully he's bought it and we will see it out at play and hopefully not end up as a Garage Queen as a certain GP White car in Kent.

Get the forms anyway and bring them to Silverstone, sound you have invested a few £££££ in the N-GT money well spent. Rumour was Mr Speed was wobbling on his Minty Green N-GT.....hopefully someone smacked round the head.[]

 

[BlueNGT]

ORIGINAL: carreraboy

Get the forms anyway and bring them to Silverstone, sound you have invested a few £££££ in the N-GT money well spent. Rumour was Mr Speed was wobbling on his Minty Green N-GT.....hopefully someone smacked round the head.[]

I'll request the forms tomorrow.

I have spent many hours with Stu debating the merits of other cars to come to the conclusion he must not sell and he would regret it afterwards. Its going nowhere now!![]

 

[carreraboy]

Good man Simon, it's a keeper one of only three in the whole wide World[][][][]

 

[ChrisW]

ORIGINAL: BlueNGT

I think my Insurance is due in August Des, if you or Mel have time over the Silverstone weekend would you mind having a look over it before I get the forms etc?

I'll bring along my invoices for the full rebuild 4,000 khm ago, full new Suspension fitted last November and anything else relevent.

Saw the Times car, believe its the car Autofarm sold a few years back. I enquired twice about the car couple of years back but was told both times that it wasnt for sale. Owner must have been flushed out by recent values. Never raced but has Intercom, Sprinkler and Extinguishers!?

The frst owner was a German dealer who raced it.

It has known repaired accident damage to the front and near side --- bumper and front nearside wing --- but the shut lines on the engine cover are also not right and under to hood the rear section to rear wing welds look supect.

The mag alloys are in a very poor state and may be beyond refurbishment.

Autofarm may not have done as good a job as they claim --- certainly I am told JZM found plenty to put right.

As an aside, I have just had a huge water leak problem with a rear window fitted and re-fitted by Autofarm, and now hopefully with new seals refitted for the last time to stop the deluge I was suffering (--- the car lives out and I literaly had half an inch of water in the rear footwell) it's sorted. Autofarm v. --- the alternative !

So, it is a Cubsport, it has been raced, it has had a certain amount of bodywork --- but if it runs well and as a serious track fun car, it's probably worth good money. Maybe not £50k --- but we said that about the Maritime lightweeight at £45k and maybe that's now sensible money.

On the rarity stakes, there are 290 of them --- but very few available.

 

[BlueNGT]

ORIGINAL: carreraboy

Get the forms anyway and bring them to Silverstone, sound you have invested a few £££££ in the N-GT money well spent.

Des, I have spoken to the insurers and they have told me we can use the PCGB valuation form so I've printed that off and will bring it next weekend.

Thanks

 

[Damen]

Interesting stuff. Even if the Sunday Times car is as described by Chris it's worth £50k.

Simon, your car is worth a lot more than £50k, much closer to £60k!!! Don't insure it for anything less, because you won't be able to replace it for £50k (just look at the prices average lhd light weights are now selling for).

Damen

 

[carreraboy]

Very True Damen.....tip top N-GT Has to be circa £60K......as I said minimum £50K without seeing it...look forward to seeing it closely...[]

 

[Matt]

will everyone please stop hyping the values of the our cars....[]

its fine if you want an "investment", but if you want to actually use it as intended....

I could just (and only just) about justify spanking a £35k car round racetracks with gay abandon...but as values go stupidly high it's starting to get really annoying as I'm sh1t scared of stacking a £45/£50/£55/£??next month car in the armco..
and its costing me more to insure every year.

i think they are massively overated. the 993rs is much better, and the 996gt3 knocks it for six. top whack is about 25k for a 964rs...

 

[carreraboy]

Spot on Matt.....to put you out of your misery I have £35K sitting here....[] or is that too much wait.... last offer £20K if that makes you happier.....[]

Never bought my car as an investment, But to keep and track the bOll0cks off it....if others are asking values and need insurance valuations then so be....enjoy..

 

[BlueNGT]

My car isnt an investment either.

However if I need to replace should I make a mistake or somebody elses mistake write the car off etc then I would like to receive a cheque for the correct amout.

This will enable me to go out and try buy another without having to stump up a shed load of my own money to buy it just because the market has moved on that much and I didnt insure it correctly.

 

[Matt]

simon
wasn't a pop at anyone here for buying their car as an investment - more a statement that rapidly increasing prices are great if one is an investor/speculator - but rubbish for people like us who have bought to enjoy the cars as intended..for exactly the reason you stated - i don't want to insure mine to then be massively out of pocket should the worst happen...

anyway, 964's are rubbish. expensive to maintain, loads of faults, too harsh on the road etc. buy a 993/996 everyone..

matt
ps - thanks for the offer of £20k Des - i'll pm you tomorrow with a decision..[]

 

[BlueNGT]

ORIGINAL: Matt

simon
wasn't a pop

Sorry Matt,

Re-read my post and thought it might have come across a bit angry. Didnt mean it to come across like that.

Nothing wrong with investors, but I agreee it does make you think about the value more when before it wasnt such an issue.

Nice to have an appreciating asset outside of ones house though hey...and one that is great fun.

Just like the house I want to make sure its insured properly[]

 

[Matt]

no worries Simon - thought i'd offended you in my earlier post...

so how much do you reckon you will insure it for? I've got mine at £40k which i'm now getting concerned about..

 

[RSGulp]

ORIGINAL: Matt

no worries Simon - thought i'd offended you in my earlier post...

so how much do you reckon you will insure it for? I've got mine at £40k which i'm now getting concerned about..

I've just been getting quotes to insure my RS for another year - at 'only' £38k agreed value! I think I need to adjust the agreed value upwards a fair bit? Luckily the renewal isn't until early August so will have time to discuss with other owners at Silv Classic. I'm thinking in the region of £45k for the next year? Any thoughts?

 

[clubsport]

It gets confusing this valuation lark, Gmund have the Rubystone car for £33k....the 6k mile red basic (lightweight) sold for >£60k......with 2000+ of these cars made and various conditions over the years I will be suprised if the insurance companies don't soon start to ask for info before going along with club car park valuations. Currently for any car £50k, seems to be a number that insurance companies seem to get anxious over and weight premiums above accordingly.

 

[BlueNGT]

ORIGINAL: Matt

no worries Simon - thought i'd offended you in my earlier post...

so how much do you reckon you will insure it for? I've got mine at £40k which i'm now getting concerned about..

Pretty sure mine is only insured for £38k at the moment.

I always thought it was the garage queens that were worth the £50k or more but recent months would give the impression if I had to replace the car I would be looking at paying £50k or more for any Clubsport!?

Mine isnt perfect by any means, how many really are, but I dont want to lose out by insuring incorrectly or trying to save a few £'s if the agreed value costs a bit more.

When I spoke to Mannings yesterday they want the valuation and plenty of photos to be able to consider the agreed valuation policy. Suppose I'll throw in a few of the big bills to support it.