Hi Martin, What did classiccar.com value it at out of interest? If they agreed with the £12k and it has been insured on that basis for a long time, perhaps ask AF to be explicit why there is suddenly a massive drop, when the value of Quantums has stayed relatively stable, and the donor cars have increased?
I got to admit, I find £12k for a saloon hard to imagine.. I realise the cost of XR2s are going up, however you can get an XR2 for about £2k for the whole lot (ok slightly stripped out track version, but has all the mechanicals and most interior bits), and saloon for under £1k.. If you double that you are still at only £6k to restore one to reasonable standard. In general unless this is a very special Ferrari, I don’t think you’ll get much extra for Quantum sentimental value. However, what do I know? I’m not in a position to value a vehicle – if you have it in writing from a couple of sources then let’s go with them ☺ I wouldn’t even bother to add up the receipts I had for my 2+2, probably somewhere in the region of £25k+, I was happy with a £5 k valuation.. And there were some very very special parts on that including a one off hybrid engine. I would always ensure I had salvage rights, generally you get to buy back what is left for 20% or similar. So on your policy you’d get £3200, that could buy another shell and you swap all the bits over, plus a respray or similar and still have some pennies over for new bits. OK none of this accounts for your time and effort, but that is such a hard one to call and almost impossible to value. My Land Rover, all parts were covered at the retail cost, but nothing for labour. So I got something like £2k for the Land Rover, £800 for the bumper, £900 for the winch, £500 for the tree sliders, and similar for the other bits n bobs totalling more than the actual vehicle itself was worth or cost. Maybe flip this around – what if you had a total loss, would you expect to do? Would you ‘need’ 12k to buy something else, are any parts worth anything to you? Would you build another or call it a day? I don’t believe it is illegal to insure a car twice (may be wrong), I believe this is simply contract law, in that one of the stated terms is that if the liability is insured elsewhere then they will not be wholly liable for the loss. Either way, you have the chance to cancel it and find something elsewhere. If you have your classiccar valuation in writing, it’s probably worth a bit of ringing around to see if anyone will insure it on that basis elsewhere – I know it’s hassle, however may be worth 30 mins time here. I’ve checked a couple of brokers for you, and it seems they want to use their own valuation service (perhaps for obvious reasons), of course that doesn’t mean all will, and I guess it’s going to be a pain getting a second valuation. Other ideas – could be worth contacting some of the kit car mags to see if they have any suggested insurers or valuers. Matthew From: [email protected] [mailto:[email protected]] On Behalf Of Susan and Martin Scott Sent: 05 July 2016 21:33 To: [email protected] Subject: Re: [Quantum Owners] Adrian Flux - 11 Months Insurance? My car was the first 'valued' by the club, however I never had anything in writing. The valuation (verbally from Andy) was 12k. It was the last Quantum Saloon out of the moulds before they were cut up (hence it's nickname of 'Last Chance Saloon'). Most of the parts were new, all invoiced and amounting to 8k+, and the car was registered in 2009. I provided all the same info to AF that I provided to the club, but AF gave a 4k valuation, on the basis that 'you haven't restored the vehicle' I explained to them that it was built to as new condition and register in 2009 (this was IIRC 2012), and the car had done less than 5kmiles. They just didn't appreciate I had restored it when I built it, and said if I wanted a valuation to go to Classiccar.com. Reluctantly (as I had already got the policy) I agreed. Each year since I've paid the extra £15, and sent the hotos and it's come back. This year they seem to be stalling. As I said in my original note, I'm a bit stuck anyway, as it seems the Insurance co (KGM) is where the other brokers go through anyway. I think I'll eventually get so fed up with this rigmoral that I'll just sell off all the parts to someone wanting to build a top-spec Fiesta, and bin the bodyshell. Martin -- -- You received this message because you are subscribed to the Google Groups "Quantum Owners Group" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/quantumowners?hl=en IMPORTANT NOTE: All information presented herewith is provided on an "As Is" basis, without warranty or the implication thereof. 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