The Register valuation service offers extremely good value in that it helps members get a current value for their Triumph, and to submit this valuation to their insurance company for the purposes of obtaining an Agreed Value. There are two forms of vehicle values that insurance companies work with – Market Value and Agreed Value.
Market Value is the current market value of a classic car at any particular time. This value is more difficult to assess with classic cars – modern vehicles have trade guide values relative to age, condition and mileage such as Glasses Guide or CAP, but these guides are not available for classic cars in the same detail. Any claim that is being considered by an insurance company for market value is basically what they think that vehicle is worth at any given time, which generally can be low relative to the owners expectations. It is then down to the owner to submit evidence, such as similar vehicles for sale, to substantial their claim of their vehicles value. The problem, unlike with modern cars, is finding a like for like Triumph for comparison purposes to argue your point.
Agreed Value is where an insurance company accepts the written valuation of a members vehicle from a club, such as the Triumph 2000 Register, and agrees to pay out the agreed amount in the event of a total loss, theft where the vehicle is not recovered, or a claim to repair the vehicle to a pre accident condition where practicable. This removes the difficulty for an owner to prove their vehicles value over and above any Market Value figure the insurance company may give. Incidentally, an Agreed Value policy over a Market Value policy is only a very small additional premium.
Some insurance companies will accept the Insurance Valuation Certificate from the Register; some require additional photographs of the car taken from each corner, the engine and interior. Insurance companies vary in that some allow the owner to do a self assessment; some require a new valuation every couple of years; some rely on the owner updating their own cars value as appropriate. A valuation has to be a true reflection of the cars condition – any misrepresentation of its condition is likely to be picked up by their assessors, which may result in a reduced payout. A self assessment of your vehicle is perhaps not as binding as a written Register valuation would be in the event of a claim. It is advisable to find out their specific requirements from the insurance company regarding valuations for agreed value.
The cost for this service is £20, and be for the benefit of Register Members only. This cost goes directly to the Register, and covers the time spent to thoroughly inspect the vehicle, prepare the report and provide a hard copy if required. The majority of Valuations are done at car shows or at the Register National, where the vehicle is physically examined. More recently, the service has been carried out on line, but this requires a good number of good quality photographs of all the known weak spots of the vehicle in question, before a valuation can be considered. In the few cases where a valuation is done elsewhere, it is reasonable to expect that a contribution toward travelling costs is offered to the Valuation Officer.
The values of our Triumphs have increased more in recent years than they ever have done in the past, so it is more important than ever to have a current up to date valuation, to ensure that your policy is an Agreed Value, and importantly that you haven’t undervalued your car!
Valuations will be available at the National all week – if you require a Valuation, then please get in touch with John Whitehead using the details in the ‘Who’s Who’ section.