15 replies to this topic

[dw1]

I'm really sorry to have to do this, I've never done a thread like it.

I always declare my mods with my insurers and want to update them on my stage 4, I gave them a preemptive call to let them know I was going to be putting more mods on and there naturally will be an increase in my premium.

With the mods I have done, the value of my car may have gone up? How does that work with insurance, should you advise the insurers of the estimated new value or do you just need to state the mods to have them covered?

If so what is my car worth (I'm not selling it :)/>)...

The car is in excellent condition inside and out. It was a dealer demonstrator, I bought it one year old, with 3,000 miles on the clock, and have effectively been the only owner so I know the cars full provenance. It has a full service history including all mid interval services, all from VX specialists.  Now has 56,000 miles.

Nitrons
AP 4 pot big brake kit
Full Milltek
Team Dynamic wheels 16/17
Jimsan diffuser
MMG lightweight pulley kit
Spitfire toe links
Spitfire brace bar
uprated adjustable ARB
harness bar
Schroth harnesses on both seats with professional cut outs trimmed
Plus the recent additions below:

Full Suspension refresh Jan 2013:
Superpro Bush kit allround
New uprated Hub carrier bolts
Shotblast and powder coat all wishbones and specific mounting brackets
New ARB droplinks
ACL50 suspension chassis mounts at fronts
New Side engine mounts
Inspect & clean calipers
Ball joints
Tie rod ends
Track rod ends
Replace all bolts with stainless steel
Nitron refresh - Walshy settings
Powerflex front engine mount (to complement existing rear)

Stage 4,  Jan 2013
Competition clutch Helix 6 paddle
CS billet lightweight flywheel
Pro alloy Charge cooler system
Pro alloy radiator
Z20LEH Hybrid VXR Turbo K04
VXR Actuator
Uprated higher flow VXR injectors
80mm AMM
57mm ported throttle body
Forge Recirc Valve & uprated springs
daggles' adaptor
Stage 4 Remap
Clutch Slave cylinder
Alloy Gearbox breather catch tank
Alloy engine baffled breather catch tank
Aftermarket Top Hat
DG/Dave Hardwick engineered Airbox and 80mm alloy intake and pipework.

Other Jan 2013
Uprated fuel pump
Endurance 60 ltr ProAlloy fuel tank
EliseParts Quick rack
Uprated Gear cables Elise Shop (so they don't freeze in winter which mine were starting to do)
AFR digital guage PLX DM6 & AFR kit
8th Service, including cambelt and pump
Front respray plus touch up all round
Racelogic Micro Input Module and wiring for logging Revs, AFR, Brake on.
Fezzasus heater

Edited by dw1, 20 January 2013 - 05:29 PM.

[P11 COV]

Looking as that list about 40k. :-) However, the insurance co. won't agree. It'll only ever be worth market value to them unless you can do an agred value with a specialist company.

[JG]

Mine is insured for £25k, i listed all the modifications i have receipts for and made a valuation of 10k for the base car. CCI didn't disagree with the valuation.

[Bumblebee]

I thought Cci don't do an agreed valuation as such and they base it on the resale value of your current car with the mods I.e if someone was buying a stg 4 they tend to go for 14-15.5k depending on condition etc?

[jonnyboy]

Market value 17-18k I would say. ETA for insurance purposes

Edited by jonnyboy, 20 January 2013 - 05:37 PM.

[Bumblebee]

Who are you insured with dw1?

[Darcini]

I've an agreed value policy with CCI of 16k, car has a broadly similar spec as the OP's

[P11 COV]

Mine is insured for £25k, i listed all the modifications i have receipts for and made a valuation of 10k for the base car. CCI didn't disagree with the valuation.

Is it really though? If it was written off would they pay that automatically?

Every insurance company asks for the value of the car when you ask for a quote. It doesn't mean they will pay that come a write off situation. They will do a valuation when the time comes by looking at their little black books, other data and maybe similar cars currently on sale. You always have to barter with them too.

Edited by P11 COV, 20 January 2013 - 06:46 PM.

[JG]

Yep, thats an agreed valuation which would be paid out and why there was never any question of writing if off when i had a 6.5k claim last summer

[ArticMonkey]

JG. Did you need to provide receipts for all the mods or give them a valuation of £15k for them to look into? Cheers

[jonnyboy]

25k seems an extraordinary valuation for a VX does the policy cost double what a standard one would be? I guess in theory you can insure your car for whatever value you like as long as you agree on how the valuation is arrived at in the event of a claim. I think mine is only insured for 9k although I wouldnt sell it for that if it was on the market.

[Andrew aka Stuwy]

Wow that is some speck! Lovely

[Duncan_F]

Wow that is some spec!

Lovely

Isn't it just, lovely car.

[TheRealVXed]

I insured theVXR with an agreed valuation at £20k with CCI. They do them, just not openly and usually for unsual, rare, or exemplary cars. (i.e. They wouldn't do one on my NA before)

[dw1]

Thanks, it looks like I need to do an agreed valuation to cover replacement of those parts. I wonder how much that lifts the premium. So is 'agreed valuation' different to the answer you give when they ask what is the value of the car?

[TheRealVXed]

Yes. Most definitely it is. An estimated valuation is a figure on which they can calculate a premium. It is usually also the maximum they will pay on a claim, so don't sell yourself short!