Insurance Estimated Car Value?

[E30_320i]

hi ppl

when getting quotes online, one of the questions asked is "estimated vehicle value" i dont really know what to put as i have been offered Ԛ£500 by garages to take the car off my hands.

so do i put Ԛ£500? but this car is in perfect condition inside and out 74k, 4dr 320i. and would probably sell private for 1k.

but i bet the insurance company only puts it down as being worth Ԛ£500! how do i know for sure though?

Lee

[Jesus325iTouring]

What ever your value is,best to double it,that way in the event of a claim there is a higher start figure to negotiate with,with the insurers.
If you say your cars worth Ԛ£500,then in the event of a claim,they'll say its worth Ԛ£250,so start at a grand,they'll say no we'll only give you Ԛ£500,you can argue that upto about Ԛ£800,they'll try to knock you down again,then you should end up getting about Ԛ£700.

Hope that kinda makes sense!

[placey]

rog has a point - better go too high on the value - but my understanding of insurance is that the value you give is only relevant to setting your premium. in the event of a claim i.e. total loss or theft then the book value of the car is offered - for an e30 it's likely to be peanuts.

the way round this is to negotiate an agreed value with your insurers. most 'high street' insurers won't wear this - so a slightly more specialised insurance company needs to be found. your agreed value requires you to fill out a form describing the condition of the major parts of the car and submission of multiple photos. an independent valuation by a car club also carries weight.

have you considered that you may under-value your car? i know everyone's idea of 'perfect condition' is different but if yours is 'factory perfect' with that mieage it should be worth more than that. of course garages offer you 500 quid - they'll make a quick sale and profit!

however you end up insuring it it's always a good idea to take and keep a load of pictures of the car - including at least one with you and your house in it with the registration number clearly visible. in the event of a total loss these will stand you in good stead.

paul

[Brianmoooore]

If you insure your car comprehensively, then check that your insurance co. will let you buy back the car.
I regularly buy written off cars, and you wouldn't believe how little damage on something like an E30 would cause it to be declared a total loss.
Bought one this morning. Haven't seen it yet, only photos, but it looks like just a minor dent behind the drivers door and rear wing.

[Rosc0PColtrane]

rog has a point - better go too high on the value - but my understanding of insurance is that the value you give is only relevant to setting your premium. in the event of a claim i.e. total loss or theft then the book value of the car is offered - for an e30 it's likely to be peanuts.

the way round this is to negotiate an agreed value with your insurers. most 'high street' insurers won't wear this - so a slightly more specialised insurance company needs to be found. your agreed value requires you to fill out a form describing the condition of the major parts of the car and submission of multiple photos. an independent valuation by a car club also carries weight.

have you considered that you may under-value your car? i know everyone's idea of 'perfect condition' is different but if yours is 'factory perfect' with that mieage it should be worth more than that. of course garages offer you 500 quid - they'll make a quick sale and profit!

however you end up insuring it it's always a good idea to take and keep a load of pictures of the car - including at least one with you and your house in it with the registration number clearly visible. in the event of a total loss these will stand you in good stead.

paul

Suggest the value you would expect to gain from private sale of the vehicle.

To be honest, the value you suggest is somewhat irrelivant. If you're car is delared a "total loss", a magical term in everyones insurance policy callled "market value" comes into play. This gives insurers the licence to act like traders and offer you trade value for the car based on either CAP black book or Glasses Guide. Market Value means they don't really care a great deal how you see your vehicle.

I have often wondered if radically undervaluing your vehicle, below "market value" would reduce your premium? Imagine if then you wrote it off, where would the insurance valuation be then?

You then have to prove the car is worth more than they offer as the guides are based on an average mileage per year. Also the three trade values are poor, fair and good, good being showroom, hence the derisory figures they offer. And how many 15 year old cars are really showroom condition?

Trade prices are there to give garages an insight into what to expect for the car you are offering for part exchange, if it is a make model or of an age they do not retail.

Keep good photos of your car, even record mileage in a diary to act as evidence if you will.

If you are not sure what to put, try and find similar cars to yours on autotrader, that should give you a nice approximation.

[E30_320i]

cheers lads for your replies they have helped alot and i have decided to put the value of the car as Ԛ£1000. as this is what i would consider the car is worth, well if the truth be told i think the car is worth so much more bcuz its an E30

RE blatant: ive put in the car valued at Ԛ£500, and they gave me the same premium as when i put the value at Ԛ£1000. so it dosent make any difference at all, suppose they just look on the book value and they go from there. will do what you suggested and keep photo's and recent milleage as i can then haggle with them if i ever had a bump.

thanks once again people you helped alot

[Rosc0PColtrane]

cheers lads for your replies they have helped alot and i have decided to put the value of the car as Ԛ£1000. as this is what i would consider the car is worth, well if the truth be told i think the car is worth so much more bcuz its an E30

RE blatant: ive put in the car valued at Ԛ£500, and they gave me the same premium as when i put the value at Ԛ£1000. so it dosent make any difference at all, suppose they just look on the book value and they go from there. will do what you suggested and keep photo's and recent milleage as i can then haggle with them if i ever had a bump.

thanks once again people you helped alot

Nice one mate, thought as much!!! I have access to CAP black book should anyone need to know a book price for their vehicle!

[E30_320i]

no problem fella, could you try and find out what the book price is for a 320i 4dr 1990 H Reg, in excellent condition.

this would help as id like to know how much the garage would have ripped me off when considering a part ex for another car

Lee

[Rosc0PColtrane]

no problem fella, could you try and find out what the book price is for a 320i 4dr 1990 H Reg, in excellent condition.

this would help as id like to know how much the garage would have ripped me off when considering a part ex for another car

Lee

manual, auto? whats the mileage?

[E30_320i]

whoops sorry mate forgot to mention it!

manual, and 70k

[placey]

i think that blatent and i have said the same here using different words.

the reason that your premium was the same for the 2 valuations is that there are boundaries or thresholds in the stated by owner value - so let's say the thresholds are 0-499, 500-1499, 1500-3000 (i don't know what they are in reality or if they change from insurer to insurer) then if you stray into the next band they load the premium a bit more.

they still offer you glass' guide or 'market value' if a total loss though, they're in a win win situation (for them.)

be aware that any market value offer they make in the event of a total loss is minus any excess. also factor in any loss of no claims extra premium next time round and it can actually work out cheaper to not claim in the event of theft/total loss, even on a fully comp policy. in my younger years i used to drive triumphs and austins and was well aware that in the event my car was stolen i would have to bite the bullet as it would be cheaper in the long run!

agreed value is the way to go if you're worried. my 316i is agreed value Ԛ£3500 - i am far less concerned about my e30 being stolen than i used to be about a Ԛ£150 austin 1100! doesn't make much sense does it?

paul

[E30_320i]

ok cheers paul, i understand what your saying. it wasnt so much that i was bothered about how much money id get back as i know itd be nothing, and probably not worth claiming at all!

the thing i was a little worried about was the fact that if i put a value into the box, and it was a little high then they might void the insurance! silly i know as i wouldnt get more than Ԛ£500 back for the car.

and i can totally understand what you mean about you not being bothered about a car worth a lot more getting stolen than a car worth much less, as i wasnt bothered about my clio getting stolen (Ԛ£1700) but i am bothered about my bmw getting stolen! (Ԛ£500)

cheers

Lee

[Rosc0PColtrane]

no problem fella, could you try and find out what the book price is for a 320i 4dr 1990 H Reg, in excellent condition.

this would help as id like to know how much the garage would have ripped me off when considering a part ex for another car

Lee

manual, auto? whats the mileage?

Cap books at Trade: Ԛ£120 poor condition, Ԛ£200 fair, Ԛ£350 good condition and retail price of Ԛ£995. Thats quite a "mark up"!!!

[E30_320i]

cheers blatant, thanks for finding out!



Lee

[e30nerd]

I don't think it makes much diffrence TBH. From memory I think I was told my the lady on the phone when I was getting quotes that it only really makes a diffrence when you are talking values in excess of Ԛ£20k