Can I use my valuation for insurance purposes?
Our normal online valuation is an 'open market valuation', which is different to an insurance valuation, and cannot be used for insurance purposes. This is because insurers require valuations which are appropriate for the retail replacement of an item.
However, we can provide an insurance valuation if your insurance company say they will accept an online valuation, and you add a note to this effect on the valuation form, and state that you require a valuation of the item for insurance purposes.
We strongly advise you to get confirmation in writing from your insurance company that they will accept an online valuation.
Insurance valuations are normally higher than open market valuations by 50-100%, or sometimes more. This is because an insurance valuation must cover the retail cost of replacement of an item in the event that an open market replacement cannot be found within a reasonable, but limited amount of time.
Traditionally, insurers have required items to be physically inspected when assessing insurance value, however this is changing with the advent of online valuation as pioneered by websites like PictureValuation.
This is increasingly the case with items of 'modest value', where condition and authorship is in little doubt, but less so with higher value items, which usually still need to be physically inspected when an insurance valuation is required.
By items of 'modest value', we mean pictures whose value is below your insurance company's threshold for scheduling items individually. The value of such items are included within the total figure for all your goods and chattels. Remember that the threshold for listing items individually varies from policy to policy.
You may of course like to use our normal 'open market' valuation as a rough guide to an insurance value. Bear in mind that an insurance value is always higher, as noted above, so we suggest you double the lower value provided to give you a pointer as to insurance value.
Please note: we cannot provide an insurance valuation without a clear statement from you that your insurance company has confirmed that they will accept an online valuation.