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Topic: Help! Insurance valuation (Read 639 times) previous topic - next topic

Help! Insurance valuation

Hi all,

I'm trying to help out my son, who after spending 15 months restoring his Mk2 Gti, then gets someone driving in to it after 3 weeks on the road. Some of you will have probably seen his build progress on Instagram (@joshwa_t) & FB. It looked stunning and we are really proud of him.

The insurance company have seriously undervalued it (£2500) and I am trying to find out if there is any way of getting a pre-accident condition valuation done. There are loads of pictures of the restoration and pictures of it about a week before it was hit.

Any suggestions or help really appreciated.

Thanks

Re: Help! Insurance valuation

Reply #1 –
The best thing you can do is find for sale adverts (and ideally completed sale ads - use completed listing filter on ebay and check Car and Classic) of cars in as similar condition and put forward those as proof of current market value to back up your claim.

I haven't seen the posts so not aware of the damage but I would also keep the car. If he plans on getting another he'll obviously have the best pick of the parts, but either way breaking a mk2 these days will get to £2-3k in parts more if there's desirable bits - And that is exactly why you can't pick up a cheap mk2 anymore.

I wish him the best of luck, out of interest which insurance company? and please keep us updated how it goes. Insurance is one of those things you never find out how good they are till you need them, by then it's usually too late.

Re: Help! Insurance valuation

Reply #2 –
Not the same circumstances as you, but as I had to review my classic insurance cover recently it may help give you a bit of an insight as to how the company (that I used at any rate) looked at it... though it'll probably not be what you want to hear unfortunately.

In my case I had to move over to an 'agreed' value policy from the previously standard (and usually more vague) 'market' value type if I wanted to ensure a specific minimum payout of my choice, particularily in the event of a of total loss.

If I hadn't changed types the minimum pay out would've remained at a much lower (though in my case still agreed) amount but would've been based on their informal assessment of what the car was worth.

It's straight forward to do, just get the car professionally assessed and valued in writing.

Down side is the premium went up to cover their extra risk.

It's possible your case may well hinge on the type of policy you had before the need to claim - agreed or market value.

I'm being devils advocate but you could be at a disadvantage if they argue the increase in value after restoration should've been disclosed.

I'd still challenge it no matter what and involve the insurance ombudsman if needed.

It may be coincidence (or he may have used it himself!) but the assessors valuation matched the one I got myself using this on-line tool... https://www.hagerty.co.uk/valuation/tool/

Re: Help! Insurance valuation

Reply #3 –
Thanks for the replies and advice.

He does have an agreed valuation policy, but they are saying that because he got hit before the valuation was agreed, then it is voided. It was only on the road for 3 weeks. The pictures were done, he just hadn't had time to sort that bit. In hindsight, it should have been a priority, I know, but you can't blame him for just wanting to get out and drive it.

I have sent him the link for the Hagerty valuation. This puts a fair condition one at £7k, which is well above what the insurance company are saying. His is nearer the Hagerty good condition description.

The insurance is through Adrian Flux, not sure which company though. I'll update the post as things progress.


Thanks again.

Re: Help! Insurance valuation

Reply #4 –
oh..... Adrian Flux


I'm sorry for your loss.



But seriously, I shouldn't diss them they are one of the club sponsors and some people have had a positive experience with them. My personal experience is less that satisfactory, I'm just glad I never had to put a claim through with them.

Good luck.

Re: Help! Insurance valuation

Reply #5 –
Just thought I would share some good news.

After many emails, phone calls, pictures and the Hagerty valuation link (Thanks L90E), my son had contact from another engineer from the insurance company who has agreed that the original valuation seriously undervalued the car.

The new valuation now means that the car is not a write-off (phew!) and is back with us.

So now just a case of waiting for a cheque and then it can be repaired and back on the road again. I might actually get to drive it this time  ;)