Cinnobar Posted July 6, 2004 Report Share Posted July 6, 2004 OK now the TR7 is back after a complete reshell & comprehensive rebuild with bills in excess of £ 16K! I insured with RH with a verbal valuation of £ 12K and they asked for a valuation. After discussion with Simon at Robsport we agreed that the insurance reinstatement cost would be nearer £ 15K so Simon did a valuation at that level. RH have decided not to accept it as Robsport did the original work, note that they've not asked for more info such as bills they want an independant valuation. I spoke to the office and they pointed me in the direction of classic assesments (who I'm waiting to ring me back). Has anyone else been in this position before. Is this a kick back from using RH rather than CM through the club? Jim Quote Link to post Share on other sites
malcolm Posted July 6, 2004 Report Share Posted July 6, 2004 Jim. RH happily accepted S&S's valuation of mine. Having said that it was *much* lower than £15k. I've been told by another club member that RH have refused to insure them on a 're-instatement cost' basis, saying that the agreed value is supposed to reflect an agreed market value. I've never been insured with CM but I didn't think that was how their agreed values worked either?? Sure someone else will know this. Malcolm. Quote Link to post Share on other sites
Cinnobar Posted July 6, 2004 Author Report Share Posted July 6, 2004 Malc, if this is the case then the plot thickens. I insured with RH because they were £ 150 rather than the £ 250 that CM wanted. However Classic Assesments want £ 185 + £ 35 travelling to value the car and we had a conversation about insurance value, with his comment being that TR7s aren't worth £ 15K. Thats not my point if I wished to replace GYM146W as is at the moment then I'd need to spend £ 15K or thereabouts. If I wish to insure this at this value and am prepared to pay the premium then I see no problem. RH have rejected Robsports valuation totally, they didn't ask for it to be backed by bills photos or anything else. I'll be having a conversation with RH & CM tomorrow and maybe cancelling RH and going with CM. £ 100 difference suddenly sounds very cheap!!!! Jim Quote Link to post Share on other sites
jonlar Posted July 6, 2004 Report Share Posted July 6, 2004 Jim, I don't know if this will be any help to you or not, but I've just had my renewal through for my 6. for which we (CM and I) had an agreed value of £10,000, established by copies of paperwork, showing the price paid by previous owner in 1992 and the work, he'd had done. With this renewal there's a "Declaration for Valuation Purposes" which asks about the conditions of this, that and t'other! On the reverse side, there's a table of values for 7/8s as follows for Concours (as in Concours d'Elegance - NOT CONCOURSE as in railway stations/public buildings, unless they're at a show!!) :- TR7 FHC £4,000+ TR7 Convertible £6,000+ V8 Conversion above +£2,500 TR8 US £7,000+ TR8 UK £11,000+ I'd suggest you contact CM and see if they'll negotiate an agreed value of £15 or £16 thousand. Quote Link to post Share on other sites
chris turner Posted July 8, 2004 Report Share Posted July 8, 2004 I think this problem has arisen because the insurers will know that very few TR7/8s of any type change hands for more than £10,000,I know of only one TR7V8 and around 5 genuine TR8s which have exceeded this figure, therefore when they do come up for sale they are usually bought for a lot less than the cost of restoration.The insurers obviously dont want to value a car at thousands more than its market value irrespective of the amount spent on its restoration.I know someone who has spent £20,000 on a TR8 restoration but I doubt if he would be able to get an agreed valuation at that figure. Quote Link to post Share on other sites
malcolm Posted July 8, 2004 Report Share Posted July 8, 2004 This is exactly the experience of the member I was talking two a couple of weeks ago. He assumed that the company would be prepared to insure his car for an agreed replacement value (I think it was £10k) if he paid a high enough premium. In practice the agreed value is an agreed market value, very much less than what he had spent on the car. I believe he had spoken to both RH and CM, don't know who else. Malcolm. Quote Link to post Share on other sites
Guest Chris Draper Posted July 8, 2004 Report Share Posted July 8, 2004 I'm in much the same position. I've spent similar money on restoring the body plus a lot more on upgrades like the AP Racing brakes, leather re-trim, stage 2 tune etc etc. but the basic position seems to be that insurers only accept market value. The car's worth much more than £10k to me, particularly as it's pretty much one of a kind so I'd never find another like it. Doesn't seem like much you can do. Quote Link to post Share on other sites
malcolm Posted July 11, 2004 Report Share Posted July 11, 2004 Jim. You must let us know how you get on with this. I have had two further discussions along the same lines since these posts. One with a TR7 FHC owner who managed to get Footman James to agree to 6k for a '77 2L FHC. Not bad, but still not covering the cost of the restoration. Malcolm. Quote Link to post Share on other sites
Cinnobar Posted July 12, 2004 Author Report Share Posted July 12, 2004 Update. I spoke to the TR Register and they recommended Brian of Classic Assessments, I also spoke to CM and they want an independant assessment as well. When I spoke to Classic Assessments he said that he will value you it for replacement, not what it cost. Bit difficult as to truly duplicate as it is today would be impossible, short of repeating what I've done again! So its booked to have Brian do a full assessment on 24/7, will be interesting to see what I get for £ 185 + £ 35 for travel to Chatham! I'll keep everyone posted. Jim Quote Link to post Share on other sites
Guest ajttriumph Posted July 12, 2004 Report Share Posted July 12, 2004 Lets face it guys unless you have a rare ferrari or porsche or other exotic, the car will never be worth what you have paid for it and the restoration and the upkeep, once our cars get to this stage not many of us will be able to afford to keep them. Quote Link to post Share on other sites
Guest JGG Posted July 20, 2004 Report Share Posted July 20, 2004 Chris, Would love to see "DWR" again, it has been transformed into a wonderful car since you took ownership. I will be at Malvern on the Sunday can I have a drive again? Cheers John Quote Link to post Share on other sites
Guest AndrewBond Posted July 20, 2004 Report Share Posted July 20, 2004 Just thought I whould add my 0.002 pence worth I have just rung around for insurance for my TR7 and the best quote was these people http://www.lancaster-ins.co.uk/ who also appear to have a very decent agreed value policy so it might be worth checking them out. Of note is also the fact that they said that they would knock 5% off any quote for main car insurance as well. these guys were not as cheap but they also have a good agreed value policy www.classiccarcover.co.uk/ Regards Quote Link to post Share on other sites
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