The Triumph Dolomite Club - Discussion Forum

The Number One Club for owners of Triumph's range of small saloons from the 1960s and 1970s.
It is currently Thu Mar 28, 2024 5:52 pm

All times are UTC




Post new topic  Reply to topic  [ 27 posts ]  Go to page 1 2 Next
Author Message
 Post subject: What's "market value"?
PostPosted: Thu Jan 25, 2018 11:14 am 
Offline
Future Club member hopefully!
Future Club member hopefully!

Joined: Sun Jan 20, 2013 9:48 am
Posts: 41
Any suggestions for how to determine the market value on one of the 1973 (July built) Mimosa Dolomite Sprints with MOT and all fully functional, but not the original engine and with "some rust" and "in need of paint", etc.? It is for insurance purposes in terms of paying for repairs.

Graham


Top
   
PostPosted: Thu Jan 25, 2018 11:33 am 
Offline
TDC West Mids Area Organiser
User avatar

Joined: Thu Sep 28, 2006 1:13 pm
Posts: 13316
Location: Over here...can't you see me?
From the purposes of an insurance company and from experience, the 'market value' of a 45 year old car is sweet FA, or as little as they can get away with.

We're going back a few years, but a friend's recently rebuilt to high standard Sprint was written off in a no fault accident; he was hit from behind. Unfortunately he hadn't yet agreed the value of the car with the insurance company, or taken the free valuation service offered to Club members; the insurance company offered him, from memory, £200, from which they were intending to deduct 'recovery costs'. The accident happened here in the Midlands, but the car had been 'recovered' to Wakefield!

It took some strongly worded letters and sabre rattling to get that translated to £1000 and the salvage delivered to his home FOC. At the time, the car would have changed hands for about £3k pre-accident, but without 'agreed value' that was irrelevant.

If you have no agreed value, then it will be an uphill battle for you to demonstrate 'market value'; engine size and model becomes less relevant due to the very small sample pool of recently transacted cars. I had this problem a couple of years ago when my Alfa 166 was written off in a no fault accident; as few 2.5 v6 cars had changed hands recently, they looked at values of the less desirable 4 cylinder cars and ignored my argument of what I'd have to spend to replace the exact make/model/mileage. Eventually, as a compromise, they increased their offer to what I'd paid for the car a couple of months earlier, which I couldn't really complain about, but having had something of a bargain at the time, I was left unable to replace it with the settlement.

Good luck; tenacity is the name of the game.

If you are a Club member, then admin might provide a pre-accident valuation for you...


Top
   
PostPosted: Thu Jan 25, 2018 11:40 am 
Offline
Future Club member hopefully!
Future Club member hopefully!
User avatar

Joined: Wed Jul 22, 2015 12:58 pm
Posts: 1293
Location: London
Just a question out of the blue,

What if you have an agreed value with your insurers of say £12k, but no club or independent valuation ?

_________________
NRW 581W Sprint


On the motorway no one can hear me sing!
Construed as a public service, self preservation in reality.


Top
   
PostPosted: Thu Jan 25, 2018 11:44 am 
Offline
TDC Staffs Area Organiser
User avatar

Joined: Wed Oct 18, 2006 2:08 pm
Posts: 5429
Location: The Old Asylum
I definitely agree that an agreed value is a sound idea, however it is not without its flaws.

I recently took out an agreed value on my 1961 Chevy van. I was not able to provide a club valuation so I had to determine a value myself. I settled on £12k, despite only paying £8k all in for it. My reasoning was that I'd bought it 'cheap' and undervalued as it turns out to my original from 1961 and in far better condition than I imagined. I based my price on 2 cars that have sold in the last 12 months in the UK.

To my surprise the insurance co would only value at £8k because that's how much I paid for it and I've done nothing to it to add any more value. I appealed the decision but all they could suggest is getting an independent valuation on it, the cost is high though.

With a Dolomite it should be easier to get a value as there's more than 5 in the country but just watch out.

_________________
Mark

1961 Chevrolet Corvair Greenbrier Sportswagon
1980 Dolomite Sprint project using brand new shell
2009 Mazda MX5 2.0 Sport
2018 Infiniti Q30


Top
   
PostPosted: Thu Jan 25, 2018 1:21 pm 
Offline
TDC Cheshire Area Organiser

Joined: Wed May 17, 2017 6:28 pm
Posts: 1405
Location: NANTWICH.
Just as a matter of intrest?
Has anybody had a claim on an agreed value insurance claim? And how did they go on?
Happy or sad tales welcome and who to avoid.

Cheers,
Tony.

_________________
NOW A CLUB MEMBER 2017057 :bluewave:


Top
   
PostPosted: Thu Jan 25, 2018 2:06 pm 
Offline
TDC West Mids Area Organiser
User avatar

Joined: Thu Sep 28, 2006 1:13 pm
Posts: 13316
Location: Over here...can't you see me?
You can get an agreed valuation without a club or independent valuation, but you can usually do better with one.

I had an agreed valuation of £10k on my interceptor when it caught fire and was deemed total loss Cat A. I received a cheque for £9900 almost by return (£100 excess)


Top
   
PostPosted: Thu Jan 25, 2018 5:48 pm 
Online
TDC Member

Joined: Sun Oct 26, 2008 7:26 am
Posts: 2473
Ido worry about self-declared valuations. No reason except I am sure there is some small print that could enable an ins.co to wiggle a lot. Besides, I have also heard of people using underbonnet/interior pics of other cars in their valuations, in which case the ins.co would be correct to wiggle.
A club based valuation has to be the best solution.

I have had experience when I wrote off my spitfire in 2010. Insure with Peter Taylor, self declared value of 3K. They didn't quiblle that at all (probably a conservative estimate) but really didn't want e to have the car back. The broker was FANTASTIC and gave the underwriters a very hard time on my behalf. I got the car back, delivered from Aberdeen to Hove FOC for the grief, but was deducted £300 for the salvage, which I had agreed.

_________________
Clive Senior
Brighton


Top
   
PostPosted: Thu Jan 25, 2018 7:50 pm 
Offline
TDC Member
User avatar

Joined: Fri Apr 15, 2016 11:08 am
Posts: 691
Location: Ayrshire, Scotland
Club valuations are also fraught with difficulty. For example, when I had a Lotus Elan Sprint, Club Lotus valued it at over £40,000 without ever seeing the car. All they had were a few photos and my description of the car. The insurer accepted that valuation, but in fact the car couldn't have been sold for anything like that amount. I know, because the dealer I sold it to tried to get £39,995 for it over a period of nearly a year, and eventually sold it for under £35,000. He gave me slightly over £30,000 for it so there wasn't much in it for him. I suppose the club valuation assumed the car was factory fresh, instead of a good quality rebuild with several mods and a cheapish paint job.

MG Car Club refuse to give valuations because they can't possibly get to inspect the member's cars. They worry that if they give an inflated valuation on the basis of a few photos they could be held liable for misrepresentation. If TDC gives valuations, how is it done? I am not likely to drive many hundreds of miles from Scotland to get mine valued.

_________________
Mike
(1969 MGB GTV8, 1977 Dolomite 1850HL, 1971 MGB roadster now all three on the road)


Top
   
PostPosted: Thu Jan 25, 2018 7:58 pm 
Offline
TDC Member
User avatar

Joined: Sun Sep 08, 2013 3:35 pm
Posts: 1735
Location: St Annes on Sea, Lancs.
Well an agreed valuation would have helped - had one on my TR7 Sprint when that got burned a bit, and they paid what it cost to repair (though thereby hangs a tale).

But the question is what is a well used 73 Mimosa Doly Sprint with MOT, etc., worth?

Graham

_________________
The 16v Slant 4 engine is more fun than the 3.5 V8, because you mostly drive it on the upslope of the torque curve.

Factory 1977 TR7 Sprint FHC VVC 697S (Now all of, but still needs putting together)
B&Y 73 Dolomite Sprint UVB 274M (kids!)
1970 Maroon 13/60 Herald Convertable (wife's fun car).


Top
   
PostPosted: Thu Jan 25, 2018 8:13 pm 
Offline
Site Admin
Site Admin

Joined: Tue Sep 19, 2006 5:50 pm
Posts: 1890
Quote:
If TDC gives valuations, how is it done? I am not likely to drive many hundreds of miles from Scotland to get mine valued.
They are carried out using written and photographic evidence from the owner and the onus is on the insurer to decide whether they accept the Club's expert opinion on it. We advise members to use an insurer who will accept the Club's valuation. To date we have not had an insurer refuse to accept a Club valuation. However, we give realistic valuations, we certainly wouldn't value a Sprint at £35K just because the owner has allegedly spent that much restoring it.

_________________
Please note that I am simply a Forum administrator, so please do not contact me unless your question is regarding your Forum account. For general enquiries regarding the Club and its services (membership queries, questions about spares, lapdancing etc) please see https://forum.triumphdolomite.co.uk/vie ... hp?t=20098

Are you enjoying using our forum? If so why not support the owners club which provides it by joining The Triumph Dolomite Club? Help us to preserve these great cars for future generations.
Club membership costs just £30 for one year or £55 for two years. See https://forum.triumphdolomite.co.uk/vie ... =4&t=37824 for details.


Top
   
PostPosted: Thu Jan 25, 2018 8:26 pm 
Offline
TDC Member
User avatar

Joined: Sun Sep 08, 2013 3:35 pm
Posts: 1735
Location: St Annes on Sea, Lancs.
Would the club offer a valuation on what a car would have been worth befor it got a bit dented?

Graham

_________________
The 16v Slant 4 engine is more fun than the 3.5 V8, because you mostly drive it on the upslope of the torque curve.

Factory 1977 TR7 Sprint FHC VVC 697S (Now all of, but still needs putting together)
B&Y 73 Dolomite Sprint UVB 274M (kids!)
1970 Maroon 13/60 Herald Convertable (wife's fun car).


Top
   
PostPosted: Thu Jan 25, 2018 9:20 pm 
Offline
Site Admin
Site Admin

Joined: Tue Sep 19, 2006 5:50 pm
Posts: 1890
We offer a free valuation service as one of the benefits of membership of the Club.

_________________
Please note that I am simply a Forum administrator, so please do not contact me unless your question is regarding your Forum account. For general enquiries regarding the Club and its services (membership queries, questions about spares, lapdancing etc) please see https://forum.triumphdolomite.co.uk/vie ... hp?t=20098

Are you enjoying using our forum? If so why not support the owners club which provides it by joining The Triumph Dolomite Club? Help us to preserve these great cars for future generations.
Club membership costs just £30 for one year or £55 for two years. See https://forum.triumphdolomite.co.uk/vie ... =4&t=37824 for details.


Top
   
PostPosted: Thu Jan 25, 2018 9:46 pm 
Offline
TDC Member

Joined: Mon Dec 12, 2016 9:53 pm
Posts: 1699
Location: Harrow Middlesex
sorry to Hijack

But is a car worth more with an original engine ,than one that's been replaced (not matching numbers)

Thanks Dave


Top
   
PostPosted: Thu Jan 25, 2018 9:53 pm 
Offline
TDC West Mids Area Organiser
User avatar

Joined: Thu Sep 28, 2006 1:13 pm
Posts: 13316
Location: Over here...can't you see me?
Quote:
sorry to Hijack

But is a car worth more with an original engine ,than one that's been replaced (not matching numbers)

Thanks Dave
In my opinion, only if the car has great provenance, like a winning racer, or the first made. As a 'journeyman' car, probably not.


Top
   
PostPosted: Thu Jan 25, 2018 9:57 pm 
Offline
TDC Member

Joined: Mon Dec 12, 2016 9:53 pm
Posts: 1699
Location: Harrow Middlesex
Quote:
Quote:
sorry to Hijack

But is a car worth more with an original engine ,than one that's been replaced (not matching numbers)

Thanks Dave
In my opinion, only if the car has great provenance, like a winning racer, or the first made. As a 'journeyman' car, probably not.
Alun

Thanks Dave


Top
   
Display posts from previous:  Sort by  
Post new topic  Reply to topic  [ 27 posts ]  Go to page 1 2 Next

All times are UTC


Who is online

Users browsing this forum: No registered users and 21 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB® Forum Software © phpBB Limited