Apex 693 Report post Posted April 15, 2009 (edited) My insurer who I wish to stay with due to all the other polices we hold with them has depreciated the E30 to a value far below what it would cost to replicate. Has anyone had any experience in obtaining a valuation on a “rare†car that insurance company’s cant indentify as being rare? They suggested I get a written letter from a BMW club member identifying its rarity and value and to also state that these vehicles are not depreciating but in fact appreciating. As none have sold in recent times I can’t come up with a figure. I wish to insure it for $12,000 Thanks. Edited April 15, 2009 by Apex Quote Share this post Link to post Share on other sites
DRTDVL 0 Report post Posted April 15, 2009 how many km's a year do you do? Look at Classic Cover if it's less than 8 - 12 as they won't cover anything more than that... they are underwritten by Vero so you could also try them.... I think Hi-Tech had anouther company also. Quote Share this post Link to post Share on other sites
westy 614 Report post Posted April 15, 2009 I think a BMW committee member is probably your best bet. This is for agreed value insurance yes? To be honest I think $12000 is pushing it. Agreed value insurance is still based on market values. Quote Share this post Link to post Share on other sites
*Glenn* 854 Report post Posted April 15, 2009 I'm going to have the same problem as well....I tried Classic.. but I do higher mileage than they allow. Quote Share this post Link to post Share on other sites
Apex 693 Report post Posted April 15, 2009 (edited) What’s the allowed millage on Classic? I do about 5,000k a year. 12k may be pushing it if I wanted to sell but its replacement cost im trying to cover, I wouldn’t even be able to replace or replicate it for 12k. As for market value, try and find a E30 Touring for sale to base it off? There is no market value for them, they have simply valued it off the cost of a 320i and if my car got stolen I would be paid out 4k tops. Edited April 15, 2009 by Apex Quote Share this post Link to post Share on other sites
DRTDVL 0 Report post Posted April 15, 2009 I've got the 205 covered for 5,000 a year with them... I had the option to do 8,000 for something like $100 more a year... Quote Share this post Link to post Share on other sites
*Glenn* 854 Report post Posted April 15, 2009 (edited) What’s the allowed millage on Classic? I do about 5,000k a year. 8,000 km per year is standard.. they will increase it to 10,000 km for a few more $$$ 10,000km is the max though Edited April 15, 2009 by *Glenn* Quote Share this post Link to post Share on other sites
Old_Skool_Bmw 0 Report post Posted April 15, 2009 Try "Roughton Nelson Insurance Brokers" http://www.roughtonnelson.co.nz/hamilton/i...lassic_cars.php Laurence Quote Share this post Link to post Share on other sites
briancol 3 Report post Posted April 15, 2009 Graham, Insurance companies usually accept a valuation from a licenced motor vehicle trader. I have already done one for a Bimmersporter regards an E30 insurance claim and will do the same for you if you want. PM me. Quote Share this post Link to post Share on other sites
Apex 693 Report post Posted April 15, 2009 Cheers Brian, much appreciated. Quote Share this post Link to post Share on other sites
westy 614 Report post Posted April 15, 2009 What’s the allowed millage on Classic? I do about 5,000k a year. 12k may be pushing it if I wanted to sell but its replacement cost im trying to cover, I wouldn’t even be able to replace or replicate it for 12k. As for market value, try and find a E30 Touring for sale to base it off? There is no market value for them, they have simply valued it off the cost of a 320i and if my car got stolen I would be paid out 4k tops. They still have to find a value for it. They're not going to take the sedan value and triple it. Quote Share this post Link to post Share on other sites
M3_Power 636 Report post Posted April 15, 2009 If your policy is one of market value then there's really no point getting a value done now for $12K - That only dictates a higher premium for now. It's at the time of loss that they look at market value and that's when you will more than likely have a fight with the insurance company trying to 'prove' its value. If your policy is one of agreed value then it's worth while getting a specialist valuer (not a car dealer) to value the car (if it is worth that much to you). Classic cars would be your best solution I think and just keep the km within the prescribed limit. Quote Share this post Link to post Share on other sites
Dyl 4 Report post Posted April 16, 2009 Graham I have jst gone through this with AMI who I have been with for years. For an insurance quotation for an E30 M3 they said it was worth $12,000. LOLOLOLOL. I have been given the name and number of an approved valuer (by AMI) and once I dig it out of the glove box, Ill give it to you. PM me if you're keen. Your insurer should settle on an agreed value. Quote Share this post Link to post Share on other sites
bravo 35 Report post Posted April 16, 2009 My insurance doesn't offer agreed value, however, they will accept an independant evaluation at time of claim of replacement value, and will pay out this value or the insured value whichever is less, minus any excesses. So I have mine insured for what I think I could convince a valuer it's replacement value is (so less than what it would cost me to replace, but more than I'd get if I sold it). It's the best I can do. Quote Share this post Link to post Share on other sites
bravo 35 Report post Posted April 16, 2009 My insurance doesn't offer agreed value, however, they will accept an independant evaluation at time of claim of replacement value, and will pay out this value or the insured value whichever is less, minus any excesses. So I have mine insured for what I think I could convince a valuer it's replacement value is (so less than what it would cost me to replace, but more than I'd get if I sold it). It's the best I can do. Quote Share this post Link to post Share on other sites
M3_Power 636 Report post Posted April 16, 2009 Darren - 021 277 1267 NZI approved vehicle valuer - nice guy to deal with and knows his Vtec from Vanos Quote Share this post Link to post Share on other sites
Apex 693 Report post Posted April 16, 2009 Thanks team. Will get a valuation done by a car dealer and try and contact someone at BMW or the BMW car club and go from there. If all fails I will switch insurance companies, im currently with state and they have been really good to us over the years… could be because we have 12 policies with them. I know it’s no Porsche but it’s nice to know you would get a decent amount back if anything was to happen, if they were only going to pay the market value of a 320i I might as well third party it because come claim time they wouldn’t do sh*t, the Tech-II front new would cost near the price of a 320i. Must be a killer worry for you E30 M3 boys. Quote Share this post Link to post Share on other sites
kiwi535 538 Report post Posted April 16, 2009 gerry hodges car club president is your man i reckon.BMW dealer would prolly value it quite high. Quote Share this post Link to post Share on other sites
entscheidend 0 Report post Posted April 16, 2009 Graham - are you with State? If so the red book value on these are reasonable Quote Share this post Link to post Share on other sites