Brentacre asked me to value my van - am I going mad?

[Skyliner33]

I told my insurers (Brentacre) that my van had been fitted with windows and STX suspension and they have asked me to tell them the value including modifications.

However I can't find one for sale same spec at VW dealers. SO need some help as the nearest I found has got me scratching my head.

This is my van spec:
T6.1 150PS Highline LWB T30 panel van.
Date of Reg: March 2021
Pure Grey
Factory Options:
DSG
LED headlamps and rear lights
Tailgate with window
Rubber floor covering in load area
80l fuel tank
Power latch tailgate
Power latch sliding door
Rear camera
Single passenger seat
Heated seats
Factory swivels
No bulkhead

11700 miles.

The nearest spec I can find is this:

Used Volkswagen Vans | Details - Volkswagen Transporter T32 Panel van Highline LWB 150 PS 2.0 TDI 7sp DSG - Tonbridge : Volkswagen UK Southern Motor Group (Tonbridge)

used.volkswagen-vans.co.uk

It is the same month of registration, but has done slightly more miles.

However it does NOT have the following that my van has:
LED lights front and rear
Rubber floor in rear
80l fuel tank
Power latch tailgate
Power latch sliding door
Rear camera
Single passenger seat
Heated seats
Factory swivels
No bulkhead

That van is priced at £46792 inc VAT

So to get a valuation for mine would I start at this and then add the cost of the options it is missing?

Then add the cost of my modifications?

That would come out at a stupid figure of over £50k?


Surely it cant be that?


Any suggestions?

Thanks

 

[Petezum]

If it helps mine is a
T 6.1 SWB 204 Highline Kombi Reg March 2021
Pure Grey

DSG
LED headlamps and rear lights
Tailgate with window
Rubber floor covering in load area
Rear camera
Single passenger seat
Lowered supension
Body Kit
20" Alloys
10,500 miles

Insurance Value is £47,000 + vat

Don't know if that helps or just makes me feel sad!!

 

[drinfinity]

I would go for the current insured value + cost of the mods.

 

[Skyliner33]

If it helps mine is a
T 6.1 SWB 204 Highline Kombi Reg March 2021
Pure Grey

DSG
LED headlamps and rear lights
Tailgate with window
Rubber floor covering in load area
Rear camera
Single passenger seat
Lowered supension
Body Kit
20" Alloys
10,500 miles

Insurance Value is £47,000 + vat

Don't know if that helps or just makes me feel sad!!

Thank you. Out of interest how was that figure worked out? By you or the insurance company? Its an agreed value?

 

[Skyliner33]

I would go for the current insured value + cost of the mods.

That was pretty much the new value.

So value of a new van plus cost of the mods?

Just phoned the place I bought it from, used vans selling for more than new. World gone mad.

 

[Petezum]

Thank you. Out of interest how was that figure worked out? By you or the insurance company? Its an agreed value?

I worked out the value, but a lot of the extras were on it when I brought it so added the value of extras I done. I had the same needed to contact VW I brought it from and they said it worth more now than what I paid!!

 

[jimc91]

As someone who had a T2 nicked and it’s agreed valuation did not get close to replacing like for like (and needing the T6 insurance renewed in June) I’ll be interested to know their response to the value you put on it, and if they want any pics etc

 

[Skyliner33]

One of my concerns is if I value it on the generous side, ie a bit like the van Iinked in the OP they will stuff me on an insurance rise mid term, or even decline it.
Then if the worst came to the worst will argue the toss and not pay me my valuation.
So am I better reducing the value a bit to keep the premium down.

I am annoyed because one of the reasons I went with Brentacre was they dont charge for modifications, and they never asked this with the last van

 

[jimc91]

I’m with brentacre, when I put my stx Coilovers on last month I sent them an updated schedule of mods, nothing about a new valuation. Is your insurance up for renewal now ?

 

[Rioja John]

I notified Brentacre with my mods fitted and they suggested I up my valuation from 40k upto 45k. I honestly can't remember paying any extra premium.

John.

 

[JOG]

Put in a valuation at £95k and see what they say!

 

[Timpo]

I'm going through this right now with Brentacre. Markerstudy are the actual insurance company, they are terrible.
My van was black t6 t28 highline 150ps with sat nav, b14's, judd 20's, detachable tow bar, body kit, colour coded etc etc 50k miles on it and they have offered me £32k!!
I worked out to go like for like it would be around £48k without labour.
I've had to push it along to the ombudsman as I'm getting knowhere with them. Brentacre have been great, but they are not your insurer.

 

[Skyliner33]

I’m with brentacre, when I put my stx Coilovers on last month I sent them an updated schedule of mods, nothing about a new valuation. Is your insurance up for renewal now ?

No, it’s due in December.

I'm going through this right now with Brentacre. Markerstudy are the actual insurance company, they are terrible.
My van was black t6 t28 highline 150ps with sat nav, b14's, judd 20's, detachable tow bar, body kit, colour coded etc etc 50k miles on it and they have offered me £32k!!
I worked out to go like for like it would be around £48k without labour.
I've had to push it along to the ombudsman as I'm getting knowhere with them. Brentacre have been great, but they are not your insurer.

Sorry to hear this. I realise Brentacre are just brokers. what was the valuation stated when you took out the insurance?

 

[Timpo]

No, it’s due in December.

Sorry to hear this. I realise Brentacre are just brokers. what was the valuation stated when you took out the insurance?

£24.6k as that's what I paid for the van with 14k miles on it. I made them aware of all mods including the windows and conversion etc but was never asked to re-value.

 

[Skyliner33]

£24.6k as that's what I paid for the van with 14k miles on it. I made them aware of all mods including the windows and conversion etc but was never asked to re-value.

I see. Was that a full camper conversion as well as the mods listed?

 

[Timpo]

I see. Was that a full camper conversion as well as the mods listed?

No, carpet lined, leisure battery, swivels, blinds and windows x3, insulated, flooring, spots etc. The bed etc was homemade. For sale on here now actually

 

[T6ARF]

As said previously…. this is something I’ve been thinking about recently as my insurance is up for renewal in July (currently with Brentacre) and with the current price of second hand vans, trying to replace like for like would be almost impossible without spending north of 30k! I’m going to have to have the conversation with them about an ‘agreed value’!?

 

[Timpo]

I would definitely get a value in writing. They use glass guide and cazoo apparently.
I was told the 'current market value' for my van listed above is £28k! I've asked them for an example of one for sale at that value.

 

[Jay586]

I would definitely get a value in writing. They use glass guide and cazoo apparently.
I was told the 'current market value' for my van listed above is £28k! I've asked them for an example of one for sale at that value.

That would be a disaster. I whacked my new van through a buying site and it's tens of thousands out and that's a stock vehicle.

Valuation should be by comparisons with like vehicles, additions/ommisions noted, maybe depreciated a bit but not much atm.

If it's a house, the definition of fair market value is "what a willing buyer would pay a willing seller." I'd also look at the cost of replacement and note comparables as evidence.

 

[jimc91]

I’d be happy to take mine to a reputable garage and pay a few quid for a written valuation if I knew it would be honoured. I valued my T2 at 10K which was fair at the time and didn’t bother to revalue each year. The company paid out 10K no quibble when it was nicked but didn’t include my camping equipment and a similar T2 was probably around 16K by then!!