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.
Insurance valuations
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- Joined: Sun 19 Jan, 2014 18:30
- Posts: 71
Re: Insurance valuations
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
Hope this helps
Re: Insurance valuations
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
Cheers
Dave
Re: Insurance valuations
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)
Re: Insurance valuations
Wrong thread sorry!
Cheers
Dave
Cheers
Dave
Re: Insurance valuations
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.
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.
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- Joined: Sun 19 Jan, 2014 18:30
- Posts: 71
Re: Insurance valuations
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.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.
Re: Insurance valuations
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.
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.