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hylandmotorsport

Valuations For Car Insurance

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Well, I'm just renewing my insurance on my '83 S3 Esprit N/A and I've been asked to get a valuation of the car.

I'm just finishing a restoration project on the car so I've asked to increase the value of the car on the policy, they seem ok about that but do want a vaulation carried out.

Does anyone have any experience of having this done? My insurance company have said that they are happy to have anyone value the car that knows how to value a car as long as the valuation is on headed paper. They have not stipulated a valuer to use, neither have the stipulated that it must be done by a valuer that can value classic cars for classic car insurance policies.

Obviously I'd like to get as best a valuation on my car as I can, ie the most accurate value for the car. I'm in Belfast so I've no idea if there are any specialists that could value the car correctly locally.

To satisfy my insurance all I need is a valuation but I'd like it to be accurate. Does anyone have any suggestions of where I can go (without driving to the mainland) or what I can do to get a good evaluation?

Just for the record, I've been quoted

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Hi David,

I'm the official valuer for several Lotus clubs and I am also the sales manager at a Lotus dealership so I have a ready supply of headed paper!

If you can send me a detailed description of the restoration, along with six recent pictures and a copy of the registration document and MOT certificate, I will value it with pleasure.

Insurance companies usually ask for what is known as a "Trade Replacement Value" ie. in the event of a total loss, what will they have to spend in the trade to buy a similar condition car. Always a bit tricky as no two Esprits are the same, but I have a fairly shrewd idea of where it should be valued.

If you send me a PM in the first instance, we can get the ball rolling.

It'll cost you a £5 donation to Bibs and Laura's favoured charity - The Make a Wish Foundation!!

Catch up with you soon,

All the best

Guy

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Well in Guy! thats fantastic help. What these forum thingies are all about.

Valuation is always a tricky thing. My car is currently valed for the insurance purposes at 10K and not in the nick your car is in. I would expect it to be significantly higher than 8K. It helps having so few of these cars on the market as owners can effectivley influnce values

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As an aside, if you have an agreed value policy make sure that you've sent all of your paperwork in. I thought I had, I'd sent off the pictures requested but Adrian Flux require a separate admin form to be filled out, it's causing me problems now!


88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

Evora NA

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I insure with Shannons, one of few classic car insurers here. After the re-spray I sent some photos of the car to discuss uping the insured value. They contacted me the following day, to say they had almost doubled the value. I was happy with that. :thumbsup:


Life is like a sewer, what you get out of it, depends on what you put into it. (Tom Leahrer)

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I insure with Shannons, one of few classic car insurers here. After the re-spray I sent some photos of the car to discuss uping the insured value. They contacted me the following day, to say they had almost doubled the value. I was happy with that. yes.gif

Just for interests sake, what did they value it at Roger ? I have Shannon's insuarance with an agreed value of $28K at the moment, it seemed fare at the time.


Too many Toys are never enough !

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