Stolen P5Bs, Increasing Values and Insurance

[Welsh Warlock]

I've seen reports recently of 3 separate p5B's having been stolen and it set me thinking about the insurance position.

When I renewed my insurance last year I opted for a fixed valuation but forgot to send the required photographs within 30 days which means the policy reverts to "market value".

I'm sure most of you will be aware that P5B Coupe's have shot up in value over the last few months and therefore I'm quite happy that I didn't end up with fixed valuation as, if my car was stolen, the fixed value payable would have been well below the current market value.

If your car is on an agreed value then it may be worth increasing it or you could lose out if the owrst happens and your car goes missing.

Would be interesting to hear the valuation officer's thoughts (Eddie Haling?).

[Phil Nottingham]

I was led to believe it does not work like that especially for the higher values, Best to check with the broker

[tarnowl]

Jan 28, 2021 7:01:48 GMT Phil Nottingham said:

I was led to believe it does not work like that especially for the higher values, Best to check with the broker

As one who is doing a lot of renovation work at the moment on my P5B Coupé, this should reflect on it’s final valuation.  Accurate valuation is perhaps easier to get in the UK, but here in the French countryside I have my doubts.  What options do I have when the car is finished to get a meaningful valuation? Can such things be done at a distance using photo records of the renovation?

[tonys]

It depends; some companies want an independent engineer's report, some will accept a recognised-club valuation and some will accept photographs so the only real answer is to check various companies. Of course, being outside the UK might restrict options, particulatly after the recent 'event'.

[Welsh Warlock]

Phil, I can't see that it works any other way.

What is your understanding please?

I worked for a specialist Insurer for a short while so a small insight (although not working directly with underwriters) and that was my understanding.

Really I Just wanted to prompt anyone who has an agreed fixed value on their P5B to consider reviewing it and increasing where necessary as prices rise and thefts are on the increase.

[Phil Nottingham]

It is just down to an independence issue tied in with a limited market and few similar vehicles on which the validate the claim. You may be able to prove all what has been spent over the years but not the condition on the day the claim arises.

Its your word against theirs and as they are suffering the loss they will do everything possible to pay the minimum and a long dispute will ensue. I have heard the loss adjusters can be vicious in under valuating in pursuit of the lowest valuation to earn their max commission payment - I assume.

The agreed independent value is just that and that is the sum you will receive with minimum hassle at the expense of higher premiums in the years before the claim. Brokers do challenge values particularly self certifications before they actually agree them. Values can go up or down in the market irrespective of usage. I wonder how things will change as the petrol ban for new cars  and clean towns & cities impact

The answer is to ask your broker (and get a written CLEAR unambiguous answer)  as each firm uses different underwriters although there are a few big ones out there like Hiscox to which the smaller firms send their business

[Brendan69]

Like any insurance policy out there today, they are only ever as good as when you actually need to claim off them. None of us wish to do this albeit there will be a time when we may need to.

I have my classic collection all on agreed value policies currently at what " i feel " in this current market to be " realistic values " after all if we were selling then a car is only ever worth what someone will in fact pay you for it and " NOT " what the market dictates.

[Sam Bee]

Eddie Haling has retired and I, Sam Bee, have the Valuation Officer task. P5 values are shooting up, two recently for sale at £40,000+ but that is asking price not final sale, however, at a recent auction a very nice Coupe went for over £45,000. Lesser specimens are rising in line. Perhaps I should conduct a survey of the brokers specialising in heritage vehicle insurance to ascertain their acceptance of a club certificate, although I have no reports of one being turned down. The P5 Club have a group of approved valuers who are trained. Virtually all car clubs offer a valuation service recognised by the heritage car insurance industry. The fixed values set by brokers for Rover P5s, and P6s by the way, seem currently to be woefully inadequate. The values set my the club are based upon what it would cost to replace an existing car 'like for like'. 

[lagain]

I am with Flux and have just renewed for £95 plus another £15 for an agreed value through their own valuer. I sent 8 pictures and they agreed the value that I had requested

[Roy of the Rovers]

Feb 2, 2021 20:29:01 GMT lagain said:

I am with Flux and have just renewed for £95 plus another £15 for an agreed value through their own valuer. I sent 8 pictures and they agreed the value that I had requested

Must have been the polished brake pipes that persuaded them George

[lagain]

[/quote]Must have been the polished brake pipes that persuaded them George [/quote]


No it was this

[ray]

Oh! ..... He's been under it polishing bits again!

[ray]

...and look at that non-standard wheel