Insurance evaluation.

[Apex 693]

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

[DRTDVL 0]

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.

[westy 614]

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.

[*Glenn* 854]

I'm going to have the same problem as well....I tried Classic.. but I do higher mileage than they allow.

[Apex 693]

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

[DRTDVL 0]

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...

[*Glenn* 854]

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*

[Old_Skool_Bmw 0]

Try "Roughton Nelson Insurance Brokers"

http://www.roughtonnelson.co.nz/hamilton/i...lassic_cars.php

Laurence

[briancol 3]

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.

[Apex 693]

Cheers Brian, much appreciated.

[westy 614]

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.

[M3_Power 636]

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.

[Dyl 4]

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.

[bravo 35]

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.

[bravo 35]

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.

[M3_Power 636]

Darren - 021 277 1267

NZI approved vehicle valuer - nice guy to deal with and knows his Vtec from Vanos

[Apex 693]

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.

[kiwi535 538]

gerry hodges car club president is your man i reckon.BMW dealer would prolly value it quite high.

[entscheidend 0]

Graham - are you with State? If so the red book value on these are reasonable