Who Underwrites or determines book price

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Who Underwrites or determines book price

Postby clemo » Sat 07.10.2017, 18:45

This morning i changed Nissan crapstar insurance to be part of our Aviva multi car policy .
Up to 5 cars on 1 policy . Seems ok .

When i asked about adding my Elan . The guy on the phone ( who was very helpful ) asked as to the value of the car . I explained it is a Lotus Elan S2 so whilst a Lotus elan it is a LTD version so only 1 of 800 so not quite the same as the red one i am selling .

He said that he didn't think his value prices would be very good as they would just take an open market value .

My line of thinking .

A average replacement value via Autotrader is 10k . Thanks mainly to the traders with high prices . But is this how it would book with one of the usual insurer?


With the full strip down rebuild i have going on i would say it has cost me about £13k so far and still not finished . It would be rather difficult to actually find a car in similar condition , then put into the mix the edition within edition , Commemorative sponsorship edition Jim Clark 1/13 . It is neigh on impossible to replace . So who puts a value on that ? Via the specialist insurers is it the "actual agreed cost" amount that is being underwritten rather than the car ?

Then further on my Aviva it reads £200 extra excess if non approved garage used . Well I'm not going to let it go down to their preferred garage , but it seems that i have to incur a penalty for this , even if it is not my fault . Kathryn recently had a non fault bump and a specialist assessor deemed it to warrant a specialist garage . Which was in her favour . But this may not alway be the case . I think she was with Admiral so it was one of the big 5 standard insurer.

I wonder if like Kathryn they are happy to take her money banking on the percentage that it is unlikely to have a claim . Though when she did the standard garage ran a mile when it turned up / difficult colour / Fiberglass . So actually it would pretty much alway go to a specialist garage ?

I guess you get what you pay for and the devil is on the detail ( reading others in this insurance section ) silly details like only insured if in your own garage between 10pm - 7 am . But i want a decent level of cover to reflect my vehicle but not pay through the nose for it .. Cake and eat it ?
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Re: Who Underwrites or determines book price

Postby Saltire » Sat 07.10.2017, 19:38

I pay a bit more ham some have quoted, especially given countryside location, age, IAM, occupation, etc. However, my broker required only a set of photos of the car from defined angles to agree a value of my choosing.

When I had the Alfa Spider, I had to get the car inspected by a recognised club, and they provided a letter confirming my valuation.

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Re: Who Underwrites or determines book price

Postby Simon_P » Sun 08.10.2017, 05:58

When you take out the policy they ask what it's value is.

When you come to claim in the event of a write off. You may have to prove it's value. With a normal car you do this with its book value or with reference to similar cars advertised or sold.

With a special car you take it to a recognised expert and get them to value it. And get a letter on headed paper stating their opinion of its value.

The difference between the insurance is that with a classic policy you contractually agree the value up front, whereas with a normal policy you have to prove the value in the event of a claim. The evidence is the same so either way you need the valuation.

Club lotus have a valuation scheme - or take it along to your local specialist.

Limited mileage, European breakdown, salvage retention, towing cover, etc are all features of a classic policy some offer a reduced premium for garaging when at home at night if that doesn't suit you remove the clause and pay the extra.

Give Hagerty a call and talk to someone who is a classic car enthusiast, who will understand your needs and give you a competitive quote.
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Re: Who Underwrites or determines book price

Postby Dave Eds » Sun 08.10.2017, 08:25

Club Lotus, Guy Munday, Scott Walker have all given valuations for insuring on an agreed valuation basis.
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Re: Who Underwrites or determines book price

Postby Kathryn » Sun 08.10.2017, 22:50

Clemo, I claimed on the other person's insurance. It was Hastings Direct and as soon as I got in touch the lady on the phone told me I could get it repaired where I wanted. If it wasn't a third party claim I don't know if that would have been the case. I understand that they have to repair the third party's car up to the total value and I guess it would have to be to a satisfactory standard too or I guess it could cost them more in the long run. The assessor worked the value out by looking at like cars for sale.
I intend to get mine valued now so I can get an agreed value on my policy - I'm with Adrian Flux. Now I think the cars worth more than the value I've given them. I was with Swinton before, who seemed quite good, but thought it better to get a specialist policy, but I don't think you know how good/bad they are until you need to make a claim.
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Re: Who Underwrites or determines book price

Postby dapinky » Mon 09.10.2017, 09:05

When my red elans' handbrake let go and it went for a ride by itself, i contacted my insurance company and they were happy for it to go to a garage of my choice, as none of their 'approved repairers' were interested in a fibreglass car. It went to a Lotus dealer/repairer and the assessor decided it was a write-off.....

.... that was when my problems started.

They decided that it's 'value' was £3250 - and they got that figure from the current sales adverts on Autotrader for cars with a similar mileage (obviously, they were all a similar age) - with no thought on condition of the vehicle.

It took a few months of argueing and involving all sorts of experts to get the final figure to £5000.

I was annoyed, as I always considered £5k to be a fair value for that car, and that was the 'value' i put on it when taking out the policy - but no agreed value (my mistake, not reading the small print when i tookout the renewal).

I was fortunate in that Alan from CL knew both me and the car, and was able to give an 'official' valuation based on what he had seen a couple of months earlier at Castle Combe.

The point being, that to try and value a car after an event is difficult, time consuming and full of hassle.

I would always suggest keeping an Elan on a seperate 'classic policy' with an agreed value. There are some policies which will allow large annual mileages, but I would think that 3 or 5 thousand miles a year would be enough for most of us (but I have even had an unlimmited policy at one time - when I was running 3 cars on the same policy). Peter James is a good broker, but I am now with Footman James as I like their 'extras' on the policy - they charge a basic premium, and you add on the bits you want... I didn't need Breakdown cover, but I did want 'salvage retention', 'spare parts in storage' etc.

One thing which surprised me is that they set the agreed value at whatever you want without asking for a valuation, photos or anything else - presumably, if you want to go stupidly high they would question it, and charge the premium accordingly.

With all declared modifications and a £10K value, the 'basic' premium was under a ton, and all-in with the add-ons it was under £150.

And you can add extra 'classics' to the same policy if you have them - but the same total annual mileage applies. As such, my Triumph insurance actually costs me £40 as it doesn't go anywhere, and the mileage allowance for that one doesn't eat into the Elan mileage - and that car is on an agreed value of a hell of a lot more!
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Re: Who Underwrites or determines book price

Postby clemo » Mon 09.10.2017, 22:06

Thank you everyone for your replies .

Did anyone carry over or mirror any No Claims Bonus .

I have 6 year + on the crapstar but i guess i would be starting of with zero for the Elan on a separate policy ?
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Re: Who Underwrites or determines book price

Postby dapinky » Mon 09.10.2017, 22:36

When we first got the red one, Angie insured it with Marks and Spencer, and they mirrored her NCB from her Corsa.

That said, since we've been on Classic policies, they don't have a NCB system.
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Re: Who Underwrites or determines book price

Postby Saltire » Tue 10.10.2017, 07:44

:agree: I've had many classic policies over the years, and non of them has had an NCD component. However, I insured the RS60 on the family MultiCar policy with Admiral, and I was able to specify restricted mileage and keep a carried-over NCD. IIRC, it cost me £220 as an add-on to the existing policy, self and spouse only, 5,000 miles. Not bad for 310bhp :)
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