Interceptor Insurance Values / Valuations

[shiraz kid]

Dear All,

For avoidance of doubt, Tim's a mate of mine, and Big Stu too.

I do think we need to avoid confusing condition with value (which I never said Tim confused at all - he's far too experienced for that, nor does Stu confuse such either) but many Insurers do tend to use classes such as Condition 2, Condition 1, Concours etc. so, as I said, to do that properly would require an in-depth engineering inspection of the car. I had my FF done some 14 years ago - it took Cropedy Bridge all week and cost some £2k - BUT it was a fully-detailed report with facts, figures and photos; not surprisingly the report's cost was allowable against any work subsequently commissioned.................

The JOC needs to be sure that any valuation that contains comments re the condition of the car is correctly caveated; that's all, which I'm sure both Tim and Stu would agree with.

Thus, no dissent at all. What the JOC needs to do - as Stu suggests - is to keep abreast of all values and valuations that are performed (and he's willing to try and do that to ensure that there is a reasonably level playing field), such that members are fully informed of the latest value of their cars. that's all!

Shiraz Kid.

[garyc]

Hello Guys

Ive been typing this and have since seen that Shiraz has posted and my thoughts are similar really and I am also friends with both Tim and Stu

There are 2 things here and it looks to me like people are getting a bit mixed up with them

1 is a price guide

2 is a private valuation

1,
The idea of the price guide is it is available to anyone including outside parties like magazines etc.

I think its very difficult for someone looking to buy a car or value it for insurance with all the different prices advertised....surely a guide will help in this respect remember it is a guide not the definitive price.

We are talking a list of varying standards and price ranges which I think Stuarts attempt at is realistic and sensible.

As long as the guide is dated and kept up to date yearly and based on recent sell prices I think it will be very useful to a lot of people.

Someone would have to take ownership of the document

If Stuart is putting his name to it then of course he has to hold the ring (have control of it) so to speak

The 2nd point is who does the valuations

Personally I think the valuations should be controlled again by a single point of contact who would then ask regional or local registra`s or members who live locally to said car with enough knowledge to do this......which I think was the intention anyway

The registras or valuers can then report back these values which would be logged and could also aid for the price guide.

In Stuarts defence I can't see anywhere where he has appointed himself as the only one who can value club cars ?
He`s certainly not saying that Tim or anyone else cant value cars as they have done in the past but I do think the committee should actually appoint people to do this or do all registra`s qualify by default I think this could do with clarifying

From what I can see all Stuart is trying to do is to get some structure into this process and gather the information into one area that can be managed and collated by whoever is appointed to do so...........and surely it would make sense that the person responsible to do this would be the Interceptor Registra

GaryC

[Mark1Stu]

I hope you all realise this thread is a ruse to get you all to come along to the Open Day! I just hope Harry Hill hasn't been invited (apologies to overseas readers who won't understand the reference Mr Hill) - as I'm an old man these days

Tim and I are old mates too. I've left a telephone message on Tim's mobile to clarify matters - and hopefully have a catch up.

[cannonball]

I hope you all realise this thread is a ruse to get you all to come along to the Open Day! I just hope Harry Hill hasn't been invited (apologies to overseas readers who won't understand the reference Mr Hill) - as I'm an old man these days

Tim and I are old mates too. I've left a telephone message on Tim's mobile to clarify matters - and hopefully have a catch up.

Ha ha dont hold your breath you will be dead for a year before you get a reply,, .

[colin7673]

With respect to all those that value cars and have the great knowledge that is needed to do this, could Stuart be trying to take the club forward and make a valuation process a little more professional, so that anybody that wants a valuation of their car from the JOC it would be in a professional manner.

And this is said with respect, instead of just any club member.

Surely a professional approach from the club is a better approach

Just my thoughts

[RAP72]

Surely a professional approach from the club is a better approach

Yes Colin, well said and very true. Even if the valuation is given to Stu by another member/registrar the fact it comes through a single point of contact within the Club would make the Valuation seem more trustworthy as it will indicate that it has been moderated and let the Insurers have some form of warm feeling that the figure has not been plucked out of the air. ( I was going to use the TLAs that I use to use in my Consultant day- WAG, SWAG and PDOOMA, )

Perhaps Angus would care to comment if he is following this thread



WAG - Wild Arsed Guess
SWAG - Scientific Wild Arsed Guess
PDOOMA - Pulled Directly Out Of My Arse

[Mark1Stu]

Thanks Colin, but I always develop a nervous twitch when someone mentions my name and the word professional in the same sentence.

However, I'm certainly keen to make Interceptor valuations more accessible to members. And the output as consistent as possible.

But it will only possible with the help and support from others (old and new), of course.

[Pymmie]

Hi Stu,

I would be more than happy to carry out valuations throughout Devon / Cornwall.

I will obviously need training from more knowledgable members.

With a large gathering of cars and owners due at the International surely the Sunday

would be an ideal oportunity to show myslef and others the ropes?

John P

[Mark1Stu]

Thanks John. Welcome and appreciate your offer of help

Good suggestion.

The club is putting together an Interceptor buyer's guide for the web-site. As part of this, I could pull together a written brief for those interested in carrying out a valauation assessment on my behalf. A working document (contributions always welcome), I think it should strike the right balance between detail, usefulness (less words, more impact), and provide users with the confidence (if any is needed) to gain the right impression of a car's condition (and therefore relative position in the market place). Bearing in mind we are not talking about a forensic examination of a car, rather what can be achieved in circa 30mins to 1 hour.

Such a document is not instead of a face to face chat with interested co-opted assessors, using a car as an example, but as well as. So I'd be up for doing something at the International.

Better get this weekends Open Day feedback first. Then pick the matter up afterwards, all being well.

Cheers.

Stuart

[Joe Schiavone]

Gentlemen I have been restoring high end automobiles as a full time job since 1978. I have been writing evaluations for insurance company’s since 1978. I know what is involved in assessing condition and what is involved electronically and mechanically. If you need someone here in the states I can help people in need and work with anyone abroad in trying to put the correct numbers on the value to said Jensen. RacerJoe

[Mark1Stu]

Thanks Joe.

I'll contact you shortly to have an email chat.

Cheers.

Stuart

[Chris_R]

A sting in the tail that I learned about recently involves salvage rights on classic car insurances. Despite going through different brokers, e.g. Hagerty, Heritage, Classicline, Adrian Flux, Footman James and maybe others, many classic car insurances are underwritten by KGM.
Salvage rights on a write off are often included in the deal but there is scant detail about that. Salvage rights to the car mean that the insured can "buy back" the car in the event of a total loss for a reduced payout.
Apparently KGM have an agreement with a vehicle salvage company (like Copart) in that the vehicle salvage company guarantees KGM a certain percentage of the write-off value in return for the car. This arrangement dictates the salvage buy back price that you would be offered in the event of a total loss.
For write off values up to £10,000 the guaranteed return from the salvage company is 30%. The insurer pays you £10,000, takes possession of the car, passes it to the salvage company who will pay them £3,000. If you want to retain the salvage to the car you will be offered it for £3,000. If the value of the write off is from £10,000 to £25,000 then the guaranteed return from the salvage company is 40%. On a £25,000 write off that will be a £10,000 salvage buy back reduction on your settlement figure. I don't know the percentages above £25,000. If you were offered a £10,000 settlement and wanted to retain the car for salvage that would cost you £3,000 leaving you £7,000. If you then negotiated the write off settlement up to £11,000 your salvage buyback would be increased to £4,400 actually leaving you £400 worse off!
The salvage buy back value has nothing to do with the actual value of the car, but has everything to do with the write off settlement agreed.
This may explain the write off of some recent cars that have been questioned in this forum e.g. the C-V8 that was rolled on a roundabout and where it was given a category B write off (the car is now being restored in Holland). It also may explain the very high parts prices on offer from Douglas Valley Breakers on ebay who broke a fire damaged Mk1 Interceptor for parts (e.g. bare engine at £1,750 or TorqueFlite at £1,300 or radiator grill at £395).