Midas Valuation

[streetsy]

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

[Hans Efde]

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.

[kelvink]

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

[ACourtney]

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.

[All That Glisters]

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

102 Midas.jpg (411.37 KiB) Viewed 32526 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

[DavidL]

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"?

[DavidL]

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?

[Rich]

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.

[All That Glisters]

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

[Rich]

It's taxed and MOT'd so it's out there somewhere.