Discussion
I've never discussed minimum value with the insurance company.
When I wrote off my first Tuscan, the insurance inspector made a valuation based on the prices for similar cars at the time.
The settlement figure was more than I had paid when I bought it 30 months before.
What is the main benefit ?
Tuscan prices are on the up so isn't there a risk ?
When I wrote off my first Tuscan, the insurance inspector made a valuation based on the prices for similar cars at the time.
The settlement figure was more than I had paid when I bought it 30 months before.
What is the main benefit ?
Tuscan prices are on the up so isn't there a risk ?
Would like to get updated value on my car, at present 19k not many LSx cars been sold so quite hard to value, any thoughts, I know its way less than build cost
2001 Tuscan LSx 5.7 From V8star DTM car Crower rotating assembly Roush hand ported heads, Dailey Dry sump, MoTec ECU, tremec T56 6 speed box, AP 330 bell and rotors, Nitron dampers, Powerflex bushes
.
2001 Tuscan LSx 5.7 From V8star DTM car Crower rotating assembly Roush hand ported heads, Dailey Dry sump, MoTec ECU, tremec T56 6 speed box, AP 330 bell and rotors, Nitron dampers, Powerflex bushes
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so called said:
I've never discussed minimum value with the insurance company.
When I wrote off my first Tuscan, the insurance inspector made a valuation based on the prices for similar cars at the time.
The settlement figure was more than I had paid when I bought it 30 months before.
What is the main benefit ?
Tuscan prices are on the up so isn't there a risk ?
It's an agreed replacement value, in other words a buying prices for the equivalent car and its in black and white on my insurance policy. I suspect if an insurance company write your car off as uneconomic to repair you will only get the "book value/Glaces Guide selling price" and have to hassle for more. When I wrote off my first Tuscan, the insurance inspector made a valuation based on the prices for similar cars at the time.
The settlement figure was more than I had paid when I bought it 30 months before.
What is the main benefit ?
Tuscan prices are on the up so isn't there a risk ?
Walford said:
Would like to get updated value on my car, at present 19k not many LSx cars been sold so quite hard to value, any thoughts, I know its way less than build cost
2001 Tuscan LSx 5.7 From V8star DTM car Crower rotating assembly Roush hand ported heads, Dailey Dry sump, MoTec ECU, tremec T56 6 speed box, AP 330 bell and rotors, Nitron dampers, Powerflex bushes
.
Manning s have agreed a substantial increase on mine to reflect the money spent on the car. Speak with the insurers and ask them what they need to insure it at replacement costs. James Agger gave me a statement of value based on the car and receipts for work done. Now agreed with mannings2001 Tuscan LSx 5.7 From V8star DTM car Crower rotating assembly Roush hand ported heads, Dailey Dry sump, MoTec ECU, tremec T56 6 speed box, AP 330 bell and rotors, Nitron dampers, Powerflex bushes
.
glow worm said:
It's an agreed replacement value, in other words a buying prices for the equivalent car and its in black and white on my insurance policy. I suspect if an insurance company write your car off as uneconomic to repair you will only get the "book value/Glaces Guide selling price" and have to hassle for more.
Hi Glow worm, the thing is, because there is no 'book price', the Valuer searched the market for an equivalent replacement for mine. He took into account rebuild etc and came back with a price and even provided me with his finds if I was interested. He was very thorough and his valuation was more than I had paid due to what was available at the time.We've spoken quite a bit on here about increasing prices so arn't we better off getting the cars valued at the time of need rather than fixing a price possibly a year before.
I can see the benefit of knowing that your cars value is set but which is the biggest risk ?
I dont know. (Hope I dont test the market again).
so called said:
Hi Glow worm, the thing is, because there is no 'book price', the Valuer searched the market for an equivalent replacement for mine. He took into account rebuild etc and came back with a price and even provided me with his finds if I was interested. He was very thorough and his valuation was more than I had paid due to what was available at the time.
We've spoken quite a bit on here about increasing prices so arn't we better off getting the cars valued at the time of need rather than fixing a price possibly a year before.
I can see the benefit of knowing that your cars value is set but which is the biggest risk ?
I dont know. (Hope I dont test the market again).
Whilst the above is true of most policies, there are those insurers who simply base their offer on a book price, normally from Parkers or similar, leaving you with the hassle of negotiating. We've spoken quite a bit on here about increasing prices so arn't we better off getting the cars valued at the time of need rather than fixing a price possibly a year before.
I can see the benefit of knowing that your cars value is set but which is the biggest risk ?
I dont know. (Hope I dont test the market again).
Even for those that don't use book price, and show good practice as per your example above, we should all be aware of what we're actually paying for.
All policies will have a limit (upon which the premium is based) so lets say you insure your car for a declared value £30k. This is what is normally shown on your schedule/certificate and it will actually mean "market value up to £30k". So in the event of a total loss, you're still in the hands of the assessors. Now lets say you had a car with a 4.3 conversion, but no similar cars were for sale at the time of your loss. Not only is it then hard to work out/agree a figure, it would also be impossible for you to buy a car with a 4.3, leaving the only option open being to purchase a standard car and pay the full upgrade.
The main benefit of having a guaranteed value is that you can normally agree it at slightly higher than the current market value. However it will still be limited by the declared value, so you would need to declare it and pay any premium increase.
In my case, I have a Tuscan 2S, with a 4.3 and a recent respray, and an agreed value of £45k. Would it sell for £45k privately in it's current state, no. But if it was nicked, then would it would certainly cost somewhere around that to purchase one, and put it back to a 4.3 and a full respray.
Tony at Hexham (who I purchased the car off 2 yrs ago) has always been helpful in supplying a letter to confirm the above, and the insurers are happy.
Be aware that even on a specialist policy, in rising market you're still limited by the declared value so if you bought your car for £30k, declared it to be worth £30k, and then 6 months later is was stolen but the market had moved to £40k sale prices, you'd still do well to walk away with £30k.
P.S. Anyone wanna buy mine for £45k
so called said:
Hi Glow worm, the thing is, because there is no 'book price', the Valuer searched the market for an equivalent replacement for mine. He took into account rebuild etc and came back with a price and even provided me with his finds if I was interested. He was very thorough and his valuation was more than I had paid due to what was available at the time.
We've spoken quite a bit on here about increasing prices so arn't we better off getting the cars valued at the time of need rather than fixing a price possibly a year before.
I can see the benefit of knowing that your cars value is set but which is the biggest risk ?
I dont know. (Hope I dont test the market again).
You asked for the benefits..I told you..Your choice We've spoken quite a bit on here about increasing prices so arn't we better off getting the cars valued at the time of need rather than fixing a price possibly a year before.
I can see the benefit of knowing that your cars value is set but which is the biggest risk ?
I dont know. (Hope I dont test the market again).
.^^ not unless you agreed valuation is less than your declared value, which would be unlikely.
That's why it's best, if you have an agreed value, to renew it each year, and budget for potential increases in price.
The other option would be to ring and see if you can increase the declared/agreed value part way through the year. There might be a premium increase and/or an admin charge I guess?
That's why it's best, if you have an agreed value, to renew it each year, and budget for potential increases in price.
The other option would be to ring and see if you can increase the declared/agreed value part way through the year. There might be a premium increase and/or an admin charge I guess?
so called said:
Hi Glow worm, the thing is, because there is no 'book price', the Valuer searched the market for an equivalent replacement for mine. He took into account rebuild etc and came back with a price and even provided me with his finds if I was interested. He was very thorough and his valuation was more than I had paid due to what was available at the time.
We've spoken quite a bit on here about increasing prices so arn't we better off getting the cars valued at the time of need rather than fixing a price possibly a year before.
I can see the benefit of knowing that your cars value is set but which is the biggest risk ?
I dont know. (Hope I dont test the market again).
One things my insurers told me when agreeing a value was that a car like the Tuscan is regarded as a seasonal vehicle in that it will command a premium in spring and early/mid summer. We've spoken quite a bit on here about increasing prices so arn't we better off getting the cars valued at the time of need rather than fixing a price possibly a year before.
I can see the benefit of knowing that your cars value is set but which is the biggest risk ?
I dont know. (Hope I dont test the market again).
Cats said:
Ken Morgan at RG will give you a valuation on letter headed paper for free. Not sure if it is up to what you want for an insurance valuation. Chas at Str8six will give you a valuation for a fee.
f
k me if that Chas values it it will be 50% more than its really worth, a bit like his cars. 
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