Insurance - can you insure for the rebuild cost

[Russian Rocket]

Following my recent experience, I was wondering if it is possible to insure the car for the rebuild cost rather than just market value.

It is not too difficult to prang the car in a way that costs 5 figures to repair. As the market value of these cars falls I can see that an increasing number will be written off following relatively minor accidents.

Personally I want to keep my P+J for several years, and have recently had to fight to keep my car from being written off

http://www.pistonheads.com/gassing/topic.asp?h=0&a...


Also it seems like a con to me. My insurance over the last 5y ownership has stayed roughly the same yet the maximum liability to the insurance company has fallen significantly (£52K new to £20-25 now)

[teamHOLDENracing]

I'd imagine the biggest exposure to your insurer is when you hit someone else and permanently disable them - which could cost them millions and is not linked to the depreciating value of your car...

[Zippee]

teamHOLDENracing said:

I'd imagine the biggest exposure to your insurer is when you hit someone else and permanently disable them - which could cost them millions and is not linked to the depreciating value of your car...

I agree - I've never really found the value of the car to have much of an affect upon the premium.

[TVR_owner]

Russian Rocket said:

Following my recent experience, I was wondering if it is possible to insure the car for the rebuild cost rather than just market value.

It is not too difficult to prang the car in a way that costs 5 figures to repair. As the market value of these cars falls I can see that an increasing number will be written off following relatively minor accidents.

Personally I want to keep my P+J for several years, and have recently had to fight to keep my car from being written off

http://www.pistonheads.com/gassing/topic.asp?h=0&a...


Also it seems like a con to me. My insurance over the last 5y ownership has stayed roughly the same yet the maximum liability to the insurance company has fallen significantly (£52K new to £20-25 now)

I have my race car insured in competition for a value based upon what it would cost to rebuild it. It's insured with Competition Car Insurance - maybe worth a chat with them?

[TVR653X]

Couldn't you use the insurance money to buy back the wreck and rebuild it?

[Gazzab]

You can agree whatever terms you like - you just need to find an underwriter willing to do it.

[snorky]

I've just had this kind of thing - chim valued at 10K repairs were 7K but they said 65% of value was max INC VAT even though the insurance co weren't VAT registered? anyway sorted it in the end - FG repairs are expensive!

[Gazzab]

Insurance Co no VAT registered? That must be a very small ins co to not be VAT registered?

[jammy_basturd]

First thing to do is to get an agreed insurance value. Get examples of TVRs being sold that have had the rebuilds, and then base your valuation on that. Fill out the forms, send them back, then follow up with a phone call to make sure the valuation has been agreed.

[JR]

TVR653X said:

Couldn't you use the insurance money to buy back the wreck and rebuild it?

jammy_basturd said:

First thing to do is to get an agreed insurance value. Get examples of TVRs being sold that have had the rebuilds, and then base your valuation on that. Fill out the forms, send them back, then follow up with a phone call to make sure the valuation has been agreed.

This approach is not economic. If the car has a market value of £25k and even if that is agreed then that is what one will recieve; not perfect if the rebuild cost is £45k which appears to be the possible position of the OP.