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My Dad has my old Mini insured on a Classic insurance policy
It is a bog standard 1980 Mini 1000 (the light blue one above), body in reasonably good shape, with about 75,000 miles on the clock.
The insurance company have recently contacted him about the value and what it should be valued at.
As the old saying goes it is only worth what someone will pay for it (and it's not for sale!), and there some great bargains out there at the moment for anyone who has the cash, but I was suggesting to him it should probably be valued at between €1,500 to €2,500.
Does that sound about the right ballpark?
I would think 1500 might be top value. The NCT cut off of 1979 hasn't done you any favors and Mk3 850's were never the most sought after car. My insurance reduced our agreed valuation this year on the woody as the value of the classics is still falling.
What Minis have you?: 1988 Mini Mayfair 998, 1971 Mini 1000, 2001 Transit Recovery Truck, 2001 fiat ducato camper, 2008 Kia cee’d, 1996 VW transporter T4, 1995 ford escort cabriolet.
woody wrote:I would think 1500 might be top value. The NCT cut off of 1979 hasn't done you any favors and Mk3 850's were never the most sought after car. My insurance reduced our agreed valuation this year on the woody as the value of the classics is still falling.
im thinking of getting some parachutes to try and slow the rate of fall.... should i have a big eye welded to the roof or just tie it round the bumper?
all messing aside Dave, those numbers seem about right: insurance is a bit of a gamble anyhow, as you offset the likely return against a possible loss against a yearly premium. Does it get much cheaper if the agreed value drops?
A friend of mine had a crash about a year ago (the car was a write off and it was not his fault) and he had his car valued at so and so but the insurance went of and priced his car to see how much it was worth and thats what he got, a reasonable amount less then it was valued at may I add and I don't see what the differnce is even giving them the value?
i had an agreed valuation on my own mini but recently got a letter from my insurance company telling me i hadn't!
and that if i wanted one i would have to send in pictures of all four sides and any reciepts that i have and it would be taken into "consideration"!
i got onto the phone to them and tried to explain this but was told "no, you just have an insurance valuation"
i got a bit thick with her and her snooty attitude so won't repeat what i said,
now at the mo my mini has a bit of damage to it so i wont be sending pictures in any time soon, but..............
i do have reciepts that double the initial price i gave them so when i get my mini fixed up and take pictures and send them in, will they take this into account or just go with the market value anyway!
probably just the market value, right!?
so why bother in the first place!
Market value of any car is basicly new price less 10% every year old it is. Agreed valuation is were the insurance company accept that your car is worth more because of certain factors ,rare model, famous owner, custom job ,restoration. It is unlikly that they will value the car at the sum of all the recipts.
On the question of pre '80 NCT the Fatman tells me the goverment slipup and it will now be pre '81 cars that are exempt.
woody wrote:On the question of pre '80 NCT the Fatman tells me the goverment slipup and it will now be pre '81 cars that are exempt.
first bit of good news all week...
can we put some hard info behind this ....??? id hate to go toe-to-to with a garda if i was on shaky legal ground...
*however*.,, ,, if you look at it from another angle, where would you get the braking & suspension and emissions checked for 50 lids? good value i reckon
I had this explained to me recently by a friend who works for a well known insurance company.
When you insure your car you put down a value say 4k. Your premium is then calculated based on it and you and you details. If it comes to it that you crash and need to claim due to a right off the insurer then looks at the current Market value of your car. They use Internet sites, mainly CBG and autotrader to judge the present value of your car and thus a payout for you.
Now the question is where does the 4k come into it....
Well let's say the car turns out to be trading for 3k you will only get that amount. I however it is going for 5k instead you will only receive 4k as that is all you had it valued at. So the advice.....over insure your car but only so far as not to end up with an insane premium!! As with everything it's a balancing act!
Agreed valuation is different to the value you put on a proposal form. You apply for an agreed valuation and in my case they request 4 photos of the car, a list of mods and an independent valuation. This then goes to there valuation team and they will come back with there valuation of the car, this is the value they agree as the righhtoff value of the car regardless of the market value of other same make and model cars.
