Rhd conversion insurance

[nospark]

Market value is what you would expect to receive

at the time of the accident/theft​

in order to get an equivalent replacement standard of car

Agreed value is the contract that you enter into for the next 12 months for a specified compensation.

So if you today take out agreed value at say £30k and you had a write of in 10 months time you might not get a payout to get an equivalent replacement car. In the intervening 10 months your car value might have gone up to say £38k (the market is presently nuts) but you are tied into a £30k 12 month agreed value contract.

With market value you might have to argue the toss that market values have substantially increased since the policy started. It might get very messy and protracted. The market value you initially quote is simply a starting point for discussion at the time the policy starts, it is not a fixed sum contract over the 12 month term

Roughly people are asking 20k ish for LHD cars. (though what you ask for is not what you necessarily get). Mine is RHD and a "good car" but its not nut and bolt resto like some of these £30k + jobbies.

PS Welcome back to the fold Sam. Your old car is being treated well

 

[Alphabettispaghetti]

So what is a fair replacement value for an early 1970 car that's had a full nut and bolt restoration, has 99%original metal, however is LHD. How do you value that for replacement?

Getting an early car to do again costs £?
Getting one thats as original metal wise as its replacement £?
Bare shell rebuild?
Original matching engine etc?
Time without needing a replacement?

 

[SeanDezart]

Agreed value is the contract that you enter into for the next 12 months for a specified compensation.

So if you today take out agreed value at say £30k and you had a write of in 10 months time you might not get a payout to get an equivalent replacement car. In the intervening 10 months your car value might have gone up to say £38k (the market is presently nuts) but you are tied into a £30k 12 month agreed value contract.

With market value you might have to argue the toss that market values have substantially increased since the policy started. It might get very messy and protracted. The market value you initially quote is simply a starting point for discussion at the time the policy starts, it is not a fixed sum contract over the 12 month term

So why don't people go for an agreed value insurance now and every 6 months, bebefit from a free Z Club evaluation and if necessary, up the agreed value.

The market value policy seems to me to be for the 'lazy' owner ! After all, if you upgraded/restored your Z you up the value, if the market is going up SO quickly, you'll want to do the same - something YOU control and not the 'volatile' market.....seen through my eyes anyway....

 

[Rob Gaskin]

'Agreed' v 'Market'.

How is Market arrived at - no guides like modern cars?

As far as I know Agreed means that if someone else wrecks your car YOUR insurance company will retrieve that amount from the third party insurer. How will that work with Market, the third party insurer may fight to say an old car is worth very little, you are not their customer?

With Agreed it is fixed yes but with Market you are going to have to prove pre-accident/theft condition etc

Think I'd rather know what I'd get.

 

[STEVE BURNS]

The trouble with Market value is who accesses the market value
IMHO I believe you would be on a hiding to nothing getting what you expect the market value to be
Also I thought agreed value and market value was a competently different thing
Is not the market value an average of what various cars sell for. Where as agreed value is to what the cost would be of repairing/replacing the car to one in the exact same condition

 

[datsfun]

So what is the market price of a good condition s30? How does one determine that given that there is virtually nil evidence of the price that the cars actually sell for as opposed to the optimistic asking prices that we have seen of late in the £30k + category...at least with a 3 bed semi, one can determine sales prices from land registry records albeit they are a few months old...in many cases the real estate websites show asking Vs achieved and there are large variances between the two. Same logic applies here IMHO.

 

[Sam_C]

OK ...so for comparison only, fully comp, 5,000 miles p.a. and valued at £35K....

Adrian Flux £350 excess £292.00
Classicline £150 excess £180.80 (for 3K miles = £160.25)

Classicline also included £75 excess for glass, legal cover, windscreen cover and UK and Euro breakdown.

Decisions, decisions (not!). I declared LHD-RHD in "modifications" and both OK with it. Suprised at the difference, guess it does pay to shop around.

 

[Sam_C]

oh....just to clarify those figures the £350/£150 are the excess figures, £292/£180 the premiums ;-)

 

[Sam_C]

PS Welcome back to the fold Sam. Your old car is being treated well

Never doubted it Gareth! Bit(!) more expensive to get back into the fold than it was to get out though....thank you George Osbourne for your pension pot reforms otherwise.....

 

[datsfun]

Adrian Flux cover drive to work, does classicline do same? It may not be a requirement for you...

 

[Sam_C]

Adrian Flux cover drive to work, does classicline do same? It may not be a requirement for you...

I told them both no work, on SD +P. Too few hours in the day to waste them working, my man!

 

[datsfun]

I told them both no work, on SD +P. Too few hours in the day to waste them working, my man!

O'rite for some innit

 

[SeanDezart]

O'rite for some innit

And how does the classic insurance world treat other classic Datsuns (meaning non Zs) ?

 

[datsfun]

And how does the classic insurance world treat other classic Datsuns (meaning non Zs) ?

Most are not insured....I mean why would you pay a £300 premuim for a £ 500 banger? . After all that's all they are worth, market value or even agreed value:lol:

Cheap motoring..

 

[SeanDezart]

..I mean why would you pay a £300 premuim for a £ 500 banger? . After all that's all they are worth, market value or even agreed value:lol:

Cheap motoring..

We obviously don't share the same opinion of the cars you love...

How much to replace your Violet ?

 

[johnymd]

Not trying to put a downer on things but has the value of zeds really gone up that much. We all know that what we spend on our restoration is nowhere near what its worth. Just the same as with most other classics. We could all kid ourselves that our cars are worth 25k but just try and find someone to hand over that sort of money. Zed prices have risen but not by that much over the last couple of years. You see a lot of zeds advertised for a lot of money but how many actually sell? I'd like the values to rise the same as most of us but lets get real. Market value is probably 25% less than it cost us to build our cars. The average uk rhd zed with an acceptable amount of rust is probably worth 15k and that's for one that looks good on the outside.

This is all IMO.

 

[SeanDezart]

Not trying to put a downer on things but has the value of zeds really gone up that much. We all know that what we spend on our restoration is nowhere near what its worth. Just the same as with most other classics. We could all kid ourselves that our cars are worth 25k but just try and find someone to hand over that sort of money. Zed prices have risen but not by that much over the last couple of years. You see a lot of zeds advertised for a lot of money but how many actually sell? I'd like the values to rise the same as most of us but lets get real. Market value is probably 25% less than it cost us to build our cars. The average uk rhd zed with an acceptable amount of rust is probably worth 15k and that's for one that looks good on the outside.

This is all IMO.

There is a whole different Z world out there John that doesn't get near to clubs and their forum fans - prices have risen and continue to do so - and what something is worth and what it is perceived to be are often different values.

Here's one for Datsfun : http://www.ebay.co.uk/itm/DATSUN-NISSAN-120Y-B210-2-DOOR-SALOON-/271973631102?_trksid=p2054897.l4275

And a little article to read through for all of you : http://www.latimes.com/business/autos/la-fi-hy-japanese-car-collectors-20140523-story.html#

 

[richiep]

I refer back to my previous point about insurance valuations. They shouldn't be about market value, they should be about like for like replacement at current market rates of base vehicle price, body shop costs, parts costs etc. that will result in a figure higher than what the car may sell for. If my car were to get stolen or trashed, I do not want to be left unable to replace with a car of comparable standard because I valued too low to account for the inflation in everything to do with the cars since I did the rebuild 7 years ago. Could I sell it for what it's valuation is? More than likely not, but that is irrelevant in this situation.

In my personal case, the valuation reflects the fact that semi-decent Fairlady Zs start in the £20k's in Japan, so add in shipping etc., and then some inevitable work to sort out details and probably bodywork (see all those bog-filled KGC10 Hakosukas imported to the States recently), and there's into the 30k's easy.

Something to consider - a turnkey total resto from Fourways is now 50-60k. And people are paying that; indeed Fourways have dialled back the race and rally support because the restos are where it is at. Obviously that is the elite end of the market, but a sign of things to come and a trend that will continue to send waves down the market.

Of course, this could all be another classic bubble, waiting to burst like the last one did in the late 80s...

 

[SeanDezart]

There is a whole different Z world out there John that doesn't get near to clubs and their forum fans - prices have risen and continue to do so

Something to consider - a turnkey total resto from Fourways is now 50-60k. And people are paying that; indeed Fourways have dialled back the race and rally support because the restos are where it is at. Obviously that is the elite end of the market, but a sign of things to come and a trend that will continue to send waves down the market.

What he said !

 

[datsfun]

And how does the classic insurance world treat other classic Datsuns (meaning non Zs) ?

Let's just say that they have moved into double digits

Here's one for Datsfun : http://www.ebay.co.uk/itm/DATSUN-NISSAN-120Y-B210-2-DOOR-SALOON-/271973631102?_trksid=p2054897.l4275

I am not a fan of the B210 but nearly fell off my chair when I saw the pictures. Having read the description I feel better now. Why you ask ? Well it's not an original car but restored albeit it only involved a paint job. But still not original.

After all the effort he has put into making the car appear stock and original , I wonder why he didn't match the correct shade on the valve cover and air filter housing...AFAIK they are a darker shade of blue. Still one of the best, if not the best b210 coupe example around these shores