Club valuation officer ?

[Steve-V6-D61]

When I was a member of the Stag owners club, yes I AM that old, there was an insurance valuation officer appointed by the club, to give members and insurance companies values on the members cars.

It worked really well, letter headed paper with a valuation (sensible) always impressed the insurance company and made life a lot easier when making a claim.

It’s pointless though if he gives a silly price, but he on the member side so will be fair with the valuation. Although there were a couple of times were the member said I’ve spent £20K on it, but a valuation was only £15K and he was not happy with, but a Club valuation of £15K was better than a real market value of £10K


What happened was that he got sent 5 high quality photos and the cars history, upgrades, service history, spoke to the owner and then wrote a letter giving his value on the car.

The only point of contention was it his opinion and not the market value perceived by the insurance company but as being an officer of the owners club seemed to hold some weight in negotiations over repair or write off values.

The worst could it be is the valuation gets ignored the best is that you get the valuation price in a write off situation.

Vehicle Valuation


I would like a v6Clio.net valuation on my car just in case, market value on mine I would say is currently £18,000 less 20% for CAT D = £14400. Would look good in some form of official looking letter.

What do you think?

Steve

 

[Jamesv6]

I very much welcome this idea Steve.

We had some discussion on this subject many years ago. This roll is still vacant.

I had concerns that if we do get such a spokesperson, and your/my Vee is said to be worth £10,000 will his/her valuation be accepted as final and argument free?

Strictly an example: Mine is worth £50K and I won't listen to anyone telling me otherwise.

 

[Steve-V6-D61]

I here what you are saying James, one way round it would to have a Valuation officer with a couple of deputies to help out if there was a issue that need resolving over a valuation anyway if the member does not like the valuation he can always throw it away.

But the idea is this could be a useful tool in get fair payout on our cars if written off and not get so many written off in the first because of repair costs as a higher valuation will increase the write off threshold.

I think a bonus is this may also harden up resale values a well, sell the car with a good club valuation letter this could increase the prices a bit.

I maybe able to help out on this but only if members think am knowledgeable enough to do so, but there is no doubt a better qualified member out there.

Steve

 

[Matt]

Best will in the world I'm not sure that insurance companies will take club valuations seriously and base them on payouts.

 

[renaultalpine]

Basically your car will be insured as market value or agreed value.

If it's market value you will get what glasses guide or similar say or with some negotiation the AVERAGE price of a similar vehicle currently advertised.

If it's agreed value you will have sent the photos and condition report and possibly a supporting club letter and you will get whatever figure you have agreed. This may affect your premium if you over inflate the value.

Two examples.

Club member recently wrote off an A610 agreed value £10K BUT he had not sent the photos yet so it was deemed market value. Insurers found an advert for a car advertised at £9K and that's what he got. Club wrote to support his claim but he still got market value.

Club member insured a Clio V6 at an agreed value of £20K supported by a letter from the club. That is what he should be paid out in the event of a claim.

 

[k1ano]

Basically your car will be insured as market value or agreed value.

If it's market value you will get what glasses guide or similar say or with some negotiation the AVERAGE price of a similar vehicle currently advertised.

If it's agreed value you will have sent the photos and condition report and possibly a supporting club letter and you will get whatever figure you have agreed. This may affect your premium if you over inflate the value.

Two examples.

Club member recently wrote off an A610 agreed value £10K BUT he had not sent the photos yet so it was deemed market value. Insurers found an advert for a car advertised at £9K and that's what he got. Club wrote to support his claim but he still got market value.

Club member insured a Clio V6 at an agreed value of £20K supported by a letter from the club. That is what he should be paid out in the event of a claim.

So is there is already a 'pseudo' valuation process then Stephen :approve: via this club or the Alpine one ?

Martin

 

[Steve-V6-D61]

I am not saying it will always be used for a pay out value unless you have agreed value, but insurance companies did take note of club valuations from the SOC and in general accepted them as to the car value for classic car insurance.

So if your taking out modern car insurance you could ask the company to take the valuation in to account when issuing the policy, yes they may push up the premium but at least you should get the right payout, classic car insurance or not.


Any supporting paperwork as to a car value helps when making a claim, as Hegatey don’t offer classic insurance for V6 anymore, it will only become more relevant when the cars get to 10 years old, but the early cars must be coming up to 10 years old now and should be eligible for modern classic insurance anyway where they do accept club valuations as a basis of true value.

That said it can’t hurt.

But hey ho if nobody wants it why bother, but I would be happy to put a valuation in my owners file just in case.

I think you could successfully argue with insurance companies using glasses guide is not relevant as the cars are a limited edition model and the market place is the only fair way to value them.

But I am sure they would not see it that way.

Steve

 

[k1ano]

I had agreed value with haggertys with photos and declaration - can't be a bad thing providing the process isn't abused with crap cars getting the sane values as good ones etc.

Martin

 

[Steve-V6-D61]

See this BMW car club link re valutions


LINK gives alot of info about rare model values.