Project Car Insurance Valuation Providers (AKL)

[Cement 876]

I'm starting to dream that one day soon I will be able to drive my project car ... this shall require some insurance.

I'm looking at Star Insurance as the provider currently as I hear (mostly) good things ? In any case who ever I go with I will likely opt to get a proper valuation done as there is no real market value for a bespoke builds as such.

Has anybody got recommendations of a good valuer in Auckland who's brain can cope with bespoke project builds and doesn't just look at collectable type cars ?

[Twistee 454]

Watching this, also after the same thing.

[Eagle 1662]

Im with Star Insurance but I reckon you have to get an valuation done regardless if your vehicle is anything above average. All these insurance companies will happily take your agreed value premium whilst paying out their perceived value in the event of a write off (usually way lower since they don't know the market and not take half the stuff that actually matters into account) 

Even a proper evaluation only goes so far but at least you know where you stand i would hope.

[Driftit 2079]

I am with Classic Car cover for my race car.  It is currently Laid Up aka project car.  $200 per year and covers it being transported places and a number of spares.

[Cement 876]

Good feedback on providers thanks folks ... has anyone had first hand experience with a valuer they would recommend ? Have thrown out an inquiry to https://www.carvaluation.nz/ but no reply as yet. Also there is https://www.aucklandautovaluations.co.nz but have not approached at the moment.

Anybody else worth a contact even ?

[Driftit 2079]

You shouldn't need a valuation these days. You agree to a value and you pay for that. 

E.g. I told classic car insurance my racecar was worth $*0,000 with its spares. This value was what I think it would cost to replace everything. 

They came up with what that would cost me. I was happy with that and away we go.

The only time I would bother getting a car valued would be if I had no idea what it's worth, or I needed something external for legal reasons.

[Eagle 1662]

Shouldn't but as above. Maybe Classic car are above the rest when it comes to that or maybe because race car, i cant say but its typically worded in their policy what i expect. Having a valuation provides another source of evidence and stops them trying to wiggle out of paying the lesser amount otherwise you are rolling the dice. I can imagine it being worse with the OP's modified car as given its value is probably in what it cost to create (lots) or what it would likely sell on the market (way less). No way you'd not get a valuation done for piece of mind.

Star Insurance for example

Agreed value is the lesser of:

1. the vehicle’s market value plus 20%; or
2. the sum insured

Certified Value:

The value of the vehicle specified in a valuation prepared by a motor vehicle valuer recognised by us provided such value is accepted by us and stated in the schedule.

So if i wrecked my E46 with a 15k agreed value that owns me over 20k, you think Star will be able to determine what its actually worth given the wide range of 330ci prices and vehicle conditions. They will almost certainly just go on trademe or a general use book value, then its lumped with the sh*t tonne of average 330ci's around including the many manual converted autos with Getrags.  Maybe they add 20% for it being slightly special\looked after and i end up with 10-12k if im lucky.

If its physically evaluated by a someone who sees what's been done to it and what it would cost to replace, then im far more likely to get a higher value\have it certified and know the im actually paying the correct premiums and not getting haircut on replacement value.