snooks86
Part of things
Posts: 60
Club RR Member Number: 92
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Insurance agreed valuation snooks86
@snooks86
Club Retro Rides Member 92
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Jun 29, 2020 19:18:00 GMT
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So as the title says what do you think a sensible agreed valuation should be on my mk2 ? full respray in and out 2.8 vr swap 268 cams remap Porsche brakes roll cage coilovers strut braces front and rear upper and lower don’t worry I won’t get but hurt with your answers because to me it’s worth every penny I’ve spent on it 👍🏻     |
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milk
Part of things
Posts: 102
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Jun 30, 2020 22:37:57 GMT
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I have no idea how valuations work but surely its based on the cost to get a car in same condition and replicate the mods if the car is written off?
No idea if it works like that though.
Nice golf either way
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It still relates back to market value and exactly that 'What the vehicle could be sold for on the open market' what you have expended on the vehicle or what one other person thinks its worth - fact that it may have a interesting registration number - trick suspension - expensive audio all becomes irrelevant - it's a common fact that owners expend far more on restorations / custom builds than the physical worth of the vehicle - typically to fully restore some vehicles it may cost £30k - £50k but the vehicle only be worth £15k upon completion - it also works the other way if you have a rare or sought after vehicle - a vehicle that I'm currently restoring for a client is likely to result in a final cost of £35k (includes the vehicle purchase) its physical value will be closer to £45k - £50k upon completion - Custom builds are a lot more difficult to value but from your pics I would estimate its a £10k car - I fully appreciate that you have expended well in excess of this but if you can attain an agreed valuation with an insurer it will give you some piece of mind if the worst ever occurred rather than getting you shins kicked for the average market price of a Mk 2 (probably £5k)
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Last Edit: Jul 1, 2020 8:37:48 GMT by Deleted
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milk
Part of things
Posts: 102
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It still relates back to market value and exactly that 'What the vehicle could be sold for on the open market' what you have expended on the vehicle or what one other person thinks its worth - fact that it may have a interesting registration number - trick suspension - expensive audio all becomes irrelevant - it's a common fact that owners expend far more on restorations / custom builds than the physical worth of the vehicle - typically to fully restore some vehicles it may cost £30k - £50k but the vehicle only be worth £15k upon completion - it also works the other way if you have a rare or sought after vehicle - a vehicle that I'm currently restoring for a client is likely to result in a final cost of £35k (includes the vehicle purchase) its physical value will be closer to £45k - £50k upon completion - Custom builds are a lot more difficult to value but from your pics I would estimate its a £10k car - I fully appreciate that you have expended well in excess of this but if you can attain an agreed valuation with an insurer it will give you some piece of mind if the worst ever occurred rather than getting you shins kicked for the average market price of a Mk 2 (probably £5k) Even though its not my thread thank you as I had no idea how it would work out so useful information to me. |
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snooks86
Part of things
Posts: 60
Club RR Member Number: 92
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Insurance agreed valuation snooks86
@snooks86
Club Retro Rides Member 92
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It still relates back to market value and exactly that 'What the vehicle could be sold for on the open market' what you have expended on the vehicle or what one other person thinks its worth - fact that it may have a interesting registration number - trick suspension - expensive audio all becomes irrelevant - it's a common fact that owners expend far more on restorations / custom builds than the physical worth of the vehicle - typically to fully restore some vehicles it may cost £30k - £50k but the vehicle only be worth £15k upon completion - it also works the other way if you have a rare or sought after vehicle - a vehicle that I'm currently restoring for a client is likely to result in a final cost of £35k (includes the vehicle purchase) its physical value will be closer to £45k - £50k upon completion - Custom builds are a lot more difficult to value but from your pics I would estimate its a £10k car - I fully appreciate that you have expended well in excess of this but if you can attain an agreed valuation with an insurer it will give you some piece of mind if the worst ever occurred rather than getting you shins kicked for the average market price of a Mk 2 (probably £5k) Thanks for the info and the valuation I was thinking around the same mark , let’s see what the insurance valuation team come up with 👍🏻 |
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It still relates back to market value and exactly that 'What the vehicle could be sold for on the open market' what you have expended on the vehicle or what one other person thinks its worth - fact that it may have a interesting registration number - trick suspension - expensive audio all becomes irrelevant - it's a common fact that owners expend far more on restorations / custom builds than the physical worth of the vehicle - typically to fully restore some vehicles it may cost £30k - £50k but the vehicle only be worth £15k upon completion - it also works the other way if you have a rare or sought after vehicle - a vehicle that I'm currently restoring for a client is likely to result in a final cost of £35k (includes the vehicle purchase) its physical value will be closer to £45k - £50k upon completion - Custom builds are a lot more difficult to value but from your pics I would estimate its a £10k car - I fully appreciate that you have expended well in excess of this but if you can attain an agreed valuation with an insurer it will give you some piece of mind if the worst ever occurred rather than getting you shins kicked for the average market price of a Mk 2 (probably £5k) Thanks for the info and the valuation I was thinking around the same mark , let’s see what the insurance valuation team come up with 👍🏻 Lets hope its more than the figure quoted rather than less  |
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snooks86
Part of things
Posts: 60
Club RR Member Number: 92
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Insurance agreed valuation snooks86
@snooks86
Club Retro Rides Member 92
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Nov 13, 2020 21:35:19 GMT
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My old insurers valued the car at £2005 and wouldn’t budge on the valuation unless I paid to have an independent valuation carried out
Now covered with classic line and agreed at £10,000
Must say I couldn’t fault classicline and half the price of my old insurer who are supposed to be a modified vw specialist insurance company ,
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