Anonymous

Not a disguised for sale post this one

Im in two minds wether to leave the sierra just on my trade policy or wether its actually worth insuring it fully comp in its own right.

What would an insurance company be likely to agree to a valuation on for it?

Obviously creating another yellow 3 door with all cossie bits to the same sort of standard is going to be best part of 10 grand gone, but on the other hand if i put it up for sale things like a couple of grands worth of paint (6 coats!) and a couple of grand at least in labour to strip and rebuild it for a bare shell repaint in the first place are worth feck all so in reality its probably only worth the value of the parts and worth nothing really sold as a complete car.

Bit of an unusual one i know, but anyone want to take a guess at:
what it would be worth to sell (which i wont be doing)
what the insurers would be prepared to cover it up to if different (ie will they take into account the cost of recreating it as i cant just buy one tis colour)

Anonymous

Pics and specs here:

https://passionford.com/forum/viewtopic.php?t=127660

frog

Chip, imo you'd need the insurance company to agree to a value before committing to anything. They would most likely find all sorts of excuses as to why the car's not worth much if you ever had to make a claim.

Anonymous

Oh yeah, i know that i need to agree a value up front if i bother to insure it, if i claimed on my trade policy i would get pennies, what im asking is what sort of figure is realistic for me to try and agree a value on in the first place with them?

Car owes me best part of 10 grand now all together (far more than i could have bought a tidy "real" one for :cry, in fact if you included what my friend would normally charge for labour for doing this sort of restoration to a completely mint shell all painted up etc you would be talking about more like a dozen grand, but resale value is probably not anymore than half that (if that much in fact, most people would only view it as worth the value of the parts!) so what would i suggest as a value to the insurance company if i did try and get an agreed value policy on it?

Tylow77

The sort of person who would probably be in the market for a car like this would understand the value thats been put into it BUT would also be quick to point out the fact that its been built from a 1.6 GL and would use that to beat down the price.I would like to think you'd get a good price for it but its that old chesnut of it being worth whatever someones prepared to pay........not a great deal of help to you i know but just some thoughts Good Luck

frog

Tough one, here's what I think.

Its "real" value is very much what it is worth to you.

Its market value, as you know due to the reshell and lack of RS stamp on the log book, is less than that of a "real" 3DR.

I don't think any insurance company would put any value on this over and above what a 3Dr might be worth, and then again, the companies that will agree to a valuation will probably be tied into the RSOC or something, RSOC won't value the car to much, if at all cos it's not an RS.

So, I reckon you are in the same spot as anyone who bought a car for pennies and spent thousands on engine/ice/bodywork, etc... You will never recover any of these costs through insurance IMO. In other words, there is no replacement available for your car, the only replacement would be a 3DR and that's "better" than yours purely from book value.

I guess value of parts is probably all you can hope for, in fact, most of our cars are worth more in bits than whole

How much is a blinged up, 650bhp cossie valued at, compared to a std one ? Not much more I'd expect.

Might be worth talking to the insurance companies direct, they must have experienced this before.

One more thing, quite a few people here have broken their cars when smashed rather than claim on insurance as there was more money in it that way, and NCB is kept.
The only case where I'd claim on my policy I think, would be where the car is stolen, or, obviously, if I caused damage to someone else's car/property/person.

The question is then, is it worth paying loads of money in insurance (not sure you'd get NCD), if you are hardly likely to claim - That's not saying the car shouldn't be insured before anyone jumps on the bandwagon - you'd be insured under your traders policy.

Phew

Anonymous

Thanks greg, that all makes perfect sense, i guess i need to talk to insurers and say "my car would cost me 10K+ to rebuild if it got stolen, so thats what i want as the agreed value, but that doesnt mean its worth that to sell, are you prepared to cover it to that level"

As for NCB ive got a spare policy that i keep running that has full discount and protected etc, so that wouldnt be an issue, most of the people who smack up cars and cany afford to claim on insurance are young lads who dont have protected no claims i guess?

Thanks very much for taking the time for such a detailed reply


Tylow, yeah you are possibly correct, i guess if someone really wanted a 3door in yellow its worth good money, but i bet i would wait forever to find a buyer.
Been offered 5 grand for it as it stands now by a mate who buys a lot of cars, but i shant be taking that offer up for very very obvious reasons!

frog

No worries, it's friday afternoon and I am a little bored tbh

Anonymous

LOL, well in that case, can you pop round to my work.

my car needs a clean

frog

Nope, the aircon in the office is just greeeeeeaat

Tylow77

Wait n see