mp23

my pals just bought a sapphire cosworth 4x4 but his insurance quote is dear and they have asked him to ask the rsoc for a valuation and pics
how can a registar or an owner have the authority to valuate an agreed value with an insurance company are they insurance industry trained
and would they not over exaggerate the worth of the car
hes abit worried its over valued then if anything happens he gets done for fraud for over valuing it and wont pay out
where is the link between the registars and insurance companies
cheers

TommysKeeper

iTrader: (2)

As a former RSOC Registrar I was able to value models in the marque that I was responsible for. Agreement was reached between the RSOC and a number of specialist insurers for this and the Registrar position was only to be given to those with extensive knowledge/experience of the model.

The valuation is much deeper than a quick look over the actual car and involves HPI check and copies of a number of important documents inspected and being held on file. I always maintained this file so that if anything happened to a car that I had valued, I would be able to justify the value given to an insurance company.

Values given don't always match an owners expectation either.
Cheers, John

bigdel

an agreed valuation is just an independant opinion of a car's value form someone who's familiar with the marque/model. No on is suggesting it's a professional view, but merely someone other than the owner valuing the car themselves.
Owners soemtimes have an over-inflated opinion of their car's value which can be biased by how much they've spent on the car and the work that's gone into it. Unfortunately these things don't always reflect on the car's market value.
If an agreed value is confirmed between a user and their insurance company using this approach (i.e an RSOC registrar), then if the vehical is totalled then that's the value the company will pay out. If there's no agreement, then you may only get the market value i.e 25 year old sierra = £not much.
I had teh RSOC 3dr Registrar value mine last year and his value exceeded mine by £2k. That's now registered with my insurer and is good for 3 years i believe, before I need to get it done again.

Rod-Tarry

You need to be a member of the RSOC. They value the car but its only a guide for the insurance company. RSOC valued mine at 35k & I sent the valuation to my insurance company. There reply was that 30k was tops for them & I accepted that.

ajamesc

Be carful if its modded though my RS valuation was 8 grand if I'd have insured it on that id take a loss if it got nicked. It's good to have a valuation but better to talk to the likes of need to insure who will give you an agreed valuation on the car and proof of mods you have paid for. Which for me is s lot more than 8 grand.
Not that you can ever insure it for what you have spent it's still better to get the most you are able too

jason_nike

Just to add to the points above.
Most insurance companies are now asking for a valuation every 2 years due to the change of values over the last few years.
As some marques have commanded higher values and sale prices it has raised other marques too, e.g. RS500s have risen, hence 3 Doors increase, 3 Doors increase hence 2wd Sapphires increase, and so on.
Valuations are also to confirm to the insurers the car is what it is said it is.
Very easy to arrange, worthwhile doing too