Hi,
Thanks to those who responded to my request for advice on where to go for a valuation a little while ago. The advice was great but not what I needed (my fault for not giving enough info.). I want to get my 1996 N reg MX5 1.8is, which is insured under a classic car ‘agreed value’ policy valued. The vehicle condition form says the valuation should be completed by a car club official, valuer, specialist dealer, restorer or other reputable person. Any recommendations on where/who to go to? (I’m based in Enfield, North London).
Thanks [:^)]
Hmmm Thats a new one on me.
I Just sent off loads of photos of my car and a valuation i thought was correct at the time going on it`s condition, comparing it with other similar spec cars for sale at the time. They agreed my valuation. Job done [Y] Adrian Flux Insurance by the way.
I`m sure someone who has had a similar experience will help you out!
Dave - Thanks for the response. I’m insured with Footman James and the vehicle condition form clearly states that an independant valuation is required as well as photos if I want an agreed value.[sn]
It depends on the insurer and often the value you want to set.
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I have had to do both at various times , often if you want a value at the top end of the cars price range you may well need and independant valuation,
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may be a bit lower and pics will do.
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I would have thought an owners club rep could have done it for you (assuming you are a member), Ive had mine done that way in the past.
Many Area Coordinators would not get into valuing a car. Couple of reasons; an MG Owner sued his club after the insurance company didn’t value his smashed up car the same as what the club (he) thought. Over the years, there have been more than a few owners with slightly inflated ideas of what their car is worth.
I’ve always wondered how a “club official” is more qualified to make a valuation.
Personally, mines at £3500 (96 Mk1 S Spec Type 2).Through AON.
Is the £3500 just what you think the car is worth? ie not an agreed valuation. I think on balance I may not benefit from an agreed valuation as mine is in good but not A1 condition (mine is also at £3500)[Y]
£3500 is what the car cost - seems high, but coupled with the added extras (HardDog, Eibachs, Konis, etc…) it is probably what the car would have cost to create - meaning take a decent S Spec Type 2, and bolt on the bits…
It’s an agreed value with AON - AFAIK it’s what I’ll get if it’s stolen or written off.
This is an interesting subject. My car was sold by the dealer in July 08 for £3200 and then bought back from the customer when he had a change of circumstances. I then bought the car in October 08 for £1900 and had an alarm fitted before taking delivery. I used the dealer’s sales invoice as proof of value for my classic limited mileage policy.
Value stated at £2000. I also had a new green mohair (Mk111 style) hood fitted at a cost of £600.
The car is a 1991 Limited Edition (one of only 250 made) so I guess the question is: what is the value of the car now? I got it at “winter sale price” with a £1,300 saving. Have I greatly detracted from the value by adding a non standard hood? Should I increase the value at next insurance renewal?
BTW, I sent them one set of photos on normal printer paper and they then ask for another set on photo quality printer paper.
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> Photos - take them to Asda or similar and get some printed.
Value - I’d base it on the cost of replacing the car with same spec, condition, quality, incl any extras that are covered on your policy.
Based on the figures you’ve quoted above, I’d be looking for a value of somewhere around £3000 - (i.e. cost to buy, alarm, new roof).
If it disappeared tomorrow, I’d guess £3000 would just about be enough to replace what you had.
If we are to value the LE above that of an “ordinary” UK MX5, on the basis of its perceived rarity, not spec, then the fitment of a non-Mazda hood, or any other non-Mazda part should impact on the value as well.
If rarity dictates the value of a car, then the most valuable MX5/Roadster would be the single (or is it 2?) Tokyo-Limiteds in the UK; only 20 manual cars were made (making them rarer than the Le Mans). Or the white R-Limiteds; there are a few of these about, out of a run of 100 cars.
Would someone really be able to insure a clean M2-1001 for £15k, because thats what the realistic replacement cost will be. I think you’d have a hard time persuading any insurance company on that score.
Thanks, that is why I posed the question.
I had the green hood fitted because I really like the look. I have no plan to sell the car and I’d like to think I might still own it in 30 + years time… it would need a new hood by then so I could always revert to a standard black vinyl hood. I might even buy a hood and keep it as a future spare.
The insurance company are aware of the new hood.
You need to be carefull what you percieve as an agreed valuation.
I have read many horror stories where poor soles have assumed they have an agreed valuation only to lose bundles when it comes to claiming.
If when the insurance asks what the car is worth you tell them a figure , this is not an agreed valuation , they use that figure to base the premium on but it may not reflect what they think the car is worth if you had a total loss.
In the case of my Jensen , I have a certificate from the insurance company that states “in the event of a total loss I will be paid the agreed valuation.”
I think you need something like this to be sure.
Yes, that is what I have, a nice certificate showing the agreed value in case of total loss.
Its likely, if not already, that original Mazda Mk1 black vinyl hoods will be discontinued very soon by Mazda. I think car manufacturers are obliged to provide spares support for 15 years after the model has ceased production. It is now 11 years since the last Mk1 left the factory. Of course, once production has ceased, it might be perfectly acceptible to go to reproduction parts. For pedants though, most aftermarket hoods are not “reproduction”, but pattern parts, many with significant departures from the original design.