Valuation assessment for insurance

Has anyone had to undergo the following to ensure your Land Rover is adequately covered for value on insurance?:

‘We are willing to reassess the valuation however, we would require an independent engineer’s evaluation from a member of the Institute of Automotive Engineers and Assessors (local assessors details can be found in the Yellow Pages) or a valuation from www.classiccarvaluations.co.uk. These valuations must be signed and dated accordingly.’

I took out a policy with Adrian Flux and feel I have been missold the policy. They were quick enough to get me to take out a policy and I have since had a nightmare with them over the value of my vehicle. They are now not interested unless I get a valuation, even though I have receipts and a spreadsheet for every penny I’ve spent on it. Perhaps they are hand in hand with valuation assessors.

So, does anybody know anyone in the Gloucestershire area that could do this please?

It will be the last time I use Adrian Flux and I suggest anybody else should be extremely wary of them.

Sounds like they think your valuation is too high. Adrian Fluxes have accepted mine for the last 3 years without a problem. When did you buy the vehicle, how much did you pay and what is your valuation?

Karls said:

They are now not interested unless I get a valuation, even though I have receipts and a spreadsheet for every penny I’ve spent on it. Perhaps they are hand in hand with valuation assessors.

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Just because you spent the money does not mean the vehicle value has been raised for insurance or selling purposes.

Cheers

What they both said ..

No matter what you spent, especially if it's mostly replacement parts or standard operating parts, it won't add to a vehicles value unless it was a complete basket case in the first place.

As well as age/condition/cost etc I'd suggest to post a short piece on what vehicle, age, what's special about it, provenance, some pics, what you think it's worth, and what they think it's worth and you might get a more specific answer ..

I have had an agreed valuation with Adrian Flux on my 90 for the past couple of years and with Lancaster for many more before that.
Not had a problem, I just provide the self written report, receipts, history and LOTS of photos.

As above, maybe they think your valuation is too high?
Can you give us a brief run-down (a couple of photos, short run-down of work carried out etc) and the sort of figure you believe it to be worth (don't quote too many personal details, this is an open forum after all).

It's a vehicle therefore has a base value... Spend money on a fantastic paint job replacing every nut and bolt with expensive fittings top rate sound deadening it's still a Landrover with a base value unless it's in the classic historic genre...why should insurance companies cover for the same price as a clapped out hack...give more details what you won't insured...

Shippers said:

give more details what you won't insured...

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I suspect that is the problem..

Cheers

Thanks for all your replies guys.
I thought if I gave them a detailed, line by line breakdown of parts purchased and cost of those parts then they would insure me for that total. I don’t quite get why they will not insure me for that amount, otherwise, what’s the point of me having insurance?

Karls said:

Thanks for all your replies guys.
I thought if I gave them a detailed, line by line breakdown of parts purchased and cost of those parts then they would insure me for that total. I don’t quite get why they will not insure me for that amount, otherwise, what’s the point of me having insurance?

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they would expect the car to be in road worthy condition. If you have just spent £500 on brakes and another grand on tyres, that will not increase the value by anything, let alone £1500!
They will only consider an increase in valuation over and above industry agreed prices, if they agree that the vehicle has been improved by extra items.

Karls said:

what’s the point of me having insurance?

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Because it is the law.

Cheers

The Mad Hat Man said:

they would expect the car to be in road worthy condition. If you have just spent £500 on brakes and another grand on tyres, that will not increase the value by anything, let alone £1500!
They will only consider an increase in valuation over and above industry agreed prices, if they agree that the vehicle has been improved by extra items.

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Indeed, I was having the discussion with one of my neighbours , I said all ur doing is maintaining it, therefore keeping at the best resale market value , but not increasing

As u say If u starting adding extra items that wernt factory fitted then it might be worth a little bit more

I had an old caravan once and it was not worth more than £600, just before I decided to sell it and we still used it, the fridge broke, not something that could be fixed, as we were still using it I bought a new fridge, (could not find a second hand one) it cost over £400, (robbing bar stewards) the caravan was still only worth £600.
My old Volvo was valued at £1000, after new radiator, new battery, new tyres, MOT, road tax and service item costs it was still only valued at £1000. (Worth more to me but not on the market)

Also some extra items like spot lights, drug dealer wheels, winch, chequer plate will probably drag the value down.

Karls said:

Thanks for all your replies guys.
I thought if I gave them a detailed, line by line breakdown of parts purchased and cost of those parts then they would insure me for that total. I don’t quite get why they will not insure me for that amount, otherwise, what’s the point of me having insurance?

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I wish that was how it worked, I could insure mine for about 25k!
Unfortunately they will insure you for the price you can buy an equivalent vehicle for or what you could sell your current one for, Not what it would cost you to build another one.

To increase the value of the vehicle you need to have upgraded some big ticket items which will increase the resale value e.g. galv chassis, galv bulkhead. Other than that all you are doing it keeping it in good condition so it will be worth the upper end of book price rather than the lower end.

" hought if I gave them a detailed, line by line breakdown of parts purchased and cost of those parts then they would insure me for that total"

As already stated, it doesn't work like that.
You have to spend a certain amount of money just to maintain a vehicle and all the time the value is almost certainly decreasing.
Spend a whole lot of money on a galvanised chassis & bulkhead and you have probably increased its value by a %proportion of the cost.
Spend money of lights, chequer-plate, fancy wheels etc and the value will do no more that stay the same (at best) or reduce (depending on what has been done, why and how well.

I always have no problems with my agreed valuation of £14,000 but l have spent a total of £8,000 on parts/maintenance etc over the last four years and it’s still worth £14,000

Scooby22 said:

I had an old caravan once and it was not worth more than £600, just before I decided to sell it and we still used it, the fridge broke, not something that could be fixed, as we were still using it I bought a new fridge, (could not find a second hand one) it cost over £400, (robbing bar stewards) the caravan was still only worth £600.
My old Volvo was valued at £1000, after new radiator, new battery, new tyres, MOT, road tax and service item costs it was still only valued at £1000. (Worth more to me but not on the market)

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Sadly l have just found this out with my car which was worth £2,000
And l recently had to spend £2,000 on a new gearbox, clutch, cam belt, drive shafts and water pump.
The valuation after that? £2,000
But l also got some minor bodywork done (dents removed) which cost under £100 and this has increased the value by around £500.