Has anyone got some recommendations for agreed value insurance policies on their M5's?
I've currently got one but I'm not too happy with the insurer as they are not willing to consider all the extra value that has been added to the car over the last 9 months or so and my estimated cost or replacing the car with one of a similar standard (or getting one to a smiliar standard). It's by no means concours as I like to drive the car as intended, albeit on a limited mileage policy, but I do feel I should be able to get a fair adjustment upwards when providing evidence such as invoices, photographs and specilaist appraisal.
I think this is more important then ever for these cars given that prices dipped very low but will inevitably rise, a la E30 M3, and if like Dan you fork out for a new engine from BMW should the worst happen then you would be gutted to get only 'market value' in event of a theft or write-off.
If you have any suggestions or recommendations then I would be much obliged as always.
I used to be, back in my M3 days.... But good shout David - I will look into this as well as any recommendations. I will of course mention you as always good to share a discount!
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Richard Baxter, fellow E34 M5 owner is the man to speak to @ the BMW CC. In this months magazine there is an interesting piece about guaranteed values....
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"Life's journey is not to arrive at the grave safely in a well-preserved body, but rather to skid in sideways, totally worn-out,shouting, 'Holy sh*t! What a ride!'"
E34 M5 LE 20/50 Rosso Red
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Richard Baxter, fellow E34 M5 owner is the man to speak to @ the BMW CC. In this months magazine there is an interesting piece about guaranteed values....
Oh excellent! Will get on to this asap then.
In case I don't get hold of this months magazine can you summarise any of the points that are made about agreed values etc?
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"Life's journey is not to arrive at the grave safely in a well-preserved body, but rather to skid in sideways, totally worn-out,shouting, 'Holy sh*t! What a ride!'"
I'm in Aus, 1 year ago I had it "agreed" at $39,700. They took $12k off that... I've made them put it back ($39,100 was max they would go), but have to pay an extra $100 a year...
I've just sent back my valuation form to my new insurers...
I'll let you know what value they come up with once they've replied.
It was quite a comprehensive form & they needed a minimum of 6 photos.
It's with a company called Highway Insurance, through Flux Direct.
Good price for cover (£450) considering SE London post code.
I took a punt at asking £10k (if you don't ask you don't get...) and will
see how far they knock me south of there...
I've only had one agreed value policy before and we agreed on £8K....
So in the current market (where values are deflated and flat) let's see
what they say.....
But you are right Richard, the cars can only become rarer and rarer....
Regards,
Alan.
Thanks Alan, appreciate your inout on this since you are currently going through the process.
I would concur that starting high is best and accepting you might get knocked down a bit on that to arrive at a fair valuation. I suspect the results may vary greatly depending on whether the valuer has a good working knowledge of the costs involved in E34 M5 ownership as opposed to similar cars of the era...
Looking forward to hearing how you get on with this so grateful if you can keep us posted
Duncan
p.s.
£450 is an excellent price for London I'd say!
Hi Duncan, I know i'm pitching in a little bit late here but I have just had my renewal through from Asset Trust (01285 841 555), and they're looking for £340.20. It's a classic policy with 5000 miles PA anmd includes my wife - although the accumulation of bumps and scratches on her car over the years make's that option unlikely, so could be looking at under £300. They offer an agreed value on the policy for an extra £12 or something, best of all no nippy call centre numpties at the other end of the phone. Excess is £250 b.t.w.
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