tjockhult

I just renewed my insurance and noticed the insurance company values my 2002 at about £ 2,700. Bad news if some idiot prangs the car and it's not your fault. Because the other party's insurance company won't pay up & the car will be a write off. So what to do?

engifineer

Hagerty.

Just moved my S2k to that. Same price as my old insurer with a garaunteed value of $17k on an 01 with 130,000 miles on it. That is with reporting my modifications, putting down it is used for autox and including about 4000 miles per year of driving and with 60 miles of towing garaunteed on a flatbed if I need roadside. You can put down more for daily driving, but the price will go up.

Hagerty specializes in special purpose or collector cars.

noodels

you may have14 days to cancel ? talk to them at first instance.Its easily worth 3K

Nottm_S2

It's their opinion. My SC one was hit recentlt, new bumper, splitter, headlight, paint. It'll head towards £3k and they are happy with that. It's a 99.

E4RTH WORM JIM

richmc

If you go for a classic car insurer with limited mileage you can negotiate the value, you will get it in writing. It's a bit like having gap insurance.

Euro_Ricer

Every country and every state will be different. In most states in the US - replacement value is based on the price of replacing it at that time. You can also have a stated value rider that states a specific value should something happen but without that, legally - and typically without too much hassle you will get something similar to what something like CarGurus states as a fair deal. If there is a delta then easy enough to hire an appraiser to come look at your car and use that documentation to get an appropriate amount. Most times, with an official appraiser the settlement amount will be fair and equitable regardless of what they state the value as at the time of insurance. This is how it works in the US but other countries may have different processes.

lovegroova

Laws in the UK are different to the US, so experiences there are of no value here, I'm afraid, but thanks for the input

richmc

One huge mistake or understanding is that repairing an old car costs less than a new car. The parts being replaced are new and in the case of the S2000 they are new sports car parts so will always be at a premium. The only cover you can have is, as I said an agreed value classic car insurance anything else is based on pure current market value. As usual the insurance companies have their hands full with your undercarriage, that's how they make profits. That's life.

Bully9

I've seen this advice a few times here. Trouble is, I've never been able to find a company that will actually offer classic car insurance on a (2003) S2000. Some haven't even bothered to reply to an inquiry as to whether or not they offer it. I don't suppose you (or anyone) knows of a company that definitely does?