Valuation

[micksta1973]

How would I go about getting my 1995 Defender valued? I've fitted quite a few aftermarket bits to the old girl and want to update my insurance. Would insurance companies A, insure mods, and B, know the true value of the mods? The tricky part I think will be that the value would only be recognized by enthusiasts of the LR brand.

[87County]

I think that you'll find that most of the larger insurance companies just go by the various trade books (eg.redbook) which unfortunately take little account of specialist options you may have installed.

Companies like Shannons have loyal followers who say their improvements can be recognised.

I have cars insured with NRMA classic whose "values" are "agreed values".

AFAIK all the companies who have "agreed value" amounts rely on the customer to come up with the "value", so that in effect the customer becomes the "valuer". But when the owner suggest a value over redbook they baulk at it and knock the amount down to about redbook +10-15%.

[DiscoMick]

We have found you can list options and nominate values, but of course you will pay a higher premium.

[incisor]

just reinsured my 95 130 with shannons and 16.5k was as high as they would go

when i was discussing it with them they kept finding reasons to baulk at anything over that figure

i just found it all a bit odd but they were the best i could find

[Plutei]

A few weeks ago I spoke with Shannon's (who I'm currently with for third party) about comprehensive. They have a full list of mods etc for my 1998 110, I suggested 20k, the guy jumped on carsales for a bit and said he reckoned from what he could see 22k would be more accurate. While I didnt go with comprehensive they get thumbs up from me.

[Homestar]

Shannon’s put up the value on my 101, Classic caravan and Jag each year without asking them. Have all my cars and caravan with them.

[grey_ghost]

I am with Shannons and as Homestar says, they automatically increase my values also.

However they do draw the line - I had receipts for all of the parts/work done on my Freelander 1, and while they would insure it for full comprehensive - they wouldn’t go over a certain amount.. (1/4 of what I had spent... I suppose it is a Freelander )

[350RRC]

I am with Shannons and as Homestar says, they automatically increase my values also.

However they do draw the line - I had receipts for all of the parts/work done on my Freelander 1, and while they would insure it for full comprehensive - they wouldn’t go over a certain amount.. (1/4 of what I had spent... I suppose it is a Freelander )

Gold right there re: Freelander value.

DL

[Homestar]

I am with Shannons and as Homestar says, they automatically increase my values also.

However they do draw the line - I had receipts for all of the parts/work done on my Freelander 1, and while they would insure it for full comprehensive - they wouldn’t go over a certain amount.. (1/4 of what I had spent... I suppose it is a Freelander )

Remember- they primarily insure classic ​cars... 😉😇

[btm]

i have had my 68 IIa insured with Shannons for more than 20 years and the agreed value has gone up every year. They now value it at $14,000+? It's a daily driver so they understand it is in reasonable condition (in the NT we have to put our cars over the pits every year), but i reckon that's a fair price. I paid $2400 for it in 1989, so i'm pretty happy. Mind you i would have spent $15,000 on it over the years . Getting salvage rights was i big thing for me too, though i don't know if this is a part of every insurance policy?? it was the thought of being able to get her home no matter what happened, if that was possible and start all over again.

cheers

tim