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					                                                             VALUATIONS
                                                                 Valuations

Valuations are usually required for Agreed Value insurance purposes. The club provides valuations with no guarantee that
the valuation will either be accepted by the insurer or that the insurer will paid the Agreed Value in the event of a clai m. The
integrity of the Car Club is paramount in valuations . Any attempt to artificially inflate valuations or to retrospectively va lue
cars that have been written off, stolen or in any way not in a condition to be valued NOW will be the subject of discipl inary
action by the club and may result in the expulsion of the club member from the club.


           Valuations are undertaken for both members and non-members. At present members benefit from a £10 reduction in the cost
of a valuation (non-members currently pay £24.99). Members of a Register will also benefit from a £5 reduction in each valuation
meaning that a valuation that would normally cost a club member £14.99 will be discounted to £9.99 for each valuation of a ca r for
which that member has joined the relevant Register. This makes the one-off fee for joining a Register an attractive proposition.
           Each Register is required to identify a person or persons to provide valuations – these persons to be made known to the Club
Office. No Register will be allowed to exist unless a person has been identified for this purpose.
           Valuations are usually done from photographs and accompanying documentation. Valuations are not to be done for cars that
have been damaged or have been stolen i.e. they cannot be done in retrospect. It may be that the potential value of the car is so high,
or the car so rare, that personal contact needs to be made with the owner to verify information over the phone (e.g. to ask i f an HPI
check has been done) or, in exceptional circumstances, the valua tion process may require the valuer to view the car in person. If a
physical viewing of the car is necessary then the cost of any tra vel etc needs to be paid for by the owner who must be made aware of
this fact before any travel is undertaken. The valuation form should state of the valuer has spoken with the owner and/or physically
examined the vehicle and such information noted on the valuation form.
           The process of valuation is: Seven basic photographs of the car are sent to the club office: one of each “c orner” of the car,
one of engine bay, one of front seats/dashboard, and one of the rear seats. Some cars have particular areas of concern such as the
box section behind the front wheel on E9s. In such instances each Register must submit to the Club Office a list of any additional
photos required and these should be requested from the person requiring the valuation. If there is any “relevant documentation” this
should also be sent but this does not include individual service records, invoices for service items bought (tyres etc), ta x discs, MoTs
etc. All that may be required is a photocopy of a service book to prove, for e xample, that it has a full service history or t hat it has had a
full engine re-build recently. The person requesting the valuation should be asked to provide the original Build Sheet (Any BMW dealer
should be able to supply this) and any HPI documentation should the owner feel that such a check is necessary, The photos MUS T be
sent to the Club Office as an official stamp has to be put on the back of each photo. Payment must be made before the valuation is
done.
           Upon receipt of the above, the Club Office will “sign in” the photos etc and then dispatch the items to the relevant Register
valuer together with a pre-paid envelope for the valuation to be sent back to the owner and also a confirmation slip and pre -paid
envelope to be returned to the Club Office to indicate when the valuation was sent back to the owner. A period of 3 weeks has been
agreed as a reasonable time within which valuations will be undertaken and the owner informed.

Values:
Valuations are guided by a number of factors: Condition, originality, mileage, and certain issues such as a celebrity owner o r
uniqueness. Valuation guides should be prepared by each valuer at least once a year, or more frequently if prices are varying greatly.
THESE VALU ATIONS MUST BE SENT TO THE CLUB OFFICE ANNUALLY ON THE 1 ST OF JANUAR Y. To assist in this process
valuers should work on 5 main bands of condition (all descriptions apply to higher conditions unless otherwise stated):

   1.     A project: A car that has no MoT, may still be running but will needs some work to make it roadworthy
   2.     Roadworthy: a car with an MoT and running but is in a fairly basic state with some room for improvement! Such cars may
        have above average mileage.
   3.     Good Condition: Such cars will have had a significant amount of love and attention with average mileage
   4.     Excellent Condition: Note necessarily Concours/Show & Shine condition but not much work would be needed to get it into that
        category
   5.     Concours: Not necessarily for entry into a Concours but the condition would be such that it would be a worthy entrant to a
        Show & Shine or Concours

There will be vehicles that are both below and above the range here and these will need to be treated individually on their merits. Each
Register will need to decide the exact criteria for each category when determining the valuation criteria and values. Such va lues should
be advised to the Club Office annually on 1 st January or more frequently if values vary significantly in-year. It has been suggested that
a Board member be given the responsibility to liaise with Register on all valuation issues. This person should, ideally, not be a person
who regularly undertakes valuations to protect the Club from any accusations of bias.

The motoring press is a primary source of values but often the price guides are not sensitive enough (i.e. they may only have 3
categories of condition). It is suggested many sources of prices are sourced and then averaged. In this way a reasonable range of
values can be determined as a basis upon which to do the individual valuation. Valuations should be based on UK cars only – this is
the expectation of UK insurers and if we are retain their confidence in valuing cars then this is the basis on which we must work.
Certain cars were only made in LHD form and variations in exchange rates can make UK cars seem very attracti ve to those on
mainland Europe.
          However, variations in exchange rates are not a justification for increased valuations. Where such cars are being
valued the valuer should, wherever possible, base their value on cars being offered for sale in the UK. Where this is not pos sible then
valuers can look outside the UK but only at relative increases in value outside the UK. For example, a “run of the mill” E24 635 CSi is
currently valued at around £3,000. Last year a similar car sold in the Eurozone would have been worth €5,700 @ €1.9 to the £. With
there currently being €1.10 to the £, a car sold in the Eurozone for €5,700 today one could say is the equivalent of £5,182 in the UK.
However, such cars can still be bought for £3,000 in the UK! On the other hand an E30 M3 EVO Sport would have exchanged hands in
mainland Europe last year for around 40,000 Euros but is now selling fo r 60,000 Euros. This is a rise of 50% and could be a good
reason for increasing the value of a UK car by 50%. Thus an E30 M3 EVO Sport on sale last year for £25,000 could reasonably b e said
to be valued at £37,500 today. Had the valuer tried to apply varia tions in exchange rate then the same car would (wrongly) have been
valued at £50,000 i.e. 100% increase. Not surprisingly the insurers in the UK would/have been very unhappy with this latter a pproach.
                                                            VALUATIONS

                                Where a valuer values a car at more than 10% of its value last year
                                then such valuations are submitted to the Board for final approval.



At the date this example was prepared, an example of valuation of a “normal” car, based on a variety of car magazines gave values of
an E24 635 CSi as:

                  Excellent          Good         Roadworthy
                  3,000              3,000         1,100
                  7,000              2,500           600
                  4,000              2,500         1,500
Average           4,452              2,667         1,000



On the Club‟s web site at the same time were similar cars for sale at:

                  Excellent          Good         Roadworthy
                  4800               3195           1,000
                  5995               1950           1,000
                  4995
                  4500
Average           5,072              2,572          1,000


This suggests that the average of magazine prices is fairly accurate. Basket cases and Concours are to be valued on their individual
merits.




Supporting documentation
In normal circumstances it will not be necessary for the owner to provide all MoTs, Road Fund Licences or similar ephemeral
documentation. It may assist in the process of valuation if the following documentation is made available to the value r:

A) Documentation to support any Full Service History
B) A copy of the original build sheet (available from BMW dealers) where appropriate.
C) A cop y of an y HPI (or similar) check undertaken.

D) A cop y of an y invoices and/or photographs to support items of expenditure other than routine maintenance.
E) A copy of any pre vious Valuations undertaken by the Club or other agencies (for example auctioneers).




Valuation form: On the following pages are examples of the pro forma that is used for valuations (the first example has some narrative
text to show the type of comment expected). This will be provided electronically to valuers as the narrative may extend beyon d the
single page shown here. It is essential that the Terms and Conditions are stapled to the valuation sheets.
                                                           VALUATIONS
BMW Car Club (GB) Ltd
26 High Street, Melksham, Wiltshire SN12 6LA
Tel 01225 709009




                                                        VALUATION (Example)


Vehicle Valued: Chassis Number: GB12345                                    Engine Number: XY45678


                  Registration Number: XX 99 YYY                            Current mileage:123,456


                  Registered Keeper: NE Body                                Date of first registration: 1989


                  HPI check done? Yes - verified by owner and report also forwarded to valuer


                  Build sheet supplied Yes/No

Valuer: Mr J. He ywood, Royd Mount, Coverhill Road, Grotton, Saddleworth, OL4 Tel 0161 678 2088

Date of Valuation: 1/2/03

Actions prior to valuation
Discussions
I spoke with the owner to verify that he had undertaken an HPI check and that this had not shown any anomalies. He confimed t hat the
checked had shown the car to be OK.

Physical examination
On this occasion it was not felt necessary to physically examine the vehicle

Bodywork & Paintwork
The bodywork is in excellent condition (obviously there are no signs of corrosion as the Z1 has plastic panels), parking dings or
accident damage to the panel work. The same can be said for the paintwork, which can only be described as being in pristine
condition.

Chassis & Suspension
The floor pan and chassis are in excellent condition, and again there is no evidence of any accident damage or corrosion. The
suspension is „as new‟.

Interior
The interior of the car is in superb condition, one of the best I have seen on a Z1 of this age, with little sign of wear. Li kewise the
carpets are in fine condition, as are the boot carpet and boot liners. The engine-bay panel work is also in excellent condition. The car
also carries full main BMW dealer service history.

Engine & Mechanicals
The engine and 5-Speed manual gearbox are in fine health, and all the major mechanicals have been kept in tip-top

Wheels and Tyres
The car comes equipped with standard BMW Z1 alloy wheels and these are in excellent condition, as are the tyres.


Summary
Mr X‟s BMW Z1 is in outstanding condition and is probably one of the best Z1s in the country, and is certainly the best I have
viewed/inspected, with a lot of time, dedication and money being spent to keep the car in tip -top condition.

The condition of the car, which can only be described as immaculate, and the very low mileage, makes it one of the best in the UK, with
few 1990 Z1 models in this exceptional condition. Therefore, I have valued Mr X‟s car at £20,000 for insurance purposes.
                                               VALUATIONS
BMW Car Club (GB) Ltd
26 High Street, Melksham, Wiltshire SN12 6LA
Tel 01225 709009



Vehicle Valued: Chassis Number:                        Engine Number:



                 Registration Number:                  Current mileage:


                 Registered Keeper:                    Date of first registration:


                 HPI documentation: Yes/No             Build sheet supplied: Yes/No

Valuer:

Date of Valuation:

Actions prior to valuation
Discussions



Physical examination



Relevant documentation provided




Bodywork & Paintwork




Chassis & Suspension




Interior




Engine & Mechanicals




Wheels and Tyres




Summary
                                                           VALUATIONS




                                                          Terms and Conditions


USE OF THE SERVICES
Valuations are usually required for Agreed Value insurance purposes. Whilst the BMW Car Club (GB) Ltd (The Club) makes every
effort to ensure that valuations are both accurate and realistic, the data and services o ffered may only be used for your personal
purposes and only in accordance with these terms and conditions. They may not be used commercially, systematically captured, re-
sold, distributed, published, integrated into on-line or off-line offerings, or be used in any way beyond a private or personal purpose.

DISCLAIMER

The person for whom the valuation is undertaken assumes all responsibility and risk for the use of this valuation. The Club o ffers no

guarantee that the valuation will either be accepted by the insurer or that the insurer will pay the Agreed Value in the event of a claim.

Under no circumstances shall the BMW Car Club (GB) Ltd be liable for any indirect, incidental, special or consequential damages or

loss of profits that result from the use or inability to use the information or for any products, nor shall the BMW Car Club (GB) Ltd be

liable for any such damages including, but not limited to, reliance by you on any information which result from mistakes, omissions,

errors, defects, or failure arising from the valuation.
                                         VALUATIONS




                              Checklist for those requiring a valuation:




This page should be completed and returned with your photos and any other documentation:




Chassis Number:



Engine Number:



Registration Number:



Current mileage:



Registered Keeper:



Date of first registration:



HPI documentation: Yes/No



Original Build Sheet supplied: Yes/No



Documentation to support any Full Service History



A cop y of an y previous Valuations undertaken by the Club or other agencies (for example auctioneers)



Other relevant documents (please detail below what you are sending)
                                                      VALUATIONS

Views required for valuation. Send “hard copy” images on photo paper or email to us at shopbmw@btconnect.com