MX-5 OC Forum

My first MX5 is insured with Footman James. They sent an agreed value form with the pack and said to get a valuation done so an agreed value would be on file.

I see in the latest Soft Top Hardtop (August 2011) there is an article by Footman James which says amongst other things "The MX-5 Owners Club will assess your car's value free of charge. Footman James will send you a valuation form when you take out your policy, which you need to complete with advice from a club valuer"

Can anyone tell me who is the nearest club valuer to me (Sevenoaks, Kent) and how to get in touch with him/her, or point me to the right place on the club website (I did search, honest!)

Thanks in advance

Simon

Simon,

I've contacted the committee about this one as I don't know whether such a 'representative' exsists, or indeed, if we did have one, with what authority that individual would speak.

I'll get back to you soonest...

Jon

 I too read this article and made me think, as previously i have read on forums no such person exists ? I did hope perhaps a new agreement has been made of some sort as i too need a vaulation but seem unable to find who does them...

Yes, the way it was written it made a clear statement about the club's position (to provide free valuations) and the role (club valuer). If these are not correct, where did they conjure up the information from (unless it used to be the case X years ago and they haven't updated their copy?)

Its more a case of this is a new thing rather than an old thing as we do now have "classic" cars in some cases and I think as a Club we are having to come to terms with this sort of thing now.  For Club Valuer read "club official" which is any Area Coordinator or Committee member who is willing to sign the form.  As we understand it the Club official is not in effect required to value the actual car so much as to simply verify any documentation relating to money spent on the vehicle, confirm the overall car condition is more or less as the owners perceives it and to give some credence to the need to insure for what would no doubt be over the typical market value in these cases, market value itself is easy enough to establish with a bit of time spent online. You therefore as the owner, I believe, need to clearly establish and document why you think the car is worth more than that typical market value.

Club members who opt for an agreed valuation do so because they believe they have a car that is worth more than the typical market value of a basic replacement, either because they have a low mileage / mint condition car that would be very hard to replace, or because they have spent a considerable amount on restoration or some other form of modification. We are of course not talking big values here in any event.  And ultimately Footman James will still not insure a car for a guaranteed minimum value they believe unreasonable, so they tell us.

I'm not sure that entirely answers the question, and have to admit that the STHT article is probably pretty much a standard press release they no doubt sent out to all the Clubs they deal with, hence the reference to the fictional valuer.  Probably more applicable to the Classic E type owner than an MX-5 owner.  However we will I'm sure as a Club come to terms with all this and Club officials will help where they can.

I am just insuring with footman james and have come up against the same problem, I have just bought an MX5 eunos VR ltd (1994) it is in very good condition for a 16 year old car and i felt should have an agreed value. The letter I have received talks about the "club valuer" my enquiries to find this person(s) have left most people confused. I am going back to footman james today and will update their reply.

Hope this is ok but this is my first ever post on any forum

Phoned up this afternoon, was advised that the person signing the form should:-

know MX5's,

be a club official, restorer or specialist dealer

or rather vaguely "other reputable person who may have inspected the vehicle"

so pick the bones out that one.

However the person I spoke to was very helpful and suggested that the best person would be a club official prepared to sign that the car had been inspected, they have to sign and give "their current estimate of value.

Sorry to burst some bubbles but due to the recession lots of excellent condition restored cars are worth much less than you thought because people are not spending money they do not have.

I  would not worry about a value that is in the eye of the beholder but not represented in the market.

Also there are plenty cars for sale in the club magazine that never reach their owners dream values no matter how mint they are.

garydmayn:

Phoned up this afternoon, was advised that the person signing the form should:-

know MX5's,

be a club official, restorer or specialist dealer

or rather vaguely "other reputable person who may have inspected the vehicle"

so pick the bones out that one.

However the person I spoke to was very helpful and suggested that the best person would be a club official prepared to sign that the car had been inspected, they have to sign and give "their current estimate of value.

Contact your Club Area Coordinator.  Some are perfectly happy to sign these forms, some not.  Don't expect them to pick a figure out of the air for the value of your car however.  You need to have a good idea of what you believe its worth, and back that up with any data you can find on simalar replacement cars for sale if you need to. Provide evidence of any extra you have spent on the car, or valid reasons why your car is worth that amount.  As noted above we understand the bottom line here is that FJ will only agree with a valuation if they also consider it reasonable, and that final risk is with them rather than the Club official. 

Thanks for your replies

Eddie, bursting bubbles is ok if it is well meant, you have set me thinking whether I need this or is it not worth the effort and extra cost. I appreciate your candid reply.

Martin, I think as mentioned on previous posts that this is an area that club officials will have to consider for the future.

I now have a lot of thinking to do

Gary

I was talking to a guy at a classic car show we had the car in last weekend. He said he had three cars all insured for a £300 premium, unlimited mileage (his car was a standard Triumph TR6). I got talking to him and asked who he insured with, as all the policies I'd seen had been limited mileage of 3 or 4,000 a year. He said he was insured with Footman James, so had a look on their website when I got home.

The standard terms they state on the website pretty much rule out any Eunos Roadsters, and any other mx5's that aren't standard spec. IE:

HD462:

I was talking to a guy at a classic car show we had the car in last weekend. He said he had three cars all insured for a £300 premium, unlimited mileage (his car was a standard Triumph TR6). I got talking to him and asked who he insured with, as all the policies I'd seen had been limited mileage of 3 or 4,000 a year. He said he was insured with Footman James, so had a look on their website when I got home.

The standard terms they state on the website pretty much rule out any Eunos Roadsters, and any other mx5's that aren't standard spec. IE:

The vehicle has not been modified from the manufacturer's standard specification

The vehicle is not a grey or parallel import including US imports

Those two terms cover classics cars, and modern cars. For classics they also say it must be garaged too. There are other terms, but those two are most likely to exclude Roadster/mx5 owners. How are people on here getting policies with them, as there''s probably not may that haven't had something done to them, even if only fiting larger alloy wheels/tyres, or are they not declaring everything to them? Which would be ill-advised if you ever had to make a claim,

https://fjquotesonline.co.uk/CoreQuote/faces/TermsConditions.jsp?Product=1&Style=3

 

Well i`m with FJ..... Garaged Eunos, Classic agreed value policy limited to 5000k. Notified them that the wheels, exhaust, spoiler, style bars etc etc weren`t standard. All no problem.

I guess it depends which company they cover you through!

DavesBRG5:

Well i`m with FJ..... Garaged Eunos, Classic agreed value policy limited to 5000k. Notified them that the wheels, exhaust, spoiler, style bars etc etc weren`t standard. All no problem.

I guess it depends which company they cover you through!

Thing is, I quoted from Footman James own website where they do online quotes there and then. You have to agree you meet those general terms before doing a quote. Unless they're a broker, and you just enter your details for them to get back to you later, and insure you with other companies as you say. I took it they were an insurance company, I've tried specialist brokers for my Pajero, but never got any decent quotes back, ended up staying with Churchill.

HD462:

I was talking to a guy at a classic car show we had the car in last weekend. He said he had three cars all insured for a £300 premium, unlimited mileage (his car was a standard Triumph TR6). I got talking to him and asked who he insured with, as all the policies I'd seen had been limited mileage of 3 or 4,000 a year. He said he was insured with Footman James, so had a look on their website when I got home.

The standard terms they state on the website pretty much rule out any Eunos Roadsters, and any other mx5's that aren't standard spec. IE:

The vehicle has not been modified from the manufacturer's standard specification

The vehicle is not a grey or parallel import including US imports

Those two terms cover classics cars, and modern cars. For classics they also say it must be garaged too. There are other terms, but those two are most likely to exclude Roadster/mx5 owners. How are people on here getting policies with them, as there''s probably not may that haven't had something done to them, even if only fiting larger alloy wheels/tyres, or are they not declaring everything to them? Which would be ill-advised if you ever had to make a claim,

https://fjquotesonline.co.uk/CoreQuote/faces/TermsConditions.jsp?Product=1&Style=3

 

The Owners Club have an arrangement with FJ with special conditions so the above general terms may well not apply in most cases if a Club member rings up for a quote. They also accept MX-5s on classic type policy from 5 years old which is to our benefit.  Most other Clubs / cars are 20 years old before FJ consider them on classic.  

That's handy to know, I'll try them for a quote at renewal time then. Might even be able to do the Roadster and Pajero on a dual car policy.