agreed valuation problem

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kevgore55
Club Member
Posts: 6
Joined: Tue Sep 26, 2023 5:16 am

agreed valuation problem

Post by kevgore55 »

Hello everybody
Is there anybody on here who can give me agreed valuation for my 220 GTI the insurance company i have used have now come back to me ( after first agreeing to my £5000 valuation) they now want an independent valuation from a recognised source as they have now refused to accept my valuation.
I have not this broker before
thanks
kev
Montegoman
Membership Secretary
Posts: 1723
Joined: Thu Sep 04, 2014 11:57 am
Location: North Bucks

Re: agreed valuation problem

Post by Montegoman »

The problem that you have is that any "independent valuer" will look to see what similar cars are making at auction houses and up comes your car at considerably less than the £5K that you are trying to value it at. All auctions have good and bad days so perhaps you bought a bargain and you may well have spent money on it since buying it but that doesn't necessarily add to its value. If you are a new customer to the insurer and they have found your car sold recently online, they are going to question why you are valuing it at considerably more than you paid for it.
214SLi H706JPJ
214GSi G79XKV (R8 No.1)
25GSi 2.0TD KX56KXM Owned from new.
75 2.5 Connoisseur SE Tourer (19 yrs of ownership)
StubbornPatriot
Club Secretary
Posts: 772
Joined: Thu Sep 11, 2014 10:30 pm
Location: Northampton

Re: agreed valuation problem

Post by StubbornPatriot »

I'm not an expert. The sad thing is, from watching prices on enthusiast sites and having done a bit of internet research only, 220 GTis and 216 GTis don't seem to fetch more than £3,000-3,500. So I'm not even sure an independent valuation is going to do you any favours. If your car is low mileage and in pristine condition you might stretch that to somewhere nearer £5,000, maybe even a little more, but it will probably have to be top-notch for that. As Montegoman says, they've probably just looked at recent auction prices and decided 5K is too much. I'm surprised they didn't just ask you how much you paid for it and go from there. Just make sure you keep a record of everything you do to it (including spend) from now on to prove the condition has been improved and you might be able to persuade them to increase the valuation as time goes by. Sorry we can't really help with this. Hope you still persist with your 220 GTi and enjoy it, they are pretty rare beasts now and worth hanging on to.
1989 216GSI + 1990 216GSI + 1997 416 Tourer + ? + Triumph T160V
Stan Thomas
Club Member
Posts: 289
Joined: Thu May 27, 2021 2:36 pm

Re: agreed valuation problem

Post by Stan Thomas »

What are the circumstances why you need a valuation? Is it to insure the car or it has been involved in an accident?

If it is the former, some brokers like Footman James will accept a guaranteed agreed valuation when insuring a car beforehand for a nominal fee.

However, email me if you wish at sleevevalve.uk@gmail.com and I'll talk you through the best procedure.
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