Insurance valuation - Storm

[edd 0]

So values seem to be quite buoyant at the moment and it is making me think I should put some kind of agreed value on the corrado insurance. It's estimated value on the insurance from when I originally set it up is currently £3.5k but it is not an agreed value.

 

Any advice on what I should be trying to set it at as there seems to be such a range of asking prices out there at the moment - especially on Storms

 

It is a green Storm with 129000 on clock. 2 owners (I bought it from a gentleman that had purchased it from new from listers Volkswagen)

 

It is in very good condition, paint work and interior very good/excellent, timings chains not done to date but they are still quiet and it runs flawlessly when I actually get to use it. Full service history with all receipts etc either VW or specialist. This has tailed off over the last few years - I have had a number of Corrado's and I am quite competent of doing general maintenance myself - oil changes etc (And to be honest I trust myself more that the local mechanic to apply what I feel is the appropriate time and care on the easy stuff), it is currently probably doing less that 2k miles a year.

 

I also have original receipt of sale from VW (stating Storm)

 

Thoughts?

 

Edd

 

 

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Edited February 2, 2017 by edd

[easypops 8]

If it was mine I'd be insuring it for about £7.5k minimum

[Dogma 10]

Lovely looking motor.

 

Just my thoughts, but don't really think their quite there yet, what your seeing a lot of traders asking silly money and they are not really moving. Just enjoy it and don't worry about money ;)

Edited February 2, 2017 by Dogma

[Graphite 0]

Lovely looking motor.

 

Just my thoughts, but don't really think there quite there yet, what your seeing a lot of traders asking silly money and they are not really moving. Just enjoy it and don't worry about money ;)

 

You have to think though, you want to replace it with a vehicle of similar condition. With markets as they are good cars are regularly selling for 5k as far as I can see and in rare cases more.

 

The cars value is increasing and people are spending a lot of money on them as investments, I'd go a little higher than current market values to cover yourself in the appreciating values to come. Otherwise you'll be agreeing values left right and centre.

[Dogma 10]

You have to think though, you want to replace it with a vehicle of similar condition. With markets as they are good cars are regularly selling for 5k as far as I can see and in rare cases more.

 

The cars value is increasing and people are spending a lot of money on them as investments, I'd go a little higher than current market values to cover yourself in the appreciating values to come. Otherwise you'll be agreeing values left right and centre.

 

Indeed i see your point.

[MarkR 11]

I think you would struggle to replace that for less than £10k. I insured mine with Footman James and they didn't require any supporting information for the valuation. Previously I had insured through Lancaster and they wanted photographs copies of invoices etc.

[edd 0]

Yeah I think that is my concern. It would be pretty gutting if it was nicked and then to add salt to a gaping wound I was then offered £1500 for it on the basis of some ridiculous AVG market price working in the interest of the insurers...

 

 

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[Rocket Ron 1]

Hi

 

Firstly it looks like a lovely example.

 

Mine is a standard 94 VR6 122k miles 5000 miles per year and have an agreed value of £7k and supplying 6 photographs 4 external, 1 engine and 1 inside to the Insurance company.

 

Me personally as it is I gather a totally standard STORM would try for £10k given the current trend. The traders have done us a favour even if they have inflated prices recently.

Edited February 2, 2017 by Rocket Ron

[Graphite 0]

Hi

 

Mine is a standard 94 VR6 5000 miles per year and have an agreed value of £7 and supplying 6 photographs 4 external, 1 engine and 1 inside to the Insurance company.

 

Me personally as it is I gather a totally standard STORM would try for £10k.

 

£7 pounds agreed value? Blimey Ron, I'll give you a tenner for your car!! :)

[Jim 2]

It certainly is a strange time to own a Corrado. I personally wouldn't value mine at massive money BUT you look around at what's actually available, and look at what I've spent in the last couple of years on it generally and arguably I'd have to double my estimated value despite being well aware it needs bodywork, etc.

 

Maybe it's time to consider an agreed valuation on mine.

[easypops 8]

You are too critical of your car Jim, it's very nice and if I'm not mistaken, the engine is now in great condition too? The worst people for pushing values down are the owners themselves. We all need to accept we own super cool cars and enjoy them :)

[Graphite 0]

You are too critical of your car Jim, it's very nice and if I'm not mistaken, the engine is now in great condition too? The worst people for pushing values down are the owners themselves. We all need to accept we own super cool cars and enjoy them :)

 

Very well said. This is exactly the way I feel. Even though I don't own a road going corrado, I want the values to increase as they are a great modern classic.

[easypops 8]

Very well said. This is exactly the way I feel. Even though I don't own a road going corrado, I want the values to increase as they are a great modern classic.

 

I've currently got 5, although one is a breaker/parts donator. None are on the road at the moment either :lol:

That should change imminently though as my early 16v is one pipe away from an MOT, which should (fingers crossed)be arriving today or tomorrow:)

[g0ldf1ng3r 15]

You are too critical of your car Jim, it's very nice and if I'm not mistaken, the engine is now in great condition too? The worst people for pushing values down are the owners themselves. We all need to accept we own super cool cars and enjoy them :)

 

I agree with easypops Jim - be kind to yourself & stop being so hard on your rado

 

body work can, & time given will be sorted. you have a lovely motor in it now too so throw away the thoughts of 'id like a modern engine in it', you have a cracking 12v VR6 that is the soul of the VR rado

 

i think if you saw the state of my VR's body work you would be calling me crazy to spend £550 just on new front brakes!!

 

but prioritising engine, suspension & mechanicals means i cant wait to get it back & hear the growl turn into a full on fecking roar & then actually be able to stop well lol

 

that is despite it looking tatty & pap

 

i too am going to go down the agreed value this year even with the paint as it is because the rest of the car, interior included, would be tough to replace like for like

 

i have also been having an interesting conversation via pm with our new member grizzlybear. he hit a note that i had in the back of my mind about my Kamei kits - such that they are so rare barely anyone has seen them!

 

i couldnt even find an image on google yesterday

 

not many cars out there can hit notes like that :D

[g0ldf1ng3r 15]

i read this article yesterday & it seems quite pertinent

 

http://www.collective-evolution.com/2017/01/31/a-simple-guide-to-stop-caring-so-much-about-what-others-think/

[delfinis38 1]

i'm well under estimating the value on my car according to the corrado forum parkers guide.

 

any thoughts on 1 owner vr6 40K on clock well loved garaged all its life.

 

trouble is agreed value means nothing to me. I will never be able to replace like for like.

[coullstar 0]

Has anyone experience of having an agreed value and making a claim? Id be interested in if they do pay out to the agreed value or find someway of getting round it.

[g0ldf1ng3r 15]

i'm well under estimating the value on my car according to the corrado forum parkers guide.

 

any thoughts on 1 owner vr6 40K on clock well loved garaged all its life.

 

trouble is agreed value means nothing to me. I will never be able to replace like for like.

 

if going by dealer type prices then at least 12-15K i would say

[Rocket Ron 1]

I think KIP did with his nugget he visits now and again.

[Geeba 0]

i'm well under estimating the value on my car according to the corrado forum parkers guide.

 

any thoughts on 1 owner vr6 40K on clock well loved garaged all its life.

 

trouble is agreed value means nothing to me. I will never be able to replace like for like.

 

I'll happily do a deal on the white one and £2k delfinis! :D LOL! Its only a 2 owner car!

[seanl82 23]

i'm well under estimating the value on my car according to the corrado forum parkers guide.

 

any thoughts on 1 owner vr6 40K on clock well loved garaged all its life.

 

trouble is agreed value means nothing to me. I will never be able to replace like for like.

 

 

Only 1 car I can really compare that too, and that had a couple more owners than yours, and its being advertised for over £20k!!!!!

 

Get amongst it!!!! :thumbleft:

 

Mine is agreed value of 7k, although I'll probably try another k on top after the next instalment of refurbishment.

[volksworld13 0]

So my storm got written off in March with 205 k on the clock, cat d, to replace it for a like for like at the time was 9 k.

So the car went to the breakers as a cat d write off. I got paid out. Some one bought it repaired it and I bought it back all fixed at a good price.

9 -10 k is where you wanna pitch it, there are no blue storms on the market at the minute. Every one is tucking them up to cash them in at all later date....