Midlands Lotus Owners Club (MLOC)

Register now to gain access to all of our features. Once registered and logged in, you will be able to contribute to this site by submitting your own content or replying to existing content. You'll be able to customize your profile, receive reputation points as a reward for submitting content, while also communicating with other members via your own private inbox, plus much more!

This message will be removed once you have signed in.

Archived

This topic is now archived and is closed to further replies.

nordberg

Vehicle Evaluation Time

11 posts in this topic

Hi there,

Well I collected my car yesterday from Gav's at Unit 4 after a little maintenance and an MOT with every intention of leaving in the garage at home until next month before taxing. However, this spell of nice weather has got the better of me so I will be nipping down to the Post Office at lunchtime to get 6 months tax :).

 

So I guess i need to start thinking about getting it's value agreed just in case. I have probed my insurance company about what i need to do in relation to getting this sorted. Response as below:

 

"If you would like an agreed value then please provide me with a valuation letter and six photographs. I will need four photographs of the exterior of the car showing each side of the car, one photograph of the interior and one of the engine bay. The valuation letter needs to be from a dealer that specialises in high powered cars or from a lotus garage. This should be on the garages headed paper with a date noted when the valuation was made and state the value of the car in their opinion. If the car value is higher than market value then it would be helpful to state the reason for the high valuation e.g low mileage etc. The dealers will have some guide I think a Glass’s guide is the normal one."

 

Now I tried glass but for some reason it didn't recognize my car reg, and when attempting a manual valuation it didn't have Lotus as a drop down. So I tried "Which Car" and a low mileage Elise in Excellent condition was sub 8k (shock). Last time I had my car valued must have been 5 years ago by Paul Matty, but I am hoping that I can find a suitable garage a little more local to myself to do an evaluation. I have checked Paul Matty's website and he doesn't seem to have any S1 Elises for my reference. I am hoping to get my value agreed at £12k in light of the fact its low mileage (38k), and I feel its in pretty good condition.

 

I was just wondering if there are any other S1 owners out there that have their Elise insured for a similar value, and if anybody has any suggestions to a garage in the Derby area that could fit the insurance companies profile that could offer a good valuation

 

Any help much appreciated

 

Andy

0

Share this post


Link to post
Share on other sites

12k sounds reasonable to me however this would need to be what the dealer values it at.

In the derby area I don't know of anyone however there is lotus silverstone just over an hour away. Give me a ring n see what they say?

0

Share this post


Link to post
Share on other sites

Andy,

 

Call back Gav and ask him if he could provide a valuation letter.

 

What you need to focus on is not the value of the car according to what ever website but what it would cost you to get a car in the extra same condition.

 

For example, it may require a car of the same age a similar mileage that cost £ alpha however it would require a further £ beta to fit whatever kit your current one has and whatever service the car had.

Therefore your current car would be worth £alph + £beta, not just £Alpha.

0

Share this post


Link to post
Share on other sites

Whenever I was getting an agreed value on my S1 Honda Elise I was always told to work it out on how much it would cost me to have the exact same car (with all the modifications) again - this was what my insurance company told me. So, I used to take the value of a good condition S1 and then price up the parts to make the S1 Honda Elise that I had in the garage. So in my case, I had an agreed value of £23k but on the open market it was worth £15-17k if I sold it.

 

I would do exactly the same thing for you S1. Work out the price for a standard S1 with similar mileage in good condition and then work out the cost of the major extras you have on it. Most Lotus independent garage's should be more than happy to write a letter for you - although it may cost you a tenner :)

0

Share this post


Link to post
Share on other sites

Whenever I was getting an agreed value on my S1 Honda Elise I was always told to work it out on how much it would cost me to have the exact same car (with all the modifications) again - this was what my insurance company told me.

 

I wish! The place I insure with will only agree £24k on mine and it would cost at least £40k to get one to the same spec........

0

Share this post


Link to post
Share on other sites

 

I wish! The place I insure with will only agree £24k on mine and it would cost at least £40k to get one to the same spec........

 

I'd change my insurer in that case! :) I had this issue with a couple of insurers and when pushed they were happy to increase it subject to an agreed letter of value.

0

Share this post


Link to post
Share on other sites

Let's get this right instead of getting the car insured on a standard indemnity basis where by if the worst happens they pay you the market value based upon the make, model etc. and condition.

 

So you are looking to pay extra for an agreed value but they are still only prepared to pay the 'market value' what is the point?

 

The point of an agreed value policy is that the car is not to standard spec and that replacement including upgrades mods will cost more than its market value, (remember mods often do not increase market value) I have mine on an agreed value because of the £'s that have gone in to it and that to build another will cost way more than the 'market value'

0

Share this post


Link to post
Share on other sites
I would give Will Blackham a ring and ask his opinion, he may be able to give you a value based on your conversation with him. I'm sure he has done this before, he may charge a small fee though.

 

http://www.pistonheads.com/classifieds/dealer/675380

 

Russel,

I called Will today and he is happy to study the spec of my Elise subject to the info I can provide and do a distance evaluation. I have a lot of paperwork to back up my expenses so there shouldn't be an issue. Thanks for the suggestion :-)

 

Thanks also to the rest of the contributions.

0

Share this post


Link to post
Share on other sites