Valuation

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Mike Fishwick
Joined: Fri 19 Jun, 2009 11:27
Posts: 1991

  Z3 roadster 2.8
Location: Daglan, France

Valuation

Post by Mike Fishwick » Wed 16 Jan, 2013 15:06

Just for a laugh, I asked Webuyanycar.com for a valuation on my car - an over-maintained and cosseted late 1998 2.8, with 120,000 miles and 2 owners (me since early 2000).

The answer was . . . £895! Even in a world where it is possible to pickup a similar car as a private sale for about £2,000 this is pretty low.

It makes one realise that it would not take much damage (for example, a new bonnet and front apron) to result in a claim for £2,000, which would result in my £895 banger being scrapped - and there are plenty of similar-value Z3s out there. The answer is to have a 'Classic' policy, with an agreed value and return of the 'Cherished' scrap if written off. These policies usually restrict usage to 4000 or 6000 miles per year, but many Z3 owners cover a lot less.

I wonder how many owners have done this? Probably not many, I bet.
A Z3 is not just for Christmas - it's for life!

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PCSAM
Joined: Sat 13 Aug, 2011 02:19
Posts: 1002

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Location: Taynuilt

Re: Valuation

Post by PCSAM » Wed 16 Jan, 2013 15:11

i have classic policy with salvage return for free and 5000 mls per year with unlimited euro cover (no more than 90 days at a time ) and euro and UK breakdown cover £220 per year fully comp
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Gazza
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Joined: Tue 04 Oct, 2005 21:58
Posts: 9202

  M roadster S54
Location: East London/Essex

Re: Valuation

Post by Gazza » Wed 16 Jan, 2013 15:46

Mine will be on 'Cherished Cover' next renewal.
Gazza

"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"

S54 M roadster Image, BMW Z1, BMW M3 CSL, Mustang Fastback

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Devon Z
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Joined: Thu 20 Nov, 2003 21:39
Posts: 650

  Z3 roadster 2.0
Location: Brixham, Devon

Re: Valuation

Post by Devon Z » Wed 16 Jan, 2013 18:42

PCSAM wrote:i have classic policy with salvage return for free and 5000 mls per year with unlimited euro cover (no more than 90 days at a time ) and euro and UK breakdown cover £220 per year fully comp
Who is that with? sounds good.
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Z3cade
Joined: Sat 09 Jan, 2010 18:18
Posts: 2634

  M roadster S50
Location: Peterborough

Re: Valuation

Post by Z3cade » Wed 16 Jan, 2013 18:52

I'm with Adrian flux on a classic policy with the M//

Fully comp, legal cover, euro cover, 5000 miles, agreed value, modifications declared... £256

The Z3s are coming to that age where they qualify for classic insurance.. So I would recommend all to do so
///M Roadster - Evolve Stage 3
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G2JRP
Joined: Fri 10 Apr, 2009 05:34
Posts: 451

  M roadster S50
Location: Dereham

Re: Valuation

Post by G2JRP » Wed 16 Jan, 2013 19:01

I have mine on a classic policy with RH insurance. My wife's boxster qualifies for classic insurance this year

Happy days should save me a fortune!
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wifevanda
Joined: Mon 09 Aug, 2010 20:36
Posts: 52

  Z3 roadster 2.0
Location: dagenham

Re: Valuation

Post by wifevanda » Wed 16 Jan, 2013 19:16

how old does a car have to be for classic insurance ?

geminimustang
Joined: Mon 11 Jun, 2012 22:06
Posts: 487

  Z3 roadster 1.9
Location: Wirral

Re: Valuation

Post by geminimustang » Wed 16 Jan, 2013 19:39

What people don't realise is the webuyanycar online valuation is subject to an administration fee and the offer can be reduced when visually inspected.£895 could be closer to £700 at the actual point of sale.Based on that,i'll offer you £725 cash? :D

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PCSAM
Joined: Sat 13 Aug, 2011 02:19
Posts: 1002

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Location: Taynuilt

Re: Valuation

Post by PCSAM » Wed 16 Jan, 2013 19:45

Devon Z wrote:
PCSAM wrote:i have classic policy with salvage return for free and 5000 mls per year with unlimited euro cover (no more than 90 days at a time ) and euro and UK breakdown cover £220 per year fully comp
Who is that with? sounds good.
RH insurance a few here use them , I had it with my 1.9 when I upgraded to the 3.0i I was expecting a large price increase :shock: in the end it was a no charge car change :D happy days
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Gazza
Site Admin
Joined: Tue 04 Oct, 2005 21:58
Posts: 9202

  M roadster S54
Location: East London/Essex

Re: Valuation

Post by Gazza » Wed 16 Jan, 2013 20:30

My three American classics are with RH, i'll be using them for the 'M'
Gazza

"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"

S54 M roadster Image, BMW Z1, BMW M3 CSL, Mustang Fastback

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Z3cade
Joined: Sat 09 Jan, 2010 18:18
Posts: 2634

  M roadster S50
Location: Peterborough

Re: Valuation

Post by Z3cade » Thu 17 Jan, 2013 00:48

I'm 30 :D going on 50 :nerd:

Classic starts at different ages with different insurers.. You just have to give them a call

My Ms 14 so around there should do it :D
///M Roadster - Evolve Stage 3
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Alfie
Z Register member
Joined: Thu 29 Apr, 2004 15:28
Posts: 3307

  M roadster S54
Location: Broadchurch....

Re: Valuation

Post by Alfie » Thu 17 Jan, 2013 17:56

Ok, just to drag this thread kicking and screaming back on topic....

RED is insured with RH for a very good price, but their classic policy premium is based on miles per year and the agreed (not the book) value of the car.
Unlike a 'regular' motor policy, they are not interested in your no claims bonus, nor any modifications to the car.
I think their minimum classic car age is 10 years, and it's conditional that the car is NOT your main car. You must have (or have access to) another 'normally insured' vehicle as your daily driver.

Beware that your NCB is not considered with this policy, and so you will lose it after two years unless you have another 'regular' policy.

But it does save you lots of cash!

A.
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Gazza
Site Admin
Joined: Tue 04 Oct, 2005 21:58
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  M roadster S54
Location: East London/Essex

Re: Valuation

Post by Gazza » Thu 17 Jan, 2013 18:40

Mod Edit
Thread has been tidied up as it went slightly off topic :wink:
Gazza

"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"

S54 M roadster Image, BMW Z1, BMW M3 CSL, Mustang Fastback

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XVar
Joined: Thu 24 Mar, 2011 17:58
Posts: 475

  Z3 roadster 2.8
Location: Derby

Re: Valuation

Post by XVar » Fri 18 Jan, 2013 08:07

Alfie wrote:Ok, just to drag this thread kicking and screaming back on topic....

RED is insured with RH for a very good price, but their classic policy premium is based on miles per year and the agreed (not the book) value of the car.
Unlike a 'regular' motor policy, they are not interested in your no claims bonus, nor any modifications to the car.
I think their minimum classic car age is 10 years, and it's conditional that the car is NOT your main car. You must have (or have access to) another 'normally insured' vehicle as your daily driver.

Beware that your NCB is not considered with this policy, and so you will lose it after two years unless you have another 'regular' policy.

But it does save you lots of cash!

A.
Yep sounds the same as my classic policy with Lockton (underwritten by Chubb I believe). The Z3 just scraped over their 15 year minimum as a "Modern Classic", some won't even insure until it's 25 years old. It seems they actually apply logic and reason instead of "computer says you owe us two grand and your next unborn child", when I said I didn't have a garage in my old house I was quite shocked when he offered to call the underwriters and see if they could make an exception - which they did.
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1997 2.8 Z3 | Gallery Thread

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John1950
Joined: Tue 15 Mar, 2011 18:49
Posts: 655

  Z3 roadster 2.8
Location: Baarn, Holland

Re: Valuation

Post by John1950 » Fri 18 Jan, 2013 17:59

Mike Fishwick wrote:Just for a laugh, I asked Webuyanycar.com for a valuation on my car - an over-maintained and cosseted late 1998 2.8, with 120,000 miles and 2 owners (me since early 2000).

The answer was . . . £895! Even in a world where it is possible to pickup a similar car as a private sale for about £2,000 this is pretty low.

It makes one realise that it would not take much damage (for example, a new bonnet and front apron) to result in a claim for £2,000, which would result in my £895 banger being scrapped - and there are plenty of similar-value Z3s out there. The answer is to have a 'Classic' policy, with an agreed value and return of the 'Cherished' scrap if written off. These policies usually restrict usage to 4000 or 6000 miles per year, but many Z3 owners cover a lot less.

I wonder how many owners have done this? Probably not many, I bet.
I've been thinking about a classic car policy over the last year. The one company I spoke to would only allow a max of 3000 miles per annum. I said I usually do more like 4000 but they wouldn't deal with me. I wasn't that pained because my comprehensive cover for the year with Swiftcover is only £187. But I've heard that Swiftcover try and wriggle out of paying claims so I'd like something a little more flexible.

I've never had a classic car to cover so can anyone help with info/ideas?

Thanks
John Walker
Baarn, Holland
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_____________________________________________________________________
The Zed | 2.8 | Topaz Blue | Z4 alloys |97K

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Alfie
Z Register member
Joined: Thu 29 Apr, 2004 15:28
Posts: 3307

  M roadster S54
Location: Broadchurch....

Re: Valuation

Post by Alfie » Sat 19 Jan, 2013 11:01

John1950 wrote:I've never had a classic car to cover so can anyone help with info/ideas?
http://www.rhclassicinsurance.co.uk/cla ... rance.html

:wink:

A.
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Mike Fishwick
Joined: Fri 19 Jun, 2009 11:27
Posts: 1991

  Z3 roadster 2.8
Location: Daglan, France

Re: Agreed Valuation

Post by Mike Fishwick » Sun 20 Jan, 2013 10:28

Looking at the prices asked for an MGB, realative to its new price, that SHOULD give us a value of about £300,000 for a 2.8, but of course the MGB is now an acknowledged 'Classic,' which means people can ask crazy money for them

What level of Agreed Value do those with AV policies settle for?
A Z3 is not just for Christmas - it's for life!

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pingu
Joined: Fri 30 Apr, 2004 17:01
Posts: 3337

  M roadster S50

Re: Valuation

Post by pingu » Sun 20 Jan, 2013 11:45

One guy on PH was offered £50 with a £49.99 admin fee :) .
Pingu

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Gazza
Site Admin
Joined: Tue 04 Oct, 2005 21:58
Posts: 9202

  M roadster S54
Location: East London/Essex

Re: Valuation

Post by Gazza » Sun 20 Jan, 2013 12:05

Each of my American Classics has an AV of £17K, £20k and £25k, price for cover is £390 for all three combined.

I would like to see an AV of £13K for the S54 now, as years go by I would like to increase the AV by £1K each year.
Gazza

"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"

S54 M roadster Image, BMW Z1, BMW M3 CSL, Mustang Fastback

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John1950
Joined: Tue 15 Mar, 2011 18:49
Posts: 655

  Z3 roadster 2.8
Location: Baarn, Holland

Re: Agreed Valuation

Post by John1950 » Sun 20 Jan, 2013 18:05

Mike Fishwick wrote:Looking at the prices asked for an MGB, realative to its new price, that SHOULD give us a value of about £300,000 for a 2.8, but of course the MGB is now an acknowledged 'Classic,' which means people can ask crazy money for them

What level of Agreed Value do those with AV policies settle for?

Phew!
I think I'll hang on to my 2.8 in that case - you never know.
John Walker
Baarn, Holland
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_____________________________________________________________________
The Zed | 2.8 | Topaz Blue | Z4 alloys |97K

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Boysie
Joined: Sat 23 Apr, 2005 15:24
Posts: 1642

  M roadster S50
Location: Wallington Surrey
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Re: Valuation

Post by Boysie » Mon 21 Jan, 2013 12:56

This has given me food for thought.
I have always had the sprite as a agreed valuation with adrian flux.
but never thought about the M,
I have the M on a classic policy already with Peter James at £372
I think i will put the wheels in motion to do the M and the Harley on an AV
Ray

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