2003 330ci Agreed value insurance policy yeah or nay?
Discussion
Looking at insuring my 2003 330Ci and although I've earned no claim bonus's on two other cars getting a good deal seemed almost impossible. Tried companies who mirror NCD and multi car policies still turning out a lot more expensive that what I paid for it last year before transferring insurance to a cooper s and putting 330ci on SORN.
Tried many companies direct(above 10) but after reading about Admiral putting additional cars on multicar policies with same NCD gave then a call. Result thaterven if I combined cars on a mutlticar policy worked out more expensive than insuring individual cars seperatelaty. Discussion about value of car as heard they could value on basic spec car without extras. Car was purchased in 2007 and met my requirements with full leather, Xenons and heated seats+ few others, so would be looking for a similar spec car in case of full loss- not sure if I would get this from Admiral. At same time looked at cars for sale on Autotrader only 7 but all 6k(I'd said 4K to insurers before i looked) or above for cars with less than 80k miles
So looked at classic car policies, its to new to be covered by a lot of the insurers, but now found one that will cover it for a reasonable premium and for an additional £18 I can have an agreed value policy for £6000.
Sounds a good deal to me, no problems submitting photos, etc but no experience of such a policy. Did search and looks as if TVR guys have these but couldn't find any with details of claims or any problems with initial valuation
Just wondering what general consensus on agreed value policies
Edit just to add car is facelift 6 speed manual- don't want an auto as a replacement
Tried many companies direct(above 10) but after reading about Admiral putting additional cars on multicar policies with same NCD gave then a call. Result thaterven if I combined cars on a mutlticar policy worked out more expensive than insuring individual cars seperatelaty. Discussion about value of car as heard they could value on basic spec car without extras. Car was purchased in 2007 and met my requirements with full leather, Xenons and heated seats+ few others, so would be looking for a similar spec car in case of full loss- not sure if I would get this from Admiral. At same time looked at cars for sale on Autotrader only 7 but all 6k(I'd said 4K to insurers before i looked) or above for cars with less than 80k miles
So looked at classic car policies, its to new to be covered by a lot of the insurers, but now found one that will cover it for a reasonable premium and for an additional £18 I can have an agreed value policy for £6000.
Sounds a good deal to me, no problems submitting photos, etc but no experience of such a policy. Did search and looks as if TVR guys have these but couldn't find any with details of claims or any problems with initial valuation
Just wondering what general consensus on agreed value policies
Edit just to add car is facelift 6 speed manual- don't want an auto as a replacement
Edited by twokcc on Thursday 29th March 11:01
Just to update.
Decided to go with the "classic car policy' with agreed valuation. A few hiccups getting in sorted but only in relation to valuation form not being send by insurers. Once got this completed with photos of car, milometer photo and date of last service. Listed options fitted to car (all at time of manufacture) . Form timed out but went OK on second attempt.
Got valuation certificate back last Friday so for a total loss payout will be £6k less £200 excess.
Hopefully wont need to make a claim and find out how good/bad the experience is
So on face of it looks as if may be worth doing if you've got an oldish BMW. Prices for 330ci's all over the place at the moment have taken the risk out of the haggling if the car is totalled. Cant see values changing much for the non M cars over next 12 months but decent older 6 cylinder 3 litres are getting rarer.
Decided to go with the "classic car policy' with agreed valuation. A few hiccups getting in sorted but only in relation to valuation form not being send by insurers. Once got this completed with photos of car, milometer photo and date of last service. Listed options fitted to car (all at time of manufacture) . Form timed out but went OK on second attempt.
Got valuation certificate back last Friday so for a total loss payout will be £6k less £200 excess.
Hopefully wont need to make a claim and find out how good/bad the experience is
So on face of it looks as if may be worth doing if you've got an oldish BMW. Prices for 330ci's all over the place at the moment have taken the risk out of the haggling if the car is totalled. Cant see values changing much for the non M cars over next 12 months but decent older 6 cylinder 3 litres are getting rarer.
Most insurers piss me off.
I saw this on a comparison site the other day
Trade value
So not retail.
Insurers must now think everyone is on finance and think the trade in value is ‘ok’
Just be very specific and check wording very clearly.
Retail value for a like for like car. If they can’t do that it’s not really car insurance.
Plus cheapest isn’t always the best either.
My insurer are great but it’s taken me reaching my mid 30s till they give competitive quotes.
I saw this on a comparison site the other day
Trade value
So not retail.
Insurers must now think everyone is on finance and think the trade in value is ‘ok’
Just be very specific and check wording very clearly.
Retail value for a like for like car. If they can’t do that it’s not really car insurance.
Plus cheapest isn’t always the best either.
My insurer are great but it’s taken me reaching my mid 30s till they give competitive quotes.
Mr Whippy said:
Most insurers piss me off.
I saw this on a comparison site the other day
Trade value
So not retail.
Insurers must now think everyone is on finance and think the trade in value is ‘ok’
Just be very specific and check wording very clearly.
Retail value for a like for like car. If they can’t do that it’s not really car insurance.
Plus cheapest isn’t always the best either.
My insurer are great but it’s taken me reaching my mid 30s till they give competitive quotes on anything exciting.
I saw this on a comparison site the other day
Trade value
So not retail.
Insurers must now think everyone is on finance and think the trade in value is ‘ok’
Just be very specific and check wording very clearly.
Retail value for a like for like car. If they can’t do that it’s not really car insurance.
Plus cheapest isn’t always the best either.
My insurer are great but it’s taken me reaching my mid 30s till they give competitive quotes on anything exciting.
Agreed valuations are worth their weight in gold.
As an example when I was selling my 944 Turbo back in 2014 I wantred £6.5k, yes I know. Back then that still seemed expensive to some people with only a few 944 Turbos going for £10k+, with either racing heritage or being super low milers. The trade valuations would make me look like I was trying too hard!
One guy wanted an Inspection done on the car. I was initially aprehensive but tentively agreed. It was not until he gave me a sample report and what the valuations were that I was put right off.
Even then a good Turbo was worth £7k minimum all day long. Mine was in superb condition but the miles were high. As breakers they could yield more, with an engine going for £1.5k, bumpers for £300 and other parts fetching a similar premium. The trade valuations however seemed insulting:
A1 (TOP SHOWROOM SALE PRICE DEALER MINT) c.£5150+
MINT PRIVATE SALE PRICE c.£3950
AVERAGE
c.£2200
ROUGH
c.£500-
Bear this in mind. Even then, a 944 Turbo with rotten sills would still sell for £1.5k-2k. It makes those prices look interesting.
Given that the seller was trying to use those valuations from the inspector as a bargaining chip I quietly told him to jog on. I'd rather have broken the car for spares than sell it for £3.9k. After all, the KWv3s, Big Black Brakes,, Wortec exhaust, engine, and the wings would easily have got me that back, before I even touched the LSD, etc.
I've seen a few people bitten by trade valuations lately too.
As an example when I was selling my 944 Turbo back in 2014 I wantred £6.5k, yes I know. Back then that still seemed expensive to some people with only a few 944 Turbos going for £10k+, with either racing heritage or being super low milers. The trade valuations would make me look like I was trying too hard!
One guy wanted an Inspection done on the car. I was initially aprehensive but tentively agreed. It was not until he gave me a sample report and what the valuations were that I was put right off.
Even then a good Turbo was worth £7k minimum all day long. Mine was in superb condition but the miles were high. As breakers they could yield more, with an engine going for £1.5k, bumpers for £300 and other parts fetching a similar premium. The trade valuations however seemed insulting:
A1 (TOP SHOWROOM SALE PRICE DEALER MINT) c.£5150+
MINT PRIVATE SALE PRICE c.£3950
AVERAGE
c.£2200
ROUGH
c.£500-
Bear this in mind. Even then, a 944 Turbo with rotten sills would still sell for £1.5k-2k. It makes those prices look interesting.
Given that the seller was trying to use those valuations from the inspector as a bargaining chip I quietly told him to jog on. I'd rather have broken the car for spares than sell it for £3.9k. After all, the KWv3s, Big Black Brakes,, Wortec exhaust, engine, and the wings would easily have got me that back, before I even touched the LSD, etc.
I've seen a few people bitten by trade valuations lately too.
What good is a trade valuation if you can’t replace your car like for like?
It should be retail value for equivalent.
If prices have shot up, that’s up to the insurer to cover when they quote imo.
Anything else and they’re arguably not insuring you fully comprehensively.
It’s partial cover.
Trade descriptions act issue?
Those insurers who don’t offer like for like retail values should be listed and named and shamed by places like PH imo!
It should be retail value for equivalent.
If prices have shot up, that’s up to the insurer to cover when they quote imo.
Anything else and they’re arguably not insuring you fully comprehensively.
It’s partial cover.
Trade descriptions act issue?
Those insurers who don’t offer like for like retail values should be listed and named and shamed by places like PH imo!
Mr Whippy said:
What good is a trade valuation if you can’t replace your car like for like?
It should be retail value for equivalent.
If prices have shot up, that’s up to the insurer to cover when they quote imo.
Anything else and they’re arguably not insuring you fully comprehensively.
It’s partial cover.
Trade descriptions act issue?
Those insurers who don’t offer like for like retail values should be listed and named and shamed by places like PH imo!
Not everyone is like us PHers though. Most people will just take the lowball valuation to avoid hassle etc. But it does make it an absolute pain for when insurance companies try to wriggle out.It should be retail value for equivalent.
If prices have shot up, that’s up to the insurer to cover when they quote imo.
Anything else and they’re arguably not insuring you fully comprehensively.
It’s partial cover.
Trade descriptions act issue?
Those insurers who don’t offer like for like retail values should be listed and named and shamed by places like PH imo!
On rare stuff they can get caught out. Years ago I had a 2005 Mondeo 3.0 V6 Ghia X Manual 6 speed Estate on LPG. It had 260k on the clock but it was very tidy. The repair garage told me the car would probably be written off due to the mileage despite the fact the damage wasn't massive; a slightly kinked boot floor, crash bar, bootlid and other bits. Again, he commented on the pre-crash condition.
The problem? They couldn't find another one for sale. Even with the LPG factor out of the window they could only find hatchbacks and they were starting at £2.4k! They used the mileage card but the fact was this. Estates are almost always more desirable, especially with tipping laws changing.
After 3 weeks of having a hired Insignia Elite on them they eventually paid out. £2.4k, which I thought was reasonable! I was tempted to buy it back via Co-Part but I'd had my time with the car and it had certainly served us well!
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