Valuations
Posted: Mon Jun 19, 2006 10:21 am
Just got my valuation back from Club Lotus and am a little disapointed...
I have heard that the current valuations are causing a little contention amongst some and, probably for this reason, there was an explanation included with the valuation form. It mentioned the usual disclaimer about 'vast sums of money invested in restoration and repairs do not reflect equally in enhanced values', which is fair enough, but it seems that since the demise of Graham Arnold, the valuations are a bit lower.
My reason for thinking this is that the valuation on my previous car was 7.5k yet that for my new car, which is in MUCH better condition, is only 1k more...
Another snipet from the enclosed explanation - "If a certain Lotus in running order with full MOT and looing ok, but certainly not concours, is worth 5000; spending 10,000 on a lot of cosmetic and mechanical work will actually make the car worth around 6,950, although it would sell much quicker, at that price. At 15,000 there would be no takers, or even enquiries."
Tell that to Paul Matty who sold one for 17,950 recently, apparently... I would think whoever bought that car would be a little shocked to know that, with a Club Lotus valuation, in the event of losing his car his insurance would only give him half what he paid for it. (I'm making an assumption here, just to make a point)
Anyway, rant over but my question is, can we use anyone else for valuations that would be accepted by insurance companies (I'm with Footman James)?
Has anyone else here felt undervalued?
Anyone else fancy a moan? No? I'll get my coat...
I have heard that the current valuations are causing a little contention amongst some and, probably for this reason, there was an explanation included with the valuation form. It mentioned the usual disclaimer about 'vast sums of money invested in restoration and repairs do not reflect equally in enhanced values', which is fair enough, but it seems that since the demise of Graham Arnold, the valuations are a bit lower.
My reason for thinking this is that the valuation on my previous car was 7.5k yet that for my new car, which is in MUCH better condition, is only 1k more...
Another snipet from the enclosed explanation - "If a certain Lotus in running order with full MOT and looing ok, but certainly not concours, is worth 5000; spending 10,000 on a lot of cosmetic and mechanical work will actually make the car worth around 6,950, although it would sell much quicker, at that price. At 15,000 there would be no takers, or even enquiries."
Tell that to Paul Matty who sold one for 17,950 recently, apparently... I would think whoever bought that car would be a little shocked to know that, with a Club Lotus valuation, in the event of losing his car his insurance would only give him half what he paid for it. (I'm making an assumption here, just to make a point)
Anyway, rant over but my question is, can we use anyone else for valuations that would be accepted by insurance companies (I'm with Footman James)?
Has anyone else here felt undervalued?
Anyone else fancy a moan? No? I'll get my coat...