Hi,
Hope you guys can help me with my classic car insurance in the UK.
I have posts on here of the 14 year restoration on my 67 390gt Xr7 4 speed.
I know how rare this is in the USA and I cannot find any in the UK and searched European sites as well and so far none out there.
The problem I have is my insurance company have the same problem and they are trying to value it around one or two base cougars available questioning why mine should be valued any differently.I have sent photos etc to them and they agree the car is remarkable but they need independent confirmation of it’s uniqueness to continue with my cover.
Is there an anyone in the cougar community that can supply a report on it’s rarity and value.I am quite happy to pay for this service.
I have asked them for a total loss value of around £100,000 am I being realistic?
Thanks once again for all the help this community has given me.
Paul
Have you seen this thread?:
With a conversion of L100,000 to dollars of $127,500 not surprising that you might have to have justification on that number. While a GT will carry more value than a standard and XR7, IMO it’s still below the much rarer GTE and XR7G models. If you are trying to tie restoration expense to sale value, they aren’t tied together. Probably best bet is an experienced appraiser from the UK or Europe.
I don’t think you are being realistic. 100K pounds is a lot - your car is unlikely to be worth that much finished. What you have spent is not part of the equation. An appraiser could help but you need to realize the car will never change hands for what you pay.
Well put, Royce. That is the nature of the car restoration hobby - it is the first tenet and axiomatic of your endeavors involving a special interest or collectible automobile.
Have you shopped around for quotes from other insurance providers? I can understand having $100K into the build of a car, as that is common among high level restorations. You could search the numerous auctions for results for cars comparable to yours. IMO the max a '67 could be worth is $80-$90K and that would be for a highly optioned concours restored and awarded car - of which few exist.
Just last week, I insured my '67 GT 4 speed Cougar thru Hagerty but with only a $35K replacement value as it is not a fully restored car.
$55,000 American
I appreciate all the input.
I never set out 14 years ago with thoughts of making money on my car.
It was a desire since I first worked on one over 40 years ago to one day own one of the coolest cars I had ever seen.
I was influenced by people over in the UK who have seen my restored Cougar and the fact I have nothing the same to compare it with here.
On the basis of your feedback I will negotiate a lot lower total loss valuation with my insurance company.That will please them and lower the premium I have been quoted.
I know I would never be able to replace it if anything happened but I will enjoy it and drive it in the belief to me that it’s priceless anyway.
Thanks once again everyone.
Paul
If it was me .I would send for a Marti report. And send/show your insurance company what it says about how rare your car is.
Thanks I have the Marti report and sent that over to them.