Make
sure your agreed value is up to date
MGBGTV8 - the
message from recent magazine reviews is it is an undiscovered
classic which has similar running costs to an 1800 MGB - but
with a great deal more character and fun.
Agreed value, limited mileage cover for the V8 - how do the
offers compare? See our comparative survey carried out in 2008.
More
Who are the insurers and brokers? More
Any feedback from fellow members on current insurance premiums,
scope of cover and valuation issues and service standards of
the various brokers. If you have been unfortunate and had to
make a claim your claims experience feedback will be very welcome.
Email
Posted: 15.3.10 |
Making
sure your insurance valuation is up to date
With a limited mileage, agreed value policy from one of
the leading classic car insurers you need to check periodically
the agreed value is sufficient and reasonable for the
condition of your car. Recently Bob Grieves (Black 2788)
contacted the V8 Registrar saying "I have just renewed
my insurance with Peter Best Insurance Services, with
an agreed valuation of £6,200. Looking at what is
being asked for similar condition V8s, do you think this
is a bit low? I have spoken with PBIS and they advised
that they are willing to review the agreed value but I
will need to send them a new set of photographs."
The V8 Registrar's reply was "it's always difficult
expressing a value on a car you have not physically inspected
but
your car has always looked a good example. It's a relatively
late rubber bumper car finished in black with some original
University Motors' Jubilee flashes on the sides. The price
guide we have on the V8 Website for a rubber bumper
V8 indicates Condition 1 is £8,500 and Condition
2 is £5,750 but I have a feeling the rubber/chrome
differential is narrowing at present as buyers are increasingly
focusing on condition. In any case V8s in black always
look as though the black bumpers and car were intended
to go together, so it is likely the differential might
be lower for a black car. So assuming your car is between
the top end of Condition 2 and mid Condition 1, I should
have thought your car is certainly within the Condition
1 bracket so the value might be somewhere between £5,750
and £8,500, say around £6,500 to £6,750
and quite possibly £500 more."
But then you have to think what value you are insuring
as an agreed value? In many ways it's the replacement
value you need to cover, not to mention the reinstatement
cost should you have a major accident. As Bob mentioned
there is also the market value change factor to consider
and at present there are very clear signs of two factors
influencing both demand and market prices - first the
very strong demand from the Eurozone, but I have to say
it seems to be mainly for chrome bumper cars, and second
a general upturn in the interest in the model over the
last 6 to 9 months. We have had three magazine articles
recently reviewing the car and another last year, with
a further comparative article due out shortly. Their message
is the MGBGTV8 is an undiscovered classic which has similar
running costs to an 1800 MGB but with a great deal more
character and fun!
So Bob went back to PBIS and shortly after he reported
" I'm pleased to say Peter Best Insurance have responded
favorably to my request and have valued my car at £7,000.
I think this reflects the increase in interest and value
of the MGBGTV8 over the past 12 months."
Bob has sent in a short profile of his University Motors'
V8 Jubilee Special. More |
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