+- The DeLorean Owners Club UK Forum (http://www.deloreans.co.uk/forum)
+-- Forum: GENERAL DELOREAN DISCUSSION (http://www.deloreans.co.uk/forum/forumdisplay.php?fid=2)
+--- Forum: General Discussions on the DOC / Car / Company / JZD (http://www.deloreans.co.uk/forum/forumdisplay.php?fid=25)
+--- Thread: Value for insurance purposes. (/showthread.php?tid=5008)
Value for insurance purposes. - jamespi - 06 May 2015
Hi all, I about to renew my insurance and I've noticed the value of D's seems to have escalated significantly in the past couple of years. My current agreed value is 15k. Since I agreed that value two years ago I've replaced a big chunk of the fuel injection system and had the brakes rebuilt and fitted a stainless water bottle to the effect of making the car reliable and stable. My interior is still tatty, the air con and electric windows and central locking dont work, but the car runs fine and the exterior looks great, like they usually do.
What do you think my agreed value should be (a ballpark value)? I think 15k is probably way too low.
Re: Value for insurance purposes. - Dan Willis - 06 May 2015
Agreed value? What, if you were selling, would you want? Or expect?
Think of it another way, if you had to replace it like-for-like, what would you need?
DeLoreans are being put up for £22-£32k currently. Are they selling at £32k? Not really. Same ones are on ebay every few weeks/months.
Just be honest with yourself and your expectations and insure it accordingly. I'd also check what "agreed value" means with your insurer. Some don't give that value (actually most) even if agreed.
I'd still go £20k+ either way.
Re: Value for insurance purposes. - jamespi - 06 May 2015
I assumed it was the value to replace the car. but that somehow the condition was factored in. The trouble with a car as rare as this is you cant really wait to find one in precisely the same condition to replace it, so really you're looking for the average value of cars that do crop up for sale.
I will ask them to clarify.
But I suppose what would be helpful to know is, of the cars that have been selling recently, how much do they seem to roughly sell for? I imagine there's a spread between tip-top examples, some that need a bit of attention and fixer-uppers that probably have serious issues. Mine's in the middle bracket.
Re: Value for insurance purposes. - Dan Willis - 06 May 2015
IF you could find one in the UK for sale, right now, you'd be mid-£20ks to mid-£30ks.
I suspect values will hang around that for some time. As you have said, speak to them and clarify and then value accordingly.
If it helps, when mine is done, I'll be valuing around £30k I think. Could be a while off though!
Re: Value for insurance purposes. - jamespi - 06 May 2015
ok i'll use 25k as a figure and see what they say - thanks for your help!
Re: Value for insurance purposes. - Chris Williams - 06 May 2015
The 'idea' behind agreed valuations is that they provide you with enough money to purchase an identical replacement vehicle from anywhere including a dealer. So in general add 10% to the value of your vehicle to accommodate the dealer premium. I don't think Dan is very far off with the figures he quoted.
Chris
Re: Value for insurance purposes. - Rissy - 06 May 2015
I'm gonna have to raise my agreed value dramatically this year.
Re: Value for insurance purposes. - Doive - 27 May 2015
Our car is low mileage and in decent condition, needing a few jobs here and there to make it really good. I gave our insurer about 40 photos and a written description of it's condition, including the bits that need replacing - they agreed a cost to replace of £30k. Only downside was a minor increase in premium.