[TR] value for insurance proposes?

[John Macartney]

Doesn't the VTR offer a national insurance valuation service?
AFAIK, all the UK and European national club equivalents offer such a facility with selected insurers who specialise in providing classic car cover.
In my case, my first valuation was based on:

1. What I paid for the car - (which was nothing because it was a wreck) PLUS
2. The value of parts I had bought for it supported by receipts or a referenced Excel spreadsheet that could be checked
3. The known or likely number of hours work I had done on the car in my ownership up to a maximum of 500 hours. This was multiplied by a very nominal hourly unskilled labour rate, PLUs
4. The value of any work done to the car by a professional - i.e. a repaint.

The car could be valued with all that info and a minimum of 10 good quality digital pics for a very fair valuation fee. The photo valuation was the cheapest and valued my car at GBP3,500 which was fine for me.

I later went a stage further and presented the car to my club for a physical examination which cost more but it resulted in a higher valuation. What most (used to do - and this was 10 years ago at least) was to see how their car value stacked up against the value for a known concours winner or a superb example offered by a dealer and to take the average of the two figures. In my case, I paid an annual all risks premium with unlimited annual mileage of around US$175 for a car that had been officially valued and value accepted by my insurer of around US$12,000. The point I'm making is that if I'd had the car totalled, I could have bought another one just as good (or maybe even better) for about US$6k.
But that was ten plus years ago and the car wasn't a TR.

Jonmac




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