Update
your agreed value when renewing your classic car insurance cover
See
our earlier NEWS items:
Investment activity in the classic car market continues
to lift prices. More
Keith
Belcher's adwatch. More
MGBGTV8s
sell well at auction. More
What
are the condition categories? More
Where
do I get a valuation of my car for "agreed value" purposes for the insurer?
The
V8 Register does not provide valuations but recommends that where an insurer requires
a valuation to support an agreed value the owner should get a professional valuation
report from one of the MG specialists. See our listing
of specialist traders.
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| With
the substantial rise in MGBGTV8 values over the last few years, many members might
find the agreed value forming a key part of their classic car motor insurance
cover may be well below current market prices and need updating to avoid being
underinsured. In recent NEWS items following the updated MGV8 price guide released
earlier this year, we have reported rising prices of V8s advertised for sale and
seen at auctions.
In a matter of only three to four years, prices of Condition
1 MGBGTV8s have risen from the £10,500 area where they had been for many
years, boosted by the benefits of both the introduction of the road tax exemption
concession in 2014 and the general pressures from "alternative investment"
activity in the classic car market.
In
a front page article in Classic Car Weekly out today they report "it's a
problem in the UK with around 70% of classic car drivers underinsured" and
they recommend anyone with an agreed value on their insurance policy should update
their agreed value every time they renew their cover. | | Comment:
In earlier years many V8 enthusiasts reviewed the value of their car every 2 to
3 years but in the present market it's essential you do this annually to ensure
you have an agreed value on your policy which reflects the current market price
of your car. We are working on an update of our price guide but indications are
a Condition 1 MGBGTV8 chrome bumper is now around £18,545 (up 7.5%
from £17,250 indicated by our price guide
in February 2015) and a rubber bumper model at around £15,320. Our draft
updated price chart for the MGBGTV8 model is below. |
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