Working Out Agreed Value For Insurance

[jim_supra]

Evening,

 

I'm in the process of getting my Supra back on the road after a number of years being off of it. Long story short is that I had head gasket failure which was caused by water pump failure. Unfortunately my financial situation over the years meant I couldn't afford to fix her. I'm in a much better position now and so I am currently in the process of bringing her back to where she needs to/ deserves to be. As it stands, body is away getting a full re-spray and I'm rebuilding the engine in my garage ready for slotting back in once the body is back.

 

My question is, for the insurance valuation, is it simply just a matter of totalling all the receipts I have for the work done on the car and all new parts bought, on top of a base value for the car itself? or is it more complicated than that? I see lots of what's it worth threads and they're all asking for members opinions on values which makes me think totalling up the receipts etc. is not the right way of doing it but then surely that's the best indicator of a value i.e. what it would cost to get a replacement Supra in a similar condition to the one you currently have, should the worst happen.

 

Any thoughts/ advice is appreciated.

[Karl M N]

Your insurance company will likely operate in one of two ways

 

Personally, mine will pay me based on the going rate for supras at the time. So I’d have to gather information from adverts. Once my car has had some more work done I’ll orobably aim for an agreed valuation.

 

For an agreed valuation, You’ll basically have to make a case about why you think k your car is worth what you think it is. Definitely have your receipts to hand as it goes to show how well maintained the car is. You don’t necessarily get to say “ I spent 4k on a respray so my car is worth 4K more than someone else’s” but it helps. Something like a fresh respray and engine rebuilt is a good way to justify what you’re asking for. Your insurer may even want the opinion of forum members. Some people find the whole “what’s it worth” threads annoying but if it’s a good indication as to what people would pay for your car, make a thread.

 

Edit: sorry for any poor spelling, text is super small on my phone

Edited November 8, 2018 by Karl M N (see edit history)

[jim_supra]

Thanks Karl, the what's it worth threads do seem to get mixed reaction at times reading back on them. Perhaps that might be the way to go for me.

 

Your example on respray cost versus end value is a good one, and this is the reason I was unsure as to whether just totting everything up was the way to go value wise.

[Sheefa]

Hi mate

 

Agree with Karl, you do have to make your best case to prospective insurers. My last high power Supra I named all the modifications and sent off receipts etc for an agreed value of £30k. The latest addition is stock UK Auto TT and I obtained a classic car agreed value policy by simply supplying some photos, they agreed £25k. So, it all depends how modified the vehicle is and who you use.

 

Key thing here is to go for what you would really want back should the worst happen and find examples whether that be other listings, receipts etc to support your request.

 

Good luck pal.

GREG

[Sheefa]

Your insurance company will likely operate in one of two ways

 

Personally, mine will pay me based on the going rate for supras at the time. So I’d have to gather information from adverts. Once my car has had some more work done I’ll orobably aim for an agreed valuation.

 

For an agreed valuation, You’ll basically have to make a case about why you think k your car is worth what you think it is. Defiantly have your receipts to hand as it goes to show how well maintained the car is. You don’t necessarily get to say “ I spent 4k on a respray so my car is worth 4K more than someone else’s” but it helps. Something like a fresh respray and engine rebuilt is a good way to justify what you’re asking for. Your insurer may even want the opinion of forum members. Some people find the whole “what’s it worth” threads annoying but if it’s a good indication as to what people would pay for your car, make a thread.

 

Really good post.

[Karl M N]

The way I try to value my car is to look st cars with similar mileage and spec and see what big jobs I’ve had done that they haven’t.

 

Just for examole I have a TT auto UK spec on 125,000 miles. My car has also had an engine rebuild less than 1000 miles ago. So for that reason, IF someone posted the same car in the same condition bodywork wise without an engine rebuild I’d probably price mine up 1.5k -2k more than that one. Sure I spent more on the rebuild but oh well.

[ARPUS]

Hi mate

 

Agree with Karl, you do have to make your best case to prospective insurers. My last high power Supra I named all the modifications and sent off receipts etc for an agreed value of £30k. The latest addition is stock UK Auto TT and I obtained a classic car agreed value policy by simply supplying some photos, they agreed £25k. So, it all depends how modified the vehicle is and who you use.

 

Key thing here is to go for what you would really want back should the worst happen and find examples whether that be other listings, receipts etc to support your request.

 

Good luck pal.

GREG

 

I did exactly what you did Greg and got Classic Car, Agreed Value insurance of £30,000, for my UK spec auto.

[jim_supra]

Thanks for the input guys, it's a tricky one, I am trawling the forum looking for ads for similar cars, but not a lot for NA-TT Aero's though which doesn't help for a baseline. Though perhaps could use a base price for an NA Aero and add a little for TT engine, then works done on top of that.

 

I think when I'm closer to it being on the road I'll look at a few insurers and offer up a value and see if they accept it. In the mean time I'll start taking photos of the work also to send on so as to help with valuation perhaps.

 

Karl, just seen your thread on engine rebuild, looks great!

[Karl M N]

Thanks. The cars running great now.

 

Now I believe I saw a post from a member in here who had compiled a bunch of adverts for supras. Honestly can’t remember what thread I saw it in, but if you come across it that should help if he picked up on any aerotops or NA-T cars. I know someone who has just done a NA auto - manual TT swap, and had a respray some time last year. I’ll ask him how his insurance has been for him as that’s oretty close to yours I think. Minus the engine rebuild and aerotop

Edited November 8, 2018 by Karl M N (see edit history)

[Annabella]

I would guess at £15-18, judging by na aerotops priced between 8-10k, yours will be turbo and fresh respray, so find one like yours will be tricky if it had to be replaced

[jim_supra]

I'll look out for that thread Karl and thank you.

 

Thanks Annabella, you've hit on my biggest concern in being able to get myself back into a Supra of a similar condition without having major arguments with insurers etc. Should the worst happen.

 

Edit: just looked at whats new on the forum and found a thread linking to the valuations thread

[Tyson]

Hi mate

 

Agree with Karl, you do have to make your best case to prospective insurers. My last high power Supra I named all the modifications and sent off receipts etc for an agreed value of £30k. The latest addition is stock UK Auto TT and I obtained a classic car agreed value policy by simply supplying some photos, they agreed £25k. So, it all depends how modified the vehicle is and who you use.

 

Key thing here is to go for what you would really want back should the worst happen and find examples whether that be other listings, receipts etc to support your request.

 

Good luck pal.

GREG

 

I did exactly what you did Greg and got Classic Car, Agreed Value insurance of £30,000, for my UK spec auto.

 

Who are you insured with ? I’m struggling with Lancaster at the moment who are holding on 20k for mine so loooking to swap companies when I renew.

[blythmrk]

The level of work abd finish plus all the new parts you are putting its 30k in my eyes not a penny less I would try for 35k tbh.

[Sheefa]

I got mine through Heritage Car Insurance, good rates overall.

 

 

[Ric]

It's about what it would cost to put your car back to how it was before the accident.

 

To prove that you need a cost of a car, plus your mods and receipts to prove those costs.