insurance valuation

[philip]

Footman James tell me to obtain a valuation for Morris, supplying four pictures showing condition. What do you think? do I just do it? Do I want to know? I might be disappointed! Who do I get to do the job? Should Iget another insurance company?

[chrisryder]

It's good to submit a valuation to your insurers, as I think when you set up the policy they value it at what you paid for it. So if you do a lot of work to your car after buying it, the value of the car could have increased, but your insurers don't know that.

You submit an updated valuation so that in the event of a claim they pay out what the car was worth, not what you paid for it.

If you read the form you've been sent by FJ (I recently did mine) it says that up to a value of £15k you can value it yourself, and they'll check to make sure you're not too optimistic. Anything over £15k should be valued by an 'expert'.

So you just submit at least 4 pictures, fill in the table giving condition scores for different areas of the car, and your estimated value. Then send it off and they get back to you in about a week saying 'we accept your valuation' or 'we do not accept your valuation'... Well I'm not sure what happens if they don't accept your valuation actually, as mine was accepted! I imagine they'll either offer a slightly lower value, or suggest you send more pictures, or suggest you go to an 'expert'.

[bmcecosse]

15K for a Minor = madness. Get a bl**dy good classic Porsche 911 for that!

[chrisryder]

15K for a Minor = madness. Get a bl**dy good classic Porsche 911 for that!

It's the same form they send to all of their policy holders. The £15k limit isn't specific to the minor, it's for any car insured with them.

[ASL642]

....and who'd want a Porsche when you can have a Minor!

[theminorsite]

....and who'd want a Porsche when you can have a Minor!

Never had a 911, too closely related to a 'That Who's Name Shall Not Be Spoken' (cough, spit). Been through a variety of 'desirables' though, Audi A8, older M5, couple of big Jag's, even an ex-embassy armour-plated S class Merc (until I realised it carried a ton of armour on top of the standard car's already leviathan weight, with single figure economy!). Bought a BMW 750 iL (stretched wheelbase 5 litre V8) last year, but only kept it ten months. Tried a Boxster and hated it, couldn't even get in an SLK. Through all that, always had my Minor too, and always found that a better experience to use. People who'd carve me up in the uber-saloons would smile and let me out in the Minor, and I always remember a hotel we stayed in in France where my humble Moggy had a crowd around it asking questions, everyone ignoring the lines of exotica it was surrounded by. The bellhop wanted to fetch it from the car park for us but I wouldn't let him!

[brucek]

Somewhere I have a photo of my convertible (when it was last on the road!) parked outside the casino in Casino Square, Monte Carlo, surrounded by people looking at it and even a pair of feet from someone looking underneath it, whilst to the side of me were very expensive Ferrari's/Mercedes/Maserati etc with no one taking the slightest bit of notice of them. Brings a tear to your eye Must try and find the pic too

[chrisryder]

I've just remembered that after revaluing my minor with FJ I had to pay an admin fee. I think if I had done it at the time of renewal I may have avoided the fee.