Hi all
Looking to take out laid up insurance on our 1975 2500 PI, but unsure what sort of value to put on it
It’s completely unrestored, 36,000 miles from new and has been in the family since new. There’s no apparent serious rust, and all it really needs to get it going again is just some basic recommissioning work, like new hoses, battery, door rubbers, brake overhaul etc
There’s very few for sale online and from what I can see the prices of the ones that ARE for sale vary between £5k and 16k
What would be a ball park value for the car in your expert opinions.
Please don’t confuse this with a ‘for sale’ post as it’s definitely not for sale
Laid up insurance - what value?
Re: Laid up insurance - what value?
I have never had to use 'laid up insurance' but it must be inexpensive if it is cheaper than just insuring the car. To be honest I'm not sure how it all works.
I would think that you want a realistic valuation of the car, but without seeing the vehicle we could only give a ball park figure, which surely as a non runner (not road legal) would be lower than a roadworthy car.
Do you not do the valuation (photos etc.) when you apply?
I would think that you want a realistic valuation of the car, but without seeing the vehicle we could only give a ball park figure, which surely as a non runner (not road legal) would be lower than a roadworthy car.
Do you not do the valuation (photos etc.) when you apply?
Re: Laid up insurance - what value?
You might need photo's for an "agreed value" but if you are o.k. with market value then just give any old figure in the range you gave as 99.9% of insurance companies will try to settle on the market value of the vehicle at the time of the claim!
Kev
- david_lall
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Re: Laid up insurance - what value?
During the last couple of weeks I've had some extensive conversations with some of the Register officials regarding agreed value which shouldn't be confused with market value.
Following the restoration work on my 2.5 PI Estate the car was looked at closely by a few folk at the recent BMC / British Leyland show at Gaydon and armed with comments from there I sought an independent valuation from a local restorer/dealer which my insurance company (Footman James) have accepted as the agreed value - £30k
I have an ADO16 as well, it's an MG 1300 with an agreed value of £18k. To my mind, most classic car owners under insure their cars and also fail to be realistic over the cost of insurance premiums for high valuations. I pay a little over £700 to cover both cars which includes unlimited mileage across both and the right to keep the wreckage in the event of an accident right off even if a full payment is made.
Just as agreed value isn't market value it's also not the overall cost of a thorough restoration but it's a figure influenced by both and surely a laid up value is merely limited mileage where the mileage is zero.
Following the restoration work on my 2.5 PI Estate the car was looked at closely by a few folk at the recent BMC / British Leyland show at Gaydon and armed with comments from there I sought an independent valuation from a local restorer/dealer which my insurance company (Footman James) have accepted as the agreed value - £30k
I have an ADO16 as well, it's an MG 1300 with an agreed value of £18k. To my mind, most classic car owners under insure their cars and also fail to be realistic over the cost of insurance premiums for high valuations. I pay a little over £700 to cover both cars which includes unlimited mileage across both and the right to keep the wreckage in the event of an accident right off even if a full payment is made.
Just as agreed value isn't market value it's also not the overall cost of a thorough restoration but it's a figure influenced by both and surely a laid up value is merely limited mileage where the mileage is zero.
David Lall
1972 Triumph 2.5 PI Estate Royal Blue
1968 MG 1300 Saloon Connaught Green
1978 Carlight Casetta Caravan
http://carlightrestoration.blogspot.co.uk
1995 Lada Riva 1.5 Estate Cherry
1972 Triumph 2.5 PI Estate Royal Blue
1968 MG 1300 Saloon Connaught Green
1978 Carlight Casetta Caravan
http://carlightrestoration.blogspot.co.uk
1995 Lada Riva 1.5 Estate Cherry
Re: Laid up insurance - what value?
Thanks for the replies
I’ve sorted a policy now via Cherished Insurance Services (Sam Edward’s).
In the end, I plucked a figure of £10k out of the air as an agreed value, and the underwriters were happy to take that on, backed up by some photographs
The cost of the policy was £81 for the year, so pretty reasonable in my opinion
The cars been uninsured for years, but we had two motorbikes stolen from the house last week, which were not insured in their own right (both off road motorcross bikes) and were not covered by the household insurance, so that is what has prompted me to sort out some sort of cover for the Triumph, just in case the unthinkable happens (again!)
I’ve sorted a policy now via Cherished Insurance Services (Sam Edward’s).
In the end, I plucked a figure of £10k out of the air as an agreed value, and the underwriters were happy to take that on, backed up by some photographs
The cost of the policy was £81 for the year, so pretty reasonable in my opinion
The cars been uninsured for years, but we had two motorbikes stolen from the house last week, which were not insured in their own right (both off road motorcross bikes) and were not covered by the household insurance, so that is what has prompted me to sort out some sort of cover for the Triumph, just in case the unthinkable happens (again!)
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Re: Laid up insurance - what value?
Logically, I'd have thought it ought to be cheaper because :
no risk of damaging another vehicle
no risk of injury to passengers
less risk of theft (up on blocks, wheels removed?)
On the other hand:
Risk of accident to you or the car from tinkering, lying underneath, petrol, etc
I get agreed value unlimited mileage for two classic cars for about £100 the pair, so £81 for just one sounds expensive on the face of it?
no risk of damaging another vehicle
no risk of injury to passengers
less risk of theft (up on blocks, wheels removed?)
On the other hand:
Risk of accident to you or the car from tinkering, lying underneath, petrol, etc
I get agreed value unlimited mileage for two classic cars for about £100 the pair, so £81 for just one sounds expensive on the face of it?
Re: Laid up insurance - what value?
Who is that with?Clifford Pope wrote: ↑Thu Feb 03, 2022 5:01 pm
I get agreed value unlimited mileage for two classic cars for about £100 the pair, so £81 for just one sounds expensive on the face of it?
Kev
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Re: Laid up insurance - what value?
Peter James
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