Page 1 of 1

Valuation

Posted: Thu Oct 10, 2019 12:11 pm
by plonkatronix
As some/most of you are aware, I have neared the end of a 1996 bongo restoration and was wondering what to value it as for the insurance.
I know what I have spent on it :shock: and then there is the 2 years of labour with an average of 12 hours a day.
Quick recqp, nearly everything underneath is mint as has been replaced with new where possible, obviously gearbox, props and differentials havnt been changed
Sills and arches are brand spanking new and fully sealed inside and out, underneath floor has been blasted and ocd treatment applied.
New engine on a reconditioned short block.
Twin alternator setup with total of 5 batteries (x3 in rear)
Fully programmable 28 channel DMX lighting sequencer system underneath the van.
So... What's it's value? i see fresh imports arriving at 15k but they are still basic and worn and well... Just not like ours
I would like to say 20k should cover the 28% scrap value in the event I ever need to buy it back... Thoughts please fellow bongoing peeps

Re: Valuation

Posted: Thu Oct 10, 2019 4:24 pm
by Bob
I can only suggest finding an insurer who will cover Bongy on an 'agreed value' policy and see what they will (er) agree to.

Possibly their engineer would need to inspect the vehicle first?

Good luck. 8)

Re: Valuation

Posted: Thu Oct 10, 2019 6:09 pm
by plonkatronix
Bob wrote:
Thu Oct 10, 2019 4:24 pm
I can only suggest finding an insurer who will cover Bongy on an 'agreed value' policy and see what they will (er) agree to.

Possibly their engineer would need to inspect the vehicle first?

Good luck. 8)

Thanks Bob, 100% no doubt that it will be an agreed value, but what value is the question... it's certainly not your average bongo so insurer's 'current market' & 'book value' methods are irrelevant in this case, and the older they get... they drop off those scales and become somewhat flexible!

Re: Valuation

Posted: Thu Oct 10, 2019 6:49 pm
by g8dhe
I suspect that if your asking for something in excess of the average at the time say >£8000 then you will be asked to have an impartial valuation, which will be primarily concerned with the value of the vehicle itself, any addon's which can be removed, lost damaged do not come into the valuation. I think you will find that there have been a lot of attempted scams in my instructions I have to include pictures that include visibility of the engine from both sides whilst also being able to see that it was the same vehicle included in all the other shots!!

Re: Valuation

Posted: Thu Oct 10, 2019 10:43 pm
by plonkatronix
g8dhe wrote:
Thu Oct 10, 2019 6:49 pm
I suspect that if your asking for something in excess of the average at the time say >£8000 then you will be asked to have an impartial valuation, which will be primarily concerned with the value of the vehicle itself, any addon's which can be removed, lost damaged do not come into the valuation. I think you will find that there have been a lot of attempted scams in my instructions I have to include pictures that include visibility of the engine from both sides whilst also being able to see that it was the same vehicle included in all the other shots!!
A good valid point there regarding proof and report and scams etc. I will have to do some serious hunting for this policy no doubt, classic vehicle insurance with agreed valuation shouldn't be too hard to find but the value can't be appreciated until you get underneath, looking forward to seeing the expression on both the MOT and assessors face's when they come out from underneath :lol: