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INSURANCE VALUATIONS FOR BRISTOL CARS

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BODA is pleased to announce the resumption of the provision of insurance valuations. These take the form of a written report on BODA letterhead for a fee of £50 per valuation. They are based upon submission of suitable supporting documentation and photographs. Members should note the following:

– Valuations will be for insurance purposes only and are not market valuations. They cannot be used for probate purposes, for example, nor in connection with dispute resolution.

– No physical inspections of vehicles will be undertaken. Valuations are based upon the owner’s representations and are caveated accordingly.

– Most insurance underwriters will respect a valuation provided by BODA, but it is worth double-checking this with your insurance broker or insurance company.

Footman James, one of the leaders in the classic car insurance field, has already confirmed that it will recognise the Club’s valuations for their purposes. The viability of the service depends upon the demand for valuations proving to compensate for the associated costs (most notably, an increase in our insurance premium in respect of professional liability).

In the first instance please send a mail to chair@bristoloda.org.  We will then issue the relevant valuation questionnaire for you to complete and return with photographs

BODA Valuation Service

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Valuation

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.

 

If you think we can help please contact;

BODA General Registrar

Michael Barton

michael@rtaccountants.co.uk or 01524 33476 / 07801 538170