Value for Insurance Purposes

[John P]

Hi,

I appreciate that any suggestions will probably come with all sorts of caveats but I could do with some advice. 

I built my “Ulsteroid” around 25 years ago at a time when exact originality wasn’t seen as so important as getting a car on the road and enjoying it.

That being said I did the best I could to make it an Ulster replica rather than a special and it’s based on a short chassis with a tuned 2-bearing engine and three-speed gearbox. The bodywork is in aluminium and was made by “Vintage Wings”, it has a dropped front axle, instruments which came from Alan Raeburn and the interior made to the Chris Gould guide.

The incorrect parts include heavy (Ruby) radius arms, a “D” type back axle with the mountings narrowed to suit the short chassis and semi-girling brakes. It’s also on 17” wheels.

I not thinking of selling but I do need to renew my insurance and suspect I’m currently under insured so wondered what the group feeling was as to likely value?

I’ve attached a photo if it helps.


  Austin Seven from front quarter.jpg (Size: 219.63 KB / Downloads: 320)

John.

[Ruairidh Dunford]

How much is it currently insured for John?

[John P]

£6,000 which has been the same for some time.

[Chris KC]

I think you want to at least double that John, if not treble.

[Nick Salmon]

Have a scroll through these current pages on Car and Classic and I think you will be upping your insurance by a considerable amount. Well sorted Ulsteroids are making £15+k.

[Ruairidh Dunford]

I agree with the comments above - you are currently under insured by some way.

Do you belong to an A7 Club? They may be able to inspect the car and provide a proper valuation for you to use with the insurance company.

[Steve Jones]

Value for insurance is not the same as value for sale. For insurance, it should be the cost of building another one the same from scratch. In most cases that's usually more than the sale value. Mine is insured for £20k. Yours should be as well.

Steve

[Zetomagneto]

Value is market value, ie what it would cost to go and buy a car the same, or very close to what you have. Insurers will definitely not pay the cost of building a replacement car.
Obviously for our cars agreed value is the best option, and as has been suggested I would be looking for an agreed value of at least £20000.