Insurance Agreed Valuation... Again? | The Z Club of Great Britain
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Insurance Agreed Valuation... Again?

Discussion in 'General discussion' started by Ped, Sep 14, 2019.

  1. Ped

    Ped
    Z Club Member

    Just renewed my classic car insurance with Lancaster. Got a discount when I called them up after they tried on an extra £40 for no reason.

    So, I thought it was all done and dusted till next year. Now I have had an email saying I had to redo the agreed valuation... ie: resend 6 pictures etc, etc.

    Not too happy having to do it again just one year on, and at the fact no one at Lancaster mentioned it when I was renewing. Had they made it clear I would have just jumped ship, and saved a bit more money, since my reason for remaining was an assumption that the existing valuation would still be valid (since other insurance brokers offer two years before having to resubmit, plus no one had mentioned it).

    You live and learn...
     
  2. Mr.F

    Mr.F
    Z Club Member

    Use the opportunity to bump the value up!

    Sent from my SM-G950F using Tapatalk
     
  3. Ped

    Ped
    Z Club Member

    Yes, I am sure it is now worth £10k at least (£7k last year)! ;)
     
  4. SeanDezart

    SeanDezart
    Z Club Member
    Official Trader

    At least that !
     
  5. Mr.F

    Mr.F
    Z Club Member

    Classic Car Weekly June 2019 suggests £10,000 sale value.
    Last restored 2 seater 280ZX I saw sold was £14,500.
    Insurance value should be higher...

    Sent from my SM-G950F using Tapatalk
     
  6. Ped

    Ped
    Z Club Member

    Wow, I was joking about the value, I thought it would have stayed the same!

    Spoke to Lancaster today complaining about the fact I had to resubmit, just one year on. They said I could resubmit same pics as last year since I had not done many miles. Also they said as of this year it would now be valid for two years.

    I guess I need to contact Mike for a fresh valuation.
     
  7. Ped

    Ped
    Z Club Member

    Thanks to Mike for sorting out the new insurance valuation, it came in at £9k, which I think is a fair assessment (up £2k on last year). Just submitted all new photos and updated bits to the insurance company website. Will be interesting to see if they agree with the clubs valuation. I noted I have only done 359 miles since this time last year - poor effort on my part.

    It did mean getting the bucket and hose out, but I think it looks pretty good. The engine bay has stayed clean from last time, so at least I didn't have to do that too. (NB: It's a reflection of the edge of the car seat, not a mark! The interior is still mint.)

    [​IMG]

    [​IMG]
    [​IMG]
     
    Huw likes this.
  8. Huw

    Huw
    Z Club Member

    Looking good mate. That engine bay has come up nice :thumbs:
     
    moggy240 likes this.
  9. Ped

    Ped
    Z Club Member

    Cheers Huw, it's a work in progress. Auto Glym Vinyl & Rubber Care worked great of hoses.
     
  10. Ped

    Ped
    Z Club Member

    So, finally heard back on the Agreed Valuation today - over a month on from submitting the club valuation and new pics. They have come back at £8k, so not agreeing with the Club value of £9k. :(

    Ho hum, still up £1k on last years, so can't complain too much. Biding my time till January when the car will be 40 years old and tax free! :D Will shop around again for insurance next year, no point in staying put again.
     
  11. uk66fastback

    uk66fastback
    Z Club Member

    What was their reason behind not accepting the £9k figure? Did they even give one? What more can you do but go via the club's valuation of it?!

    Lancaster are insuring my 944 for £95 this year! I know it will go up to Adrian Flux levels for next year though. It really does help to shop around every 12 months, Another faff but if it is saving a few £££ ...
     
  12. toopy

    toopy
    Z Club Member

    I don't know what the book value of a 280zx is, so not sure if the 8-9k is way over, but i think i'd rather pay more for the insurance to get a better agreed value from another insurer, if that's possible of course.

    I thought the whole point of agreed value is that is always quite a bit more than the book value, because of the cost of recreating said vehicle to a fashion if the worst should happen.
    For them to knock it down because they don't agree is BS, especially as it's a club valuation!
     
  13. Ped

    Ped
    Z Club Member

    No reason given as to why they did not agree. I suspect it is down to the individual valuations person on a given day. Ie: having a 'bad day' = low valuation vs. having a 'good day' = higher valuation... Or am I just being cynical?

    Anyway, will have a good shop around next time, even though there is usually only a tenner or so in it.
     
  14. hedgehogdodger

    hedgehogdodger Well-Known Forum User

    I thought owning any car was to drive it doing less than 400 miles in a year i don't see the point in owning a car and having to pay insurance.
     
  15. Ped

    Ped
    Z Club Member

    Part of the problem is I have a regular daily driver, plus my wife has a car too. So the zed is only used at weekends, when I can find time, and subject to decent weather. Most of the shows I do are pretty local too. I always have the best intentions of getting out and about more, but it just doesn't happen... maybe next year?
    Now just think how hacked off I am at having to pay a couple of hundred quid road tax considering the mileage. Not long till it's exempt though. :party:
     
  16. datsfun

    datsfun
    Z Club Member

    400 miles is good in my booksEXTRA;) at least it's being driven on the roads..., contrast this to the trailer queens that get polished and wrapped up in cocoons to preserve their mileage and hence increase their worth:EXTRArolleyes:
     
  17. hedgehogdodger

    hedgehogdodger Well-Known Forum User

    I must be the exception to the rule just got back from a good night drive in the hills nice and quiet and another 50 miles on the clock. Just clocked up 3500 miles since Last mot in January 2019.
     

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