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Thread: Z8 Insurance Valuation by Hagerty Classic Car

  1. #1
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    Jul 2012

    Z8 Insurance Valuation by Hagerty Classic Car

    As i have been reading the various comments on the forum regarding the valuation trends, i contacted Hagerty to make sure my 2001 low mileage (4800 mile) Z8 was valued correctly for insurance purposes. They have the average value of a 2001 Z8 at $97,573 and a condition one car at $145,000.00 ( . I shared with Hagerty some of the comments on past sales from this forum, and Hagerty responded with the below message, where they said they have not seen a car in the US sell for more than $178k, and did not want to change the values . Any suggestions?

    "Our valuations experts have chimed in previously about your concerns, but I received your email and ran your comments past them again. Here is the response for you:

    While we acknowledge that the BMW Z8 market is doing very well and that these cars are very collectible, we are just not seeing the numbers being quoted in the forum posts. We are unable to track an actual sale of a Z8 selling for more than $178k. That sale took place last month in the UK at the Goodwood Festival of Speed where the auction company Bonhams has a history of consigning only top tier cars and bringing in all the right buyers so the price makes sense given the situation. While this could be an indication that the market is moving, unless we can track additional recent sales for similar pricing, it is hard to justify moving our pricing up.

    One thing to keep in mind is that these listings are asking price. Anyone can ask whatever they want for a car but it doesnít necessarily mean that is what they will be offered and they may be willing to settle for less money. Also keep in mind, much of this pricing cited is the European market which isnít always in line with the US market. BMWs tend to catch more collector attention over there where older domestic cars are in demand here, also keep in mind that with European collector cars imported to the US, we traditionally see a significant loss in value for gray market cars compared to US spec models that were imported as new.

    As far as value is concerned and where it comes from, we track public auctions, client sold prices that they voluntarily share with us and give permission for us to use for pricing updates, and our relationships with dealers. After consulting these figures, we can easily justify up to the $150,000 range for these cars given the current US market. German cars are popular right now and we are keeping a close watch of the market, and rest assured that as soon as we can determine higher prices are sustainable, we will adjust our figures.

    It seems that the $178k car is what is known in the valuations business, as an outlier. It seems we can justify $150,000 at this time, but no more. Obviously, you might wish to revisit the value every six or twelve months to see whatís occurred and contact us again as necessary.

  2. #2
    Z8 Ate My Homework! Norcal's Avatar
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    Nov 2002
    Could we not share all the sales we know of? There have been a lot recently.

  3. #3
    I can certainly provide them with proof, I know the details of the sellers in both the over 200k price sales.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  4. #4
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    Jul 2012
    I think it will be great to send actual sales information to Glenn Arit at Hagerty. Please see his comment from the valuation experts saying these sales are private and they are not able to confirm it. Glenn is open to receiving actual sales information from Forum members as long as they can be validated, and he will pass on to the Valuation team. Glenn's email is below

    On Fri, Jul 18, 2014 at 10:56 AM, Glenn Arlt <[email protected]> wrote:
    Hi again

    I checked again with our valuation experts. Here are his comments.

    Thank you for your response. I realize that our answer may not be satisfactory, but based on the transactional data we have available, that is the best informed value we are able to determine. Again, we are watching the market closely and once we can track cars selling on a frequent basis at higher levels, we would be happy to adjust our findings. Unfortunately, many sales for cars like these are private and we are unable to confirm those sales, therefore it is hard to use that as a determining factor to our price guide.

  5. #5
    Team Z8 JoshB's Avatar
    Join Date
    Jan 2009
    Sports car market magazine did a write up on a 2001 Z8 this month and pegged the values of these cars from 100k to 125k ( domestic market). They also peg the cars collectability at level C
    2002 Silver Black/Red

    Dinan stage 4 software
    Dinan low restriction carbon fiber airboxes
    Dinan high flow air mass meters
    Hamann headers
    Supersprint exhaust
    performance package
    custom short shift linkage
    cdv modifacation
    Quaiffe differential/military grade gear polishing
    19 inch 3 piece HRE mags/Toyo tires
    Custom crossdrilled/slotted rotors
    ceramic brake pads
    stainless brake lines
    Dinan caster plates
    Dinan duel mass flywheel
    custom Sachs clutch /pressure plate
    Dinan pedal set

  6. #6
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    Join Date
    Jan 2014
    Ebay Motors allows you to look at deals that have sold recently and the sale price. I am not sure if they would call this varifiable information or not.

    July 6th a 2002 Z8 with 6,294 miles sold for $165k
    On May 19th a 2001 Z8 with 6,295 miles sold for $149,999

    More or less in line with their valuation

  7. #7
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    Jan 2014
    Hagerty quoted me $3,900 for 2,500 miles per year. CHROME through American National was half that and they do not mind how I drive the car, that I store it in a private garage, and they allowed me to name a value of $140k for a 2001 with 10k miles. Is there any issue that anyone knows of with this company?

  8. #8
    Sport Button On - DSC Off Dogsbreath's Avatar
    Join Date
    Nov 2004
    Hagerty Canada quoted me around 3000. Plus, i would have to basic insurance through ICBC, the provincial insurance company here in British Columbia. I did a lot of research and went through Pelling. Its agreed value and one can elect not to have ICBC insurance if the car is not being driven. They have a good reputation and have been very professional. Yearly cost is 2000

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