Valuation
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- Joined: Fri 19 Jun, 2009 10:27
- Posts: 2093
- Location: Daglan, France
Valuation
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.
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!
Re: Valuation
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
Re: Valuation
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"
Z3 S54 M roadster , BMW Z1, BMW M3 CSL, Z4M Coupe
"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"
Z3 S54 M roadster , BMW Z1, BMW M3 CSL, Z4M Coupe
Re: Valuation
Who is that with? sounds good.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
99 2.0 Topaz Individual
Re: Valuation
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
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
Re: Valuation
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!
Happy days should save me a fortune!
Re: Valuation
how old does a car have to be for classic insurance ?
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- Joined: Mon 11 Jun, 2012 21:06
- Posts: 487
- Location: Wirral
Re: Valuation
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?
Re: Valuation
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 in the end it was a no charge car change happy daysDevon Z wrote:Who is that with? sounds good.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
Re: Valuation
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"
Z3 S54 M roadster , BMW Z1, BMW M3 CSL, Z4M Coupe
"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"
Z3 S54 M roadster , BMW Z1, BMW M3 CSL, Z4M Coupe
Re: Valuation
I'm 30 going on 50
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
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
///M Roadster - Evolve Stage 3
Re: Valuation
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.
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.
Re: Valuation
Mod Edit
Thread has been tidied up as it went slightly off topic
Thread has been tidied up as it went slightly off topic
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"
Z3 S54 M roadster , BMW Z1, BMW M3 CSL, Z4M Coupe
"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"
Z3 S54 M roadster , BMW Z1, BMW M3 CSL, Z4M Coupe
Re: Valuation
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.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.
1997 2.8 Z3 | Gallery Thread
Re: Valuation
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.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 never had a classic car to cover so can anyone help with info/ideas?
Thanks
John Walker
Baarn, Holland
_____________________________________________________________________
The Zed | 2.8 | Topaz Blue | Z4 alloys |97K
Baarn, Holland
_____________________________________________________________________
The Zed | 2.8 | Topaz Blue | Z4 alloys |97K
Re: Valuation
http://www.rhclassicinsurance.co.uk/cla ... rance.htmlJohn1950 wrote:I've never had a classic car to cover so can anyone help with info/ideas?
A.
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- Joined: Fri 19 Jun, 2009 10:27
- Posts: 2093
- Location: Daglan, France
Re: Agreed Valuation
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?
What level of Agreed Value do those with AV policies settle for?
A Z3 is not just for Christmas - it's for life!
Re: Valuation
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.
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"
Z3 S54 M roadster , BMW Z1, BMW M3 CSL, Z4M Coupe
"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"
Z3 S54 M roadster , BMW Z1, BMW M3 CSL, Z4M Coupe
Re: Agreed Valuation
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
_____________________________________________________________________
The Zed | 2.8 | Topaz Blue | Z4 alloys |97K
Baarn, Holland
_____________________________________________________________________
The Zed | 2.8 | Topaz Blue | Z4 alloys |97K
Re: Valuation
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
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