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Up until now I've had my car insured as a normal Z3, my company said when it's ready to go on the road inform them and decide on value. Well it's more or less ready (not including re-spray) but not to sure what type of vale to put on it. Is it car +kit+bits, and do I add a bit more on for effort and time? Thoughts on valuation please, it's the Z300s by the way.
Don't under value it ! If it was a total loss due to fire for example then how much to replace it ? If you have spent 200 hours building then allow £25 / Hour for rebuild costs. You might not want to do it all again yourself ! So factor in the price tribute would charge for everything including paint job , trim etc. Then ad it the cost of the parts and kit etc.
Be aware that some kit policies do only cover the kit of parts and donor.
I had an agreed valuation of £10,000 after sending pics etc for my MX250 and I have an agreed valuation of £15,000 for my Kobra.
I only payed around £200 fully comp for my MX250 and it cost me £80 to swap it over to my Kobra. Thats with Adrian Flux, im only 26 and been driving 8 years. No points or crashes etc. And that was with starting a new policy with no years no claims.
I think you can value it as whatever you want. You can value it at £20,000 if you wanted but youl pay more for the premium.
Make sure you do get an agreed valuation though, ask WCA about his 'incident'....
Me : Some lady has crashed into my stationary car. She admits it was her fault and says her insurance company should pay
Insurance : Please send photo
Me: This was 4 days after the car was finally painted and 2 days after the Stonleigh Show last year. Broke bits of the rear shell and stress cracks on the rest meant ~£2500 for new shell and painting
Insurance : Thank you sir. You have it insured as a BMW Z300S which is a modified BMW Z3. We value Z3s at £2000 so you car is a write off, please drop the keys in and we will give you a cheque. Bye.
Me : !...!!???..!??
After a few more photos and discussing things were revalued. If you are with Adrian Flux they will do an agreed cvalue for something like a £20 charge if you send 5 exterior and 2 interior photos (or something like that)
Good morning, definatly do not under value it, its only a few pounds to go up to the next valuation band, ask them what the limits are. Also tell them everything thats modified if they ask, and try and get an agreed payout policy.
My Jeep policy has every modification listed from its engine swap, different axles, springs and crawler gears in its transfer box down to dash board kill switch,seats and harnesses even wheel spacers,attached sand ladder waffle boards and type of rope in the winch its about 2 A4 sheets long. After i sent the modification sheet and pictures they returned with the offer of agreed valuation and buy back option for a slightly reduced premium over standard? I rang norcounty the specialist broker for 4x4 and asked the owner lady why and was told if someone has done all the work and spent all that time and money they are less likely to claim than someone buying an old beater off eBay? Ed.
Me : Some lady has crashed into my stationary car. She admits it was her fault and says her insurance company should pay
Insurance : Please send photo
Me: This was 4 days after the car was finally painted and 2 days after the Stonleigh Show last year. Broke bits of the rear shell and stress cracks on the rest meant ~£2500 for new shell and painting
Insurance : Thank you sir. You have it insured as a BMW Z300S which is a modified BMW Z3. We value Z3s at £2000 so you car is a write off, please drop the keys in and we will give you a cheque. Bye.
Me : !...!!???..!??
After a few more photos and discussing things were revalued. If you are with Adrian Flux they will do an agreed cvalue for something like a £20 charge if you send 5 exterior and 2 interior photos (or something like that)
"Agreed Value" insurance is the only option that can cover everything. Even if you build it yourself factor in a rebuild cost by a professional . the kit of parts and donor might only come to £3 - 5k but if it took 500 hours to build ............ ?
All very well, but I'm not sure you can choose any value. My kit (the very last Quantum Saloon to come out of (the moulds) was put on the road 6 years ago with just about every bit renewed - I even got a Reconditioned CVH from the Ford Main Dealer although the original only had 60k miles. Anyway 8k+ spent on parts and obviously many hours to a very high standard (I used to be in design at Ford). 3 years ago AF said as it was a 1999 car and hadn't been restored then it was worth 4k. I explained the body was bought new in 1999, but the car was built to an as - new condition in 2009 and newly registered in that year. They wouldn't budge unless I got a valuation from a classic car dealer (no hope there then).
So treat it with caution, and as others have said value it as high as it's cost you at least.
That sounds like a rubbish insurnace company! Adrian flux agree a value with what you tell them. They arnt too botherd what you value it at as they just ask for more money off you!
TotalHeadTurners will give valuations on Specials - possibly for a cost though. mind you, because mine wasn't a replica he said he wouldn't give it a decent value so be careful to talk first
That sounds like a rubbish insurnace company! Adrian flux agree a value with what you tell them. They arnt too botherd what you value it at as they just ask for more money off you!
But if you read my note carefully ....... It was through Adrian Flux!
try APLAN before you use adrian flux they are total wanxxers I would not use them again or recommend them. had my GTO agreed at 9k with APLAN & my SWB250 is set at 15k they changed over the insurance for free when I sold the GTO £150 a year fully comp. my T5 they knocked £150 off what the other company quoted well chuffed
