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    Opinions wanted: Insurance Value

    Time to update my Hagerty policy and I'm trying to determine an accurate replacement value. I'm sure it is under insured at the moment, so I'm looking for opinions from the community. I'd hate to think of trying to replace this thing...it's not perfect but it is pretty nice.

    1984 323i, owned for 20+ years
    103k miles
    Originally ordered by a gentlemen in PDX and has been here since it made the trip over and was federalized
    Saphire blue metallic repainted in 2000
    Blue cloth interior
    New factory euro bumpers in 2000
    MTech1 kit
    Ground Control coilovers and bilstein HD with camber plates
    Reinforced front and rear subframes, camber adjustable rear sub-frame
    S50 swap with ZF 5 speed
    3.25 LSD
    944 brake booster
    Magnaflow center section with cat
    Stromung muffler
    Staggered Borbet Type B 16x7, 16x9
    Small recovered MTech1 wheel
    3 gauge cluster in center console, Oil pressure, oil temp and volts
    Mtech dead pedal
    Decent stereo with sub and GAS/Luke box
    Probably a few other details but that should give you an idea.

    I have an incomplete build thread located here: https://www.r3vlimited.com/board/for...th#post6664230

    Here is a similar car that sold on BAT in early '18 for $25k: https://bringatrailer.com/listing/1987-bmw-325is-18/

    Here's a PDX 323/M50 swap that sold for $18.5k in May. I've seen this car in person and it was pretty nice, definitively rougher than mine though. https://bringatrailer.com/listing/1985-bmw-323i-4/

    And a couple current pictures:



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    So let me know what you think it would take to replace it. I'm thinking 35-40 but maybe I'm way off base...maybe the 323 that it started as would hold down the value, maybe the color is a strike against it or the cloth interior.

    Thanks R3v.‚Äč
    sigpic
    84 323i

    #2
    If we assume that your policy is agreed value then trying to set the value above what the insurer deems within normal limits will probably require an appraisal, and I expect that 35k would trigger such a situation. If you set it to 23-27k I'd bet that you will be all set, and you probably could reasonably replace the car with something similar for that price since swapped cars that aren't "real" M engines seem to both negate much of the low mileage value, and generally depress the price, no matter how professional the swap.

    However, if you look at it as a 1:1 rebuild cost, including labor, your guess is probably valid, even if it takes somewhat more legwork to make the valuation stick.

    Don't forget to report back when you do get the policy set.

    Whatever the case, I hope the new perceived value of the car doesn't stop you from using the car as a car.

    Comment


      #3
      i'd chime in and argue that you would be hard pressed to replicate that car, for any (reasonable) amount of money...it takes a lot of time/money/energy to undo 35 years of neglect and abuse, which your car, clearly, has not seen. finding a nice, rust free, cared for, euro spec 323i, like yours, is incredibly difficult these days...those cars are almost non-existent in today's world. $35k is a good starting point. IMHO

      A
      Portland, Oregon
      E28M5 | E30S50 | E30M3

      Comment


        #4
        Originally posted by roguetoaster View Post
        If we assume that your policy is agreed value then trying to set the value above what the insurer deems within normal limits will probably require an appraisal, and I expect that 35k would trigger such a situation. If you set it to 23-27k I'd bet that you will be all set, and you probably could reasonably replace the car with something similar for that price since swapped cars that aren't "real" M engines seem to both negate much of the low mileage value, and generally depress the price, no matter how professional the swap.

        However, if you look at it as a 1:1 rebuild cost, including labor, your guess is probably valid, even if it takes somewhat more legwork to make the valuation stick.

        Don't forget to report back when you do get the policy set.

        Whatever the case, I hope the new perceived value of the car doesn't stop you from using the car as a car.
        Thanks roguetoaster, I appreciate your input. I'm meeting with my agent next week and we'll see what they say. I think I'd be hard pressed to replace the car for less than $30k. As far as driving it, I don't intend to change how I enjoy the car. With few exceptions, it has always been a weekend driver and it is too much fun to drive to leave it in the garage for fear of something happening to it.
        sigpic
        84 323i

        Comment


          #5
          Originally posted by e30austin View Post
          i'd chime in and argue that you would be hard pressed to replicate that car, for any (reasonable) amount of money...it takes a lot of time/money/energy to undo 35 years of neglect and abuse, which your car, clearly, has not seen. finding a nice, rust free, cared for, euro spec 323i, like yours, is incredibly difficult these days...those cars are almost non-existent in today's world. $35k is a good starting point. IMHO

          A
          Thanks Austin, my assumption if I had to replace it is that I wouldn't find another euro car but would need to find a clean (which would be difficult enough given the market), early model and start over. Hopefully I'll never be in that situation.
          sigpic
          84 323i

          Comment


            #6
            Originally posted by dahows View Post

            Thanks Austin, my assumption if I had to replace it is that I wouldn't find another euro car but would need to find a clean (which would be difficult enough given the market), early model and start over. Hopefully I'll never be in that situation.
            get the higher valuation if you can. get it appraised if it helps.
            my insurance agent recommended a ridiculous agreed value amount for a car i'm still working on and not even on the road. your car is easily worth the higher valuation in my market.

            Comment


              #7
              Start at $40k and see if they will allow it. Plenty of history of BaT cars to use as comps
              Simon
              Current Car:
              -2000 330i Estate, the dad-mobile
              -1975 Alfa Romeo Giulia Nuova Super 1300, the never-ending name & project



              Make R3V Great Again -2020

              Comment


                #8
                Thanks 82eye and Simon. I met with my agent yesterday, since this isn't a US car she didn't have a current valuation and needs to take it to Hagerty. We'll see what they come back with. The swapped market certainly isn't as strong as the low mileage, OEM cars going on BAT. Here's a pretty nice swap car the went for under $20k this week. https://bringatrailer.com/listing/1986-bmw-325e-32/ vs. a low mileage late model example that went for $36k https://bringatrailer.com/listing/1989-bmw-325is-70/. Granted, the swap car has over 230k miles on the chassis.
                sigpic
                84 323i

                Comment


                  #9
                  Hagerty finally got back to me and agreed to a guaranteed value of $35k without an appraisal. I'm fine with that value
                  sigpic
                  84 323i

                  Comment


                    #10
                    Originally posted by dahows View Post
                    Hagerty finally got back to me and agreed to a guaranteed value of $35k without an appraisal. I'm fine with that value

                    makes sense since a similar car - though not swapped - sold in that range.

                    Comment

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