Classic Car Valuations????

[Bobthebuilder58]

As the proud owner of two lovely old classic Merc's I seem to encountering a slight insurance issue?? After getting several quotes I decided to go with a very well known ins company. At first their quotes seemed very reasonable but what they don't tell you is that you have got to provide an independent valuation of your beloved classic:roll:

I personally wouldn't have a clue who to ask for a written valuation??? If I did manage to find somebody they aren't going to do it for nothing are they??

My point is this; That cheaper insurance quote suddenly becomes expensive?
These companies should explain this to you at the time so that you can compare prices properly?

Does anybody know how to get your car valued and roughly what is the cost?

Bob.

 

[television]

As the proud owner of two lovely old classic Merc's I seem to encountering a slight insurance issue?? After getting several quotes I decided to go with a very well known ins company. At first their quotes seemed very reasonable but what they don't tell you is that you have got to provide an independent valuation of your beloved classic:roll:

I personally wouldn't have a clue who to ask for a written valuation??? If I did manage to find somebody they aren't going to do it for nothing are they??

My point is this; That cheaper insurance quote suddenly becomes expensive?
These companies should explain this to you at the time so that you can compare prices properly?

Does anybody know how to get your car valued and roughly what is the cost?

Bob.

I think Bob you need a fixed pay out value, otherwise they will only pay the market value. there are firms out there that do this.


Malcolm

 

[Bobthebuilder58]

I think Bob you need a fixed pay out value, otherwise they will only pay the market value. there are firms out there that do this.


Malcolm

Hi Malcolm this is a well known insurance firm that gives agreed values The problem is that when you ask for a quote from them they take all the details,then they ask you the value of the car,and then they say "Yes thats fine sir we can do an agreed value for your car for that amount" You come off the phone thinking that was a good deal,until the documents come through!!!!!!!!!!!!!!. It is at this point that they tell you that you have to provide proof of the vehicles value otherwise the insurance that they are offering you will revert back to a standard market value type:cry: :cry: I personally think that this s a very underhand practice!!!!!!!

Bob.

 

[television]

Hi Malcolm this is a well known insurance firm that gives agreed values The problem is that when you ask for a quote from them they take all the details,then they ask you the value of the car,and then they say "Yes thats fine sir we can do an agreed value for your car for that amount" You come off the phone thinking that was a good deal,until the documents come through!!!!!!!!!!!!!!. It is at this point that they tell you that you have to provide proof of the vehicles value otherwise the insurance that they are offering you will revert back to a standard market value type:cry: :cry: I personally think that this s a very underhand practice!!!!!!!

Bob.

OK, I get your point now completely, Have you tried the MB insurance or any of those in the Classic Car mag.

Malcolm

 

[Bobthebuilder58]

OK, I get your point now completely, Have you tried the MB insurance or any of those in the Classic Car mag.

Malcolm

I have tried MB insurance, believe it or not they were the most expensive by a long way the one I am using is in all the classic mags. I have to say that when you first ring them up they are very helpful and charming,however,as soon as you have agreed to insure with them the customer service nose dives:evil: :evil:

Bob.

 

[Bolide]

Many insurers will accept valuations from the relevant car club

Nick Froome
www.w124.co.uk

 

[Bobthebuilder58]

Many insurers will accept valuations from the relevant car club

Nick Froome
www.w124.co.uk

Hi Nick, How can that work though? Everybody's opinion of his or hers pride and joy will differ wildly surely?

Take my 500 SEL for example; I paid £2000 for it I have since spent another £1000 on bits and pieces and days and days of hard but enjoyable work making the car almost mint condition and in perfect working order. I know that I couldn't find another one in this condition for under £3500/£4000 yet the agreed value figure on it is £2500? Yet you can buy a banger version of my exact car for as little as a few hundred pounds. So how can any person from a club etc attempt to value your car unless they actually see it?

Bob.

 

[Bolide]

So how can any person from a club etc attempt to value your car unless they actually see it?

They can't. You can't value a car over the phone or by email - though that doesn't stop people from asking...

IIRC Footman James will take a valuation from a club official or from a recognised marque specialist who hasn't worked on that car. They know very well that the anoraks will mark you down for having the wrong mudflaps... "They didn't fit those till the '87 model year, I think you'll find!!"

Nick Froome
www.w124.co.uk

 

[Hibbo]

"They didn't fit those till the '87 model year, I think you'll find!!"

Nick Froome
www.w124.co.uk

'88 on the w126 actually Nick

 

[kth286]

Bobthebuilder58

With 2 classic Mercs are you not a member of 'The Mercedes-Benz Club' ???

It is the only officially recognised UK Mercedes club and is under the German factory classic umbrella for all officially recognised worldwide Merc clubs.

They have a list of valuers nationwide and many many benefits for classic Merc enthusiasts including the free quarterly Mercedes classic magazine from Germany (in English), all for around £30 per year (also includes a superb glossy monthly UK mag).

Membership enquires on 0845 6032660

Hope this is useful and you now find yourself with like minded enthusiasts.

Regards

 

[nick-E55]

for what its worth, some years ago i had a 10yr old porsche 911, and insured it on a classic policy (with limited mileage, 6-7k pa i think ) with Adian Flux. I found them to be very competitive, and they didnt ask for any proof of valuation.

Nick

 

[Bobthebuilder58]

Bobthebuilder58

With 2 classic Mercs are you not a member of 'The Mercedes-Benz Club' ???



Regards

I thought i was member of a Mercedes Benz Club? Surely there has got to be a limit on how many clubs you can belong to?
I am still not getting a definitive answer as to how you go about getting your pride and joy valued? Surely it will always be very subjective?

Wouldn't it be simpler if the classic insurance companies just used a sliding scale of values, ie; £0 to say £1000 in value would cost say £100 in insurance premium, £1000 to £1500 would cost £125 and so on.

This way if you thought your pride and joy was worth lets say £2000 you would expect a premium of around £150 obviously making adjustment for where you live and mileage etc.

Bob.

 

[kth286]

Bobthebuilder58

With the club I mentioned to you, the recommended broker normally just wants the value from you, supported by 6 good quality photos taken in good light ie. each side, front and back, interior and engine.

Because the scheme is a special Mercedes one for older cars the broker knows if your are trying to take the p---.

You only have to read the articles and see the regional show pictures in the monthly mag to see you could well be undervaluing your car.

Once the broker has agreed to your valuation and the policy is on risk, there is nothing anyone can do to take that value away from you.

Go see
www.******************.co.uk

 

[Bobthebuilder58]

[

QUOTE=kth286;146484]Bobthebuilder58

With the club I mentioned to you, the recommended broker normally just wants the value from you, supported by 6 good quality photos taken in good light ie. each side, front and back, interior and engine.

Because the scheme is a special Mercedes one for older cars the broker knows if your are trying to take the p---.

You only have to read the articles and see the regional show pictures in the monthly mag to see you could well be undervaluing your car.

Once the broker has agreed to your valuation and the policy is on risk, there is nothing anyone can do to take that value away from you.

Go see

I don't know if i dare mention the insurance company I am having problems with?....I think at this stage I will refrain from doing so.After much heated banter with them they now say that six good pictures (they have always insisted on these) will do PLUS they want to know how much I have paid for the vehicle,which I think is a cheek Most people when asked buy their insurance company for a value of their vehicle always add on a bit! In my case when I purchased my car I studied the market,asked a lot of questions,and I was in a position to complete a good deal that came up very quickly.I also had to travel hundreds of miles to collect the car.I did manage to get the car at slightly under market value,but if it was stolen or written off etc I know I would struggle to get another one like it,and I would probably have to pay more.
However if I lie to the insurance company about the price I paid for it and anything happens they will probably try to use that as a get out clause??

Bob.

 

[Blobcat]

[
I don't know if i dare mention the insurance company I am having problems with?....I think at this stage I will refrain from doing so.After much heated banter with them they now say that six good pictures (they have always insisted on these) will do PLUS they want to know how much I have paid for the vehicle,which I think is a cheek Most people when asked buy their insurance company for a value of their vehicle always add on a bit! In my case when I purchased my car I studied the market,asked a lot of questions,and I was in a position to complete a good deal that came up very quickly.I also had to travel hundreds of miles to collect the car.I did manage to get the car at slightly under market value,but if it was stolen or written off etc I know I would struggle to get another one like it,and I would probably have to pay more.
However if I lie to the insurance company about the price I paid for it and anything happens they will probably try to use that as a get out clause??

Bob.

They will use everything as a get out clause. Unless you get an agreed valuation from them you will be left with market value which then means you need to argue your case if the worst happens. I am in such a position and post getting knocked off my CBR last July I am still awaiting another valuation. I have written to them repeatedly and sent them numerous adverts for bikes in worse condition and with much greater mileage. They are delaying and procrastinating and 6 months later I am still no closer to a settlement. I hate all insurance companies with a passion.

 

[Bobthebuilder58]

They will use everything as a get out clause. Unless you get an agreed valuation from them you will be left with market value which then means you need to argue your case if the worst happens. I am in such a position and post getting knocked off my CBR last July I am still awaiting another valuation. I have written to them repeatedly and sent them numerous adverts for bikes in worse condition and with much greater mileage. They are delaying and procrastinating and 6 months later I am still no closer to a settlement. I hate all insurance companies with a passion.

(Procrastinating)
I haven't heard that word for a bit:?:

Bob.

 

[Blobcat]

(Procrastinating)
I haven't heard that word for a bit:?:

Bob.

Here you go

Procrastination is the deferment or avoidance of an action or task and is often linked to perfectionism. For the person procrastinating this may result in stress, a sense of guilt, the loss of productivity, the creation of crisis, and the chagrin of others for not fulfilling one's responsibilities or commitments. While it is normal for individuals to procrastinate to some degree, it becomes a problem when it impedes normal functioning. Chronic procrastination may be a sign of an underlying psychological or physiological disorder.

 

[kth286]

Bobcat

Now that insurance companies are authorised and regulated by the Financial Services Authority (FSA) there is a big targeted campaign going on within the industry led by the FSA concerned at 'treating customers fairly'.

This can include a reasonable timescale which seems in your case to be well out of order.

When you have exhausted your options with your provider you can take your case to the Financial Ombudsman Service (FOS) free of charge (but at a cost to your insurer).

There are strict time limits for the FOS to respond and deal with your claim and they can force your insurer to pay out an amount determined by FOS.

You should be ready to provide your evidence again to them.

My inclination would to send a final letter to insurer and state that if they do not reach a suitable settlement within one week you will take your case to the FOS as you do not feel you are being treated fairly under the FSA rules.

That should make them jump, unless they are complete morons, in which case they should be braced to pay you a 'good wack' and pay the FOS fee.

Hope this can help.

(I must revisit Carmarthen sometime -my birthplace).

 

[Blobcat]

Bobcat

Now that insurance companies are authorised and regulated by the Financial Services Authority (FSA) there is a big targeted campaign going on within the industry led by the FSA concerned at 'treating customers fairly'.

This can include a reasonable timescale which seems in your case to be well out of order.

When you have exhausted your options with your provider you can take your case to the Financial Ombudsman Service (FOS) free of charge (but at a cost to your insurer).

There are strict time limits for the FOS to respond and deal with your claim and they can force your insurer to pay out an amount determined by FOS.

You should be ready to provide your evidence again to them.

My inclination would to send a final letter to insurer and state that if they do not reach a suitable settlement within one week you will take your case to the FOS as you do not feel you are being treated fairly under the FSA rules.

That should make them jump, unless they are complete morons, in which case they should be braced to pay you a 'good wack' and pay the FOS fee.

Hope this can help.

(I must revisit Carmarthen sometime -my birthplace).

Thanks for that, I was looking around yesterday for some form of insurance ombudsman. I will write the letter & if your ever coming to Carmarthen Pls PM me & I will buy you a drink.