From: Conor on
In article <_sC_k.8680$ir1.8101(a)newsfe22.ams2>, Phileaus Leaius says...

> Hmmm, Footman James said that resto costs were not relevant in
> valuation, and that was always my interpretation of it too - I've never
> actually *had* an insurance payout, but I thought it was designed to
> give you the amount of money you'd have in yer bin if you'd flogged it,
> not the amount of money it might cost if you had to find a replacement!
>
Correct. There is no gap insurance for classics. Guaranteed valuation
is the best you can get.

Gap insurance for new cars only exists to compensate between the sale
value and what the PCP finance value said it'd be worth on resale when
you bought it.


--
Conor

I only please one person per day. Today is not your day. Tomorrow isn't
looking good either. - Scott Adams
From: Dave Plowman (News) on
In article <oSB_k.47$K87.44(a)newsfe26.ams2>,
Phileaus Leaius <whos(a)prettyboy.then> wrote:
> I've managed to get a guaranteed value policy for �11k on my freshly
> rebuilt motor, but I know it would cost more than �14k to have a
> replacement built for me if the worst happens. I'm happy that the GV is
> 'correct', but where can I buy an *additional* policy to 'top up' that
> �11k to the amount it would cost to replace? Gap insurance seems to be
> the term for the policy I want, but it seems that its only available on
> new cars - how can I do the same thing for a classic?

Some insurance companies accept a valuation from the appropriate classic
car club on an individual car - since no two old cars will really be worth
the same. Might this help?

--
*Consciousness: That annoying time between naps.

Dave Plowman dave(a)davenoise.co.uk London SW
To e-mail, change noise into sound.
From: Phileaus Leaius on
Conor wrote:
> In article <_sC_k.8680$ir1.8101(a)newsfe22.ams2>, Phileaus Leaius says...
>
>> Hmmm, Footman James said that resto costs were not relevant in
>> valuation, and that was always my interpretation of it too - I've never
>> actually *had* an insurance payout, but I thought it was designed to
>> give you the amount of money you'd have in yer bin if you'd flogged it,
>> not the amount of money it might cost if you had to find a replacement!
>>
> Correct. There is no gap insurance for classics. Guaranteed valuation
> is the best you can get.
>
> Gap insurance for new cars only exists to compensate between the sale
> value and what the PCP finance value said it'd be worth on resale when
> you bought it.
>
>
How bizarre. You'd think you can insure yourself against pretty much
anything these days, but apparently not for the real cost of a car!
Wonder if there's a business model there somewhere? :)
From: Adrian on
Phileaus Leaius <whos(a)prettyboy.then> gurgled happily, sounding much like
they were saying:

>>> Hmmm, Footman James said that resto costs were not relevant in
>>> valuation, and that was always my interpretation of it too - I've
>>> never actually *had* an insurance payout, but I thought it was
>>> designed to give you the amount of money you'd have in yer bin if
>>> you'd flogged it, not the amount of money it might cost if you had to
>>> find a replacement!

>> Correct. There is no gap insurance for classics. Guaranteed valuation
>> is the best you can get.
>>
>> Gap insurance for new cars only exists to compensate between the sale
>> value and what the PCP finance value said it'd be worth on resale when
>> you bought it.

> How bizarre. You'd think you can insure yourself against pretty much
> anything these days, but apparently not for the real cost of a car!

If somebody's daft enough to spend £100k on getting a Marina rebuilt,
should they be able to insure it for that? What about some chav cretin
that spends £20k on their Corsa?

What's to stop some scam with hooky paperwork for the restoration, anyway?

The value of the car is what it's worth - as set by the retail market. No
more, no less. Insurers recognise that their normal valuation model can't
apply to specialist vehicles like classics, so they accept - and agree -
valuations from the people who should know - marque specialist traders,
clubs etc. At least those specialists can be held to account for their
valuations, in the form of refusal to accept any more from somebody who
gets a reputation for high-balling.
From: Adrian on
Phileaus Leaius <whos(a)prettyboy.then> gurgled happily, sounding much like
they were saying:

> You're confusing 'value' with 'insured amount'. I said already the value
> placed was appropriate, I just wanted to insure for a little more than
> that to cover other costs of replacement.

No, you're confusing "some random number" with "anything relevant".

Try insuring your house for £10m quid, sit back, wait until it burns
down, and see what happens.