Agreed Valuation: Advice needed please

[boggie]

Morning all,

 

I have just sent pictures to TR-Register Insurance in order to agree a value with them. Frustratingly they are not allowed to advise on a value but if I suggest a value that is too high they will then tell me what they think the car is worth. They may also ask for an independant valuation at my expense if the numbers are high.

 

So, all I have to go on at present is the price similar condition cars are being advertised for. I have found fully restored cars ranging from high twenties to mid thirties but without seeing them it is difficult to judge if any of them are comparable. We have receipts for around £20K and on top of that there has been somewhere in the region of 1,400 hours of labour over six years. I am told that to pay a professional restoration company to fully restore a TR3a from the rather tired condition when bought the car to the finish we have achieved would cost between £40K and £50K.....!

 

What did you guys do in coming to a price?

 

Thanks,

Ian

[Geko]

if it's for insurance purpose, put it a 30K

[Prospect]

My 1956 TR3 restoration (full body off, rebuild of all running gear, plus engine and gearbox, interior recovered and carpeted plus new hood and tonneau) which was completed Dec.2013 had an agreed value accepted of £32,000 by Towergate if that helps. However, do not know if TR Register Insurance will sing from the same hymn sheet!

Tony

[Rodbr]

Use the Towergate rating for valuation A to E and 1-5 If you take a value for example a car at the threshold of £29500 equates to D (excellent) mid range (£25-£34500)

Every £500 over £29500 excreases the premium.

Band E is Concours Full history,plus proof of awards,impeccable in every detail, inc original tools,under bonnet detail etc etc etc .

 

In reality you could have spent 3000 plus hours and it still won't make it more valuable. Or spent £50k having it restored by a pro, it still wont make the car any more valuable. You can insurance for slightly more than market but it will depend on estimator perhaps. The best way is to value it at say £30k plus at a premium plus 50% extra for reinstatement at £50 on top of premium.

Drop me a Pm with your email and I'll send a copy of the Towergate Price guide so you can

Edited September 29, 2014 by Rodbr

[Ian Vincent]

I don't think you can base a value on what you have spent because my understanding is that relatively mundane cars like TRs without any special cachet (e.g. A race history), will never recover what it costs to rebuild them.

 

£30k sounds about right to me for a well done body off restoration job.

 

Rgds Ian

[Rod1883]

Agree £30k sounds about right.

I used the latest Towergate valuation table and the TRR scheme accepted this for my car - fully restored 3.5 years ago and I have a value of 30k agreed.

[boggie]

Thanks chaps. So 30k sounds right.

 

How does the repatriation deal work?

[John Morrison]

Basically if you breakdown, are recovered to a local garage, and the car cannot be fixed

before you are due to travel home then you qualify for repatriation.

 

John.

[BarryC]

Hi Ian,

 

I have just (July) renewed with Towergate the Agreed Fixed Valuation on our TR3A, and as for many years renewal : [1] search the sale market usung publications, internet etc for similar condition (or to give a nominal value measure relative to your vehicle condition), then [2] use the Towergate/ TR Register valuation chart (as other responders advise), then (because our TR3A is on the 'higher condition/ value' category) [3] obtained a ( TR Register) approved expert written valuation (this is (needed only every 2 years). In our case we utilise Steve Hall at TR Enterprises, who providers the opinion officialy in writing, signed on TRE letterhead - for a small nominal admin fee. His valuation assessment has always been realistic to the market, relative to condition, and accepted. You will also need up to date photos etc. TRE are geographically convenient to us. Worth asking if Bill Sykes at TR Bitz, Warrington (assuming 'South cheshire' location & who also sells TR's) can effect a valuation - or similar accepted expert to your location. The foregoing should give you confidence of a realistic valuation, Agreed Fixed Value purpose or otherwise. Hope this helps

[boggie]

Thanks Barry,

Just did exactly that. The valuation came in at £35k and the TR Register Insurance have agreed it.

 

John, sorry I meant reinstatement. This is set to 50% of the car's insured value. Apparently if the worst happens this effectively means the car will not get written off up to the value of £52.5K. It is an option to recognise that owners may want their actual car back, rather than getting another, and get it repaired. The extra cash is to address the fact that it may cost more to repair than replace. Cost an extra forty quid for this option. Well worth it..

 

Ian

[Andrew Smith]

Ian,

 

Good to see you haven't made the mistake that some do with he reinstatement option.

 

I know of some members who unwittingly undervalue their TRs and make it up by using 25 or 50% reinstatement option - this of course only applies if the car is damaged up to the agreed reinstatement value. It is not the sum you get back in the event of your pride and joy being stolen.

 

Barry,

 

Towergate is no longer associated with the TR Register, so their current valuation table is independent of the club; albeit an initial joint initiative - I find it interesting that members still choose to use Towergate's resources as it seems the new the insurance providers have yet to produce one, even after some two years...........

 

Cheers

Andrew