Update your agreed value when renewing your classic car insurance cover

See our earlier NEWS items:

Investment activity in the classic car market continues to lift prices. More

Keith Belcher's adwatch. More

MGBGTV8s sell well at auction. More

What are the condition categories? More

Where do I get a valuation of my car for "agreed value" purposes for the insurer?
The V8 Register does not provide valuations but recommends that where an insurer requires a valuation to support an agreed value the owner should get a professional valuation report from one of the MG specialists. See our listing of specialist traders.

With the substantial rise in MGBGTV8 values over the last few years, many members might find the agreed value forming a key part of their classic car motor insurance cover may be well below current market prices and need updating to avoid being underinsured. In recent NEWS items following the updated MGV8 price guide released earlier this year, we have reported rising prices of V8s advertised for sale and seen at auctions.

In a matter of only three to four years, prices of Condition 1 MGBGTV8s have risen from the £10,500 area where they had been for many years, boosted by the benefits of both the introduction of the road tax exemption concession in 2014 and the general pressures from "alternative investment" activity in the classic car market.

In a front page article in Classic Car Weekly out today they report "it's a problem in the UK with around 70% of classic car drivers underinsured" and they recommend anyone with an agreed value on their insurance policy should update their agreed value every time they renew their cover.
Comment: In earlier years many V8 enthusiasts reviewed the value of their car every 2 to 3 years but in the present market it's essential you do this annually to ensure you have an agreed value on your policy which reflects the current market price of your car. We are working on an update of our price guide but indications are a Condition 1 MGBGTV8 chrome bumper is now around £18,545 (up 7.5% from £17,250 indicated by our price guide in February 2015) and a rubber bumper model at around £15,320. Our draft updated price chart for the MGBGTV8 model is below.
See our MGV8 price guide released in February 2015. More

Posted: 150819