Insurer needs “a copy of your Classic Car Club valuation”

Mr Cull · July 2, 2018

Does this club offer a “Classic Car Club valuation” scheme?

Hi guys,

Recently I posted the sticky about getting classic car insurance quotes.

In the end I went with LV.

I received communication from them stating that they need “a copy of your Classic Car Club valuation, issued within the last 2 years”.

Now they are cancelling my policy because I have not provided them with this.

I see there has been a few threads recently on the topic of “agreed validation” but none asking this question...

Does this club offer a “Classic Car Club valuation” scheme?

I assume the answer is no as this has not been mentioned before on here (as far as I can see/search).

Has anyone else had this request from LV? If so what have you done?

For me to go with another insurer would not be a big problem in general. However when taking car insurance you are always asked if you have ever had insurance cancelled before. I assume if you answer yes then you will get less quotes and/or higher premiums. It looks like this will be me in the future.

When taking the insurance with LV recently they did not state that they would need this “Classic Car Club valuation”

Therefore I feel a little hard done by to be in this situation.

I see p3te asked recently and dnk replied with a possible third-party company to use called: https://proline-paint.com/valuation/ . These have a 2 working day response time and currently I do not even have that time as have recently come back to find myself in this situation. I will speak to my insurer to see if I can get more time and also if they will credit this companies’ opinion. However the prices of Supras have risen dramatically lately and as this company does not specialise in them I am sceptical of their knowledge/market awareness.

If anyone could post any relevant information and/or comments on this subject then this will help me and no doubt others in the future too.

Mr Cull · July 2, 2018

I though I’d post this bit in a separate post as this information is specific to me and not general questions like above…

My Supra is a stock 1996 GZ Auto TT with 60K on the clock (see my “garage” for pics of stock Supra).

I have requested 16K agreed value.

This was based on what I had seen in the market recently.

Also someone on here offered me just short of that value a few months ago and I turned it down.

I see a thread here where rider throws out a figure of “TT Auto £20k”:

http://www.mkivsupra.net/vbb/showthread.php?346873-2018-agreed-value-prices-following-the-market-upwards

Another recent for sale here for Auto TT but in “common” silver colour, 50% more miles and a few mods which is going for £14:

http://www.mkivsupra.net/vbb/showthread.php?349459-1995-TT-AUTO-89k-miles

I guess I can also ask the old question “What’s it worth?” and see what other responses I get on here.

However, I am doubtful if the insurer will acknowledge any of this information as "creditable" but worth a try I guess...

evinX · July 2, 2018

If thats how they carry one id personally be glad to see that back of them mate.

rider · July 2, 2018

I have had three consecutive years with LV classics and have raised the agreed value level from £18k to £28k with only additional premiums charged to reflect the higher value insured.

When the insurance was set up I was requested to send a full set of around the car, engine bay and interior pictures. I also included a fairly detailed submission on my ownership (covering then 18 years) and a few recent sales ads for comparable vehicles listed on eBay, Autotrader or PH. I've never been asked by LV for a third party valuation to support the agreed value. So, either the detailed submission I first made helped in this regard or they have amended their new policy procedures some time over the last 2 years.

I'd go back as it doesn't sound right/fair to cancel as insurers will usually knock you off an agreed value back to market value pending fulfilling any steps they require, such as third party valuation, being satisfied. To just cancel cover seems strange unless you have raised some other question marks they have pulled up from the shared insurers database.

As a PS to the post, if you suspect there may be incorrect information held on the insurers database about you or your claims history you can always file a request for the copy of the information held and used by insurers. The link is https://www.mib.org.uk/managing-insurance-data/managing-your-data/

Edited July 3, 2018 by rider (see edit history)

Ric · July 3, 2018

agreed value isnt just market value.

It's the cost it would cost YOU to replace your car if it was stolen/written off, Sure a TT auto might cost 16k these days, but then what about your mods? If you have an agreed like for like insurance you need to factor the cost of your mods with supporting receipts.

My car is a TT Aero GZ 94 with an agreed value of 28k because i can support the amount I've spent and the amount it would cost to replace my car as if nothing happened.

They are just trying to gauge what your car is worth, as you're asking for "whatever" but their valuation book probably says like 4-5k so they want you to justify the extra. It's not hard and just requires some work from your side. BTW 16k is a small value, IMO.

Mr Cull · July 3, 2018

Thanks as always for the replies guys.

Last night was a bit of a panic to get home to find the insurance was being cancelled in a few hours time (i.e. today) so thus the posts above.

After a few deep breaths and a closer re-read of the docs last night I found to stop the insurance being cancelled today they needed:

- “a copy of your Classic Car Club valuation”

or (I mis read this as and)

- "6 colour photos front, back, sides, engine, interior"

I was able to pass on these photos last last night via email and today the good news is that they have confirmed they are not going to cancel the insurance.

(Maybe without providing photos they were suspicious of a possible fraud)

However they do not value the car at 16k and still need proof of this.

They want “any evidence to prove this or copy of your Classic Car Club valuation”.

So this thread now turns into a standard "how to obtain a valuation for your car" thread like others posted recently.

I guess I'll monitor the various for sale adds etc for similar specs, pass on this information and hope for the best.

Ric - thanks for comments and I agree their book valuation is probably several years old and reads a lot lower than current market valuation. I guess this will become more and more of a problem for owners going forward with increasing prices and also therefore likely more owners wanting agreed valuations for their valuable assets. As for the price on mine. 16k might be low. like I said I turned similar down recently. Not really sure how to get a true market valuation...

rider · July 3, 2018

Not really sure how to get a true market valuation...

One sure fire way to get a fair guide is to put the car up for auction with a high reserve so you can be sure it wont sell. With a reserve it probably won't hit the value it would have without reserve but it'd give you a low market guide. Other than that its employ a third party to give a valuation though that could only properly be done with a visit and appraisal so would not be cheap. I think with LV if you write them a little story about how well cared for and maintained the car is blurbing on about FSH if you have that and how original it is an how cherished it has been. Then include a couple of recent sales ads (keep pdf copies on your disc or card) and I think they will be good to go.

Some people have commented that are keeping records of sales adverts so you might benefit putting a call out for anyone holding recent ads for your particular car.

Ric · July 3, 2018

screenshot a few adverts of similar cars for sale, they will be higher than 16k perhaps.

Mr Cull · July 8, 2018

Thanks again for reply's guys.

This morning I've searched around and found a number of web pages that contain sold or for sale adds for TT Autos.

I've PDF'd these and sent them to LV along with the spec on me supe laid out using the template from the classified section here.

I could no find any general threads on the topic of increased value of Supras in the last few years so I've touch on this in my own words at the bottom.

Lets see what they come back with...

Note:

I've attached the PDFs to this thread in case they help someone else out some day.

-------------- start of email -----------------

Dear LV,

Please find spec below of my Supra in reply to discussion on agreed valuation.

In additional please find attached various sold and "for sale" articles taken off the internet today.

Make:

Toyota

Model:

MIVI Supra – GZ

Japanese import

Year:

1996

Mileage:

60k (approx.)

First recorded MOT 2003 with 41,141 miles on the clock. This will have been a mix of kilometres (from Japan) and miles put on in the UK. Assuming around 35,000 on the clock at import (35,000 kilometres / 22,000 miles) current mileage should be approximated using “odometer reading” – “13,000” miles to compensate for the change form kilometres to miles at import.

Therefore approx. total mileage = 69,803 – 13,000 = 57,000 (ish)

Service history:

Massive folder containing receipts, servicing, old MOTs etx

Modifications:

Tein Coilovers

Stereo

Good bits:

“stock looking”

Never had any engine mods

GZ model which came with full spec interior

Rare colour. A member of the UK Supra Owners club has been searching for a green supra for around 8 months with no luck so far:

http://www.mkivsupra.net/vbb/showthread.php?345977-***Wanted***-Deep-Jewel-Green-Supra