I'm hopefully going to sort out the insurance on the cabbie in the next couple of weeks.

I know their going to ask me "Whats the value of the vehicle?"

How do i get a figure thats realistic?

I'm going to get an agreed value policy on it, but i dont wanna take the pi$$ with an over inflated figure!

I mean what do they base their figures on? How much it would cost to rebuild it again? or the going book value?

Anyone shed some light on this subject for me?

I'm thinking an agreed value of around £5 - £6k???

 

am interested in this too if anyone can shed any light??
billy mate who are you insuring the cabby with and how much is it gonna cost ya?
cheers mark.

 

Well for a start look at what similar cars are worth on the trader etc then compare them to yours regards mileage etc, plus you must have a figure in ya head what you think your car is worth . Also you have to ask ya self, if I put my car round a lamppost how much would I be happy with of the insurance, like I said you must have a figure in ya head.
Be aware the higher ya " agreed " valuation is the higher your premium will be.For example, I insured my 1.3 Fiesta fully comp with NO yrs no claims at 20 yrs old for £380 simply because I put the value of the car at £100. I mean the policy was only set up to enable me to drive my Dads Cossie 3rd party so it didnt matter,


PS I know I didnt realy answer your question mate but just some points to think about, hope I helped


Also if you put the valuation to high say for instance 7 grand. and you then do 4 grands worth of damage, now that is a lot of damage to a little cabbie, near right of probably, now do you realy want that car back cause if its between paying 4grand to get it fixed or paying you 7 grand to right it of then matey you will be getting ya car back fixed up, another point to consider, so dont be greedy

 

Well for a start look at what similar cars are worth on the trader etc then compare them to yours regards mileage etc, plus you must have a figure in ya head what you think your car is worth . Also you have to ask ya self, if I put my car round a lamppost how much would I be happy with of the insurance, like I said you must have a figure in ya head.
Be aware the higher ya " agreed " valuation is the higher your premium will be.For example, I insured my 1.3 Fiesta fully comp with NO yrs no claims at 20 yrs old for £380 simply because I put the value of the car at £100. I mean the policy was only set up to enable me to drive my Dads Cossie 3rd party so it didnt matter,


PS I know I didnt realy answer your question mate but just some points to think about, hope I helped


Also if you put the valuation to high say for instance 7 grand. and you then do 4 grands worth of damage, now that is a lot of damage to a little cabbie, near right of probably, now do you realy want that car back cause if its between paying 4grand to get it fixed or paying you 7 grand to right it of then matey you will be getting ya car back fixed up, another point to consider, so dont be greedy

 

sorry hit it twice

 

I'll be 99% going with HIC fella, i just gotta sort the lonnnnnnnng list of mods and prices for a like for like replacement.

My current policy on my run-around expires in Feb, so i'll be putting that with them too.....

They've quoted me £425 Fully Comp with all the usual F/C benefits inc protected NCB and thats with all mods declared on my run-around!!!

 

You say what you feel the car is worth then you will need to get a report filled out by either your local friendly tuner or a club official to state the condition of the car and what's on it

 

I said 6k on my car but you have to prove to them its worth that by forwarding them receipts of what you have spent on the car to prove your car is worth the amount your saying it is! You also have to send pictures. They send it to there valuations department and they take a look and either say yes or say no sorry we only value it at whatever they think its worth So if your saying its worth 5-6 k just make sure you have receipts to prove it as they will want to see them

It wasn't till I sat down and started photocopying all my receipts, I realised how much was just in the engine bay alone Then i had to add on all the rest wheels, suspention, zorst lol My interior and the car itself! So I put a note in saying after looking at all my bills i think maybe i need to up it to 8k and then i got a agreed value certificate of them for that

 

Definately photocopy any big bills you have. They'll want proof that this work has been carried out. If you've done the work yourself, then the receipt for parts should be good enough: altho don't quote me on that. You will also need 6 pics: front, back, both sides, interior and engine bay. As we all know tho...pics do not do a car justice: good or bad. But they will go from the pics and take it into account. On the report you also have to indicate the condition of most areas of the car: Concourse, A1, very good, etc. And any body restoration carried out and to what degree.

HIC and Adrian Flux are both very good on the valuations. Haven't had one refused for being too high yet..perhaps I'm undervaluing my cars..lol

 

Can't really go wrong with that, nice no bullshit reply!

 

You can fill out the report yourself.

IF it's done by a club official tho then I think they won't argue it at all if they feel it's overpriced as that is partly what the club official is for: agreed valuations.

Be aware tho that they may value it less than YOU and others think it is worth....so you may be better off doing it yourself and let the insurance argue the toss if need be

 

You can't count labour charges in the value any way just parts that you have brought for the car to make it the value you are saying it is ect And as you say 6 pics

 

So i can include the original amount i paid for the car and the costs involved in the respray etc....?

 

You can't include labour and you'll need pics of front+back, both sides. and engine and interior

Thats what we usually ask for when we're insuring classic cars HTH

 

I never incuded the cost i paid for the car thought it was high enough with just my receipts, pmsl maybe i should have I might have to send that bill and up it lol you wouldn't be able to include the labour of the respray i don't think

 

But if you paid £1000 for an engine rebuild total, then it counts if it's on the itemised receipt. But not if you fitted parts yourself or paid a garage £30 (for example) to fit a stereo.

Yes..and Yes: as long as you have a receipt. If not, you could add it as a note. I made up a list of the BIG pay-outs then attached receipt copies to the back. One of the items didn't have a receipt so I still added it to the list as it was a big chunk of money toward prooving what you've spent to justify a particular value. If you paid cash for a respray (didn't get a receipt) then tell them the respray was £x but you've lost the receipt.

If you have any doubts: give them a call and ask them to clarify it.

 

IMO mate I'd phone the company you're gonna use to get the exact requirements, as all insurance companies are different

You're basicaally looking at a realistic value for what your car would cost to buy, and as we all know, you never get your money back

HTH fella, you could always try going into Flint Insurance in Old Bexley and ask them?

 

AndyP

Andy i have mate, spoke to HIC this afternoon and the quotes i was getting ROCK!!!!

I know Flints and i doubt they'd touch me with yours

Well here goes for a lonnnnnnnng list.................

 

I'm with HIC on the S2, got an agreed valuation. They basically told me if I was to sell the car what would i let it go for (I guess that's better than saying if I stacked it, what amount would I want ) Anyway as mentioned they will send out all the info, send them as many pics as poss, I sent them a whole CDR full And get some one friendly to sign the form as mentioned club official is good. I think it cost's and extra £15 to have the agreed valuation and it has to be renewed each year. Not many places do it which is one good thing about HIC.

 

Yes: £15 agreed valuation, but if you stay with the same company, they should just renew the insurance without a re-value.

 

anyone got any contact info for HIC and do they do short term 6 month insurance contracts? cheers mark.

 

08451290290

 

Yeh im with HIC Never had to get mine signed by any one either

 

Nice one fella, glad to hear its all been pretty painless

Never used Flints before, bet they wouldn't touch me either, points came through

 

I think the reason the A.V is renewed is if the car has changed, i.e any more mods or something added and of course they want proof of this.

 

HIC told me to work out how much it would cost to build my car again.... That just isn't feesable to be honest, so I just plucked a figure out of the air based upon what I would get for it roughly in parts, and the time spent on it.

Basically what I would be "happy" with should the worst happen *touch wood* it doesn't

 

Yes mate. I was thinking more if you insured it for a 2nd year with no changes.

 

I’m with HIC, and I got an agreed value on my MK6 escort, as said it’s an extra £15 to pay but worth it

I quoted an amount I thought it was worth

they sent out a 4 page form

Then I filled it all out and sent it back with pictures of my car, the engine bay and copies of receipts to back up all the work done and sent it back

They then send this info to someone to check to see if it is worth it and they just sent me an agreed valuation certificate to the value I quoted

Also tell them if you go to shows, and what ones you go to and that you are a member of car clubs

 

Thanks for all your help everyone, HIC are sending me some info thru the post also. Just gotta get the ball rolling now

 

Interested in this as I am going to have to do this with mine too
Been with HIC for years

 

Reckon I might be ringing HIC this month