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Insurance Valuation

Technical issues not related to a DLOC car marque, eg tyres, ethanol, other car makes, etc. and legal, political and insurance
Warsash 2
Posts: 332
Joined: Sun Feb 28, 2016 1:53 pm
Location: Southampton

Insurance Valuation

Post by Warsash 2 »

Hi
My insurance is due and I need insurance valuations for my V8 saloon & Margaret's SP. We live in Hampshire. Are there any suggestions out there.
Regards

Colin

simonp
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Location: Birmingham

Re: Insurance Valuation

Post by simonp »

I usually get my my local classic car garage to do it Colin where the cars are serviced/repaired. They sign the form which I complete with the valuation I am seeking - all with their agreement of course.

SimonP
Daimler SP 250 - "To feel its eager response as you open up is to know a new motoring adventure"(Sales brochure) The adventure continues!

clevitt
Posts: 184
Joined: Wed May 18, 2016 1:02 pm
Location: West Hertfordshire

Re: Insurance Valuation

Post by clevitt »

Colin, was your posting made following discovery that the Club Valuation office has been a vacancy for the last six months, at least according to DM? My agreed value policy is also due its bi-annual valuation (do all Insurers require a new valuation as frequently?) , but I happened to first check the DLOC website, where members are referred to a commercial organisation for valuations. If you follow this advice , you will find that the “ photo valuation” service will cost you £85 versus the £12 (from memory) that I last paid using the Club Officer. Unless you have access to a tame local classic car repair facility, I can’t see any alternative if you wish to retain an agreed value insurance policy. Hoping for any alternative suggestions.
Chris

classiclife
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Re: Insurance Valuation

Post by classiclife »

Hello,

This is a topic of interest to all owners of classic cars, not just those under the auspices of the DLOC banner.

Agreed Insurance Valuation (AIV) is, I believe, a policy / service that this club should be offering from within and not out sourcing to a third party. Currently DLOC are flagging a company called Classic Assessments (CA) as listed in the club directory - I'm not sure how the company got selected and I've certainly not seen any correspondence concerning the appointment, to date. If the appointment has been plucked from the air, then I would say a selection of companies should be listed not just a single business. The £85 cost seems very high compared to other companies offering this service.

One observation I do have with CA, is that contact is either via email or a mobile phone number - I'd certainly like to see a landline listed and looking at the company website this is not listed.

I certainly get the feeling that DLOC is risk adverse in this field, that said there are numerous classic car clubs that offer this in-house service. For example TSSC, the well known Triumph club, offer this service for £15 of which the AIV must be renewed every 2x years - which is fair.

Being a member of the TSSC, I know the club has what they call an "Insurance Panel" whereby 4x separate insurance companies are on the club's books and of which all 4x companies sign up to the AIV policy.

TSSC administer the AIV assessments in 3x ways:

1- personal representation, with the car, at the club's HQ - Covid permitting.
2- vehicle shows that are sponsored / organised via TSSC
3- submission of photos with the relevant form completed.

A club assessor does his task, completes the form with any observations and the AIV assessment is given at the time.

The completed form is then submitted to one of the relevant 4x insurance companies as mentioned.

The signed AIV form, is accepted by the insurance company and the AIV is then registered accordingly and held for the 2x year period.

It is a simple and effective structure that is embraced by the nominated insurance companies on the panel. As mentioned, the cost of the service is £15.

As a DLOC club member and vehicle registrar, my belief is that the club should be embracing this service for its members. If other classic car clubs are doing it and there are many, then why is the Daimler & Lanchester Owners' Club not doing likewise.

The creation of an insurance panel is straight forward and only requires liaison with the chosen insurance companies; the rest of the system then falls in to place. The current TSSC "insurance company panel" consists of: Peter James, Footman James, Lancaster Insurance and Classic Line.

To assist owners of Triumph vehicles, the club produces a yearly car valuation list to act AS A GUIDE, of which the club AIV assessor draws their independent insurance valuation assessment.

Being a Triumph owner & TSSC member, it's a system I have used for many years and has never failed to be recognised.

Taking all the above in to consideration, I have to ask why DLOC are not being proactive with this same system; ironically I did flag this opportunity a couple of years ago but I got the feeling the club was either too risk adverse or the notion was such that it remained in the pending tray.

It's a question that certainly needs progressing, IMHO.

Regards.

Richard.
1968 Daimler V8-250 Saloon
DLOC East Sussex Branch Secretary
DLOC 2.5L V8 & V8-250 Registrar - https://www.dloc.org.uk/v8-250
DLOC 2024 International Rally - https://www.dloc.org.uk/rally-2024

Christopher Storey
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Location: Cheshire

Re: Insurance Valuation

Post by Christopher Storey »

The Jaguar Enthusiasts' Club offers a service similar to that of the Triumph club , at similar cost . Our cars are covered being part of the Jaguar "group"

classiclife
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Re: Insurance Valuation

Post by classiclife »

Thanks Christopher,

Can I confirm that the JEC will carry out AIV's for all Daimler vehicles being covered under the Jaguar group ??

If that is the case, this may well be a prudent route to pursue and I shall make some further enquiries.

Regards.

Richard.
1968 Daimler V8-250 Saloon
DLOC East Sussex Branch Secretary
DLOC 2.5L V8 & V8-250 Registrar - https://www.dloc.org.uk/v8-250
DLOC 2024 International Rally - https://www.dloc.org.uk/rally-2024

silverdart
Posts: 285
Joined: Sat Feb 13, 2016 10:49 am
Location: West Midlands

Re: Insurance Valuation

Post by silverdart »

In 30 years of classic ownership I have never paid anyone for a valuation and have never had an agreed valuation not accepted. If you look at other Darts for comparison and speak to owners they are usually quite happy to tell you their insurance valuation. You can then make a judgement of your own car.
Another useful aid is the Hagerty Insurance website which has a valuation tool giving three classes of condition and their relative values.
I think most people would agree, it is better to slightly over estimate your value, as in the case of a writeoff you will never be paid out more than you insured for.

Dave.

clevitt
Posts: 184
Joined: Wed May 18, 2016 1:02 pm
Location: West Hertfordshire

Re: Insurance Valuation

Post by clevitt »

I suspect that the JEC would only provide valuations for post 1960 models, and that might also exclude the SP250. In fact, shouldn't this topic be in the Motoring and Technical folder to reflect its interest across all models? The club did offer a Valuation service until late last year, and I believe this covered all models.
I think the 'appointment' of CCA was probably a pragmatic and hopefully temporary solution until a club member came forward. The role requires many years of Daimler experience as well as a knowledge of the classic car market and an element of diplomacy. With our declining membership of owners matching those skills, I fear it may be same time before the position is filled.
Question for Silverdart : who are your insurers; mine (Peter James) require their valuation form signed off by either a Club Offical, Restorer, Valuer or Specialist Dealer?
Chris

Warsash 2
Posts: 332
Joined: Sun Feb 28, 2016 1:53 pm
Location: Southampton

Re: Insurance Valuation

Post by Warsash 2 »

Hi
I was amazed at the costs quoted by Brian Page for just looking at some photographs. If you want a visit then it is £485!
I to have been a member of the TSSC and there system works very well all be it on a limited range of cars. Having been given some thought to the matter it may be the registrars take this on and any payment of say £20 is paid to them which may go some way to compensate in some very small way for the valuable work they do. They all have an intermate knowledge of the models and could use the Haggarties guide to help them or values drawn up by the club. This may be a radical idea but may be worth considering.
Regards

Colin

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John-B
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Re: Insurance Valuation

Post by John-B »

clevitt wrote: Mon May 03, 2021 11:18 am I suspect that the JEC would only provide valuations for post 1960 models, and that might also exclude the SP250. In fact, shouldn't this topic be in the Motoring and Technical folder to reflect its interest across all models?
I've moved it to the Motoring and Technical Matters forum and created a shadow topic in the Daimler SP250 forum.

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