A question of insurance...

[Blueneon]

At the moment, the 86 is worth megabucks. If you tell the insurance mob its worth £4k and some jerk hits it and writes it off, do you get the £4k you say its worth, or does someone look in a book and see"1985 Toyota Corolla, Market Value=£500"

What worries me is that sure its expensive now, and much sort after by people in the know (and some chavvie loosers who are not!) but what happens when the rest of the world gets involved? and its 'real' value is used?

If it had loads of 'hop up' parts, or was a recognised classic car (im thinking e type here) then I could see the insurance guys being somewhat sympathetic, but is this car viewed as 'just' a 1985 Toyota?

I would be very interested to hear your thoughts guys

Please dont yell at me, or call me a philistine I am just trying to see what (could) happen. TBHthe car is of the most importance to me, not the money (thou its important to have!!) its just a question!

[JonT]

You should find that insurance companies will look at current market prices as well, rather than just the trade publications.

I had a crash a few years back and the insurance company was going to right the car off as they felt it wasn't worth repairing. They valued it at £700. I sent them adverts of similar cars for sale at 2000-2500 and got them to raise the valuation to reflect the market prices. The evaluator also contacte the Glass guide [uk trade prices] and asked why their guide price was so low.

You can insure the car on classic insurance now, personally i'm on competition insurance with it classified as a trackday/hillclimb car