Midas Valuation

Please put you Midas based polls here. This can be anything Midas related....New ideas or thoughts on existing or old ideas.

Moderator: The Midas Forum Staff

How much would you insure/buy this car for (Q3 below)

<£500
0
No votes
£500>£1499
0
No votes
£1500>£2499
0
No votes
£2500>£3499
0
No votes
£3500>£4499
0
No votes
£4500>£5499
3
43%
£5500+
4
57%
 
Total votes : 7

Midas Valuation

Postby streetsy » Fri Oct 09, 2015 9:03 pm

It is nearly time to renew my insurance and I have been trying to work out how best to decide on an arranged value. As there is no real book of valuations that would include our cars would the best way be:
1. Prior sales, although most cars that appear are projects,
2. Money invested, although if its a hobby rather than an investment a loss would be more acceptable,
3. Opinion of others, Is asking around to see what people would expect to pay a valid gauge of value.
4. A bit of a guess?

Some of you may know my car, Red Mk3 Cabriolet with gold wheels. It has the suspension turret mod on the front, shiney engine bay quite clean in general. I would guess at £3500-£4000 for insurance. What would others who know of or have seen the car estimate the value to be (Mixture of No.3 and 4 of above list). Richard
Attachments
Engine (2).jpg
Engine
Engine (2).jpg (124.43 KiB) Viewed 4437 times
Interior.jpg
Inside
Interior.jpg (130.31 KiB) Viewed 4437 times
IMG_20791.jpg
Action Shot
IMG_20791.jpg (121.38 KiB) Viewed 4437 times
Last edited by streetsy on Sun Oct 11, 2015 1:21 pm, edited 1 time in total.
User avatar
streetsy
 
Posts: 214
Joined: Wed Apr 04, 2012 8:19 pm
Location: Mansfield, Notts.

Re: Midas Valuation

Postby Hans Efde » Fri Oct 09, 2015 9:24 pm

In Holland they are mentioned in 2 insurance valuation books. It's time they appear in such books in the UK as well. Your car would be valued around 12000 euro in the Netherlands.
User avatar
Hans Efde
 
Posts: 1706
Joined: Sat Dec 06, 2008 10:11 pm
Location: IJlst, Netherlands

Re: Midas Valuation

Postby kelvink » Fri Oct 09, 2015 10:07 pm

Tricky one to answer that..... Though one thing worth thinking about is that if you're going to have an accident try and have it in Holland!!!!! ;)


Had a bit of a think about it and as I've seen your car I reckon 4.5 to 5.5k is not unreasonable really
User avatar
kelvink
 
Posts: 636
Joined: Wed Jun 20, 2012 8:12 am
Location: Dorset

Re: Midas Valuation

Postby ACourtney » Sat Oct 10, 2015 9:27 am

The thing you need to think about is how much would it cost to do it all again, i.e. purchase a Gold convertible of a similar age and bring it up to the standard of your car. Whilst you've done all the work yourself the first time around you should factor in how much it would cost if it was done professionally.

If some one damages your car in the UK then your legal right is that "you should suffer no loss. Similarly, the bottom line of a comprehensive insurance policy is that it should "put you back in the same position as you were before the accident", i.e. having a car of the same age, condition and quality as before. An agreed value policy differs only in that you agree the value of the car at the outset, which saves a lot of haggling with your insurer afterwards, especially on a car like a Midas. I'm sure that there are a couple of Midas owners out there who would testify as to how the insurer seeks to minimize their pay out and wish that they had gone down the agreed value route.

So bearing all that in mind, I reckon it would cost more than £5500 to replace your Midas. Only you know how many hours you have put into it. Multiply that number by the labour rate of a specialist motor restorer and then add that to what you have spent on the car and parts.
User avatar
ACourtney
 
Posts: 418
Joined: Thu Dec 04, 2008 12:22 pm
Location: Oxford

Re: Midas Valuation

Postby All That Glisters » Sat Oct 10, 2015 10:34 pm

Make sure that your insurance is right cos this could be round the next corner.

102 Midas.jpg
102 Midas.jpg (411.37 KiB) Viewed 4390 times


I climbed out with a 1cm cut on my left middle finger. One of the policemen who turned up told my wife later that if it had been a steel car she would have been visiting me in hospital.

The club secretary Hugh Brody did a valuation,which Norwich Union accepted. Two months later I bought another mk3.

That was back in 92, I've still got the replacement but it has not been on the road since 97. ------ One day!

Regards y'all, Mark
All That Glisters
 
Posts: 73
Joined: Thu Sep 01, 2011 9:22 pm
Location: North Notts

Re: Midas Valuation

Postby DavidL » Sun Oct 11, 2015 11:18 am

I might be a bit slow here, but what is the car that's the subject of this poll?
I don't understand what "Q3 above" refers to. Is it because I'm viewing the list of "active topics"?
User avatar
DavidL
 
Posts: 854
Joined: Tue Mar 01, 2011 10:15 pm
Location: Tayport, Fife

Re: Midas Valuation

Postby DavidL » Sun Oct 11, 2015 11:20 am

All That Glisters wrote:Make sure that your insurance is right cos this could be round the next corner.

I climbed out with a 1cm cut on my left middle finger. One of the policemen who turned up told my wife later that if it had been a steel car she would have been visiting me in hospital.

The club secretary Hugh Brody did a valuation,which Norwich Union accepted. Two months later I bought another mk3.

That was back in 92, I've still got the replacement but it has not been on the road since 97. ------ One day!

Regards y'all, Mark

That's a big "modification"...

What did you hit - or what hit you?
User avatar
DavidL
 
Posts: 854
Joined: Tue Mar 01, 2011 10:15 pm
Location: Tayport, Fife

Re: Midas Valuation

Postby Rich » Sun Oct 11, 2015 4:46 pm

My Gold convertible hit the road in (I think) 2009 and whilst in reasonable nick was nowhere near as tidy as yours. The insurance company gave me an agreed valuation based on pictures and spec list of £3000 at the time. That would have covered the initial purchase and the bits I had to buy to make it roadworthy, but it would have seen me working very cheaply out of the balance given the rebuild lasted about 9 months.
User avatar
Rich
 
Posts: 1232
Joined: Wed Dec 03, 2008 1:27 am
Location: Devon

Re: Midas Valuation

Postby All That Glisters » Sun Oct 11, 2015 7:56 pm

DavidL wrote:
What did you hit - or what hit you?

Long story short, I hit a kerb and the front anti roll bar sheared, the wheel swung backward through the wheelarch, the car straddled the kerbline and smashed into a concrete lamp column, this removed the nearside front quarter, spun the car through 180 degrees. The police never even breath tested me in spite of the fact that it was 2.00 am and I'd been out partying.
Truth is I only drink Coke if I'm driving. When I asked why they didn't test me he said it was because I'd asked one of the local residents to phone them and I didn't look drunk.
I think that the comment about the lack of damage to me was because the shell had absorbed all the collision energy by breaking up (ie shearing out the wing). The nearside door was laid on the verge at the side of the lamp column with hardly any damage to it.
As part of the insurance settlement I kept the wreckage,which I stripped for parts. Charlie Dodd bought the shell, fixed it and resurrected the registration Q815PFE. I once saw it at a kit car show but have not seen or heard of it since. If anyone who reads this forum knows of its whereabouts I'd love to know.
Regards Mark
All That Glisters
 
Posts: 73
Joined: Thu Sep 01, 2011 9:22 pm
Location: North Notts

Re: Midas Valuation

Postby Rich » Sun Oct 11, 2015 8:08 pm

It's taxed and MOT'd so it's out there somewhere.
User avatar
Rich
 
Posts: 1232
Joined: Wed Dec 03, 2008 1:27 am
Location: Devon

Next

Return to Polls

Who is online

Users browsing this forum: No registered users and 1 guest