Valuation.......
 

............................ I need to be able to prove that The Flying Banana is worth increasing her insurance value following the recent respray.

I have already asked Reebs, who is going to supply me with a certificate of her rarity. I know that no.4 of the 4 produced recently sold for £7,495, well that was the asking price and the car did sell.

Anyone have any idea on how I could get the car valued?

Hi Bob,
I would try one of the main MG owners clubs, most insurance companies will accept their valuation for an agreed value policy.

I know this was accepted by insurance companies when I belonged to the TSSC.

:shrug: Surely there are companies that will do a Classic Car Appraisal and give an evaluation that would satisfy the Insurers.


*edit - a quick Google search suggests there are various companies offering such a service ;)




Paul.

I have just done a search and I can’t find anything except insurance companies. Haggerty looked promising so I tried their site and launched their valuation tool but it doesn’t list the ZT

Agree this is a good starting point.
https://www.mgownersclub.co.uk/contact-us
For MG Quotations, New Cover, Renewals, Agreed Valuations Insuring Non-MG Classic Cars, Modern Cars Tel: 01480 400829 - Instant Quotes and Immediate ...
Are you still a member Bob?

Yes still a member. Will give them a bell in the morning.

:shrug: I get a load of results - I can't vouch for any specific companies - this one here https://proline-paint.com/valuation/ says all the right things tho £34.95 for a valuation that is "recognised by Insurers"

may be worth digging a little deeper ;)



Paul.

No way can they value a car without seeing it


Sent from my iPad using Tapatalk

In all fairness that particular site does ask for images - so, although not in person they do "see" the Car.

bear in mind this is for Insurance purposes NOT a "For Sale" evaluation.

I doubt any physical inspection will be required for such an evaluation :shrug:


I know nothing of that particular company however - merely sharing an example of what i found with a search ;) i'd scout about a bit i'm sure there are more than a few options :}



Paul.

Most "agreed value" policies I've ever had, require an independent valuation from a recognised owners club, along with photographs (non digital) to be supplied upon inception of the policy.

Further to this, the "agreed value" normally stipulates that the cost of any "restoration" is not necessarily factored into the valuation process.

So to sum up, the MGOC will be able to supply the valuation, but it may not necessarily match your expectation of perceived value, or indeed reflect the monies that have been spent.

Also be careful in quoting the sale price of "similar" vehicles, as the insuring underwriters are not likely to equate a low mileage diesel ZT to that of a high mileage petrol ZT based upon the only common factor of the cars being the same colour when ordered from the factory.

I've always found this to be a problem in the past, where restoration costs far outstrip the vehicle's worth, and that is even where labour costs are not a consideration.

Hopefully you will find a solution Bob, have you contacted your current insurer to see what their take is on the situation, often a phone call or email will solicit the information you need ;)

Brian :D

I looked to have an agreed value policy on the classic cooper S this year as I thought the value was under valued. I paid the fees and sent the photos with a selection of ‘similar’ cars that were for sale. I say similar, they were a similar age and mileage. Mine is one of around 10 cars by John Cooper and in fact mine is number 1 of the 10. The result was they declined the value I thought it should be and suggested their own value which was about 2k higher than it originally was and nowhere near enough to replace what I have. I have a friend with a mini who did an engine swap and the same company agreed a value of 30k! Seemed to be no logic to their decision :shrug:

It’s been a up hill struggle to get the valuation required. Most independent companies do not recognise the ZT as being a “classic”, seems it needs to be at least 25 years old.
My current insurer, Lancaster, have said that I need to reinsure Banana with them, I’ve currently got the multi vehicles insurance with them. But the premium will start at over £1k if I want to insure the car for £7,500. Plus £750 excess. Think that’s a bit steep.

One independent valuation company wanted me to send them a fee of £345 before they would come and look at the car but they could not promise that the car would be worth it. And no return of any or part of the fee. And I have read the small print in there bumf.

So she is still currently insured for £3,500 so it looks like I’ll have to leave it at that.

Many thanks for the advice, links and tips.

I’m not a multi vehicle insurance fan, all mine are separately insured. It’s a bit more leg work but I find it more competitive. My mini is with Adrian flux who don’t just do classics. Might be worth a phone call one your renewal is due