AGREED VALUE INSURANCE (WHAT TO DO)

[bootyman]

Well i sent my insurance company the massive spec list for my car, a valuation letter from BMW Car Club GB saying that my car was worth Ԛ£25k, and both copies of PBMW and Max P mags, i got a letter from them yesterday saying that in their openion my car is worth Ԛ£18k if they had to replace it. I'm wondering if they came to that conclusion after reading PBMW cause the article said i'd spent about Ԛ£25k on the car, but that's not true. The real figure is over Ԛ£35k. I was just wondering if you guy's think it's worth me challanging that figure and sticking to my Ԛ£25k valuation or just accept their Ԛ£18k valuation?

[Daryll]

After all the hard work, time and money you have put into Ben...fight them! At the end of the day if the car does need to be replaced (god forbid) you will regret the day you didn't hagle with them over the additional Ԛ£7K.
I know you have a valuation from BMW Car Club but what about getting another one done by BMW Synter or something? Someone must no someone who works for a stealer that could type up a valuation. They surely can't argue with that.

[bootyman]

There is a big difference between the Ԛ£25 k i'm saying and the Ԛ£18k they value the car at. Just my paint job, interior and ICE alone amounts to about the Ԛ£18k they are saying. I'll wait till a few more peeps reply before i make my mind up.

[willow]

I would definately fight them Ben. These insurance companies are tighter than a camel's ar$e in a sandstorm

It might even be worth trying a couple of other places - maybe if they think they're going to lose your business they'll do you a better deal

Look how much effort you've put into your car until know, don't stop with insurance!

PS how's the M3 engine hunt going???

Ciara

[john325tewerin]

Take no shit from the insurance b'stards booty. They'd rob the pennies from yer eyes mate. They r playing hard-ball. Play the same game but even harder!
They must want a fat premium for this. There are plenty other ins. cos. out there - remind them of that fact!
Who is the co. btw?

[bootyman]

The problem is i've already taken out the policy with them so they know they wont lose my business.

The hunt for the M3 engine is not going too good mate. There was a period a few months ago when there was loads for sale at reasonable prices, but they've all dissapeared all of a sudden. I think a few people are doing the transplant at the moment and it's pushed the price of the ones around really high. To be honest i'm desperate to do it, but i'm starting to have 2nd thoughts now. I've spent so much on my car now that i'm wondering if i'm just throwing good money after bad now. If worse comes to worse then, I'm hoping if my car makes 200bhp after my re-map and chip, i could spend just Ԛ£500 and get a 100bhp noz system. That will give me about 300bhp and that's more than enough for any E30, especially as my car is more show than go We'll just have to wait and see

[bootyman]

John my premium is well over Ԛ£1k mate. That's a price increase of about 60% to 70% on last year. I'm going throug HIC. They are the cheapest i could find after 2 whole days of ringing around. A lot of them were willing to insure the car and take my money, but not at an agrred value and there was no way i was going to part with Ԛ£1k plus, only to be told my car was only worth Ԛ£5k if they had to replace it, that's why i went with HIC.

[john325tewerin]

I see. They already have your dough.

Aren't HIC a broker owned by Flux?

[willow]

We'll just have to wait and see

The M3 conversion would be so nuts in your car, I think you should go for it if you can....you've taken everything else to the extreme

[johnono]

but they all try to under value, it saves em dough

u can get 25 for it, u just need to call at the right time

[placey]

ben

i think hic must have been stung coz they dropped their agreed valuation for mine this year. i didn't bother fighting them coz it was only by 500 but it's all relative.

now that mine is done i've moved onto another project (houses) and figure that for the money they'd give me if mine was stolen i'd hunt down a decent sport, stick some tunes in and run it for a while without the hassle that we've both been through. if you decide to go with that logic then you'd find a pretty good sport for your 18k!

if you're still well into you motor however then they'll have to be spoken to and the reality of creating a car such as yours will have to be explained. it might also be worth printing this thread and reminding them of the (negative) publicity messing someone such as you around can generate for them.

paul

[bootyman]

I'm realistic enough to know that if i was to advertise my car for sale, chances of me getting Ԛ£25k is very slim (Not because the car's not worth Ԛ£25k), but because the type of person who will want my car wouldn't have Ԛ£25k to spend. I'm more worried if some one damages my car and they have to write it off or something. I'd end up with Ԛ£18k when the car owes me Ԛ£35k, so i thing the Ԛ£25k is in the middle of what i've spent and what they think the cars worth, so i'm going to ring them and haggle. Saying that i wouldn't mind Ԛ£18k for my car after a couple of years use I'd buy a nice E36 M3 Evo cab, a nice 325 cab and go away for a bit

[Dom]

you have to haggle with agreed valuation just as much as a normal insurance payout I've found, mine's agreed at 2k, which isn't bad for an iS I thought!

[psychochild187]

id see there offer as an insult!

we should do a poll on wat engine to go for i would say the (m50) the v12 as it would fit in with the rest of the car being exsteme.

m3 lump looks good and is easyer to do,
and could u buy a m3 and pull the engine out and sell the rest

[bootyman]

The engine is the heart of the car. Pull it out and i doubt you'd get much for the rest of it. Besides, who's got Ԛ£10 to spend on an M3

[Widge]

:offtopic:I know and I'm sorry, but Bootyman did you get the email I sent you yesterday, cheers


Oh and definetly don't stop till they give you 25k agreed value, they are jus trying to cover their asses incase you make a claim. They do this with every policy they sell so that their sorta combined risk is reduced, they will budege just don't let them get away with it. They'll probably offer you 20k next, don't settle for it

[bootyman]

I havent logged onto my AOL account for a couple of days now mate. I will xheck when i get home tonight mate.

[Widge]

Cheers mate, I'm a student so I'm always too impatient with people who lead normal lives and actually have to work etc...

[bootyman]

Mate i work all day, 5 times a week, and 3 nights on top of the days as well, so i'm always on the go. Sometimes i forget i even have an AOL account.

[Widge]

I forget stuff too but it's normally induced

Aaaaahhh la vie est bella!

[frosted]

note - usefull point.

insurance poilcys are underwitten as im sure you know. kinda obvious. these can be built. you can get an agrred set value on the car. the policy is then made and charged based on the value you want for it.

not cheap. but secures a set value.

also make sure you get a value in writing.

if u need any help a good friend of mine is an insurance broker/

regards

frosted

[Paul02]

Any recommedations for good agreed value insurance companies ?

[bootyman]

Frosted they sent me a written confirmation that my car was worth Ԛ£18k in their eyes.

Paul Adrian Flux and HIC seem to be the 2 best ones i've found in my quest so far mate.

[Paul02]

Thanks Mate

[frosted]

no i get ya booty, ring them and ask how much to have an agreed value of 25k.

they will go ummm, so speak to their head underwriter (tell them to put you though and then discuss it with him).

if u want ill find out compaines that do user specified values.

frosted

[Widge]

Frosted they sent me a written confirmation that my car was worth Ԛ£18k in their eyes.

Yeah but you know better than this and with a build like yours you must have k's of recepits to back it up. If they had to replace your car it would cost more than Ԛ£18K the paint job alone is Ԛ£8k ish isn't it?

[bootyman]

Thanks for the offer mate, but it's too late as i've alreadytaken out a policy with them. When i rang up i told them that i wnted a an agreed policy of Ԛ£25k. I've since sent them a valuation agreeing to that value from BMW Car Club GB. I've also sent them both my mag features so i dont know how they've come up with the Ԛ£18k. I bought the car for Ԛ£6k. My engine cost Ԛ£3k, interior cost Ԛ£5k, ICE cost over Ԛ£6k, wheels cost Ԛ£3k, respray cost Ԛ£5k, hardtop cost Ԛ£1k, coil-overs about Ԛ£1k too. That's Ԛ£30k without going into things like brakes, rubbers and seals, headlights, engine bling etc, etc. They are just trying it on. I'm going to ring them and have it out with them tomorrow

[frosted]

if you said on phone you wanted agreed valuation, and they did not meet this but still issued the policy BEFORE you got the agreed value then they are bug*erd. can cancel the policy with no charges.



breach of verbal contract

[bootyman]

Just rang up and the lady is trying to say that they wont cover the ICE, that's why the price has been decreased. I pointed it out to het that even without the ICE, the car is still way more than the Ԛ£25 i was looking to insure it for. She said she couldn't help so i have to speak to the guy that done the valuation, but he's at lunch, so i'm waiting for him to call me back.

[frosted]

call back and ask to talk to the head of "their underwiriting department"

then say

" i was agreed a value on the phone that has not been fullfied"
"is you coumpany capable of witiing its own insurance policy"
"if not i will be cancelling"

[M3RAGS]

HIC are underwritten by highway.

I have an agreed value on my mk1 golf cabby of 5grand.

I sent them a spec and invoices and there were no questions asked.

Highway have had a few problems with agreed values as they had a huge payout for an agreed value cossie as well as a personal injury claim.

So i think they are more apprehensive nowadays.

Having said that, with a car like yours, it really is VITAL that you push for 25grand.

But my next question might be missing the point, but why have you not insured it for what it cost you to build as that is what the whole idea of agreed valuations are.

There is that cossie I mentioned and a mate of mine who has his porsche agreed for 33k with them.
993 carrera rs2- mint car with all the bells and whistles

Just threaten to take your custom away.

[bootyman]

Rags i think Ԛ£25k is just about pushing it mate. Remember we're talking about a E30 here, so trying to insure it for Ԛ£35k is just unrealistic. I guess if i had to build my car again, i know i could do everything for about the Ԛ£25k im insuring it for. That's because this time round i've had to pay full whack for everything, but now that i've done it loads of Companies are willing to sponsor me with cheap things if i ever decide to build another car again.

Flux quoted me Ԛ£150 more than HIC and would have covered my ICE too. I know they would have agreed to the Ԛ£25k, cause anything valued by the BMW Car Club GB is good enough for them. In-fact they have a special section for BMW's and they tell you to get you car valued by BMW CC GB. I done so with my other cab and it's agreed for Ԛ£10k (As soon as i send pictures of the engine and interior that they asked for months ago)

[placey]

rags - to answer your question and put ben's problem into context - it is all about an "agreed value." this means what would the car fetch if advertised on the open market as it stands when presented to the insurers for consideration. this is completely different to the cost of putting any car together.

to put this into perspective a brand new honda cbr600rr today is around 8k. to purchase every part for this bike from honda in order to assemble it yourself costs somewhere in the region of 30k. if you buy said honda and wheel it out of the showroom with your name on the logbook it's immediately only worth 6.5 - 7k on the open market.

this is why hic have come up with 18k for ben's car - like ben says if he advertised it the people that would want it are unlikely to be able to stretch the extra 7k that's in dispute.

in ben's favour he has the car club valuation - but it's well known that marque clubs tend to over-value cars coz they're run by 'supporters' (for want of a better word) and they know exactly what their issuing certificates are going to be used for i.e. agreed value!

the problem with threatening to walk is where do we go for an agreed valuation on such specialised cars? there's not many that will even consider a modified motor let along agreed value too.

i sympathise with ben on this one coz although the figures are smaller i am in exactly the same position. i've reconciled my below expectation agreed value figure with the fact that i put my car together for me and no-one else and so i have to accept some of the risk of keeping it. if i wanted to avoid all motoring risk i'd run around in a 1 litre metro.

paul

[frosted]

yes thats all correct.but you CAN get an agreed value. they workout the extra value, and then workout the price based on this.

its not JUST on market value if you ask them to underwrite a policy.

and there are companies that do it.

for exmaple, my old mans got a converted lifeboat. impossible to value so its set on a value agreed. and the policy reflects this.

[bootyman]

I think placey is very right in what he's saying. If HIC was to add my ICE, then they would agree to the Ԛ£25k i'm asking. What they're saying is that they've had to take out the value of the ICE and that's how they've come up with the Ԛ£18k offer. My only option now is to speak to them and take my business back to Adrian Flux if worse comes tro worse. I will be paying Ԛ£150 more, but at least i will get the Ԛ£25k i'm aiming for. They were also the insurers of the car before all the work got done, so they know the history of the car, so it might be better for all concerned.