Does the club do bike valuations ?
The short answer is ... No.
Whilst a number of our members will be delighted to give you their opinion, regrettably "everybody has an opinion!"? Furthermore in this age of immediate litigation, if the club suggested that your bike is worth "£X" and you're only able to obtain "£X Minus", there potentially could be legal consequences for us!
My advice would be to join your local 'NOC Branch' and ask other members. In the end they're only worth what someone is prepared to pay?
Thank you for your response.
My issue is my broker requires an independent valuation and has suggested the owners club.
They do not value my opinion so why would they take another club members?
I require a market based valuation from an accredited source, like an owners club.
If I am to find out what is ‘worth’ on the day I would have to sell it ! Nonsense
or deal with an insurance company that will accept an AGREED valuation, between you and them. I have not been asked for external official ones so far.
Did the insurance company put their suggestion in writing? If so please send it to me at firstname.lastname@example.org and I will get in contact with them. What do they mean by "Accredited"? If you lost money as a result of a 'neglient valuation' could you claim that money from the club? I'd agree with Jan Nelder (See post above) - It's not a sensible position for them to take?
... is happy with a self valuation and supporting photos up to £10,000.
How about scanning a bunch of past "Old Bike Mart" magazine adverts?
Of course, what a selling owner is asking for might be a little higher that what a unit actually sells for but, it should give you a range of what people are asking for one, depending on age/condition.
The more info you can get and give to Peter James, the better.
Hagerty accepted a valuation from me for an Agreed Value on my multi bike policy and I based it purely on adverts. in magazines. Maybe if your motorcycle is of particularly high value (mine was 12.5K) it might be different. I had to send them various photos of the machine but the process was painless.
Carole Nash asked for a valuation on my Egli Vincent and when I gave it them they said need to have corroboration from their own group of valuation experts which I believe was comprised of Vincent owners club members and some specialist dealers. They came up with a value 15% lower than mine which CN accepted.
Thank you for the kind offer.
Currently it is has been a telephone conversation.
Would you mind if I forwarded your supplied email to the broker (Classicline) for them to contact you direct?
For background I have sent photos and requested a value of £5k which for a restored Electra I feel is reasonable. I did post in the Lightweight forum some time ago to get a feel for the value and this was agreed as a sensible.
Indeed - please do?
If an agreed valuation of £5k is an issue then I would be changing insurance company, sounds like they would use every trick in the book not to pay out against claims. £50k valuation is a different matter.
When I insured my Inter for agreed value, Carol Nash asked for evidence. I sent them a few copies of moderately recent adverts and they seem to be satisfied. They also asked the daft question "has it been modified". I replied something on the lines of "no two are the same...they were all built to customer's requirements and it's a fairly typical example from the period". I suspect someone just ticked the box to say "no".
Thank you everyone for all the advice.
With Peter White's help this has been brought to a satisfactory conclusion (thanks Peter).