Opinions wanted: Insurance Value

82eye · 10-16-2021, 09:54 PM

Originally posted by dahows

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.

dahows · 10-13-2021, 09:11 PM

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

dahows · 09-24-2021, 09:52 AM

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.

2mAn · 09-23-2021, 09:36 AM

Start at $40k and see if they will allow it. Plenty of history of BaT cars to use as comps

82eye · 09-23-2021, 08:22 AM

Originally posted by dahows

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.

dahows · 09-17-2021, 07:29 PM

Originally posted by e30austin

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.

dahows · 09-17-2021, 07:16 PM

Originally posted by roguetoaster

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.

e30austin · 09-17-2021, 04:48 PM

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

roguetoaster · 09-17-2021, 04:29 PM

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.