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Hey guys
I am interested in a mid 90s E36 for the weekends.
I found a really nice 95' 328i for £3000.
I went through Footman James online quotation and it rejected to quote.
Changed a few things around to see what it was and basically the value was too low?
At £5000 declined but from £5500 and values up and up it had no problem to quote me?
Why is this and would I have any repercussions for 'buying' a car for £3000, 'insuring' it for £5500?
Thanks
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Current retro - 1996 Alfa Romeo GTV / Daily - 2016 Nissan Qashqai
Previous retros - Prelude, Integra, XR2s, XR3s, Orions, CRXs, Sylvia S12, S13, Pulsar, ZX 16v, 205 Gti, MX5, MR2 etc
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Dez
Club Retro Rides Member
And I won't sit down. And I won't shut up. And most of all I will not grow up.
Posts: 11,733
Club RR Member Number: 34
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This is one thing that really annoys me about insurance, the whole 'and what did the car cost you' question. What a car cost and what it's worth are by no means the same thing.
An insurance company can't penalise you for paying less than market value for a car compared to someone who paid market value or even more for the same vehicle. I've insured cars for £3k+ that i paid nothing for, because that's what they were actually worth. What you've paid for it is irrelevant, what its worth on the open market is the question they should be asking. Also bear in mind insurance value is higher again that market value, as it's meant to cover the inconvenience and cost of finding a direct like for like replacement, rather than just a 'similar' model.
I have noticed quite a trend with insurers recently that low value cars are more to insure, whereas high value ones cost virtually nothing, as your quotes seem to be showing. It appears there is some algorithm they use to generate quotes that thinks the outright monetary value of the vehicle is directly linked with the care you will take of it.
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Last Edit: Mar 9, 2017 22:35:00 GMT by Dez
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I tried to get insured on a sub £900 Honda civic diesel . 37 years old , no claims or convictions ever , everything else good.
Tesco who gave me a good quote refused to insure me and so did others or they wanted over £1000
I eventually had to pay something like £600 which is more than i was paying for 4k golf gti's at 19 years old or Leon turbos that were 2 years old when i was 23 !!!
I was told its because lower valued cars are at more risk of accidents !! What about the fliping driver , ive gone 19 years without a bloody accident so hows that fair !
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fad
Posted a lot
Posts: 1,781
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Ok here's an idea for you to insure it and stay legitimate. I will buy the car for £3k then you can buy it from me for £6k and insure it with that value. Then you are legitimate and they can't moan. I know, its a massive inconvenience for me... But I genuinely don't mind if it helps out a fellow enthusiast!  |
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Last Edit: Mar 10, 2017 7:26:28 GMT by fad
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Don't be surprised if they refuse to quote
Apparently the will only insure classics over age of 25
Wouldn't touch my 1994 classic
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ianw
Part of things
Posts: 189 
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Mar 10, 2017 11:18:23 GMT
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They happily insured my 1995 Corsa GSi on a classic policy for two years and recently quoted for a 3rd years business. I have had to change companies though as they wouldn't insure it once I wound the coilovers right down  . Moved back to Greenlight who I was with for years and now have an agreed valuation on it and all mods declared. Probably won't help you though as AFAIK Greenlight don't insure BMW's  |
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fad
Posted a lot
Posts: 1,781
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Mar 10, 2017 11:47:04 GMT
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Bloody hell, 90's cars are getting insured as classics these days? When did I get old??? 90's is still almost new isn't it? LOL
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Ryannn
Posted a lot
Posts: 2,421
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Mar 10, 2017 11:58:24 GMT
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On the last quote I had for my daily, they didn't ask how much I paid, but had a box for "vehicle value" instead. I couldn't change this value but it was far more than I paid!
Edit: that wasn't FJ though.
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Last Edit: Mar 10, 2017 11:59:56 GMT by Ryannn
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fad
Posted a lot
Posts: 1,781
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Mar 10, 2017 12:02:15 GMT
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I struggle trying to put a value on the Volksrod since there's not another car to compare it to. I have it at £7k at the moment (agreed valuation) but when finished, with all issues sorted out and the custom leather interior in there, I've really no idea! Dread to think what the insurance company will say when I just add up the receipts and say "That much" LOL
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Ryannn
Posted a lot
Posts: 2,421
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Mar 10, 2017 12:12:37 GMT
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I've also noticed that insurers don't like to process an agreed value based on appreciation either. I know how much I bought my mini for and I know how much I've spent on it over 10 years. But it's currently worth more than that just due to the appreciation in the value of minis over recent years.
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BT
Posted a lot
Posts: 1,772
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Mar 11, 2017 19:02:05 GMT
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I have had This before, I was told that because I had a high value insured with the same insurance company, they weren't prepared to cover me on a sub £1000 vehicle.
As another note, when my renewal came through on my Audi, I told them that comparable examples were selling for around £1500 more than what I had the vehicle declared as the year previous. They agreed to up my vehicle value by £1500.
I suppose insurance doesn't ask what you paid, they as for the vehicles value, in the event it needs to be replaced.
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BT
Posted a lot
Posts: 1,772
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Mar 11, 2017 19:05:33 GMT
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They happily insured my 1995 Corsa GSi on a classic policy for two years and recently quoted for a 3rd years business. I have had to change companies though as they wouldn't insure it once I wound the coilovers right down . Moved back to Greenlight who I was with for years and now have an agreed valuation on it and all mods declared. Probably won't help you though as AFAIK Greenlight don't insure BMW's I've just gone with green light from Adrian flux and so far they've said all of the right things. You're correct though, they won't cover BMW. |
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Mar 11, 2017 21:01:55 GMT
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Don't be surprised if they refuse to quote Apparently the will only insure classics over age of 25 Wouldn't touch my 1994 classic Thats odd they said 20 years to me. Got a 96 & a 94 with them |
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Think they make it up as they go along lol
Bit of a bunch of jokers tbh
Wouldn't insure me on the car ,yet strangely the car I wanted to insure was already insured with them still on a classic policy by previous owner of the car
After them saying it wasn't old enough I just pointed out who insured the car already haha and said goodbye to them
They won't ever get my business again in terms of insurance and I won't recommend them either
Half these company's just make a random figure up it's pretty nonsensical tbh
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