Laid up insurance - what value?

General non-technical questions and comments about the cars.
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bigdel
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Laid up insurance - what value?

#1 Post by bigdel » Wed Aug 04, 2021 12:43 pm

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

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Phil T
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Re: Laid up insurance - what value?

#2 Post by Phil T » Thu Aug 05, 2021 1:24 pm

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?

torque2me
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Re: Laid up insurance - what value?

#3 Post by torque2me » Thu Aug 05, 2021 6:45 pm

Phil T wrote:
Thu Aug 05, 2021 1:24 pm
Do you not do the valuation (photos etc.) when you apply?
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

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david_lall
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Re: Laid up insurance - what value?

#4 Post by david_lall » Fri Aug 06, 2021 5:51 am

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.
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

bigdel
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Re: Laid up insurance - what value?

#5 Post by bigdel » Mon Aug 09, 2021 7:32 am

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!)

Clifford Pope
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Re: Laid up insurance - what value?

#6 Post by Clifford Pope » Thu Feb 03, 2022 5:01 pm

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?

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Re: Laid up insurance - what value?

#7 Post by torque2me » Thu Mar 10, 2022 12:35 pm

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?
Who is that with?

Kev

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Re: Laid up insurance - what value?

#8 Post by Clifford Pope » Fri Mar 11, 2022 5:07 pm

Peter James

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