Check
your agreed value when you renew your insurance cover
See
our update price guide for MGBGTV8s and RV8s. More
See the links to our market overview and commentary on V8 and RV8 prices
together a review of V8 values prepared by Adam Fiander, who undertook the research
and analysis for the updated V8 price guide above, and a recent note on the economic
factors influencing the price of MGV8s, not least the VED exemption which covered
43% of Factory V8s from April 2014.
Posted: 140705
|  | With
the general increase in classic car prices over the last couple of years, MGV8
prices have moved up with the trend so earlier this year our price guides for
the Factory MGBGTV8 and RV8 models were updated. An additional factor lifting
prices of many chrome bumper MGBGTV8s has been the very welcome road tax exemption
for cars built in 1973 which came in from 1st April this year. That is now a rolling
40 year concession so cars built in 1974 should qualify for a tax class change
from PLG to Historic from next April. The tax exemption alone has lifted prices
for a Condition 1 MGBGTV8 by some £2,000. Our updated price guide was prepared
by fellow V8 member Adam Fiander and published in February this year.
As
your insurance cover comes up for renewal, if not before, you need to consider
whether the agreed value forming a key part of your cover needs revising. The
V8 webmaster has just | renewed
the cover on his MGBGTV8 built in December 1973, which is now an Historic tax
class car, and has had an increase in the agreed value from £10,500 to £15,000
accepted by the insurer Hiscox through cover arranged by Peter Best Insurance
Services. The additional premium for that £4,500 increase was £36.04
equivalent to an additional £8.00 per £1,000 of additional cover or
69p a week.
The insurer will require a new set of photos of your car
to support your proposed revision to the agreed value and they will be assessed
by their expert before the new value is accepted as the agreed value term of the
policy. The set of photos needs to be comprehensive and good quality covering
the front, nearside, rear, offside, engine bay, rear luggage area with the tailgate
up, interior from both the driver's side and passenger's side and for good measure
a photo of at least one of the Dunlop composite road wheels. It is probably worth
certifying they are current photos by writing on the back of each photo
"photo taken on [date]" or you can adjust the settings on your digital
camera to embed the date in your photo before you obtain prints. A current set
of photos will enable the expert to assess the car and respond on the revised
value proposal promptly. | | V8
Register - MG Car Club - the
leading group for MG V8 enthusiasts at www.v8register.net |
|
