How to prove a vehicle's value?

[Aaron]

How can I prove the value of my Nissan WD21 when there is nothing to compare it too?!?! It's for insurance valuation purposes.

Any advice from those experienced in these matters? 

Thanks

[Onne]

Hi, only way is to get it valued by an independent?

[Aaron]

Oct 14, 2015 14:48:15 GMT Onne said:

Hi, only way is to get it valued by an independent?

Any suggestions? Someone who takes in to account rarity/classics etc

[MrSpeedy]

The only true way to get an accurate value of any vehicle is to sell it!

The next best would be to look at replacement costs (like an insurance valuation). We had to do this for our 400E after it got smashed up earlier this year. We found comparable examples (only 2 though) that were for sale and added on top the cost of our engine conversion

The trouble is market value fluctuates depending upon how active it is

[Aaron]

Oct 14, 2015 15:36:02 GMT MrSpeedy said:

The next best would be to look at replacement costs (like an insurance valuation). We had to do this for our 400E after it got smashed up earlier this year. We found comparable examples (only 2 though) that were for sale and added on top the cost of our engine conversion

It's for insurance valuation purposes, I can't find any to compare it too......stumped

[andyborris]

Car club? They often have someone who values cars.

Or have a look in the market they sold in originally and add importing costs?

[1900sr]

Usually for an agreed value you'll need a valuation by a marque specialist, an owners club or sometimes an independent valuer. I don't know anything about your particular Nissan. If it's a JDM model, then maybe a specialist importer may be able to help. Alternatively, try talking to your insurance Co and see what they suggest if it is that rare that you can't find any idea of value. You should be looking to insure it for what it will cost to replace,. If that means importing one then that cost should be included. If yours is concours for example then you can also value it as the cost of buying one and bringing it up to concours condition.

Some insurers are happy to take an owners valuation with suitable pics, but if you think it's worth a lot more than they do you may well have to convince them.

[Aaron]

Here's the basic story.

I had an accident in the Nissan, the other driver was at fault and liability accepted. The vehicle has just been written off and their valuation is.......£500.

Now I have to prove it is worth what I think it is and not what they think it's worth.

Here it is prior to some BLEEP not looking where she was going.

[1900sr]

By law you have to be put back into the position you were in before the accident. Fine in theory, a bit more difficult in practice. Is it your fully comp insurance who've made the offer, or her's? You could insist the vehicle is repaired if it is at all feasible, but you really want to be dealing with her insurers direct, not your own.

[Aaron]

Oct 14, 2015 16:50:32 GMT 1900sr said:

By law you have to be put back into the position you were in before the accident. Fine in theory, a bit more difficult in practice. Is it your fully comp insurance who've made the offer, or her's? You could insist the vehicle is repaired if it is at all feasible, but you really want to be dealing with her insurers direct, not your own.

That is the offer from her insurance, never been in this situation before so not sure of my options. Can I speak directly to her insurer(Axa commercial)?

[Aaron]

[Aaron]

That's her now, their engineer has deemed it CAT B.

[1900sr]

You can deal direct with her insurer, you could technically also deal with her as she is the one who is liable.

[Aaron]

My claim is being dealt with by Accident exchange(regretfully) less than impressed with them! Lesson learned.

How do you mean deal directly with her in what terms?

I think I may phone Axa directly tomorrow and see if I can find out their reasoning, literally no idea where they got their £500 quid from.

[andyborris]

I think that Axa probably have no idea of the it's worth! And are just starting the bidding, the more evidence you can produce on the cars real value will help your case.

You should also have the car in your possession too, this also improves your bargaining position, they can't deduct any storage fees (in fact, you can charge!) and you may decide to make an offer for car and buy it back as salvage.

[Aaron]

So I'll ring the storage place tomorrow to try and get it back, I'm struggling to find any evidence and that is going to be the problem I think.

[bazzateer]

I'd try to find one for sale in Japan. Get a quote for transport to the UK including all taxes/fees etc. That will be near enough the replacement cost.

[Aaron]

Oct 14, 2015 17:33:43 GMT bazzateer said:

I'd try to find one for sale in Japan. Get a quote for transport to the UK including all taxes/fees etc. That will be near enough the replacement cost.

I'll give this a go tonight. Wish me luck, no idea where to start

[bazzateer]

Try eBay Australia/New Zealand maybe? Easier to read and transport costs won't be massively different. Do you have a receipt from when you bought it? Any details of import costs etc?

[Aaron]

Oct 14, 2015 17:46:08 GMT bazzateer said:

Try eBay Australia/New Zealand maybe? Easier to read and transport costs won't be massively different. Do you have a receipt from when you bought it? Any details of import costs etc?

I just bought it locally, quite a lot of history but not the original import docs etc.

Good idea re eBay, I'll have a look.