Enjoy. [emoji41]

 

https://www.adrianflux.co.uk/cult-classics/nissan-300zx/

On 21/06/2020 at 10:31, Chris said:

Surely any valuation will be less than the total spent though, so I imagine that might be counterproductive?!

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I guess that all depends on how you look at it chris?

As I've spent in excess of £30k on my car, if i don't have an agreed valuation figure set with the insurance company, in the event of an accident or loss i would be paid the going rate for the car or book price which i believe is around £7000 less the excess.

in effect that would leave me around £25k out of pocket, where if i have the agreed valuation in place, i only stand to lose a few grand which is far more acceptable in my opinion. 

As time passes the car will of course accrue a higher valuation, so although i may lose a certain amount, i wont be losing everything i've spent!

I'm sure you'd agree, after spending this amount on getting the car to the standard it is at, getting back near what you've paid is far better than next to nothing!

Insurance will never pay out every penny you spend on a car, neither will selling it on, but at least this way i'm protected to a level where i can at least be safe to know i could replace the car with something nearer to the condition of my own if the worst ever happened.. 

i see it as a safeguard thats as close as possible to regaining most of its value.

if it got damaged and the insurance sent me a cheque for £6.5K i would be devastated for sure, although in my own opinion, a car can be replaced but each one has an individual soul and no 2 the same.

there's no insurance for that though ?  

I guess that all depends on how you look at it chris?
As I've spent in excess of £30k on my car, if i don't have an agreed valuation figure set with the insurance company, in the event of an accident or loss i would be paid the going rate for the car or book price which i believe is around £7000 less the excess.
in effect that would leave me around £25k out of pocket, where if i have the agreed valuation in place, i only stand to lose a few grand which is far more acceptable in my opinion. 
As time passes the car will of course accrue a higher valuation, so although i may lose a certain amount, i wont be losing everything i've spent!
I'm sure you'd agree, after spending this amount on getting the car to the standard it is at, getting back near what you've paid is far better than next to nothing!
Insurance will never pay out every penny you spend on a car, neither will selling it on, but at least this way i'm protected to a level where i can at least be safe to know i could replace the car with something nearer to the condition of my own if the worst ever happened.. 
i see it as a safeguard thats as close as possible to regaining most of its value.
if it got damaged and the insurance sent me a cheque for £6.5K i would be devastated for sure, although in my own opinion, a car can be replaced but each one has an individual soul and no 2 the same.
there's no insurance for that though [emoji6]  

Yea totally agree, same reasons I'm looking to get agreed valuation on mine - I was wondering where the valuation of the car itself comes into the agreed valuation for the insurance. Cus if zclub turn around and say it's worth £10-12k, surely that doesn't help your cause of wanting to insure it for £25k if you see what I mean.

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5 hours ago, Chris said:

Yea totally agree, same reasons I'm looking to get agreed valuation on mine - I was wondering where the valuation of the car itself comes into the agreed valuation for the insurance. Cus if zclub turn around and say it's worth £10-12k, surely that doesn't help your cause of wanting to insure it for £25k if you see what I mean.

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I see what you're saying Chris.

The Zclub will give a true valuation of the car based on it's overall condition, service history, modifications and bills for parts etc. 

They give a realistic figure based on the individual vehicle and although it may not cover all that you have spent, it will at least give you a much better value than the usual insurance would do.

there's nothing saying that you cant ask the insurance company to insure it for a figure you have in mind, but if you cant back that up with a valuation from a trusted source, they will usually have their own valuations people assess it for them.

i don't think their own assessors will hold the necessarily have the knowledge to actually really know the worth.

That said, you can always ask for the figure you want, but if they decide to have a valuation done, this can also work out less in your favour.

 

I see what you're saying Chris.
The Zclub will give a true valuation of the car based on it's overall condition, service history, modifications and bills for parts etc. 
They give a realistic figure based on the individual vehicle and although it may not cover all that you have spent, it will at least give you a much better value than the usual insurance would do.
there's nothing saying that you cant ask the insurance company to insure it for a figure you have in mind, but if you cant back that up with a valuation from a trusted source, they will usually have their own valuations people assess it for them.
i don't think their own assessors will hold the necessarily have the knowledge to actually really know the worth.
That said, you can always ask for the figure you want, but if they decide to have a valuation done, this can also work out less in your favour.
 

Might join z club and give it a go then! Thanks

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My insurer (Classicline Insurance) just asked me for six photos and the value I had in mind which they agreed to. That gives

me a starting point to build up from. When the final engine work etc is completed they will revise the valuation again. That may

involve their own people or a recognised third party depending on the value I think the car is worth at that time and how they

feel about it. I've been a member of the ZClub for many years and will use their valuation service if required. At the end of the

day the higher the agreed valuation is the more risk they are insuring against and the higher the premium is likely to be.

My insurer (Classicline Insurance) just asked me for six photos and the value I had in mind which they agreed to. That gives
me a starting point to build up from. When the final engine work etc is completed they will revise the valuation again. That may
involve their own people or a recognised third party depending on the value I think the car is worth at that time and how they
feel about it. I've been a member of the ZClub for many years and will use their valuation service if required. At the end of the
day the higher the agreed valuation is the more risk they are insuring against and the higher the premium is likely to be.

Contrary to my last post then, maybe I should just give them a ring and ask first!

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12 minutes ago, AndrewG said:

My insurer (Classicline Insurance) just asked me for six photos and the value I had in mind which they agreed to. That gives

me a starting point to build up from. When the final engine work etc is completed they will revise the valuation again. That may

involve their own people or a recognised third party depending on the value I think the car is worth at that time and how they

feel about it. I've been a member of the ZClub for many years and will use their valuation service if required. At the end of the

day the higher the agreed valuation is the more risk they are insuring against and the higher the premium is likely to be.

Classicline are happy with mods then? My car is pretty lightly modified in the grand scheme of things, pretty normal stuff like air filter, exhaust, clutch & flywheel, one piece prop, brakes etc, no big engine changes. But every insurer I speak to always says 'wow, lot of mods then' and I always think well not really...but it always seems to take them by surprise which I find really odd

Yes, I gave CL the complete list of mods and in my case they were happy to insure without referring to the underwriters.

I had asked Howard (BigH) who he was insuring his beast with and he said CL for a sensible premium. The person who

dealt with my application was actually interested in the car which was nice.

My premium with £25k agreed valuation is £430 taking in to account the uninsured idiot that hit my car causing me to have a fault claim on my insurance, however with all mods declared and that agreed valuation, i think thats actually quite reasonable with a claim on record.

Previously my premium was under £200 but flux decided to wack it up to over £700 after the incident that lead to a claim. Nice of them to penalise me for an unisured drivers mishap! 

 

Im now with lancaster.