New agreed value!

[B7]

This year, when I renewed my insurance (3k a year agreed value classic policy) on the convertible, I decided to "challenge" them to a new agreed value as really, it's only now i consider it kind of finished.

When I rang up to pay the premium, I asked what I needed to do. "Send in a few detail photos of the outside, interior and engine bay and I'll forward them on", she says. So I get an email address and send of a load of photos of suspension, engine bay, underside, bodywork, wheels and interior. I made the point of NOT telling them what I'd spent on the car NOR what value I was looking for. I wanted the ball right in their court so if ever it all goes Pete Tong, it's their decision.

I got a lovely note when I got back today. They have valued it at £6000. Yes; 6 bags. Thats the sort of figure I had in mind so I'm well pleased.

Now, you ask, how much extra they want on the premium. £18.60 is due ASAP please.

Can't be bad can it? previously I've always left the agreed value of £3500 as per the first time I insured it. Over the last few years (especially when i put the new engine in), i've been a bit nervous that it was under insured. Feel a touch more comfortable now

[Kedge]

Great news that is Trev. Can i ask who that is with, and is that a normal way for an insurance company would do a valuation?

[B7]

Its with livingstones warman brokers. Some companies want official car club valuations, some don't. I do have to be a car club member for the policy but they did the valution off of some very detailed photos.

[Rodderz]

There's a gorgeous white cab not far from me on a K plate, it's a good colour for them!

[Dezzy]

Could you replace it for 6k?

[B7]

Dez. You know as well as I do that it wouldn't

But it would buy me something very nice to start again with.

You never get back what you put in but you can do is maximise the majority of my investment.

[Dezzy]

I know mate.

It's a good starting point I suppose. Cars like yours aren't out there anymore.

[Kedge]

At least with the insurance company deciding the value there shouldn't then be arguments over the payout if the worse did happen!

[Rav335uk]

That's good news Trev £6k.
Dezzy, you got build pics of yours???
I'll be taking pics for the chromie build.

[Dezzy]

You've seen my thread Rav!

I've got plenty. Why I pull my finger out I need to get mine sorted. Trader police just won't cut if the worst happened.

[Rav335uk]

You've seen my thread Rav!

I've got plenty. Why I pull my finger out I need to get mine sorted. Trader police just won't cut if the worst happened.

Cheeky fooker, I meant close ups you might have left out

Anyway, whats the "Trader Police" got to do with anything???

[Dezzy]

That's what my cars on ATM.

Need to sort a proper policy.

[DanThe]

How much are you paying Trev? Much NCB?

[B7]

How much are you paying Trev? Much NCB?

NCB is not taken into account on a classic policy. And i'm not sure if you'd get agreed value on a normal everyday policy with limited mileage.

I paid £192 for the year plus the £18 above which puts it to £210 for the year. I could probably get it cheaper if I looked about. My mates with Adrian flux with a similar policy on a Mk2 16v GTI valued at £3.5k and he's paying £150. He's the same age. But would they up the value on just photograghs. And TBO Livingstones Warner are excellent to deal with, really easy, simple and friendly brokers.

So for 210 sheets fully comp with agreed 6k value? I'm fairly happy at that!

[DanThe]

Id happily pay 200 odd for the same on mine, but I think the mods would bump it up a little

[Dezzy]

Id happily pay 200 odd for the same on mine, but I think the mods would bump it up a little

And me

[B7]

You both need to get some grey hairs on the b0ll0cks before you see premiums like this lad's.

not sure whats better. low insurance (the 530i sport is only £296 a year Full comp with protected NCB) or f*cked knees, balding scalp and a fat gut!

[Rav335uk]

Youngsters, think they know it all.
£103 f/c on the chromie.

[DanThe]

Youngsters, think they know it all.
£103 f/c on the chromie.

I take it you told them you are going to fit an M30 rav

[Dezzy]

Youngsters, think they know it all.
£103 f/c on the chromie.

I take it you told them you are going to fit an M30 rav

Rav at your age they should be paying you to drive an M10 slush box!


That must rock your world!


Shows how bad that M30 is in the cab though, Took that straight off the road when a faster chariot turned up at "the right price"

[DanThe]

Its shows how bad the M30 is because he likes driving the M10 autospastic!

[Rav335uk]

Where's the 3rd one gone then???
Only 2 show up today

Don't wory, M30 donk will be bought this Sunday for the chromie.

[pud1]

Interesting thread this...My 320 is in marvelous original condition metal-work wisem, 70k on the clock. After my father hung up his keys at 87 after 21yrs of keeping it for me, i have taken it back and am having a full body renovation on it. Im not trying to get it to concourse condition but its going to be a looker. I have it with Flux on a limited miles fully comp as a classic but after reading this I am pretty sure its worth more than the value I gave them.
How should I approach them to agree a realistic value and what evidence would be acceptable.
Its only going to be a standby just in case the company van was off the road for a day and also the odd Sunday blast up the Beacons.

[gooner1]

Good result, Trev.
Updating the Cars insurance value is something, i suspect, a fair few on here
would be wise to do. Moi included, the valuation on my policy is the same as when i initially bought the car and would barely cover the cost of my Exhaust system now.

[AndyTouring]

Beware Adrian Flux - they're a bunch of bandits. They accepted an AV on my 635 then dropped the value by £3k after I'd paid. Didn't matter that I'd paid the premium based on the Agreed Value. They kept me hanging on for so long the 30 day cancellation period was over so I was screwed. After threatening them with the ombudsman they relented & allowed me to get 3 valuations to back up my figure. They lost my business as soon as the next renewal came up.

You can get a valuation from the BMW Car Club, £14.99 for members, £24.99 non-members.