Jump to content

Increasing Insurance Values?


Recommended Posts

Hi John,

 

I hadn't increased the agreed value on mine for 3 years, so this year I felt I should. I pretty much did what Neil suggests (based it on what I'd now pay for the car if I was buying it), and that equated to about a 10% increase in my case. With the TRR insurance I had to send in six photos.

 

Cheers, Darren

Link to post
Share on other sites

I looked at the cost of equivalent TR6's on local car sales websites, on the basis that if it was totally destroyed in an accident I'd have to buy a replacement.My insurer checked the websites and agreed.

 

I'd estimate that the price of PI TR6's in Australia has increased by 60% in the past five years due to their relative scarcity.

Link to post
Share on other sites

Gents, based on looking around and your input, I think about 9-10% is probably about average.

Funnily enough, thats also (as near as) the premium increase!

So, "fairs fair"......

 

Anyone have any thoughts over reinstatement cover?

Worth it or not?

 

My feeling has always been, in the event of a total loss, maybe you'd want a 'new' one unless you have particular attachment to your current one??

 

Salvage buy back?

Would you want the pain of slowly tearing it to pieces and selling on?

Link to post
Share on other sites

Gents, based on looking around and your input, I think about 9-10% is probably about average.

Funnily enough, thats also (as near as) the premium increase!

So, "fairs fair"......

 

Anyone have any thoughts over reinstatement cover?

Worth it or not?

 

My feeling has always been, in the event of a total loss, maybe you'd want a 'new' one unless you have particular attachment to your current one??

 

Salvage buy back?

Would you want the pain of slowly tearing it to pieces and selling on?

 

Hi John,

 

Keep in mind that if you are with the TRRI your increase in agreed value will also mean another increase in your premium. Well, it did for me at least, so I assume it's the same for all.

 

I do have the reinstatement cover. I can see your point about having a new one, but for me it would be most important to put mine back on the road, as I'd rather that than see it or any other TR scrapped or sold for parts.

 

Cheers, Darren

Link to post
Share on other sites

Worth going for 50% Reinstatement and also 'Nil Deduction Salvage Retention' - I have these options on both my TRs.

 

Cheers

Andrew

Hi Andrew

Is that with TRRI??

To be honest, if this 'peace of mind' extras increase the premium, it may still be worth it, just to have the options in the event of an unthinkable situation!

Link to post
Share on other sites

 

Hi John,

 

Keep in mind that if you are with the TRRI your increase in agreed value will also mean another increase in your premium. Well, it did for me at least, so I assume it's the same for all.

 

I do have the reinstatement cover. I can see your point about having a new one, but for me it would be most important to put mine back on the road, as I'd rather that than see it or any other TR scrapped or sold for parts.

 

Cheers, Darren

Hi Darren

Agreed, all points.

TBH, if the changes increased the premium, it is still minor compared to possibly 'losing the lot'!!

Link to post
Share on other sites

Hi Andrew

Is that with TRRI??

To be honest, if this 'peace of mind' extras increase the premium, it may still be worth it, just to have the options in the event of an unthinkable situation!

 

Hi John,

 

No FJ, but I understand the TRRI offer the same enhancements to the policy.

 

Cheers

Andrew

Link to post
Share on other sites
  • 2 years later...

Mine is NOT for sale ...I've owned it over 30 years...however the values seem all over the place..I've seen PI CP models for sale recently   between £7000 and £35,000!

How you value one accurately would appear a finger in the wind  touch  IMHO

Link to post
Share on other sites
On 7/25/2017 at 1:33 PM, Mike C said:

I looked at the cost of equivalent TR6's on local car sales websites, on the basis that if it was totally destroyed in an accident I'd have to buy a replacement.My insurer checked the websites and agreed.

 

I'd estimate that the price of PI TR6's in Australia has increased by 60% in the past five years due to their relative scarcity.

That would be nice. My reading of the adverts is that a solid PI in good condition, either a survivor like mine or an older renovation, is in the $40-45,000 mark. A recent comprehensive restoration nearer $50-55,000. 

Mine is insured for $45,000.
 

Edited by John McCormack
Link to post
Share on other sites

Mine: no rust, new chassis, virtually everything rebuilt in the last 5 years and Supercharger conversion was valued at £35K this year by TSSC. no idea whether this accurate, all I know is that it makes the insurance go up :-(

Link to post
Share on other sites

Mine will be even more difficult to value.

ex USA RHD conversion

owned for 27 years

Older restoration

massive history folder

many recent upgrades

rust free

Im wondering whether £15k is enough, too much, or about right?!

 

 

Link to post
Share on other sites

TSSC publish "TSSC Insurance - Car Values" in their Courier magazine. I don't know where their values come from but it makes interesting reading as they seem to value TR6 higher than all but a TR5:

                         A1                A1+

TR2                15400        24500

TR3&3A         16800        28000

TR4                15400        24500

TR4a              16800        26000

TR5                 26000        45500 

TR6                 18000        30800

"Values Revised 1/9/18"

Would anyone out there like to sell me their A1 TR5 for 26000?

Edited by Drewmotty
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...

Important Information

Please familiarise yourself with our Terms and Conditions. By using this site, you agree to the following: Terms of Use.