Hi all, just a reminder incase it hasnt crossed your minds, if your on a guaranteed Insurance value and like me you have used the same value for years because you havent changed insurers, due to the current market it would pay you to get a new valuation, just incase the worst happens! Recently had mine valued and I was shy by £18k.
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Check your valuations!
- Thread starter Mike-M
- Start date
A fine reminder: This occurred to me too when I recently renewed and updated the value. I reckon mine was out by a factor of two.
I base this simply on Paragon prices for cars of slightly higher mileage currently on sale vs the slightly lower mileage cars of 8 years ago. I bet though mine needs less mechanical attention than any of their recent stock, but then I am quite particular...
I base this simply on Paragon prices for cars of slightly higher mileage currently on sale vs the slightly lower mileage cars of 8 years ago. I bet though mine needs less mechanical attention than any of their recent stock, but then I am quite particular...
Mike-M said:
Blimey 18K. What was it valued at before?
I'm assuming a C2 Manual with say 80-90K on the clock would be around the 28K mark now?
Is yours very low mileage or am I way out .....
I'm thinking of selling mine so it would be interesting to see what they are worth
wozy said:
It was on the original valuation from 10 or so years ago and since then prices have been pretty steady, dipping down rather than going up. Its got just under 70k on the clock, FSH etc etc and is a fine example if I say so myself, with a few money burners already being done like suspension and a A/C refurb.
It was valued by Specialist Cars of Malton, I believe the Insurance criteria is -they must be a relevant specialist who understands cars values.
Valuation was for £40k which is the price theyd expect me to pay for a replacememt car in the same condition with the same history! Im not saying it is a £40k car to me and wouldnt pay that to replace it personally but if thats the quoted market price then thats the price.
For context I know of a car which sold same year and model, similar milage but no where near the condition of mine which sold for £32! That was 4 or 5 months ago also.
harry kular said:
Hi Harry, not sure if your a Porsche Club GB member but they do them for free but they can take a while to respond, you need to issue them with photographs and copies of the history etc, otherwise any specialist car dealer who buys / sells similar cars can do one. It needs to be a written apraisal on letter headed paper. Thats what I issued and they accepted it, other insurers may be diffrent.
Cheers
Mike
A word of caution regarding PCGB valuations. I'm a PCGB member and sent off all of the requested documents, waited for (I can't recall exactly) a long time, rang to check that they had received said documents and received a cool ' yes we have them we are working on it' type response. I should say that my car has a gap in it's service history but I have the SORN documents that prove it was not used for two years. I finally received a valuation of £25K, for a 'car in good condition with incomplete service history'. I contacted Paul Stephens who happily valued it at £30k. That was two and a half years ago. That valuation has now expired so I asked my local indie (GCR Central in Wigston Leicester) who suggested £35k. Both of the (sensible) valuations were immediately accepted by Manning UK. So my advice is, speak to your Indie (provided that they are fairly well established) and get them to write you a valuation.
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