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  • Insurance (agreed valuation)

    Hello

    Do any of you have an agreed valuation with your insurance company?

    I thought I did but when I came to add a second car onto my policy it turns out that I don't and also none of the modifications are covered, something else I thought I had.

    If any of you do have an agreed valuation on your car who are you insured through? Also what do you do about the valuation? Values have gone up quite a bit but they seem to mainly have gone up for standard and low mile cars. My car has 66k miles so it's still not high but it has been resprayed another colour, running different wheels, carbon airbox, different exhaust and lowered on kW v3 so no longer standard so I have no idea what the market value or what I should ask the insurance company to value the car at. Any help/thoughts welcomed!

    Cheers

  • #2
    Mine is very modified and I've got agreed value with Competition Car Insurance even with the different engine and box.

    You also get six track days FOC and can pay for more if you want.

    It's not cheap at £500 but all mods are declared and above board.

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    • #3
      I'm with Manning UK with agreed valuation. Only problem is I need the car valued by a specialist. Anyone know where I could get this done?

      Build thread: https://www.z3mcoupe.com/forum/showthread.php?t=19347

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      • #4
        Originally posted by clapshot View Post
        Hello

        Do any of you have an agreed valuation with your insurance company?

        I thought I did but when I came to add a second car onto my policy it turns out that I don't and also none of the modifications are covered, something else I thought I had.

        If any of you do have an agreed valuation on your car who are you insured through? Also what do you do about the valuation? Values have gone up quite a bit but they seem to mainly have gone up for standard and low mile cars. My car has 66k miles so it's still not high but it has been resprayed another colour, running different wheels, carbon airbox, different exhaust and lowered on kW v3 so no longer standard so I have no idea what the market value or what I should ask the insurance company to value the car at. Any help/thoughts welcomed!

        Cheers
        I have an agreed valuation with Classic Line, but the car is standard so possibly a little easier to value. To start discussing values on this post will no doubt start a lengthy in-depth debate, but with only 66k miles you must be looking at around the high teens mark, subject to condition of course. I would chance my arm though and ask them for a higher figure, worst case they say no and you agree lower!

        I guess you also need to factor in that although the car modifications may have a negative impact on the re-sale price as the demand for stock cars are higher, you still need to factor in the replacement cost of all those nice shinny upgraded parts you've picked up along the way!

        I should add that for my agreed valuation it was easy as I'd only just bought the car (18 months ago) so simply sent them the dealers invoice and said it must be worth "X" because that is what I paid for it!!! If you've had the car a while and its appreciated in value since purchase then its a little more difficult. A third party inspection will help, but the Insurance Company may only ask for photos and car details for their valuation team to review.
        Last edited by chagac; 18-10-2015, 09:39 AM.
        2002 Z3M S54 in LSB

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        • #5
          I don't think you could get another M Coupe with 66k for high teens as mentioned so I would be looking at a much higher agreed value figure, as said try Classic Line

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          • #6
            Thanks for the replies and peoples insight. I know valuation is a difficult subject and it appears to be even more so at the minute, partly why i'm questioning it.

            The car is pretty much immaculate, a couple of stone chips but other than that it's spotless. Forgot to say it's an S50 too. I was thinking higher than late teens based on some sales figures seen at auctions in the last 6 or so which have been very how however I know the respray in a different colour isn't too everyones taste. I've tried to add a pic to show the car but not sure if I managed!

            Anyway, i'll try those insurance companies listed when my renewal is due and hopefully get it sorted.
            Attached Files

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            • #7
              Your car looks familiar, isn't there a build thread on the forum?

              MISSILE as reg plate?

              Here: http://www.z3mcoupe.com/forum/showth...hlight=missIle
              Last edited by guido; 19-10-2015, 09:55 AM.

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              • #8
                Yeah that's the car. I bought it about nearly 4 years ago now. Not changed much except for front number plate location and put H&R anti roll bars on it.

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                • #9
                  Classicline didn't quibble over agreed value of £25k on my '99 S50 with 67k miles on the clock.

                  With the mods (ACS kit) being factory/dealer options, they didn't class them as mods.

                  I'm the 6th owner and I'd say it was in good condition, but it's not an original spec low mileage garage queen
                  Not actually in the least bit fat

                  2000 S50 Titanium Silver / Black
                  ACS Suspension, Exhaust & Type III Wheels
                  Simota carbon air intake | Strong Strut Front Brace

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                  • #10
                    Sounds good Tony.

                    I don't suppose you have your car insured on a multicar policy as well do you? I have a wee clio trophy to get me about which I tried to add to my current policy but they couldn't. By asking this it's how I managed to find out about my insurance not being what I thought it was!

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                    • #11
                      No, I've never really looked in to multicar policies
                      Not actually in the least bit fat

                      2000 S50 Titanium Silver / Black
                      ACS Suspension, Exhaust & Type III Wheels
                      Simota carbon air intake | Strong Strut Front Brace

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                      • #12
                        Finally got my agreed value for the coupe with Classic line insurance £20. a form to fill in and six pictures was all it takes.

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                        • #13
                          That's who I use, with prices perhaps changing quickly, isn't market value better than agreed value at the moment? As in the market is going up, your agreed value may undervalue it in the current market?

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                          • #14
                            that's what my insurance company advised. The lady on the phone sounded honest.

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                            • #15
                              Originally posted by c_w View Post
                              That's who I use, with prices perhaps changing quickly, isn't market value better than agreed value at the moment? As in the market is going up, your agreed value may undervalue it in the current market?
                              Originally posted by Bruski_11 View Post
                              that's what my insurance company advised. The lady on the phone sounded honest.
                              I set the value high so unless the market takes a huge jump in the next 12 months I am well covered. Insurance companies will work off the lowest figures they can find when they give market value so you rarely come out with a good offer.

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