Insurance Valuation for Mk2 Spitfire

[oliproctor]

Good morning,

I am about to renew my insurance on my 1965 Mk2 Spitfire. The past year it has had a respray, fibreglass bonnet attached whilst I can spend more time fixing the original, suspension overhaul  and many other bits changed and added like wire wheels... See pictures for more.

Before I called around I wanted to ask what it may be worth after being bought for £4750 a couple of years ago or if the price has changed at all?

Many thanks Oli

[Badwolf]

I think the best answer is invest £15 plus the cost of a set of decent photos and sent with a valuation certifate to club hq. Not the best way to get a true valuation but more formal for your insurance certificate.

[NonMember]

No, I think the best answer is to invest that £15 and take the car along to your local meeting where the AO should be trained to do valuations. Ours certainly is. And you get to drink beer and chat with like-minded enthusiasts while you're at it

[Pete Lewis]

You can download the values off the main club site , you  can work out the condition class with a dash of honesty will give you a 

Rough insurance replacement value but the advice above , go to a local meeting and get it done properly this valuation for £15

paid to the the club hq, is recorded and backs up any value problems , but you are best to use a club sponsored  insurance Co.

Great  peace of mind if accidents happen, if the valuations not 'approved'  you only get base trade value 

50,yr old car   thats  £300   sir  !!!!!!!   

Pete

 

[Badwolf]

1 hour ago, NonMember said:

No, I think the best answer is to invest that £15 and take the car along to your local meeting where the AO should be trained to do valuations. Ours certainly is. And you get to drink beer and chat with like-minded enthusiasts while you're at it

Yes, but some of the AOs I have spoken to haven't done the training. Nice idea about the beer... but I don't drink and drive. Not being saintly or anything like that, it saved my life once.

[Colin Lindsay]

4 hours ago, NonMember said:

No, I think the best answer is to invest that £15 and take the car along to your local meeting where the AO should be trained to do valuations. Ours certainly is. 

Is that a formal qualification, and through the club? I've never met one yet who is officially trained, it's just a case of experience and hope... so it would be nice to see a proper scheme for that.

[dougbgt6]

1 hour ago, Colin Lindsay said:

Is that a formal qualification, and through the club? I've never met one yet who is officially trained, it's just a case of experience and hope... so it would be nice to see a proper scheme for that.

Colin,

I've been trained, Julie Hazell and I got done by our beloved leader Chris Gunby at SEM before last. It's quite simple, go through the check list and assess each of the 8 areas. At the end you have an overall assessment and you look it up on the chart. Simples.

https://www.tssc.org.uk/tssc/uploaded_files/TSSC Panel Valuation Oct 18_0.pdf

Doug

[Triumph948]

About three years ago the Tssc Com opened insurance valuations up to let Area organisers do them after a formal trading process ( only half an hour ) 

Its more important that all the valuers are singing off the same valuations sheet, a simple process to go through all the sections on the valuation sheet and come out with a price from the current listing.

Difficult or rare cars are often done through hq if the valuer needs a second opinion 

 

The best £15 you can spend on your car 😀

[Paul H]

The TSSC valuation is certainly the best £15 you will ever spend. For my part I had an agreed insurance valuation carried out at Pete’s Duxford event last September . My previous valuation was based on the first year purchase price then each year a discussion with photos about revaluation. The TSSC insurance valuation was twice the current valuation which reflected the work I had carried out. The insurance  value is not a open market valuation 

Paul