Insurance Valuations ?

[marcot]

It will soon be time for my annual insurance renewal. Every year my insurance agent will review my various old tractors and ask me for a value to insure it for. How on earth am I supposed to know? How are you supposed to come up with an accurate figure? What do you do? It would be very easy to be £5k - £10k out.
Over insure and obviously your premiums would go up ....under insure and any subsequent claim would be reduced by the insurance company.
Where do you get your valuations from?

 

[steveR]

Replacement values can be got from a trade mag or newspaper.

If I have a newish tractor, the purchase price will be the insurance value for at least 4-5 years.

 

[Nigel Wellings]

There is not an under-insurance clause on tractor policies so in the event of repairs to a tractor that is under-insured you will not be penalised. Where you will lose out though is if tractor is written off and value too low you only get the value you have Insured for,rather than actual market value.
Local Dealers often worth a ring if you are not sure of market value plus websites such as agriaffaires have a good selection of most makes, models and prices being asked.
We have actually being increasing values for Insurance on certain "modern classic tractors" over last couple of years as they have appreciated. Models such as J.D 7710/7810, 3350/3650, 8410/8420 all seem to have increased in value along with other more mechanically biased,less complicated models that can be maintained on farm.