Thoughts on insurance agreed value?

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Adrian E
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Thoughts on insurance agreed value?

Post by Adrian E »

Hi folks

My dad's been asked to renew his agreed valuation for the phase 1 valver, which has been in the family since 2004 now :shock:

Now from memory when we originally valued it we said £1500 based on the condition, recent expenditure and market for these at the time.

I'm pretty sure since then values have firmed up a fair bit for average or above average cars?

It went for its MOT today, having done 300 miles since the last one, and the tester confirmed it's all good underneath and a definite keeper.

For those that don't know the car it's an '88 in silver and was low mileage and FCSH when we bought it but with a number of niggles. It spent a fair bit of time at Witmun Engineering having crank oil seal, clutch and a gearbox oil leak sorted at vast expense, plus cambelt and water pump.

Since then it's always been garaged and a 2nd car.

It's now done 51,000 miles only :shock:

It had a new head 3 years ago due to corrosion of the water ways resulting in head gasket failure, so had a new belt then too.

Last year it had new rear arm bearing kits on both sides.

Interior is mint and probably the only thing that lets it down is lacquer peel on the spoiler and roof (not horrific) and a couple of minor scrapes on the back bumper.

I reckon it's got to be worth the top end of 16v values and was thinking £2,500 wasn't an unrealistic insurance value?

Thoughts/opinions?!

Thanks all

Adrian
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Mike P
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Post by Mike P »

Seeing as you and your Dad wont sell it to me for £2500, it's got to be worth more than that :wink: :lol:

On a serious note, I would say £2500 is bang on. Try and find another in that condition and mileage.

I value mine at £1500, that is with 64k miles and needing tidying up to get it to the standard of yours.

How does £2600 cash sound :?: :lol:

Mike P
Founder member of the Phase 1 Appreciation Society!
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'88 'F' White Bx16v - 62k miles & as seen on TV
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Adrian E
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Post by Adrian E »

LOL - cheers Mike

To be honest I'm not sure what we're going to do with it long term. If we've moved house by the time it passes to me I should be OK to keep it garaged at home (next house will have at least a double garage) but may have to resort to a council lock up for the winter months, which I'm not so keen on without investing in a cocoon thingy to make sure it stays dry.

Also depends on whether I have to sell my S8 in the meantime - I hope I don't but running costs are in a different league!

Here's some current pics (taken today by my dad so excuse the fact some are out of focus!)

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It still needs the bumpers sorting and minor paint rectification - be nice to see it with all those bits done and get to enjoy it a bit in that condition too :D

Adrian
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Post by bxmark »

I would say as a minimum £2500 , as trying to replace it would be nigh on impossible . I'm sure what Mark (mds141) has got his valver insured for as that is a very nice example too which had had a substantial amount spent on it too . I was tempted by Mike P's valver but lack of garage space is an issue . I've got my Zx16v insured for an agreed price of £1800 , but how often do Zx16's crop up with one previous owner , leather interior and every bill from new . I've seem one for £2500 ish with no leather & two owners . I hope to see yours and Mikes at some stage as they both sound like beauties , are you going to the Icccr Harrogate show next weekend ?

Mark
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Adrian E
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Post by Adrian E »

Cheers for that - wish my dad would take it to some shows but Harrogate from his place and back is twice the distance it's done in the past year, nearly!
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Mike P
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Post by Mike P »

Adrian,
It does look nice, is your Dad going to fit the bumpers he picked up from me or are they for a rainy day.

Mark,
The one for £2500, was that the one that a garage was selling last year :?:

Mike P
Founder member of the Phase 1 Appreciation Society!
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'88 'F' White Bx16v - 62k miles & as seen on TV
bxmark
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Post by bxmark »

The Zx16v that was for sale last year was a 1993 one owner and 34k miles from new and was in the region of £2500+ it was supposed to be mint , I heard that it sold in the region of £2000 ??? It was the original keepers son who was selling it , the car has recently reappeared on pistonheads at £3000 then dropped to £2500 but Im pretty sure it didn't sell .

Mark
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Post by Harvey12 »

How much difference would it put on your rates to set it at £3000?

For insurance purposes it would be better to over estimate than to under estimate the value.

You can be sure if your insurer thinks you are out of line, they will let you know.
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Adrian E
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Post by Adrian E »

Probably wouldn't make much difference to cost, assuming your insurer will swallow that the value has gone up. You might have to justify it in terms of work done on the car or try to swing it that the market is on the up (which I think it is judging by some of the tat on ebay that seems to fetch good money!)
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