Help: 2014 F30 330d Under Insured.

[momo1]

Hi Guys

Iv got a bit of a dilemma, as per my annual policy review I notice that my insurance premium has gone up by a couple of hundred rands across a few assets which i don't mind but i also notice the insured sum of the vehicle has gone down to R198,000, which i feel is undervalued.
a quick check on Autotrader shows me that a similar mileage and year model to mine retails at +/- R350,000.
IE , if happens to the car today resulting in a total loss i would not be able to replace it like for like.
I noted this to my broker and i was requested to provide them with a dealer valuation certificate that states the vehicle would retail for +R300,000.
any idea who can assist me with providing this?

 

[General.Massacre]

Hi Guys

Iv got a bit of a dilemma, as per my annual policy review I notice that my insurance premium has gone up by a couple of hundred rands across a few assets which i don't mind but i also notice the insured sum of the vehicle has gone down to R198,000, which i feel is undervalued.
a quick check on Autotrader shows me that a similar mileage and year model to mine retails at +/- R350,000.
IE , if happens to the car today resulting in a total loss i would not be able to replace it like for like.
I noted this to my broker and i was requested to provide them with a dealer valuation certificate that states the vehicle would retail for +R300,000.
any idea who can assist me with providing this?

The dealer would provide you witht his, even the AA vehicle evaluation can show it.

But the Insurance companies will have access to both Trade and Retail values, and they normally always insure at retail value, so not sure why they've dropped it so much.

 

[Camiel Singh]

Following this, I am in a similar predicament.

 

[KarshS]

easiest way around this is to add all the optional extras at dealer prices. You will quickly make up for that shortfall.
Also speak to your broker to lock in a value. My car was insured for X amount 2 years ago. The insured value does not drop year on year.

 

[Camiel Singh]

easiest way around this is to add all the optional extras at dealer prices. You will quickly make up for that shortfall.
Also speak to your broker to lock in a value. My car was insured for X amount 2 years ago. The insured value does not drop year on year.

I have also done this for years, but once the car is 10 years or older, they start dropping the insured value automatically. They want a valuation certificate from a BMW dealer to keep it at an agreed value.

 

[M3boi]

If you have a good relationship with a registered dealer, ask them to do a valuation to the amount you want the car insured at, and send to your broker.

 

[momo1]

If you have a good relationship with a registered dealer, ask them to do a valuation to the amount you want the car insured at, and send to your broker.

I bought the car from BMW Sandton, i asked for an evaluation and the salesman sent me retail values R227,100

 

[Pisancho]

I bought the car from BMW Sandton, i asked for an evaluation and the salesman sent me retail values R227,100

Unfortunately at 10 years plus cars tank like a brick in water. Kind of why if i was buying used for example, always 3 years at least as they lose about 30 to 40% of value. You can try Webuy also. Its quick to do, maybe they can give you a higher rate.

 

[PsyCLown]

I bought the car from BMW Sandton, i asked for an evaluation and the salesman sent me retail values R227,100

We all know that is not the price they would put it up for sale at though...

 

[Pisancho]

We all know that is not the price they would put it up for sale at though...

I think he can get 300k though. So many on sale with 150k plus kilos for 340k