Vehicle Insurance Valuations for VEC Members
The Volvo Enthusiasts Club offers members a free Insurance Vehicle Valuation Service (Inspection may be required for vehicles valued at over £15,000 at a cost of 45p per mile plus subsistence allowance will be added if total mileage is over 200 miles). This must be paid in advance of inspection.
Insurance valuation forms from insurance company (if available) and other items should be sent by Recorded Delivery to:
Kevin Price, Volvo Enthusiasts Club Valuations, Astley Cottage, 127, Kidderminster Road, Wribbenhall, Bewdley, Worcestershire, DY12 1JE.
The following items are also required:
1/ VEC Current Membership Number
2/ Copy of vehicle V5C Logbook
3/ Copy of current MOT Certificate
4/ Clear colour A4 high-resolution hard copy images (a minimum of 8)
- Front view showing numberplate
- Rear View showing numberplate
- Three quarter view left (nearside)
- Three quarter view right (offside)
- Engine bay
- Interior – front showing dash and front seats
- Interior – rear seats and trim
- Boot interior
NOTE: In order to give a fair and true valuation more than eight images may be submitted if needed to show the condition of the vehicle accurately
5/ Any other relevant information e.g. copies of restoration invoices showing major work, interesting vehicle history, concours awards etc.
Photographs, copies of Logbook, MOT etc will not be returned so please do not send originals. Items will be kept on file should insurance companies etc request information in the future.
Members may contact Kevin for updates via his club E-mail – firstname.lastname@example.org please note that this Email address is not checked daily and a reply may take several days. Please allow up to 21 days for valuations.
Rev. Aug. 2020
CLUB INSURANCE VALUATION SERVICE
Introduction:A key benefit of belonging to the club is the peace of mind of having an agreed insurance valuation for your cherished Volvo(s). Many members invest considerable sums in the purchase and restoration of their cars, and in a world where classics can be targeted for theft alongside the normal hazards of motoring, it pays to be well insured.
The club has long-standing relationships with a number of specialist insurers, who advertise in our magazine. We do not carry advertising from firms who have been the subject of serious complaints from members. Unlike some clubs, we do not promote any one insurer, as individual requirements and circumstances vary enormously. Members must read the small print, and select the policy which is best suited to their needs. Talk to other members for their experiences and recommendations. Like any industry, insurance firms change over time, and levels of service can change too.
Retaining title/recommended repairers: Apart from the agreed valuation, key features of any good classic policy should include the right to retain title to your vehicle following an accident, and for you to decide who repairs it, and have it delivered there.
How agreed value works: All insurers offering agreed valuation will require you to complete their detailed forms, and will require photographic and other evidence with those forms. These are then sent recorded delivery to Kevin, who will then give an opinion as to the value and condition of the vehicle on the basis of that evidence to support your application for an agreed value, and send the documentation on to your insurer. We will return your evidence to you by recorded delivery for your records if the insurer returns it to us, some will send it to you direct.. We cannot accept electronic images or scanned documents.
A word about values: Your vehicle may be your pride and joy, but it is only worth what the market is prepared to pay for it. Look at the Practical Classics online price guide as a starting point, but values do fluctuate, and websites such as Car and Classic give a useful cross-reference for current asking prices. As a general rule of thumb, the earliest models in a series tend to be the most highly valued, so a Jensen-built P1800 will command more than a P1800ES, or a PV444A more than a late PV544. Performance versions always carry a premium, so a 123GT will command more than a 131, or a 240GLT more than a 240DL. Anything sought after for historic rallying will also command a premium, as will “time warp” examples of any series, with ultra-low mileage, one fastidious owner and a pristine service history. Modifications are a vexed question, and very much a matter of taste, so spending a fortune tuning and modifying a car does not necessarily increase its value, and may even decrease it. The market values originality, and “Bits as” can be harder to insure, and less attractive to potential buyers. This will be reflected in any valuation.
High-value vehicles:Vehicles valued in excess of £15,000 will also require a visual inspection by one of our two DVLA-registered inspectors to confirm the value. This can be done for convenience at a club event, or by bringing the vehicle to us. If the inspector has to make a specific journey to you, this will incur a charge of our mileage reimbursement at 45p per mile – return journey paid in advance of inspection- if total mileage is over 200 miles, subsistence will be added.
Over-valuation: If the scheme is to continue for the benefit of members in the future, the club must maintain its good name and reputation with the DVLA and our insurance partners. To this end, the club will not over-value or mis-describe any vehicle. To do so is to collude in insurance fraud. Any person attempting to unduly pressurise club officers into giving an inflated valuation, or misusing any club correspondence to support any such claim, will be asked to leave the club.
Under-valuation:Sometimes mistakes are made and a vehicle is under-valued. This can happen in cases where a vehicle is particularly rare, or has a history which increases the value. Insurers are only human, and no-one can be an expert on the entire classic car market. If this happens, we will support you by writing to your insurers to request a revaluation.
Acceptable Evidence to support your application:
- At least eight A4-sized clear, high definition colour images of the vehicle to include;three-quarter views of both sides, the front and rear of the vehicle, the engine bay, two interior shots and the boot interior. It is in your own interest to show features such as excellent panel gaps, ripple-free panels and spotless engine bays. You must print these pictures yourself, as the club cannot bear the cost of colour printing for everyone using the scheme. They will be returned to you either directly by your insurer, or by us, but do retain copies for security.
- Where appropriate, any printed matter which has a bearing on the value of the vehicle, such as competition history, concours awards, proof of a famous previous owner etc. Please do not send every receipt from the motor factors. A purchaser would expect a car to be roadworthy and function normally as a baseline standard, unless otherwise stated. It is however permissible to provide evidence of recent major expenditure, such as an engine rebuild or major restoration work at a specialist where this will have increased the value and desirability of the vehicle. Please remember to send any valuable documents Recorded Delivery, and keep photocopies.
Please e-mail Kevin if you need clarification on any point.
Updated August 2020
DVLA, Vehicle Dating, Registration and other Services
The Volvo Enthusiasts Club offers a service to help Members with obtaining build dates etc for Volvo Vehicles.
The Club operates as part of the DVLA Authorised List of Clubs and are in their publication - V765/1 ‘List of Vehicle Owners Clubs’.
As part of this service the Volvo Enthusiasts Club may help Members apply to Register a Vehicle under its original Registration if vehicle has been off road for a number of years and has no Logbook, help restore an original Registration to a vehicle which has been removed in the past (if still available), help Register a newly imported classic car under an ‘Age Related’ Numberplate etc etc.
The DVLA and Vosa also contacts the Club from time to time for Technical Advice and to check data etc where they may feel that an application or a vehicle they are inspecting is not as originally specified or stated.
The Club has in the past provided a number of Members with build dates for their Volvo vehicles in order to obtain Historic Vehicle Status (Free Road Tax). This being a requirement of the DVLA, that the vehicle in question was built on or before 31st December, 1972. (Note -Vehicle could have been First Registered later).
In the first instance Members requiring this Service should contact Kevin Price by Email email@example.com or write to Kevin Price, Volvo Enthusiasts Club, Astley Cottage, 127, Kidderminster Road, Wribbenhall, Bewdley, Worcestershire, DY12 1JE, so that he may guide you through the process.Please Note: Email is not checked daily and may take a few days for a reply
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