From: Phileaus Leaius on 6 Dec 2008 16:07 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? TIA
From: SteveH on 6 Dec 2008 16:10 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? > TIA Surely the answer is just to ensure the agreed valuation is �14k? -- SteveH 'You're not a real petrolhead unless you've owned an Alfa Romeo' www.italiancar.co.uk - Alfa 156 TSpark Sportwagon Veloce Selespeed Alfa 156 TSpark Lusso - Alfa 75 TSpark Lusso - Ducati 750SS
From: Phileaus Leaius on 6 Dec 2008 16:19 SteveH wrote: > 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? >> TIA > > Surely the answer is just to ensure the agreed valuation is �14k? Yeah, that'd be nice! But no, the car is really only 'worth' about eleven grand. There isn't another the same - its been built to my own spec rather than the original one - so its not as though I'd be able to buy a direct replacement if I lost it, and I'd have to do again what I've done this time - commission someone to build it for me. Inevitably, that build costs more than the finished article is worth, and I'm just looking to take insurance to protect me against that difference!
From: SteveH on 6 Dec 2008 16:24 Phileaus Leaius <whos(a)prettyboy.then> wrote: > SteveH wrote: > > 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? > >> TIA > > > > Surely the answer is just to ensure the agreed valuation is �14k? > > Yeah, that'd be nice! But no, the car is really only 'worth' about > eleven grand. There isn't another the same - its been built to my own > spec rather than the original one - so its not as though I'd be able to > buy a direct replacement if I lost it, and I'd have to do again what > I've done this time - commission someone to build it for me. Inevitably, > that build costs more than the finished article is worth, and I'm just > looking to take insurance to protect me against that difference! How has it been valued, then? My classic is insured for more than its market value, based on the full de-rotting and repaint it had a couple of years ago. OK, it's not as big a gap as you have - but I've used a couple of insurers who were more than happy to put a higher valuation on it, based on photos of it on taking out the policy. -- SteveH 'You're not a real petrolhead unless you've owned an Alfa Romeo' www.italiancar.co.uk - Alfa 156 TSpark Sportwagon Veloce Selespeed Alfa 156 TSpark Lusso - Alfa 75 TSpark Lusso - Ducati 750SS
From: Phileaus Leaius on 6 Dec 2008 16:49
SteveH wrote: > Phileaus Leaius <whos(a)prettyboy.then> wrote: > >> SteveH wrote: >>> 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? >>>> TIA >>> Surely the answer is just to ensure the agreed valuation is �14k? >> Yeah, that'd be nice! But no, the car is really only 'worth' about >> eleven grand. There isn't another the same - its been built to my own >> spec rather than the original one - so its not as though I'd be able to >> buy a direct replacement if I lost it, and I'd have to do again what >> I've done this time - commission someone to build it for me. Inevitably, >> that build costs more than the finished article is worth, and I'm just >> looking to take insurance to protect me against that difference! > > How has it been valued, then? > On the price it *should* fetch were I to sell it, not that I have any intention of it. > My classic is insured for more than its market value, based on the full > de-rotting and repaint it had a couple of years ago. > > OK, it's not as big a gap as you have - but I've used a couple of > insurers who were more than happy to put a higher valuation on it, based > on photos of it on taking out the policy. 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! |