Club Valuation Service

[guy mayers]

I have recently been asked to provide an insurance valuation for a club members car, given the value he placed on the car I was more than happy to oblige. My only concern was that it may have been a little on the low side for a newly completed and SVA approved car.

So, here is the request. And it will be in everyon's interest to be completely honest about this as it could affect you one day in teh event of a large insurance claim.

The Stratos Enthusiasts Club would like to build up a portfolio of prices that cars have been bought and sold for. This information will be kept in the strictest confidence and not disclosed to anyone except in the case of insurance companies querying values.

If you have either bought or sold a car I would ask that you email me privately through this site, my own email address or any of the club officers through Stratclub.com with as many details of the car as you think are relevant. This should include age since completion, make, body style, colour, engine and SVA approval where appropriate.

In building up a database of prices this will also allow us to give sellers a good guide as to what price their car should command.

Guy

[Swamprat33]

Hi Guy, this sound like a very good idea.
I have just bought a 1999 registered Corse i with 2700 miles on the clock, and I am just tying to figure out a true value for the insurer.
Spoke to Lionel Gooch today, who hinted that the car was worth a fair bit more than I paid for it. I will email the details to you tomorrow and see if you have the same opinion.

I am just filling out the insurance docs and am not sure if to stick with the value that I paid or go with Lionels estimate that is likely to increase the premium.

Cheers
Tim

[SUSIT]

Morning Tim
Think long and hard about insurance. I had the misfortune to be hit heavily on the side of my stratos on september the 8th last year. Was fully comp insured with a specialist broker. Thought I had an agreed Value policy. It took me until Febuary to settle the claim and the evidance on value came from this forum and club members, without them the car would have been a write off, despite no chassis damage at all. Be very careful.
For more details look at the thread Stratos repair man required.


Regards
Stephen
ps I am now being mucked about by the company supplying the new roll cage. Its next week for the forth time!!:mad: :mad:

[Swamprat33]

Hi Stephen, I did in fact read your sad tale several weeks ago, before I got my car, and I am very pleased that you got the car back.
With that in mind I specifically selected an insurance company which specialises in agreed value policies.
The company I have selected is Backford Bloor & Co, who advertise in Kit Car Magazine.
There policies are basically a flat rate based on the type and value of the car.
It was not the cheapest by any means, but they seem to know their stuff and claim a guaranteed agreed value.

I guess it means that you have to get the car re-valued if the price goes up due to improvements or market value.

Good luck with your re-build. Will it be fixed for Abingdon?

Cheers

Tim

[SUSIT]

[QUOTE]Originally posted by Swamprat33
[B] Will it be fixed for Abingdon?

Hi Tim
Short Answer No
Difficulty in getting bits ie the new roll cage being the main reason. The old cage was cut out and sent to make a template for bits of the new cage. Company just keeps saying next week.
Meanwhile I can do nowt to the shell as most of the strength has been removed. If I jack it up there is a small chance I will twist the tub. Will keep the forum informed of progress in my other thread repair man part 2.

Happy motoring in your Stratos. Hope to meet you at Abingdon.

Stephen

[Swamprat33]

I'll be there. Also plan to attend the AGM.

Cheers

Tim

[chris.richard]

Originally posted by Swamprat33
Spoke to Lionel Gooch today, who hinted that the car was worth a fair bit more than I paid for it.

Well, things are only "worth" what people are prepared to pay for them. Value is perhaps a different thing. What we really want from our insurance is that it will enable us to replace what we've lost. So really we want to insure for replacement value, not market value, and the former is much higher than the latter for Stratos replicas (and most kit cars).