Insurance valuations

Topics relating to the series 1 Exige
gonein60seconds
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Insurance valuations

Post by gonein60seconds » Wed Apr 13, 2016 9:10 pm

Benja mentioned this on a current thread, I have a similar challenge, my insurance offers an agreed value as part of the policy which is something I wanted, but no idea how to get a valuation, and a proper one based on actual market values not a guess.

Any ideas, is it something we can do via Exiges.com ? Normally it's an affiliated club or similar that's accepted as the expert.

Cheers
** Looking for S1 Lotus Exige **

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Rob999
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Re: Insurance valuations

Post by Rob999 » Wed Apr 13, 2016 10:28 pm

WillB does valuations that insurance companies will accept.
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The83man
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Re: Insurance valuations

Post by The83man » Thu Apr 14, 2016 10:23 am

Agreed value insurance only works if the car has intrinsic value. For example if you have a valuation of say £10,000 on a car and you crash it, or burn it, and the repair costs exceed the agreed value then the car will be wriiten off by the insurance company. So, if you wnat to guarantee the future of the car past any sort of insurance claim then what you need is "re-instatement" value, which may exceed the market value. The higher the market value the less relevant this becomes so long as the rebuild costs do not exceed the market value.

With S1 prices strong it MAY not be necessary but something worth considering. Many underwriters will offer reinstatement value but there is an additional premium, of course. Worth shopping around, perhaps?
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MrBean
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Re: Insurance valuations

Post by MrBean » Thu Apr 14, 2016 1:46 pm

Agreed or reinstatement value essential as it looks as if our cars are appreciating ......and we all know how insurance cos Like to minimise their costs and will write off too quickly given the chance ......depends if you love or hate your Lotus at the time :? :angel:
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Hifidelity
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Re: Insurance valuations

Post by Hifidelity » Fri Apr 15, 2016 6:56 am

gonein60seconds wrote:Benja mentioned this on a current thread, I have a similar challenge, my insurance offers an agreed value as part of the policy which is something I wanted, but no idea how to get a valuation, and a proper one based on actual market values not a guess.

Any ideas, is it something we can do via Exiges.com ? Normally it's an affiliated club or similar that's accepted as the expert.

Cheers
I'm with Classic Line and they offer the service for £20. You just provide a few pictures and a brief description of the car and its history. Mine is at £40k but the way things are going it will need adjusting very soon.

gonein60seconds
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Re: Insurance valuations

Post by gonein60seconds » Fri Apr 15, 2016 9:51 pm

All - thanks for the feedback and great advice, my insurance is up at the end of the month, I'll test the option at renewal. With increasing values I'd like some confidence should the worse happen.

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** Looking for S1 Lotus Exige **

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jonnyfox
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Re: Insurance valuations

Post by jonnyfox » Sat Apr 16, 2016 9:04 am

I need to sort mine out too, any advice for a car in pieces?
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Benja
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Re: Insurance valuations

Post by Benja » Sat Apr 16, 2016 9:10 am

jonnyfox wrote:I need to sort mine out too, any advice for a car in pieces?
...errr reassembly :grin:

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jonnyfox
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Re: Insurance valuations

Post by jonnyfox » Sat Apr 16, 2016 9:12 am

Morning, spent the money on a Caterham, lol slight set back :mrgreen:

This time next year Rodney :thumbup:
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