Help with my agreed value

[Icsea]

I'm insured with Adrian flux and looking to get an agreed value but with the way the prices of supras keeps changing. I don't know how much I should be asking

 

The car is a 94 TT Auto Jspec BPU

84k miles

 

 

Thanks

[Frank Bullitt]

Rough guide prices and agreed values are always being posted about. Loads of info on the forum, have a search. Remember, you will need to prove to your insurance company it is worth what you are saying it is.

Edited March 15, 2019 by Frank Bullitt (see edit history)

[Icsea]

That's fine with 22k being a completely stock car but as you can see my car is far from stock hence why im asking for advice.

[Dnk]

I started this thread but no response from any members so i've not bothered updating it

but it might be of use

http://www.mkivsupra.net/vbb/showthread.php?349720-Supra-adverts-to-help-insurance-values

[Frank Bullitt]

That's fine with 22k being a completely stock car but as you can see my car is far from stock hence why im asking for advice.

 

Stock is where the money is, so less than that at a guess. What preventative maintenance (I don't mean servicing) have you carried out on the car since ownership?

[Icsea]

I brought the car pretty much as it is all i've done to it is put a new alternator in, replaced the fuel lines and under sealed it.

[Frank Bullitt]

I brought the car pretty much as it is all i've done to it is put a new alternator in, replaced the fuel lines and under sealed it.

 

Then insure it for what you paid.

[Icsea]

Then i would be about 7 grand off the market i was hit last year and was given 18k for a 95 tt auto with no mods and 95k miles. So i would be asking for even less then what the insurers class as "market value"

Edited March 15, 2019 by Icsea (see edit history)

[Frank Bullitt]

Then i would be about 7 grand off the market i was hit last year and was given 18k for a 95 tt auto with no mods and 115k miles. So i would be asking for even less then what the insurers class as "market value"

 

So what you saying is that you bought this last year for just under 15K and now you want it to be worth more that 22K just because others are selling for this price?

 

By your own admission, you have done very little to the car since buying it and no preventative maintenance has ever been carried out. So for all intents and purposes the car is running every mechanical part it left the factory with back in 1994 unless its been replaced during servicing or replaced due to failure.

 

Regarding under sealing, unless it is done like this - http://www.mkivsupra.net/vbb/showthr...ec-Restoration and you have photographs to prove its been done you have probably wasted your time. I can't see under sealing increasing value but what it will do is make the car more saleable as you can tell it been looked after correctly.

 

If you don't spend money on preventative maintenance how do you think its going to increase in value?

 

You need to speculate to accumulate.

Edited March 15, 2019 by Frank Bullitt
Spelling. (see edit history)

[Icsea]

yes thats exactly what im saying, there are cars up for sale in that price range that are not even close to my car. With regards to "preventative maintenance" i was about to start spending and then someone hit me and i profited 6k so speculate to accumulate means nothing. Yes the car is full of parts from 1993 and when something is fault it will be replaced with OEM just like my alternator was. I didn't underseal the car to make money i did it to protect the subframe because i live in Cornwall and i don't want a rust bucket in 12 months, i didn't do it to up the value of the car....

 

I don't control the market nor do you i was just looking for friendly advice on what other people think my car might be worth so i can use their opinions as a guideline.

 

if you are not going contribute to my question please don't bother posting anymore.

 

Thanks

[rider]

Then i would be about 7 grand off the market i was hit last year and was given 18k for a 95 tt auto with no mods and 95k miles. So i would be asking for even less then what the insurers class as "market value"

 

Insurers have a wide band of valuations at market. One member reported just over a year ago that they were offered £6k for their written off parked up TT6. I was told when negotiating insurance with Adrian Flux a year ago that they would not agree any value for any Supra over £20k without independent verification in a new policy and for my TT6 they would only go to £14k unless this elusive independent valuation could be arranged. if you put your details into WBAC, 30 seconds later you'll likely receive a valuation of £650. Market has no reference point on these cars and I'd be very surprised if anyone on standard market value insurance could talk up an insurer from an initial £6k offer to anywhere near to £30k in any final payout.

 

With agreed value insurance you really should be asking yourself what you would want for the car in a total loss situation. That is an important question as if you paid £5k you may not wish to push for a £22k valuation as the higher value insured = higher insurance premium. If you'd paid £22k for the car you'd almost certainly want to insure it for at least £22k. You must know or have a feeling with what you'd be happy to sell the car at if you were selling and then stick another 15% on top for a traders premium. Then you'll be in the right area. After that its just a case of finding an insurer who will be happy to take your money at that agreed level of cover.

 

With the £22k suggested in another thread that's only a rough guide for a top of the market, top condition car. Not everyone owns a top condition car. So just regard that as a loose reference point. Threads on valuations are usually prompted to ensure people who don't follow values in any way aren't left sitting on auto renewal insurance at historical (historically low) valuations. they are a starting point rather than a destination. Any owner knows their own car and hopefully can assess it against a top of market benchmark to reach their own conclusion on the basis of I'm happy with that value and an insurer will run with it

[Icsea]

alright thanks for that post helped alot

[Scooter]

Insurers have a wide band of valuations at market. One member reported just over a year ago that they were offered £6k for their written off parked up TT6. I was told when negotiating insurance with Adrian Flux a year ago that they would not agree any value for any Supra over £20k without independent verification in a new policy and for my TT6 they would only go to £14k unless this elusive independent valuation could be arranged. if you put your details into WBAC, 30 seconds later you'll likely receive a valuation of £650. Market has no reference point on these cars and I'd be very surprised if anyone on standard market value insurance could talk up an insurer from an initial £6k offer to anywhere near to £30k in any final payout.

 

 

I don't disagree with your assessment, but it irks me massively that insurers can dig in on the low £6K type offer (I remember it was high miles, but it would 100% break for more) when really if your car is written off you should be able to roughly afford a replacement. That to me is the very basis of fully comp insurance, I got lucky on one of my Supra buys, but if I'm unlucky enough to write it off I would need more than I paid originally to replace it. They seem (and it's fair enough) all to quick to follow the depreciation curves down with the market on newer cars but not appreciating.

 

'Asking' prices are a bit mad but when was the last sub £10K tt of any type? would it last 5 mins on the usual selling sites?

 

I would fight long and hard to get something reasonable..............or perhaps I should also enquire about agreed value, but really if the insurers are on the ball (ie doing their bloody job) it should only be needed for niche, heavily modified or very low miles stuff, we shouldn't IMO have to agree value every single Supra!?

[Frank Bullitt]

yes thats exactly what im saying, there are cars up for sale in that price range that are not even close to my car. With regards to "preventative maintenance" i was about to start spending and then someone hit me and i profited 6k so speculate to accumulate means nothing. Yes the car is full of parts from 1993 and when something is fault it will be replaced with OEM just like my alternator was. I didn't underseal the car to make money i did it to protect the subframe because i live in Cornwall and i don't want a rust bucket in 12 months, i didn't do it to up the value of the car....

 

I don't control the market nor do you i was just looking for friendly advice on what other people think my car might be worth so i can use their opinions as a guideline.

 

if you are not going contribute to my question please don't bother posting anymore.

 

Thanks

 

 

No problem Snowflake. I don't think I said anyone controlled the market but hey-ho.

 

By your own admission, you have asked for opinions. Before I gave mine I wanted to ask questions so my opinion on value was backed up by evidence. Unfortunately you didn't like the questions I asked and you won't like my opinion on valuation which is fine.

 

Just because you were about to start spending on another car, which was written off doesn't mean this car is worth an extra 6K

 

Anyway, Rider has kindly sugar coated it for you so the truth is easier to swallow. You will be in good hands with him as he appears to be the one of the only members following the market in-depth.

 

Good luck

Edited March 15, 2019 by Frank Bullitt
Spelling. (see edit history)

[rider]

Anyway, Rider has kindly sugar coated it for you so the truth is easier to swallow. You will be in good hands with him as he appears to be the one of the only members following the market in-depth.

 

Good luck

 

Not any longer, I'm no longer, as of the back end of last year, in the market for a second Supra so I am no longer following the market in any great depth and details. If valuations are not to become adopted as an official forum function in the revamp then someone else will need to step in to offer up a 2020 value thread if the series is to be continued. Hopefully people have found the valuations threads of some use but my input is very much of its time and time moves on.

[tayr]

Most reputable insurers with some knowledge will know their worth and will offer you an appropriate agreed value.

 

Just make sure you're with the right insurer

[Scooter]

The way I see it at present is nothing/very little is selling at these high prices.

 

Certainly has any auto actually sold over £20K, what's the highest anyone knows of in recent history?

 

The red ebay one looks minty at £21,995 genuine low miles, able to export to USA but certainly not been 'snapped' up.......and it's saying sensible offers taken, maybe/probably £20K accepted? which if you look at £14K being probably seen as a "bargain", "way to cheap" then the £20K one is too given it's condition and probable lack of required work?

 

But an ok/slightly tatty, £14K auto isn't selling any quicker right now in all probability? The market seems to be people sticking to their high price guns and people holding off/biding their time/choosing something else?

[Frank Bullitt]

Not any longer, I'm no longer, as of the back end of last year, in the market for a second Supra so I am no longer following the market in any great depth and details. If valuations are not to become adopted as an official forum function in the revamp then someone else will need to step in to offer up a 2020 value thread if the series is to be continued. Hopefully people have found the valuations threads of some use but my input is very much of its time and time moves on.

 

A thread in the members section is definitely needed, it would specifically have to be in the members only section and it would have to be managed by one person. Members would have to be proactive and put in as much as they would get out of it. Unfortunately I can't see that happening. You only need to look at the thread Dunk started to see how little thanks was given to him for all this time and effort.

 

I don't disagree with your assessment, but it irks me massively that insurers can dig in on the low £6K type offer (I remember it was high miles, but it would 100% break for more) when really if your car is written off you should be able to roughly afford a replacement. That to me is the very basis of fully comp insurance, I got lucky on one of my Supra buys, but if I'm unlucky enough to write it off I would need more than I paid originally to replace it. They seem (and it's fair enough) all to quick to follow the depreciation curves down with the market on newer cars but not appreciating.

 

'Asking' prices are a bit mad but when was the last sub £10K tt of any type? would it last 5 mins on the usual selling sites?

 

I would fight long and hard to get something reasonable..............or perhaps I should also enquire about agreed value, but really if the insurers are on the ball (ie doing their bloody job) it should only be needed for niche, heavily modified or very low miles stuff, we shouldn't IMO have to agree value every single Supra!?

 

I'm not sure which book my friend at Toyota looked in as the Glasses Guide doesn't go back that far but when I asked (out of interest) what the book value was on the Supra in 2017 he came back with £4,250 which would tie in with the 6K payout Lbm received.

 

The way I see it at present is nothing/very little is selling at these high prices.

 

Certainly has any auto actually sold over £20K, what's the highest anyone knows of in recent history?

 

The red ebay one looks minty at £21,995 genuine low miles, able to export to USA but certainly not been 'snapped' up.......and it's saying sensible offers taken, maybe/probably £20K accepted? which if you look at £14K being probably seen as a "bargain", "way to cheap" then the £20K one is too given it's condition and probable lack of required work?

 

But an ok/slightly tatty, £14K auto isn't selling any quicker right now in all probability? The market seems to be people sticking to their high price guns and people holding off/biding their time/choosing something else?

 

Time of year will be one factor.

 

Another is that there are too many tarted up cars out there that belong to owners with delusions of grandeur so buyers can afford to be picky. The well looked after examples get snapped up quickly, the rest just sit with their blinkered owners until some poor unsuspecting soul comes along with more money than sense.

 

When at the MOT station in last year my missus was approached by a guy (not sure if he was serious or not) who offered us a 25K. When she refused, he was genuinely shocked.

 

If we had sold her, what would we get for 25K that is this iconic and fun to drive. I know we would struggle to find the car we have today for 25K.

Edited March 15, 2019 by Frank Bullitt
Spelling. (see edit history)

[Dnk]

I wasn't after any thanks but zero input from anyone says it all really, 358 views !!!

[Frank Bullitt]

I wasn't after any thanks but zero input from anyone says it all really

 

I remember chatting with you via PM about this. This was done by you for the benefit of club members, unfortunately the club bond that once existed here seems a little fragmented. It is all part and parcel of living in an "I Want It Now" society.

[ripped_fear]

Just chucking in my 2p's worth, you are all looking at this wrong. Agreed valuation is not the resale value of a car, everyone seems to forget that. Agreed valuation is designed that in the event of a crash you could by the same car again or build said car.

 

So look at the receipts for your car (you have to be able to back up your figure) and go from there, as a guide take the average car to your spec on the market and add the costs of your mods/preventative maintenance parts, and hey presto there is your figure.

 

Say a NA auto is highly modified with a genuine untastful body kit, boot build, engine mods, wheels, air ride etc etc, the cars resale would be low say sub 7k but if you can prove all those mods would cost say 15k alone, then add that to the going rate NA auto and the agreed value would be big money despite the car on the market being 'worth' a fraction of this

Edited March 15, 2019 by ripped_fear (see edit history)

[T2 MSW]

well said Jake

[Frank Bullitt]

So look at the receipts for your car (you have to be able to back up your figure) and go from there, as a guide take the average car to your spec on the market and add the costs of your mods/preventative maintenance parts, and hey presto there is your figure.

 

You say that but what I have spent to date, which is all provable with receipts, is in excess of the agreed value on my car. Sky wouldn't go past 25K. After a lot of hard work I managed to get Flux higher but it was akin to getting blood from a stone as none of their insurers were happy with what I wanted. I provided photo copies of every receipt (2" thick), 25+ adverts (Japan & UK) from various sites and 100+ high res photos of the car and all work carried out to date.

 

I think I read Westy had issues getting his 1A1 insured for a decent price and thats a real unicorn. The insurance companies are treating these cars as having a negative equity of sorts for some reason.

 

So yes, ideally that is exactly what you should do. I have even spouted the same rhetoric to others on here but from personal experience and reading the experience of others I would say the reality differs quite a bit.