How do you value a "kit bashed" kit?

[kobuzz]

How could you possibly come up with a value for a kit that has had parts taken out to "kit bash" another kit? Like missing wheels and tires or missing a complete motor and transmission? These kits are not vintage or really hard kits to find. It's about 30 kits.

[Miatatom]

I'd offer $1 /kit plus shipping. The shipping will be the most expensive part of the deal.

[kobuzz]

Sorry but I should have included it's for insurance purposes not sale. I recently moved and am getting renters insurance. I valued the sealed kits at $15 and the open but complete ones at $10 but how do you value ones missing various parts?

 

Edited August 3, 2017 by kobuzz
more info

[DumpyDan]

I would call it an open kit and be done with it.  10 dollars

[mikemodeler]

  On 8/3/2017 at 1:19 AM, DumpyDan said:

I would call it an open kit and be done with it.  10 dollars

If they are kits that are currently available, I agree that $10 is fair.

If you are valuing them for insurance purposes, I would use retail pricing from one of the online sellers as that is easily available and most likely what an insurance company would do in the event of a loss. Just because a kit is opened should not decrease it's insured value, so I would value all complete kits the same and discount the ones missing parts.

[DumpyDan]

  On 8/3/2017 at 1:47 AM, mikemodeler said:

If they are kits that are currently available, I agree that $10 is fair.

If you are valuing them for insurance purposes, I would use retail pricing from one of the online sellers as that is easily available and most likely what an insurance company would do in the event of a loss. Just because a kit is opened should not decrease it's insured value, so I would value all complete kits the same and discount the ones missing parts.

Agreed

[modeladdict71]

If the parts are still in the home just in a different kit box or on a different model it shouldn't affect the price at all. All of the kit parts are still in the house, it doesn't matter which box or kit they are on. If, God forbid, a fire happens and destroys your collection you are, for example, still going to have to buy that Corvette kit to get the motor and wheels you put on that Nova kit. Also I would quote even the open kits at $20 - $25 as you are looking at replacement cost in the event of a loss, not what you could sell them for. I've had this conversation with my insurance agent and that was the advice I got on assessing a value to my collection.

[bugman9317]

  On 8/3/2017 at 7:33 AM, modeladdict71 said:

If the parts are still in the home just in a different kit box or on a different model it shouldn't affect the price at all. All of the kit parts are still in the house, it doesn't matter which box or kit they are on. If, God forbid, a fire happens and destroys your collection you are, for example, still going to have to buy that Corvette kit to get the motor and wheels you put on that Nova kit. Also I would quote even the open kits at $20 - $25 as you are looking at replacement cost in the event of a loss, not what you could sell them for. I've had this conversation with my insurance agent and that was the advice I got on assessing a value to my collection.

This is right, unless your policy is specifically written for replacement value. My home insurance is written specifically for replacement value and I have never had problem on the 2 claims we had over the last 30 years. When I took insurance out for a camp I own I just took a regular policy not really thinking about it.. Last week we had a fire at our neighbors that melted our siding and when the adjuster came out the insurance company takes depriciation into the value so I ended up getting money for the siding, but it is only enough to cover the siding if I am doing the work. They claim it is because the siding was 10 years old and they take that into calculations. 

[1930fordpickup]

If I was doing this nothing would be below 20 that is a complete kit. Walk into a store and buy one for 15. Being this is for insurance and you are covering your assets do not sell your collection short. Even parts have value. With kit bashed kits the value varies as we all have our own interests.  You may never build that street rod you plucked the engine from but it has trade value to someone who would like to use it. So I would put the parts kits with just engine and tires missing at 10 at least, if it has no body just 5. Sorry if I am rambling BTW.  

Edited August 3, 2017 by 1930fordpickup

[Jim N]

It really may depend on why you are placing a value on your model collection.  Is it to place a value on your personal property so you can set the limit of coverage you are buying or are you purchasing coverage specific to the collection?  If you are doing this to place a value on your personal property, you may want to value the partial kits at full retail value.  You are over valuing them, but you do not want to under insure your things. 

If you are buying coverage specifically for the collection, you should be very realistic with what you have and value the partial kits accordingly.  If you have a claim in this instance the last thing you want to have happen is a claims adjuster look in a box and see that much of what is supposed to be there is missing.  Depending on what is damaged, they may not care that the engine is in a particular competed model or other parts are on different models.  And proving conclusively that the parts that are not in the box, but are on completed models may be very difficult.  Many states have fraud statutes and you do not want to get cross ways here as it can jeopardize the entire claim.

If this is wonky, I apologize, but in a prior career, I used to be an insurance regulator.  Insurance companies can be real prickly at times and you do not want to give them reason to question your claim.