recognised club valuation scheme

[Norman Verona]

Mark,

I'm seeking facts. I'll get back to Club Sec with info when I have it.

Unless things have changed in since I was in involved with this type of thing the insurers who specialise in our type of vehicles seek to arrange an approved valuation service.

They get the lions share of the business if they can get a scheme running.

I had my car insured for £13,000 and being a tight git felt it was enough. The engine would cost £20,000 alone to replace but I felt it was unlikely to be a total loss in an accident and also unlikely to be stolen so left it at that.

Then something happened on the dark side which made me think. I got some photos off with the spec and got a £20,000 valuation. A few pounds saw me with sufficent cover for the complete rebuild that was required after the accident. I did the labour and the parts were just short of £10,000.

Most insurers will write off when 60-75% of the value is reached. The "scrap" value will return the balance. Had I not increased the cover I suspect the car would have been written off and I would have had to buy the car from the insurer having accepted £13,000 in settlement. Same end result (about) but much easier to not have to go through that.

By the way, an agreed value for a vehicle is a bit different to increasing the agreed value after a major upgrade. Both are easy to process if you know what to do.

Not to have an agreed value is dangerous. If the cars written off how do both parties know what the payout is worth. It's difficult enough with a 3 year old Mondeo don't try it with a Westfield.

[JeffC]

mark - i think you owe jeff an apology mate

You're right, I do.

Norm and Jeff.

After a re-read of what I have said here, I would like to offer you both an unreserved apology for any offence caused. It was not, and is not my intention to cause offence. I was trying to ensure that the debate moved along with accurate clear facts, and in amongst the discussion I am afraid I got rather too carried away with the detail and lost sight of the bigger picture. I will continue to try to ensure that any fatcs are indeed correct, but I will also try to make sure that I don't succumb to the red mist whilst I do it.

thanks and apology accepted lets move on 

[tex]

i'm just hoping that someone with better knowledge of this subject can work something out for it really should be looked at

[Norman Verona]

Tex, as long as you mean insured values and not buy/sell values then I'm looking into it and will report to the club sec.

[Buzz Billsberry]

Nice to see Pandoras box has been opened again!

Buzz

[Muttleys V8]

Leave my wife out of it!