Baby BMW Forum banner
1 - 12 of 12 Posts

·
Registered
old: e82 MSport N47 120d. current e82 MSport N52 125i.
Joined
·
347 Posts
Discussion Starter · #1 ·
I'm not selling! I just need to renew my insurance.

My car's very low milage for it's age 39,000 just rolled over.
What do you think I should be the value for insurance

e82, 125i, Manual, Xenon, no-iDrive, Black Sapphire, 39k, All OEM, VGC etc?

I had it down as 7.5K which is what I paid for it 18 months ago, but I'm wondering if I should up it a bit this year??? What difference does it actually make in a pay-out?
 

·
Administrator
Joined
·
4,024 Posts
I'd look at AutoTrader and see what the going rate is. Unless you're with a specialist that offers agreed value, the insurer will only ever pay up to what they consider "market value" anyway but it's better to be over-insured than under.
 

·
Registered
old: e82 MSport N47 120d. current e82 MSport N52 125i.
Joined
·
347 Posts
Discussion Starter · #3 ·
I'd look at AutoTrader and see what the going rate is. Unless you're with a specialist that offers agreed value, the insurer will only ever pay up to what they consider "market value" anyway but it's better to be over-insured than under.
My thoughts exacly. Good idea
Auto Trader's saying £10,360
Car's are apriciating, the world has truely gone mad!
 

·
Registered
old: e82 MSport N47 120d. current e82 MSport N52 125i.
Joined
·
347 Posts
Discussion Starter · #5 ·
Thanks Steve

Bit lower that one had it at just under 9K
 

·
Registered
Joined
·
246 Posts
You can neither under nor over insure, I know I was talking to my broker, both are no-no's and they won't do it.
I'm talking about "GROSSLY" over/under

The conversation on a nonBMW, which I was trying to get a better quote, I asked, well, instead of saying the car was £10,000, can't I just say £5000, I'm ok with any issues, they just said no, you can NOT under insure a car and also the same, saying your car is worth 50k and only actually 10.

There is a technical term for it. You can ONLY insure it for market value OR, agreed valuation from a proper vendor who has physically checked the car or sent in high res-pics.
OR if you insurance will cover you for like for like car replacement (usually a new car)

I'd look at AutoTrader and see what the going rate is. Unless you're with a specialist that offers agreed value, the insurer will only ever pay up to what they consider "market value" anyway but it's better to be over-insured than under.
 

·
Registered
Joined
·
246 Posts
the honest answer... and what is actually real world...

let's just say Car A has a MARKET value of £10,000 (at this point it doesnt matter HOW much you paid for it over or under or what mods you have done, or what the condition, or how many go faster stripes is on it) ALL that matters is millage and year.

Your car get's into an accident.

Depending on what your insurance company decides is a write off, 70% of replacement/repair something like that.

NOW, your insurance, will have a database of every single car by VIN and have a value to it. THEY may have the car valued at 10, 5 or even 15. Let's just say they think "officially" your car is worth 10k, they WONT give you 10k, as they are slime bags, they will offer you probably 4k as a first offer. you will decline and then you need to check AT for cars in YOUR area, same year, millage etc and get 3 prices, you average that out, that could be 6 or 7.

They will go up to 5 and if you do a Karen/Ken, maybe, MAYBE go up to 5.5 or 6.

I was lucky , my 12yo POS dodge I got written off and got FAR more than I would have got market, around 2.5k, I took the money and ran.

It also depends on a lot of other factors, how long/loyal you have been to the insurance company, wether you have house, personal insurance, bank accounts.
My company/bank does EVERYTHING, I also have personally around $1/4mil worth of assets with them, as a FAMILLY, the only thing we dont have is a mortgage, but I'd say easily 1-2mil of savings, bank accounts, house insurance, 2 cars, pension, college funds, we've also been with them around 7 years.
They DO NOT screw around with us.

My car is insured (as a new car), direct replacement and OEM parts only

I'm not selling! I just need to renew my insurance.

My car's very low milage for it's age 39,000 just rolled over.
What do you think I should be the value for insurance

e82, 125i, Manual, Xenon, no-iDrive, Black Sapphire, 39k, All OEM, VGC etc?

I had it down as 7.5K which is what I paid for it 18 months ago, but I'm wondering if I should up it a bit this year??? What difference does it actually make in a pay-out?
 

·
Registered
Joined
·
246 Posts
LOL I didnt answer the question, check your value, use KBB or what ever we use in the UK now (I left I'm in Canada) that's your valuation, give or take a few hundred quid
 

·
Registered
Joined
·
246 Posts
LOL parkers says for your car
Used price range: £1,710 - £15,405

can't do much without a reg number, LOL sorry
 

·
Registered
old: e82 MSport N47 120d. current e82 MSport N52 125i.
Joined
·
347 Posts
Discussion Starter · #11 ·
The problem with Parkers is they don't take thr milage into account they just use the 12k a year average or somthinglike that. so it valued mine at 5-6K or somthing..
The site Steve suggested pulled it from my last MOT by the looks of it.
I'll just say 10K I think. It won't make that much difference by the sound of it.
 
  • Like
Reactions: nazali

·
Administrator
Joined
·
4,024 Posts
Sounds good to me.

Re the above few comments, as far as I understand it the insurers will never pay out a penny more than what you’ve told them the car is worth. So if the ‘market value’ is £10k but you’ve told them the car is worth £8k, after a write-off event they can refuse to pay more than £8k as you based the premium on that value. This doesn’t work the other way with normal policies, they’ll only ever pay market value, the value you declare just acts as a theoretical cap on the claim value. Hence my comments about it being better to be over-insured (or maybe over-declared) in the current market, you won’t be pulling a fast one, but you’ll be more likely to get the actual true market value of the car.

For what it’s worth, I’ve got mine on an agreed value policy with like-for-like replacement on mods, so no haggling or messing around if it gets written off. The extra £100 or so a year it costs over a comparison site policy with their long list of gotchas is definitely worth the peace of mind.
 
1 - 12 of 12 Posts
Top