Insurance value

The Oily Bits S1 Specific Topics
1

Hi All,

Just had a call from my insurer to renew, and my policy is on specified value, not market. It is still at £26k from a few years back. I really have no idea what the realistic value of the car is. My car: 2001, Laser blue, 30,000 miles, unmolested, original K series, 190 bhp, nitrons, otherwise std.

Any suggestions on realistic value?

Thanks
Nick

2

Purely from perspective of an insurance value probably £55-60,000.

3

£50k I reckon Nick but will likely need a dealer or specialist to value on a letter head.

Like mine :smiley:

4

Why not switch to market value? Really it’s worth what it would cost you to replace.

5

Just insured mine, 190, 25k Miles for £45k, needed a dealer letter but that was easily done. Given that last year the insurance company kicked up a fuss at 35k it felt like a reasonable hike. You have to face that in the event of a total loss you probably can’t replace it. I took the view that 45k would get me something nice and it’s a lot more than I paid for it. I’ll probably bump it to 50k next year.

I know some would say it’s undervalued. I have a regular series of serious standing offers for my car and it’s a smidge more than them.

Keith

6

£45–50K Nick where can you find something similar at the price.??

Any track days planned if so you need Henderson Taylor …
Have Fun

7

Thanks all for the feedback.

I asked Jamie at B&C too, and his sense was that 60k is probably a bit strong, but depending on spec and condition, a sale would land somewhere between 40-50k, probably upper 40s. So any where there is a good insurance value.

Btw, I had an epic liner failure last summer. Picture F1 car going down main straight and engine eats itself and the rooster tail that follows…yup that’s what it looked like. Fortunately Max H did a great job repairing it and I tracked it since and it ran very well. There was a 2 inch crack in cylinder 2. Dave A mentioned that he is aware that the originally sourced liners were of ‘varied’ quality… apparently QA at the original manufacturer was a bit suspect.

Cheers All,
Nick

8

I reinsured mine at christmas and REIS and I concluded that the value should be £47500 which is the value I expected to achieve back then. Do we know the sale price of any cars in the last year?

Cheers,
Kurt

9

Mine was just taxated for insurance at £39.000. I feel its maybe a bit at the low end. He said actual value and market value is different and might be far apart.