MD13 494 Report post Posted July 4, 2013 Hey all, I have an 87 M325. When I originally applied for insurance AMI wanted to cover it for $3k (standard for all pre 90's cars they told me) so I had to go get a valuation letter to get it covered for $11k. So policy renewal time and they depreciated it to $8k... I think it's probably still worth $10-$11k and am informed I have to go get another valuation... Does everyone on here do this with their older bimmers? Or is my insurance company abnormal? Quote Share this post Link to post Share on other sites
tobytoblerone 3 Report post Posted July 4, 2013 Insurance companies in general are abnormal! Quote Share this post Link to post Share on other sites
nath 134 Report post Posted July 4, 2013 They all do it I am sure, unless perhaps classic cover or the like. Get it revalued each year, can generally be any car yard/dealer Quote Share this post Link to post Share on other sites
Allanw 1071 Report post Posted July 4, 2013 I spoke to the local AMI manager personally, and they agreed to a value with me and put it as a fixed value, that didn't depreciate. I don't know if they can still do that though - It was about 3 years ago. Quote Share this post Link to post Share on other sites
ashmill 68 Report post Posted July 4, 2013 Hey all, I have an 87 M325. When I originally applied for insurance AMI wanted to cover it for $3k (standard for all pre 90's cars they told me) so I had to go get a valuation letter to get it covered for $11k. So policy renewal time and they depreciated it to $8k... I think it's probably still worth $10-$11k and am informed I have to go get another valuation... Does everyone on here do this with their older bimmers? Or is my insurance company abnormal? Go to Classic Cover and insure it for agreed value. They are good to deal with. Quote Share this post Link to post Share on other sites
HappyH00ker 30 Report post Posted July 4, 2013 Hey all, I have an 87 M325. When I originally applied for insurance AMI wanted to cover it for $3k (standard for all pre 90's cars they told me) so I had to go get a valuation letter to get it covered for $11k. So policy renewal time and they depreciated it to $8k... I think it's probably still worth $10-$11k and am informed I have to go get another valuation... Does everyone on here do this with their older bimmers? Or is my insurance company abnormal? I use Swann Insurance, really inclusive policy, agreed value and they include track day cover ! They understand classic cars and those like us who own them.. Quote Share this post Link to post Share on other sites
_Matt_ 42 Report post Posted July 4, 2013 I'm with swann for the e28 too. So I went from 3k depreciating each year with State to 8k fixed no problem. And it's a sh*t load cheaper annually. Quote Share this post Link to post Share on other sites
timewarrior 3 Report post Posted July 4, 2013 I use Swann Insurance, really inclusive policy, agreed value and they include track day cover ! They understand classic cars and those like us who own them.. I'm with Swann, I think the OP needs to have another car as a daily for them to insure his bimmer? Works out much cheaper too. Quote Share this post Link to post Share on other sites
_Matt_ 42 Report post Posted July 4, 2013 Yea it can't be your daily. But they told me they don't look at how many ks etc so I wonder how they would monitor it... Quote Share this post Link to post Share on other sites
M5V8 337 Report post Posted July 4, 2013 (edited) I switched insurers awhile back to AMI as they would do agreed value. They required I get a valuation which I did and they honored that. They have deprecated the car each year according to whatever rule they use. It's a percentage like 8 something percent each year. Which I think is fair. Unfortunately a car does depreciate a few grand a year. You might end up having to do regular valuations to keep them happy to cover you at the higher amount. They only go by the redbook or average value on a set age car. Edited July 4, 2013 by M5V8 Quote Share this post Link to post Share on other sites
MD13 494 Report post Posted July 5, 2013 (edited) Yeah will get a quote from Swann. Car isn't my daily - though close as I do like driving it :-) I understand depreciation (at least I think I do) but still feel that at some point many cars will plateau. Going from 10K to 8K seems a pretty big jump... Edited July 5, 2013 by MD13 Quote Share this post Link to post Share on other sites
hotwire 352 Report post Posted July 5, 2013 Years ago AMI were depreciating the E12 by plenty every year. I had them on about it, suggesting because of its age/condition, & becoming rarity it wasn't going down in value. And challenged them to find a better example of this car in the country. I was required to get a written valuation, which I did, & was 6k more than they had allowed. I presented this, which they agreed to, & told them that I was only doing this once. Years later, without arguement - it is still at that value, although now on a classic policy. Yes, I agree, an older car of consequence, that stands out from the norm, does tend to plateau in value Quote Share this post Link to post Share on other sites
HappyH00ker 30 Report post Posted July 5, 2013 Hey all, I have an 87 M325. When I originally applied for insurance AMI wanted to cover it for $3k (standard for all pre 90's cars they told me) so I had to go get a valuation letter to get it covered for $11k. So policy renewal time and they depreciated it to $8k... I think it's probably still worth $10-$11k and am informed I have to go get another valuation... Does everyone on here do this with their older bimmers? Or is my insurance company abnormal? Swann has an agreed value which for me has not changed in 2 years, and no mileage limit.They are keen to involve car clubs for a discounted price.. Quote Share this post Link to post Share on other sites
Ultrarandom 3 Report post Posted July 5, 2013 I'm with Club Auto for the car at the moment (horrid insurance though and won't be with them much longer) which goes based of market price and NAC for the bike (much better than club auto) which also goes based of market value. Will have a look at the swann as well personally since I have the motorbike as my daily. Quote Share this post Link to post Share on other sites
Top Secret 2 Report post Posted July 5, 2013 I work for Classic Cover. Give me a call on 0800 456 254, ask for Dietmar. I should be able to help you out and put you in touch with some valuers who know their stuff, as well as give you a competitive quote! (I hope). We don't devalue cars every year like some mainstream companies do, we rely on the clients to know what the value of their car should be. Occasionally when the car has a value a little off the wall, we'll request them to get a valuation. This is for the client's peace of mind that they are not over/underinsuring their car. Quote Share this post Link to post Share on other sites
rogan 7 Report post Posted July 6, 2013 Happy AMI customer here. Agree you need to watch what the agreed value is, but they tell you that every year and all they've asked for in terms of a valuation was something from a car dealer, not neccessarily some kind of specialist valuer. Benefit about AMI is they are the best firm when it comes to paying out on a claim that might not quite fit within the policy wording. Had a claims on house & contents recently (ie 2.5yr old smashed the 46" tv); they've been excellent. Only issue we ever had was when our first peoplemover got written off. We wanted 3 x new baby seats at $500ea. Claims clerk tried to tell us that figure was included in the agreed value when policy stated it was on top. I set the wife on them and they soon accepted they were wrong and paid it over the top. Quote Share this post Link to post Share on other sites
