What's the true value of my car? Answers on a postcard...

[AndysR]

My thinking is this, I've invested copious amounts of hard earned into Damien which the market value doesn't really reflect these days, I've got the option now to take out an agreed value, which I am going to do but with a car like mine I'm struggling to come up with a realistic value to insure it at. Obviously the car has had a fair number of general wear and tear things replaced which you can't really argue additional value on like the steering rack but what about taking into consideration the rarity of the car and the mods which have improved the car?

So I made a list of main the things that have been done which in theory have improved, some have little monetary value and some have a fair value.

Starting from the front

TC lower splitter
Egg Crate grille
Alloy intercooler
Genuine Volvo autobox cooler
Koni Adjustable shocks and lowering springs
Poly bushed lower torque rod
Poly bushed firewall and upper torque mounts
Poly bushed lower arms
Fully rebuilt engine with CP forged Pistons and H beam rods
Turbo Tuner
Turbotechnics 15G Hybrid turbo
S60R exhaust manifold
Samco boost and coolant hoses
Snabb full intake kit
Snabb turbo to maf pipe
BSR Optiflow
Carbon hyrdo dipped engine trims
Goodridge braided brake hoses front and rear
IPD Front roll bar and uprated drop links
Full 3" JT performance exhaust and 200 cell sports cat
Soon to be fitted AP front brakes
Koni adjustable rear shocks and lowering springs
IPD uprated rear antiroll bar

Other items I've done to the car which won't necessarily enhance the car more restore it's condition.

Brand new Volvo front drivers seat cover
Brand new Volvo steering rack
Brand new Volvo heater matrix
Brand new Volvo a/c evaporator
Brand new a/c compressor
Brand new a/c condenser
Brand new Volvo radiator
Brand new Volvo front and rear brake calipers
Front and rear bumpers resprayed
All 5 alloy wheels refurbished.
Brand new Volvo front and rear mudflaps
Brand new Volvo ignition leads, rotor arm and cap.
Retrofitted Volvo pollen filter and housing.
Brand new Volvo rubber mats and carpet mats
Brand new Volvo drivers seatbelt

Probably missed loads but gives you something to go on... What value should I ask for, all receipts kept to prove purchase and value, yes it's a huge box full

[Biff]

The 854R AUTO in red on eBay at the minute has been fully restored & is up for £4750.
With yours being rather more original I would probably add a grand.
Realistically though if the worse should happen & a total loss is claimed ideally you want the money to build one again.

[jdavis]

Very hard to put a number that reflects the work and money that you have put into the car.
I'd be thinking around the 5k mark.

You've got to look at the market and look at the cost of a replacement if the worst happened

[T5frankie]

The 854R AUTO in red on eBay at the minute has been fully restored & is up for £4750.
With yours being rather more original I would probably add a grand.
Realistically though if the worse should happen & a total loss is claimed ideally you want the money to build one again.

you do know that adding mods deflates the value? that red one on ebay is up for sale again because he can't sell it, why is andys more original? andys has been modded, i guarantee the red one will be in better condition as it has just been restored, i have seen this car up close, but the miles are a little higher, i reckon £3500

[Biff]

you do know that adding mods deflates the value? that red one on ebay is up for sale again because he can't sell it, why is andys more original? andys has been modded, i guarantee the red one will be in better condition as it has just been restored, i have seen this car up close, but the miles are a little higher, i reckon £3500

Because Andy's hasn't had a full repaint going off his 1st post.
I've seen the red one up for sale as a pair but this is the first time I've seen it for sale as it is.
Bottom line is what Andy wants in return should the worst happen. I used that red r as a guide seeing as 854 autos in vgc are rare.
I've not seen either cars in the metal but given the way Gav raved about the condition of Andy's it doesn't sound like it needs restoring.
As per any classic car, a cars always worth more with good original paint.

[T5frankie]

Because Andy's hasn't had a full repaint going off his 1st post.
I've seen the red one up for sale as a pair but this is the first time I've seen it for sale as it is.
Bottom line is what Andy wants in return should the worst happen. I used that red r as a guide seeing as 854 autos in vgc are rare.
I've not seen either cars in the metal but given the way Gav raved about the condition of Andy's it doesn't sound like it needs restoring.
As per any classic car, a cars always worth more with good original paint.

the red one was emlyns old car and it didnt need restoring, it was a beauty, jon the owner now buys cars restores them then sells them, he is quite well off,

andys car is an auto so far less valuable than a manual, also has had the bumpers painted which detracts value, it has been modded which detracts from the value, its not a gul t5-r and is not an estate all of which are worth more, to us forum members we all know what a good car it is but the outside world doesn't and no-one on here would pay 5 grand for it, thats getting into cosworth territory, if his is worth 5 grand how much is mine worth with lower miles and a manual box?

[Biff]

It's not about what we'd pay for it.
It's about an insurance valuation.
Understand what your saying Frankie but that red one is being sold with mods to finish it off, mods that aren't fitted to the car & Andys has a lot of desire able parts & labour put in it.
If the worst was to happen he wants a valuation on what it cost to build not what he'd get for it if he sold it.
I doubt after all this he plans on selling it, unless your disease has become viral.

[Biff]

Oh & not everyone wants a cosworth!
I'd rather have the money.

[T5frankie]

It's not about what we'd pay for it.
It's about an insurance valuation.
Understand what your saying Frankie but that red one is being sold with mods to finish it off, mods that aren't fitted to the car & Andys has a lot of desire able parts & labour put in it.
If the worst was to happen he wants a valuation on what it cost to build not what he'd get for it if he sold it.
I doubt after all this he plans on selling it, unless your disease has become viral.

valuations are all well and good but the insurance company probably won't pay that out that much in the event of a claim anyway, mine has an agreed value of £3500

[Biff]

valuations are all well and good but the insurance company probably won't pay that out that much in the event of a claim anyway, mine has an agreed value of £3500

Exactly but "agreed value" means they have a top figure they can knock you Down on.
You & me both know yours isn't worth £3500 just like mine isn't worth £2000 like it's insured for.

[rikcougar]

"agreed value" is exactly what it says on the tin although there are one or two proviso`s

The valuation has to be independant not just submitted by the owner (the RS`s are done by the registrar for your particular vehicle and are accepted as gospel by the better insurance companies)

My suggestion would be to find a well known Volvo guru for an independant valuation on a proper letterhead

In the event of a total loss the insurance company will then pay out this amount less your excess, it is not a starting point for negotiation (assuming you are with a reputable company)

The value should reflect the cost of replacement not what it is worth on the open market

Hope this helps

[Jim S70R]

Mmmhhh another thread that's gone round the houses....

As stated above the question is for an insurance value not a selling value, I'd certainly say if it was to be sold and the right person was found for it willing to part with the cash I'd be selling for £6,000 - £6,500 grand, mainly cause it wants nothing doing, it's in mint condition inside and out and has all the desirable mods on which are as we all know expensive!! You don't need to be member of this club to know a good car when you see one either!!

If it was mine I'd want an agreed insured value of £6,000 - £6,500.

[S70T5Chris]

An "agreed value" insurance policy means just that. If the car gets stolen, written off, etc, then that is what the insurance company pay you for it, minus your excess. An "agreed value" policy is completely different to telling your insurance company the car is worth £xxxx when they ask you for a value of the car. You will pay a premium to have an "agreed value" policy, and in a lot of cases insurance companies will want a lot more information on the car, and sometimes detailed pictures to back up what your saying.

So lets not get confused, between a proper "agreed value" policy (which many insurance companies won't even do!), and just telling them what you think your car is worth.

I had an agreed value policy on my S70 for £7500, and that was far too low in hind sight. I got back MUCH more than that, by breaking it.

When trying to put a insurance value on it - at the end of the day, what will it costs to replace the car like for like? That's the value to out on it for insurance purposes. But you can't include service/replacement parts, etc...

[AndysR]

Agreed value is not about telling the insurance company how much your car is worth when you take out your insurance at the time of quote, which come the time I a claim regardless of what you said it's adjusted to market value. It's about fixing an agreement with your insurance company on the value of the car to replace, this figure is then set and in the result of a claim the value agreed is what the claim is worked from, that's why you get loads of forms to fill in, have to take several pictures of the car and have to pay an additional fee for the privilege.

Tbh as much as you clearly hate it Frankie I like the bumper tops painted, as I said before it's what made the car stand out to me when I bought it, I can't see it having a huge effect on the value of the car.
As for the red one on eBay well if I was forced to replace mine I might consider it but £2,500 for a respray tells that's probably an ok job but not top of the line hand as for mechanically restored well I can only laugh, and before you chirp up yes I have seen the car in the flesh and yes it was after Emlyn sold it, tbh without sounding big headed his car isn't a patch on mine, for example I replaced all the wheel nuts and wheel centres when I had my wheels refurbished I didn't settle for the scabby originals. Tbh I'm not surprised he still owns it considering the car and what he wants for it.

That's for the comments though guys it made for some thought but considering the pistons cost the best part of £1,000 without any other costs I think I'll be wanting a little more than £4,500 as a set agreed value because agreed value is about getting a replacement to the same standard not about getting the best value at the time of a sale.

[T5frankie]

well mine must be worth at least 10k if i was to replace the car for a like for like one, and every part i have put into it and a fully rebuilt engine

[S70T5Chris]

well mine must be worth at least 10k if i was to replace the car for a like for like one, and every part i have put into it and a fully rebuilt engine

Well that's what Agreed Value policys are for. But don't confused between telling the insurance company what you think the car is worth, and an Agreed Value policy.

Even if you've got a value on your policy of £3500, in the event of a right off, the insurance company is going to pay you book price for it, which probably isn't even half that.

[T5frankie]

Well that's what Agreed Value policys are for. But don't confused between telling the insurance company what you think the car is worth, and an Agreed Value policy.

Even if you've got a value on your policy of £3500, in the event of a right off, the insurance company is going to pay you book price for it, which probably isn't even half that.

i have an agreed value policy with adrian flux, but i valued it on what i thought i could sell it for, which after reading this was the wrong thing to do, i will change in jan when it's up for renewal

[AndysR]

i have an agreed value policy with adrian flux, but i valued it on what i thought i could sell it for, which after reading this was the wrong thing to do, i will change in jan when it's up for renewal

I would increase it then, if you've got a proper agreed value with Adrian Flux then you would have had to pay an additional charge for it, sent in 6 shots and filled out 2 A4 forms, it you didn't do those then you don't have an agreed value

[graemewelch]

andy the chances are you could never relace that car should the worse ever happed. i just dont think think youd ever be happy it. i had to fight hard to stop mine being written off a few year ago when arnold clarke cocked up with repair. i told the insurance guy to find me a 2.4 t5 se lux with under 75k in very very good condition then id agree to have mine written off. he couldnt and ive never seen another forsale either.

[T5frankie]

andy the chances are you could never relace that car should the worse ever happed. i just dont think think youd ever be happy it. i had to fight hard to stop mine being written off a few year ago when arnold clarke cocked up with repair. i told the insurance guy to find me a 2.4 t5 se lux with under 75k in very very good condition then id agree to have mine written off. he couldnt and ive never seen another forsale either.

find another another one previous owner 850r with 97k on the clock then