| Author |
Message |
    
james woo
Frequent User
Username: james
Post Number: 11
Registered: 7-2003
| | Posted on Wednesday, 06 August, 2003 - 14:27: |    |
Hi everyone:
I just brought a 1973 Silver Shadow, my insurance company quoted me $490 to insure the car as an everyday car (value insured $16,000). They also advise me that if I don't drive the car everyday, (which I don't, I have a car that I use as an everyday car) I can actually insure the Rolls as a classic vintage car, which will only cost $173 a year to insure (base on the value of $16,000), the only requirement is that I will have to provide the insurance company with a current valuation of the car annually.
They said I can get a valuation from any car dealer, the problem is not all car dealer is willing to give you a valuation unless you are buying or selling with them.
Do anyone know what is the best way to get a valuation of the car where it is acceptable by the insurance companies.
Justing thinking if the RROC would give such valuation, and the insurance companies would accept such valuation, that would be an extra benefit for the members.
Regards
James |
David Gore
Moderator
Username: david_gore
Post Number: 94
Registered: 4-2003
| | Posted on Thursday, 07 August, 2003 - 14:55: | |
James,
Professional Motor vehicle valuers are usually insurance loss assessors as well so try your local MTA association to get a list of members who do this work. If you are in Sydney, I can suggest Peter Wild of P&R Assessments - if he cannot value your car he will know someone who can. |
Bill Vatter
Unregistered guest
Posted From: 67.35.52.80
| | Posted on Friday, 15 August, 2003 - 04:02: | |
When I bought My Silver Wraith, I insured it for what I paid to the seller plus the freight to bring it home. My insurance agent took copies of those receipts and there was no problem.
A couple of years later, I revised the amount upwards about 15% based on I had loved the car awhile, and I just thought it was worth more. I told my agent that I had been fixing on it awhile and thought that made it more valuable, but didn't give him any receipts nor did I say exactly what I had done. In reality I didn't do much that could be valued. I adjusted, cleaned, polished did some overdue servicing, and I repaired some very minor items, like we all do all of the time with our cars. My insurance company did not resist the increase in valuation in the slightest.
I am now thinking that an additional revision based on an engine overhaul will be appropriate next spring, which will be another 15-20%. (I am not paying lots of money for the overhaul, because I'm doing it myself, but maybe I should make more than a 15-20% adjustment because overhaul is really not a cheap item.) I do not anticipate a problem then either. After all, for that one I will have some receipts.
I think that as long as you have a resonable basis for what you want to value the car, a good insurance company will not resist. If they do, maybe you should look for coverage elsewhere. Now my Silver Wraith is not a high value car, but neither is any Shadow. This should not be a big deal for any insurance company that writes that kind of insurance.
Regarding antique policies, the more important advantage than lower cost is agreed value. If you have ever had to face valuing a car after it is "totaled" you know that the insurance company is not likely to offer you what you think the car was worth. Then you start fighting with your insurance company, which is not fun. All of that is avoided with an agreed value policy.
Some companies have restrictive limitations that can be loopholes for them. For example an acquaintence had a Mustang which he took out to a restaurant for dinner. While he was eating, someone stole the car. The insurance company refused to pay, citing a clause in the policy that read the owner was to be with the car when it was not safe at home in its garage.
Read the fine print.
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Richard Treacy
Prolific User
Username: richard_treacy
Post Number: 49
Registered: 4-2003
| | Posted on Friday, 15 August, 2003 - 16:21: | |
The most important thing with insurance is not the value +/-30%. It's the rights to the wreck if it is written off.
I know of some bad experiences with this. If the car is valued at 100 widgets, and the repair costs 120, the insurance company will normally give you 100 and take the car from you. As a parts car it may be worth 150 alone, but you will almost certainly be eager to spend the 20 extra to have it repaired properly anyhow.
Make sure that you own the wreck in case of write-off ! |
David Gore
Moderator
Username: david_gore
Post Number: 96
Registered: 4-2003
| | Posted on Friday, 15 August, 2003 - 18:11: | |
Richard,
VERY VERY IMPORTANT - unfortunately some classic car insurers are removing the retention of wreck right from their policies and any changes to policies at renewal time must be carefully scrutinised to make sure this right has not been removed - this is a form of highway robbery that only benefits the insurers. |
james woo
Frequent User
Username: james
Post Number: 19
Registered: 7-2003
| | Posted on Saturday, 16 August, 2003 - 12:00: | |
Thanks Guys.
Regards
James |
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