What to insure my 172 for.

[DaveDreads]

This isn't a what's my car worth thread, i've got a fair idea what it would sell for.

I am about to insure it with a modified car insurer and they've told me to insure it
for what it's worth plus all the mods, in the event it gets written off I need to have
enough of a pay out to create the same car again. (their words not mine)

The thing is i've checked on autotrader and the same car goes from between
£1,500-£4000:S and most of these are standard.

It's a 52plate 172 with 75K miles,
proline springs
SS exhaust
braided brake lines
matched inlets
fastchip remap
JMS V6 induction setup
Kenwood HU
rear strut brace

I was originally thinking of insuring it for £4k although I wouldn't get that for it
in a private sale, but I need to insure all the mods aswell.

Any advice?
Is £4k too much? Maybe £3,500?

Can you insure a car for too much to the point that the insurer won't pay out?

 

[Rob]

2.8k IMO.

 

[DaveDreads]

I think you're probably right tbh, they have nose dived in price recently and there are nice modified examples for around £3k.

I was shocked that people are asking £4k:S dreamers, you can get a nice 182 for that.

 

[Paul172sport]

I manage a large claims department for a number of insurers, their view to market values varies.

The most you will recieve in the event of a claim is the 'market value' not the value of a standard car plus the cost of all your mods. The cost of all your mods wont make a great deal of difference, most of the time tasteful mods just make the car more saleable rather than worth more. being direct, the mods you have wont increase the value a massive amount, a turbo/supercharger yes but an exhaust and few upgrades wont make much difference to a claim settlement.

best value would be for a mint standard car nearer the top of the market comparable to yours and maybe couple hundred on top.

an insurer wont refuse to pay out because you have well over valued the car, your just wasting your premuim as the most they will pay is the market value - however be warned a few will pay you the insured value only, if its lower than the market value - ( yes cake and eat it) but dont blame me i dont make the policy

if you want any help just give me a shout

 

[DaveDreads]

I was thinking £3k, as i've insured it for £4k for the past 2 years but an 8 year old 172 isn't worth that much any more
plus it's not a snarling rocket, just a fast road car with minor mods and £3k will get me the same car with similar mods.

Rob said £2.8k, i'm thinking £3k, that sound about right to you?

 

[Paul172sport]

£3k sounds ok to me,
i have similar issue, i have a sunflower, but again they arent really worth alot more, just saleable.