Lotus Elan

insurance valuation for my +2...Any Ideas?

PostPost by: tdafforn » Fri Dec 11, 2009 9:42 am

Hi All,
All these price rises are scary!
I've got my +2 on agreed value for ?6,500... (Not changed for a few years)
I'm guessing this is way low..
Car has rebuilt 711m motor (<5000 miles) with the resulting capacity increase (including vernier sprockets) and megasquirt ignition.
Fair few special bits (tubular front wishbones, solid rear driveshafts, Spyder rear seatbelt system with 4 point harnesses for the kiddies, adjustable front and rear shocks etc..)
Body work is pretty good (few microblisters in places)..
Chassis good
Its a +2s130 and tax exempt
Interior good and everything works (apart from the Philips turnlock)
Any thoughts on what it should be worth for insurance?
Cheers
tim
1972 +2S130
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PostPost by: bcmc33 » Fri Dec 11, 2009 10:00 am

Tim,

Make a date to see Matty - for a tenner in his charity box he will give you a formal valuation.

It may be best to take the insurance company valuation form just in case they will not accept one on the Matty headed paper.
Brian Clarke
(1972 Sprint 5 EFI)

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PostPost by: tdafforn » Fri Dec 11, 2009 10:17 am

In the past Matty has valued it from pictures and has always agreed with what I said..
Not sure how much he looked at the pictures though!
Tim
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PostPost by: bandjie » Fri Dec 11, 2009 10:48 am

Are you a club lotus member? if so they too will value your car for a tenner and they'll do it from 4 photos. front 3/4, rear 3/4, interior and under bonnet. I think you are seriously under valued by the way.
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PostPost by: tdafforn » Fri Dec 11, 2009 11:15 am

yep, I am a member, they usually send me to Mattys to get a valuation..
the thing is that my insurance company don't need any third party valuation for cars under ?10K. So I guess the question is whether ?10K is enough..
Cheers
Tim
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PostPost by: rjaxe » Fri Dec 11, 2009 1:49 pm

To get an agreed value for insurance purposes with my insurers, Towergate Hall and Clarke, I had to complete a Vehicle Declaration form and submit this together with 6 printed photos, one each side, front and back, interior and engine bay. I requested a value of ?11000 for my 1971 +2S130 which is pretty well up together. Based on the submission THC's valuers accepted my valuation, they did not request an independent assessment in addition to my own. Apparently they start to get picky above ?20k
Is it enough? well it was a little time ago so perhaps not, really I should adjust the value to reflect the potential costs involved with these increasingly rare cars. A tidy +2S130 particularly if the body is good should certainly be valued higher than ?6000, that will barely cover a good body repair and paint job.
So my sixpenneth say a value around ?15k is reasonable.
Richard
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PostPost by: bandjie » Fri Dec 11, 2009 4:50 pm

I agree with Richard, Looking at todays asking prices and taking into account the cost of parts for a major crash repair I would say ?15000 is the minimum you should be looking at
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PostPost by: theelanman » Fri Dec 11, 2009 8:10 pm

I tried a quite high estimate...explaining that its was my first time (not really) of working 'the system' so I said ?14k as I sent them info of mr uk sportscars stock and mr mattys stock....and basically telling them it was very good but not concours....they looked at the pics...asked if they could come and look at it to which I said yes.....
anyway they gave me the valuation of ?14k and then didnt come and see the car....
:)
happy days....
Id say put down as much as you like.......they will assess it.....and give you the valuation of what theyre willing to pay should anything happen......
I tried for ?11k for my m100....very cheeky I know....but they sent me a letter back saying they'd value it at ?9k.....very happy with that thankyou

if you dont ask you dont get....hey they can only say no.....
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