Insurance Valuations

[AndyPen]

My insurance advisor has just advised me to revisit the values of our minis, especially our 1071 that is nearing the end of its restoration. Anyone know who can look at values? Or is it just the Mini Cooper Register I should contact? I have the heritage site estimates but this is pretty much a works type replica - as the original prep was done in 1969 and I still have most of the parts on the car. I should add that I have many pics of the car rallying and that I used to navigate in it.

(I am based in S Wales so there is no MCR group in the area)

[hanlminiman]

As for getting a current value for your 1071 I expect there are several on here who can guide you.
Personally I base my value on rebuild cost using the price of a Heritage shell as the starting point adding sensible restorers hourly rates (number of hours to repair including painting costs). And compare to latest market values from sales.

[kit of bits]

Just look at what’s sold recently that’s the true value, that’s what people are willing to pay.
I never add up the hours as I do it for fun, but the parts add up very quickly.
I was with flux with my mini pick up they do an add on that if the vehicle is a total loss you can claim an extra 25% on top of the agreed value. It took a bit of fighting but they paid out in full.
D

[Polarsilver]

Andy, i just looked in the Hagerty valuation site they state a 1963 x 1071S values are Fair @£20,300 Good @ £24,400 Excellent @ £33,400 Concours @ £49,800
I am sure these values have dropped to the last time i looked at this site .. whatever my 1071 is at an agreed value with them at £40k. Hagerty probably not the cheapest broker around & they dont answer my direct incoming calls .. so if you find the ideal Insurance Co. please let us all know.

[AndyPen]

Andy, i just looked in the Hagerty valuation site they state a 1963 x 1071S values are Fair @£20,300 Good @ £24,400 Excellent @ £33,400 Concours @ £49,800
I am sure these values have dropped to the last time i looked at this site .. whatever my 1071 is at an agreed value with them at £40k. Hagerty probably not the cheapest broker around & they dont answer my direct incoming calls .. so if you find the ideal Insurance Co. please let us all know.

Hiya and thanks for that, I have a broker onto it for me who is a mate of old, so fingers crossed. One thing for sure, as I started this rebuild in 1990, many more hours than I would have wished have been put into it, and many kind folks on here have helped me to to get the correct parts that I was missing - not cheap as said, but right

[kit of bits]

So heads up chaps, I got paid out £31,500 for a pick up..
You’d like to think if you do your homework a 1071 is worth a lot more..
D

[Chapmag]

Following this with interest.
I've just finished a 13 year bare metal restoration (including original engine rebuild) of my August 1960 Austin Seven Mini De-Luxe.
I've never insured it before but last month plumped for an agreed valuation of £16k.
I'm thinking I've underestimated, what do others think?
Thanks in anticipation,
G.
P.S. Sorry to piggy back on the OP's thread!

[richardACS]

I use Lockton's Insurance service and have done for many years to insure a wide range of my classic cars. They are not concerned about valuations (within common sense regions) and here is why.

The amount I pay however is a percentage of the value I have placed on that vehicle. This has suited me well for as I proceed with any given restoration the investment obviously increases and I want this to be recognised. It also keeps me sharp over the values that I place on them. Each year I investigate the market to see if they are up or down and adjust accordingly..

Variation is recognised on road worthy cars and those waiting in the wings, I also have cover for my race car (obviously not whilst on track) My concern in taking cover is mostly fire, theft or damage through a break in.

So it provides a flexible and realistic cover to suit my personal circumstances and I don't have to go out to external sources for a valuation. Here are the contact details should anyone wish to try if it's for them...

Richard Hughes - Senior Client Manager - Lockton Performance
Lockton Companies LLP
45 Church Street | Birmingham | B3 2RT
T: +44 (0)121 232 4543
E: Richard.hughes@lockton.com

[Colin a]

I wonder if someone could advise me please i have just renewed my insurance on my classic bikes with Peter James that has gone up from £129 last year to £ 141 this year? I asked for a quote on my 1970 1275 gt and was quoted £236 with a value of £25k, can anyone advise me please I am 81 this year and wondered if this would make any difference, it’s been off the road since 1990 so this is the first time I have insured it, thanks in advance for your help.

[Peter Laidler]

It's age I'm afraid Colin. You could lay the car up for the 6 'winter' months and leave the cheaper fire and theft part running, just like I do. Next year you've already got a big chunk of dosh there, waiting to insure it for the next year. Been doing it like that for 20 years or so........

[Colin a]

Thanks Peter, I had thought of getting rid of my bikes and just using the Mini but I have had some of them for sixty years now and it’s not easy to get rid of them, perhaps I will sell off the bigger ones I have a CB 750 Sealy Honda 1976 which I can’t even get on now so that will be the first, thanks again for the advice I have took advice from you before and it’s worked, thank you.

[Peter Laidler]

If you still had an old Commando, I know a good home in nearby Oxford....., just along the A420! With room for another!

[Colin a]

Sorry I haven’t got any Nortons I have had bikes since I was nine or ten but have never owned a Norton even though I raced but it was scrambles and grasstrack, not many Nortons were used for that only trials, thanks again.