From: Phileaus Leaius on
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
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
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
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
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!