With record prices being noted for Bristol cars in the Auction room recently BODA members should be looking at their insurance company agreed value clauses.
BODA now offers written valuation reports on member’s cars as a basis for agreement with their insurance companies.
Here are a couple of thoughts;
- Total loss. As an example if the ferry sank and no salvage were possible rebuild costs are irrelevant and market value should be considered and negotiated.
- Salvage rights. A car might be uneconomic to repair but nevertheless the owner might want to take the project on.
- Rebuild costs. Even the worst case of salvage in theory could be rebuilt. Witness the tool room copies of Bugatti Type 35’s produced over the past 20 years by Pur-Sang of Argentina. They cost £130,000 to £150,000 each and are virtually indistinguishable from the real thing. As value soar owners need to be clear as to the terms of the contract they have with their insurers.
100% of our valuation reports for insurance purposes have been accepted by the insurance companies involved so far.
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