General Valuation

[Martin Lipscombe]

I have a 1973 Fiat 500R LHD with only 5200kms on the clock. I have no doubt the mileage is genuine but no documentation to support. Work is in progress including replacing the front panel & sunroof plus minor panel work & paint here & there.
I am to insure with an agreed value. What do Forum members think I should get agreed.

 

[ZaphodB]

You've got to base it on how much to replace it, and having looked just yesterday at them, they can be anything depending on condition from 6-7K upwards to £20k+

 

[the hobbler]

You've got to base it on how much to replace it, and having looked just yesterday at them, they can be anything depending on condition from 6-7K upwards to £20k+

A lot of "sensible condition" 500s are going for 9K-10K these days. I would have thought a figure around that mark would be sensible. I agree with "Zaphod" that a few are going for silly money (20K plus)but they are far and few between.

 

[ZaphodB]

Maybe ask if the insurer puts the valuation and cost into bands (say 5-10k, 10-15k and 15-20k or whatever)

Then see what cost differences there are between bands and then choose what you're comfortable paying.

 

[smart51]

A lot of "sensible condition" 500s are going for 9K-10K these days.

Sadly, they're not. Really nice cars priced in that range are getting no attention at all. Car and Classic are recommending an auction reserve of a little over £7k with the hope of a sale price in the £8s. Anything that needs work is going to be quite a bit less.

 

[fiat500]

Doesn't an "agreed value", by definition, mean that as long as the insurer indicates that they accept it, you will be covered to that amount in any case?

 

[fiat500]

Sadly, they're not. Really nice cars priced in that range are getting no attention at all. Car and Classic are recommending an auction reserve of a little over £7k with the hope of a sale price in the £8s. Anything that needs work is going to be quite a bit less.

A good time to enlarge the collection.....?

 

[Goldnrust]

Sadly, they're not. Really nice cars priced in that range are getting no attention at all. Car and Classic are recommending an auction reserve of a little over £7k with the hope of a sale price in the £8s. Anything that needs work is going to be quite a bit less.

I agree. I've had mine for sale for a few weeks now and little to no interest at £9,250, which when I first advertised it already felt like a cut down from what it would have been priced at a couple of years back. What interest I've had have been buyers aiming to pay £8k or less. I've dropped my advertised price (knowing people will always want to haggle) to £8,500 in the hope of getting some interest.

Sadly, for those of us who own and might be trying to sell, and fantastically, for those who want to buy, the prices of all pre 1980s classics seem to be taking a hit right now. Some markets more than offers, I'm currently trying to sell my restored 1930s motorbike for less than I paid for it as a project 3 years ago...

 

[ZaphodB]

Coming towards the wrong end of the year for selling a little car too I guess

 

[Goldnrust]

Doesn't an "agreed value", by definition, mean that as long as the insurer indicates that they accept it, you will be covered to that amount in any case?

Also this ^^^ , sorry got distracted by the ongoing discussion of values and missed the original-point of the thread.

The point of having an agreed value is that you as essentially paying the insurance company extra so they promise to pay out whatever the agreed value is even if they deem your car to be worth less. So, within reason (as to avoid getting into insurance fraud...), you can put whatever value on it you like.

If you're planning to do some work to make it a really good condition car, then you can find plenty advertised north of 10k, so I wouldn't think that's an unreasonable number other than put down.

 

[fiat500]

Also this ^^^ , sorry got distracted by the ongoing discussion of values and missed the original-point of the thread.

The point of having an agreed value is that you as essentially paying the insurance company extra so they promise to pay out whatever the agreed value is even if they deem your car to be worth less. So, within reason (as to avoid getting into insurance fraud...), you can put whatever value on it you like.

If you're planning to do some work to make it a really good condition car, then you can find plenty advertised north of 10k, so I wouldn't think that's an unreasonable number other than put down.

I agree with that. I know that if I tried to sell my "senstively restored" , fairly original, right-hand drive 500, I would feel cheeky asking more than about £7500, and would get a bit less even if I could sell it. (I never will).
But if my car was stolen, and/or damaged even beyound my preparedness to repair, I would be unlikely to find a car that matched my requirements and had the reliability that I need. In order to be sure I would probably have to have a fairly generous budget, to include remedial work on crappy welding or bodged bodywork.

So it wouldn't be ridiculous to say that effectively, I would be out of pocket by around £15000 if I had to make a claim. They apply this logic on house insurance, where the rebuild cost for a total loss is often much higher than the property value. My recommendation is to go for the highest value that you can currently see a similar car for sale.

 

[the hobbler]

Also this ^^^ , sorry got distracted by the ongoing discussion of values and missed the original-point of the thread.

The point of having an agreed value is that you as essentially paying the insurance company extra so they promise to pay out whatever the agreed value is even if they deem your car to be worth less. So, within reason (as to avoid getting into insurance fraud...), you can put whatever value on it you like.

If you're planning to do some work to make it a really good condition car, then you can find plenty advertised north of 10k, so I wouldn't think that's an unreasonable number other than put down.

It would seem that most "classics" are taking a bit of a dive price-wise. For reasons that won't bore you with, I always use the Mercedes-Benz 300SL Gullwing as my 'barometer. Not so long ago, you would not find a 'Gullwing' for sale at less than about 1 Million pounds + and pushing 1.2/1.3million. Quite recently Isaw one for sale at UNDER 1 Million. I concede that I am talking about the top end of the market, but it just shows how it has dipped recently. I work (part-time) in a "Classic Car" workshop and we have noted the softening of prices. "E" type Jaguars are another car where prices have softened--and quite a lot!

 

[FIATinCA]

They're probably a little more scarce over here, but this is at $15k U.S. with 2 days to go:

650-Powered 1966 Fiat 500F

Bid for the chance to own a 650-Powered 1966 Fiat 500F at auction with Bring a Trailer, the home of the best vintage and classic cars online. Lot #208,547.

bringatrailer.com

And here's all the sales through Bring A Trailer since 2017 with lots and lots in the $15-20k range:

Nuova 500 (1957-1975)

Browse and bid online for the chance to own a Fiat Nuova 500 (1957-1975) at auction with Bring a Trailer, the home of the best vintage and classic cars online.

bringatrailer.com

Not sure if you can use this for declared value over there, I hope it's helpful.
****edit*** you can filter on Europe for location (UK too, but there's no UK sales recorded).***

Side note, you guys ever browse Bring A Trailer? If you like weird cars, check it out!