Morning all. Just had my Nauruan W renewal quote from performance direct and I’m looking to increase the agreed value from 12k to 16k. The response they have submitted is the following to be able to achieve this.

 

 

This wouldn’t be an agreed value at the moment, to get an agreed value you will need to fill in the form, send over pictures of the car and get someone that specialise in classic car or an owners club to value the car. Once you have sent all of the relevant details to us, we will pass them over to the insurance company and if they agree with the value then there will be an agreed value on the car.

 

 

Therefore are we as a club in a position yet to verify agreed values for insurance in whatever form they require?

 

 

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As a club we never had a valuation specialist but with more members needing a club valuation I would be happy to do this. With 12 years of club membership and 300zx ownership I would be happy to value any 300zx. PM me some details mate.

I will confirm with Performance Direct what they require from a club for valuation and in what format as it may be a screenshot or an email from the club.


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Cheers  Gonzo I will be putting a thread up over the weekend on this new service the club will be providing.

Do insurance companies allow valuations from owners clubs? All agreed value policies I have had are conducted by the insurance company in house or outsourced to another company. I doubt they would accept a valuation from an owners club because of fraud.

2 hours ago, Alex_GT said:

Do insurance companies allow valuations from owners clubs? All agreed value policies I have had are conducted by the insurance company in house or outsourced to another company. I doubt they would accept a valuation from an owners club because of fraud.

Absolutely wrong on all counts Alex. Where do you think these ides up. ?

Do insurance companies allow valuations from owners clubs? All agreed value policies I have had are conducted by the insurance company in house or outsourced to another company. I doubt they would accept a valuation from an owners club because of fraud.

My middle paragraph in the initial is a direct copy and paste from the email they sent me so it appears valuation by a club is accepted in conjunction with sending them pictures and details. Obviously you are not going to get an agreed value if the pictures and spec do not warrant it in their eyes or more so the underwriters.


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I didn't realise insurance companies accepted "something someone said on the internet" as a proof of value. I personally would have it valued properly, you don't want any problems later on down the line.

19 minutes ago, Alex_GT said:

I didn't realise insurance companies accepted "something someone said on the internet" as a proof of value.

I'm currently in the process of registering a recent import with Swansea, I've got the necessary documents but one way of verifying the vehicle was hearing it from a reputable forum club, reputable I say, not this one ????. 

31 minutes ago, Alex_GT said:

I didn't realise insurance companies accepted "something someone said on the internet" as a proof of value. I personally would have it valued properly, you don't want any problems later on down the line.

Car clubs are run by enthusiasts who have expert knowledge on their chosen cars. This is why insurance company's respect club valuations and ask for them. If you think its "something someone said on the internet" you are wrong again.

I didn't realise insurance companies accepted "something someone said on the internet" as a proof of value. I personally would have it valued properly, you don't want any problems later on down the line.

Again this is why they are asking for the 2 part valuation verification therefore submitting pictures and description to them for the underwriter along with a valuation from a specialist or club. If the 2 are incongruent then they will not accept the agreed valuation.

You will not get 15k for a rust bucket zed whatever anyone says as they will look at it and refuse however a well presented zed will get the agreed value that is the whole point of agreed value. I had 12k agreed last year through the same simple process. I think you are missing the point of the underwriter valuation.

Also I’m sure the club here would not endorse an inflated valuation however prices are increasing and a lot of zeds that are now valued/listed over 10k and after some latest research people are now paying this price in the UK.


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I had a response from Performance Direct as I was trying to ascertain in what form they require a valuation from a club however it’s not quite clear still.

Below is what they sent.


We will take a valuation from a car club or a classic garage, or a garage that specialises in classic Japanese cars. You can send the details over when you have received them and we will have a look into this for you.


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I had a response from Performance Direct as I was trying to ascertain in what form they require a valuation from a club however it’s not quite clear still.

Below is what they sent.


We will take a valuation from a car club or a classic garage, or a garage that specialises in classic Japanese cars. You can send the details over when you have received them and we will have a look into this for you.


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1 minute ago, Gonzo12c said:

I had a response from Performance Direct as I was trying to ascertain in what form they require a valuation from a club however it’s not quite clear still.

Below is what they sent.


We will take a valuation from a car club or a classic garage, or a garage that specialises in classic Japanese cars. You can send the details over when you have received them and we will have a look into this for you.


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I will put a template up this week on what I would need to value our members cars but if you pm me pictures of both sides, front, rear, inside and engine. Tell me what you have spent on mods. What model you Z is and what year and mileage. Picture of your V5 and latest MOT. Plus what you think its value is if you had to replace it.

They always want the basic 6 pics as a baseline on the vehicle, to ensure there is no existing damage or obvious defects that they should know about. They ask for this each year, and always want fresh pics, not re-used.

As part of the overall valuation, you want to be sending detailed pics of the work or parts that are being used to justify the valuation, such as chassis and corrosion work, rust proofing, strip downs for restoration or repainting. Agreed value is not just the sum of the parts.

The valuation guys are not expert in every vehicle, but they do understand the value of prevention and maintenance, along with simple receipts for parts. This is why they will take club valuations into account during the overall process, while also checking sale adverts etc.

 

Alex, you are right, they wont accept a club valuation on it's own due to risk of fraud, but they do take them into account as part of the overall evidence you provide to justify the request. You want to supply as much of this evidence as possible to get the best valuation.

Sometimes you can offer a valuation price, and they respond with an agreement, but other times they will offer a different valuation, up as well as down, based on their industry knowledge or in comparison to other vehicles they already have on their books.

On ‎16‎/‎08‎/‎2020 at 11:03, Gaz 300 said:

Car clubs are run by enthusiasts who have expert knowledge on their chosen cars. This is why insurance company's respect club valuations and ask for them. If you think its "something someone said on the internet" you are wrong again.

I agree with this entirely - hence watch this space.....

Insured as of today, renewed with Adrian Flux

Found out their classic car insurer that I was with last year will only do max of £10k for agreed value (lost the will to live so caved in) but after being on hold for a day or two (more time on my hands this year for some reason . . ) they managed to  find another whom managed £15k