Insurance valuations

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lightning
Joined: Tue 27 Nov, 2007 08:15
Posts: 814

  Z3 roadster 3.0i
Location: Stockport

Insurance valuations

Post by lightning » Fri 29 Aug, 2014 09:37

I have my Z3 3.0 insured with Direct Line

I am a bit concerned about what they might pay out in the unlikely event that the car was a total loss. I called them but they could not be specific on values, only that they look at "various sources"

I think my Z3 is worth around £7,000 as it is the 3.0 Sport with only 54,000 miles and is in pristine condition. I am not sure Direct Line would see things the same way. Would they take into account the price l paid for the car (£6,000) and the work l have done on it, including a partial respray?

My alternative is to cancel the policy, and take one out with Henderson Taylor, who will insure the car for an agreed value of £7,000.
But this will cost me £360 plus l will lose £100 on the Direct Line policy.

roadvoyager1
Joined: Sun 19 Jan, 2014 18:30
Posts: 68

  Z3 roadster 2.8

Re: Insurance valuations

Post by roadvoyager1 » Fri 29 Aug, 2014 10:14

Have a look at Classicline Insurance [url=http://www.classiclineinsurance.co.uk/url]. I recently issured with them and was very pleased with the overall package they offer. I have a "Modern Classics" policy which is for cars over 10 years old and a limited mileage (I have 5,000). European insurance and breakdown cover, plus UK breakdown cover are included. They also offer an agreed valuation and if you are a BMWCC member a discount (10 or 15%). I paid £239 although I have an unagreed value of £5,000.

Hope this helps

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Davejue1
Joined: Sun 22 Sep, 2013 08:25
Posts: 1249

  Z3 roadster 2.8
Location: Mansfield

Re: Insurance valuations

Post by Davejue1 » Fri 29 Aug, 2014 10:17

Difficult one that. Do you run the car during the winter or will it be coming off the road in the next couple of months? Accidents obviously occur more during dark mornings and evenings and through the bad weather. Insurers pay negotiators to pay you as little as possible should a payout arise. The less they pay you the more the negotiator earns. Personally if you can get a solid valuation in advance of the dreaded happening I would see the existing policy throu and move to the new insurer when the policy is up for renewal. :)

Cheers
Dave
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"Growing old is mandatory, growing up is optional!"

Bowler
Joined: Sun 27 Oct, 2013 18:43
Posts: 378

  Z3 roadster 1.9
Location: Doncaster

Re: Insurance valuations

Post by Bowler » Fri 29 Aug, 2014 11:32

If you are a member of the BMWCC they do a valuation service belief there is a fee about £45.
In love with driving again (its the Z effect)

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Davejue1
Joined: Sun 22 Sep, 2013 08:25
Posts: 1249

  Z3 roadster 2.8
Location: Mansfield

Re: Insurance valuations

Post by Davejue1 » Fri 29 Aug, 2014 17:49

Wrong thread sorry!

Cheers
Dave
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"Growing old is mandatory, growing up is optional!"

TR4man
Joined: Wed 24 Oct, 2012 14:34
Posts: 431

  Z4 coupe 3.0si
Location: Woore, Near Nantwich, Cheshire

Re: Insurance valuations

Post by TR4man » Fri 29 Aug, 2014 19:40

As it is, you'll be lucky to get £4.5k for your car regardless as to what you think it is worth. The Loss Adjuster will assess the vehicle on it's current market value. You can find taht out yourself by using something like webuyanycar.com to get a rough trade price then adding 20 -25% uplift to represent the retail price. The fact that you may have paid over the odds will carry very little weight with your insurance company.

If you want an agreed value then you need to pay more for a policy with a specialist broker as they are not seen generally as being of classic status by most insurers.

roadvoyager1
Joined: Sun 19 Jan, 2014 18:30
Posts: 68

  Z3 roadster 2.8

Re: Insurance valuations

Post by roadvoyager1 » Fri 29 Aug, 2014 20:34

TR4man wrote:
If you want an agreed value then you need to pay more for a policy with a specialist broker as they are not seen generally as being of classic status by most insurers.
Classicline who I mentioned earlier in this thread do see the Z3 as a "Modern Classic" so there should be no problem. Also I can confirm that BMWCC offer a valuation service.

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lightning
Joined: Tue 27 Nov, 2007 08:15
Posts: 814

  Z3 roadster 3.0i
Location: Stockport

Re: Insurance valuations

Post by lightning » Fri 29 Aug, 2014 22:55

Thanks for the advice.
I've submitted a quote request to Classicline insurance.

I checked on a couple of sites (CAP and Webuyanycar) and they value my Z3 at about £5,000 without the hardtop.
So it is not THAT far off what l think it is worth.

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