How to value your Z for insurance?

[pwright179]

Hey all, happy Friday!

Quick question: my insurance carrier--Hagerty, decent and affordable--sent me a note to consider raising the insurable value of my Z by 1K. Obviously that's more revenue for them, but it got me wondering--I know one "value" marker is what I paid, but how do the lot of you value the cars? Got a guide or website that you find particularly reliable?

I'm missing the car here in PA as it's garaged up north, will get in an autumn ride or two before wrapping it for the winter months. Thanks!

Paul
PA/NH

 

[as400]

I don't think there is a guide or website as such.

Agreed value is what you think its worth (within reason!) so what you paid for it and what you have spent on it, or what it would cost you to replace it in the case of the worst happening.

You then present this to your insurance company as evidence of why you think its worth X. They then come back to you with a premium, this then is the agreed value.

That's my understanding of it in the UK anyway!

 

[Pond]

In the UK the majority of insurance liability is assessed on 'market value'.
In insurance speak that is what an equivalent car is being sold for .....less 90%, less the excess, less a bit for them to try and save a few bob. So mostly, a total loss claim is worth around......nothing. Then next year they will increase your premium by around 50% (because you had a claim, protected NCB or not) and do it all again.

Cynical? Me? never.

 

[Duncodin]

In the UK the majority of insurance liability is assessed on 'market value'.
In insurance speak that is what an equivalent car is being sold for .....less 90%, less the excess, less a bit for them to try and save a few bob. So mostly, a total loss claim is worth around......nothing. Then next year they will increase your premium by around 50% (because you had a claim, protected NCB or not) and do it all again.

Cynical? Me? never.

Yeah. I kind of agree with you. Also worth bearing in mind that an agreed value is only agreed with YOUR insurance company. If you get pranged by somebody else where they are totally at fault then that other driver's insurance company has no value agreement with you. They value your car at market and write it off. Your own company might pick up (some of) the cash difference, as agreed, but the car is still a write off. (er. I think)

 

[B21]

I use assured value in the UK with Sterling aka AidrIan Flux,,effectively you have two policies..the first covers you legally and the market value of the car..the second policy is your top up from market value to assured value..as stated you have to present evidence to justify the additional value..in my case I gave them a spreadsheet detailing dates and costs of upgrades, changes etc..

Their algorithm takes those divides by 2 and that’s the added value..for a net additional value of £20k I paid £35 extra..

In the event of a right off the second policy pays out to you..the normal policy is subject to the usual vagaries..

 

[NeRo]

@pwright179 ~ I don't know if you can see if any of the American BMW clubs do this, but the BMW Car Club GB offers a valuation service, see Agreed Valuations For Insurance Purposes

It does cost, members £24.99; non members £49.98, so a bonus if you're a member