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low agreed value


Nathanj1142
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Hello guys,

insured with Adrian Flux, just received my agreed value from Trinity Lane at £18k!

na-t manual... full rear end restoration.... seems a little on the low side in todays market. I was after 25k.

Their email states: "If you are unhappy with the valuation, we are willing to reassess upon receipt of a signed and dated independent valuation from a member of the Institute of Automotive Engineers and Assessors (www.iaea-online.org)."

can anyone recommend someone to do this valuation for me?

Cheers,

Nathan.

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"If you are unhappy with the valuation, we are willing to reassess upon receipt of a signed and dated independent valuation from a member of the Institute of Automotive Engineers and Assessors (www.iaea-online.org)."

That is why no one with a classic car should trouble themselves with AF. So you receive a quote that may be £20 cheaper than a useful insurer and then get low balled on the value, given only a few weeks grace and told to find your own valuer. A valuer and valuation that they may or may not give you the valuation that you 'desire' and AF may then be prepared or not to accept. You'll of course spend £100 to £250 on the valuation report that may be so much wasted money and paper, all to try and save £20.

There are so many better, classic friendly insurers out there. Get your barge pole out and shove AF into the long grass.

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My insurer was a bit of a nightmare when it came to an agreed value. 

I got there in the end, but after sending pics, etc, I ended up telling them to ring at least 3 import companies to get a quote on how much it would be to replace my car, signed, delivered, MOT'd and in the same condition. After all, this is why we have insurance. 

 

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5 hours ago, rider said:

That is why no one with a classic car should trouble themselves with AF. So you receive a quote that may be £20 cheaper than a useful insurer and then get low balled on the value, given only a few weeks grace and told to find your own valuer. A valuer and valuation that they may or may not give you the valuation that you 'desire' and AF may then be prepared or not to accept. You'll of course spend £100 to £250 on the valuation report that may be so much wasted money and paper, all to try and save £20.

There are so many better, classic friendly insurers out there. Get your barge pole out and shove AF into the long grass.

In my case it was the only insurer that would touch me… as much as it’s annoying I’ve contacted and paid classic car valuations who tayr recommended (Thankyou!). See what happens. I don’t think 25k is an unreasonable ask for the supe nowadays.

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6 hours ago, Nathanj1142 said:

In my case it was the only insurer that would touch me… as much as it’s annoying I’ve contacted and paid classic car valuations who tayr recommended (Thankyou!). See what happens. I don’t think 25k is an unreasonable ask for the supe nowadays.

Really depends on the spec mate. NAt doesn't necessarily add a huge amount, I'm under the impression only she'll restoration work would add value and that's still only minor.

What's your full spec.

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Just now, Noz said:

Really depends on the spec mate. NAt doesn't necessarily add a huge amount, I'm under the impression only she'll restoration work would add value and that's still only minor.

What's your full spec.

Whifbitz kit, link ecu, that’s the only bits that are worth mentioning lol. I understand what you mean, however as mentioned earlier 20k can barely pick you up a clean NA manual therefore I don’t think 25 is a stretch.

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5 minutes ago, nolizma said:

25k is too low in my opinion.. nevermind 18k.

If you look at the cost to replace its probably closer to 50K 🙊

It's an NA conversion (with a 5 speed?), not a genuine TT with a 6 speed so I think £25k is a fair price. £50k is genuine TT 6 speed money.

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3 minutes ago, Tyson said:

It's an NA conversion (with a 5 speed?), not a genuine TT with a 6 speed so I think £25k is a fair price. £50k is genuine TT 6 speed money.

I agree. It's just not enough to replace it.

 

I assume the mods are declared? 

You can get a decent NA5 for say 25K in the UK if you can find one. To import I am not sure but I suppose you are looking over 30K.

NA-T conversion with a Whifbitz kit, all supporting mods and ECU tuning.. 10K roughly?

I can see in the avatar picture a ridox kit? Is this genuine? if so price can climb very fast.. Wheels? Any brake upgrades? It adds up.

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If all you want is 25k then market value surely better for you. In the event of a claim there is plenty of ads higher than 25k so market value should be easy to fulfil what you need

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5 hours ago, nolizma said:

I agree. It's just not enough to replace it.

 

I assume the mods are declared? 

You can get a decent NA5 for say 25K in the UK if you can find one. To import I am not sure but I suppose you are looking over 30K.

NA-T conversion with a Whifbitz kit, all supporting mods and ECU tuning.. 10K roughly?

I can see in the avatar picture a ridox kit? Is this genuine? if so price can climb very fast.. Wheels? Any brake upgrades? It adds up.

Can see your viewpoint here but going to disagree with you. Being able to justify where money has been spent, sadly doesn't add sale value, even though it would cost an amount to replace.

Wheels, body kit, wouldn't add any value. Maybe some desirable rare model of a sponsored TRD maaaaybe but even a genuine kit, fairly common due to fact its sexy shape.

Shell condition seems to be more important than having a bodykit.

 

25k does seem fair money, given it's not budget parts. Mileage is also another big factor not mentioned buddy @Nathanj1142

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Just now, Noz said:

Can see your viewpoint here but going to disagree with you. Being able to justify where money has been spent, sadly doesn't add sale value, even though it would cost an amount to replace.

Wheels, body kit, wouldn't add any value. Maybe some desirable rare model of a sponsored TRD maaaaybe but even a genuine kit, fairly common due to fact its sexy shape.

Shell condition seems to be more important than having a bodykit.

 

25k does seem fair money, given it's not budget parts. Mileage is also another big factor not mentioned buddy @Nathanj1142

Mileage is up there😂 250k km. i suppose the point of agreed value is to replace the vehicle like for like, which I believe 25k could.

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4 minutes ago, Nathanj1142 said:

Mileage is up there😂 250k km. i suppose the point of agreed value is to replace the vehicle like for like, which I believe 25k could.

I think someone else would struggle, due to the cost of the labour for fitting the parts. Don't forget man you done most of the work yourself.

Best to get the guy Taylor linked for a full valuation. He's pretty cheap and provides a really decent report.

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37 minutes ago, Noz said:

Can see your viewpoint here but going to disagree with you. Being able to justify where money has been spent, sadly doesn't add sale value, even though it would cost an amount to replace.

Wheels, body kit, wouldn't add any value. Maybe some desirable rare model of a sponsored TRD maaaaybe but even a genuine kit, fairly common due to fact its sexy shape.

Shell condition seems to be more important than having a bodykit.

 

25k does seem fair money, given it's not budget parts. Mileage is also another big factor not mentioned buddy @Nathanj1142

That's not the point of an agreed value policy though.

The general agreement is the replacement of the car, like for like. So if you crash, your agreed value is expeceted to be able to cover a replacement and then re-buy the mods on the car to get it back to what you had. So buying an NA, turboing it, wheels, exhaust etc. Or of course you can buy whatever else you want with the money. But the whole agreement is around building yourself back to what you've lost. Buying a replacement is half the battle

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24 minutes ago, Style said:

That's not the point of an agreed value policy though.

The general agreement is the replacement of the car, like for like. So if you crash, your agreed value is expeceted to be able to cover a replacement and then re-buy the mods on the car to get it back to what you had. So buying an NA, turboing it, wheels, exhaust etc. Or of course you can buy whatever else you want with the money. But the whole agreement is around building yourself back to what you've lost. Buying a replacement is half the battle

+1

 

I am not an expert, but my understanding is that you dont need to have an agreed value if you are going to go with the market value. That's standard.

Of course the insurance company will try to f you over and pay less, but that is their job.

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Just now, nolizma said:

+1

 

I am not an expert, but my understanding is that you dont need to have an agreed value if you are going to go with the market value. That's standard.

Of course the insurance company will try to f you over and pay less, but that is their job.

I’m about 25k deep into my car, that’s where the figures come from regardless of the market to be honest. I probably wouldn’t have another one if the worst happened cause I couldn’t bring myself to build another haha

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One more thing to consider is the rate of increase of the value.

For example, you agree the value today at 25K and you sign your contract for a year. In 9 months the market value of your car could be 35K. Touch wood something happens and the car is written off. The insurer will happily pay you 25K and you will be worse off than not having an agreed value (that you pay extra for). 

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1 hour ago, nolizma said:

One more thing to consider is the rate of increase of the value.

For example, you agree the value today at 25K and you sign your contract for a year. In 9 months the market value of your car could be 35K. Touch wood something happens and the car is written off. The insurer will happily pay you 25K and you will be worse off than not having an agreed value (that you pay extra for). 

Catch 22, if you don't have one and the insurance doesn't agree with the market value you think it's worth.

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Posted (edited)

Can see your views lads and part of me agrees.

But it's still my opinion the insurance companies match value adding items at the value of their agreement or the markets value, with valuations not always taking into consideration what is done or purchased, but what makes the car more desirable to own or collect.

There are some right shit boxes out there with tons of cash spent on them but they arent anymore valuable after the upgrades. It's wise to be open to the line between those situations and what we spend on our cars as enthusiasts, as our choices won't always make the car more desirable adding value. Especially when it comes to personal preference visual modifications.

To Nathan, I think it's good you've got a correlation between what you've spent and similar to what we feel is about right for your car. But that is not a common financial relationship for the value. Ive only broken even in the last 2 years of ownership.

Edited by Noz (see edit history)
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