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Can I insure my 2003 BMW X5 as a classic?
I live in Enfield where i have to pay ULEZ. Vehicle is currently off road declared SORN, however I want to get the vehicle back on road in a month or two. I covered only 200 miles a year prior to ULEZ.
I want a fixed price valuation for it, or how can i get a acceptable valuation for it, say £20000 or above? It's in showroom condition, bought from new and original condition with no restoration anywhere whatsoever. Which insurers can i approach please? What do I ask for? Can I do daily insurance and or should I go for a yearly policy, will this be a policy I use my NCB on or will it be a policy that don't require NCB?
I want a fixed price valuation for it, or how can i get a acceptable valuation for it, say £20000 or above? It's in showroom condition, bought from new and original condition with no restoration anywhere whatsoever. Which insurers can i approach please? What do I ask for? Can I do daily insurance and or should I go for a yearly policy, will this be a policy I use my NCB on or will it be a policy that don't require NCB?
Asked on 15 November 2023 by Antonio Campaniello
Answered by
David Ross
As your vehicle is 20 years old you may be able to insure your X5 as classic vehicle with an agreed value and a limited annual mileage. You can read more about how to do this in detail on the Honest John Classics page here: classics.honestjohn.co.uk/insurance/classic-car-in.../ and here: classics.honestjohn.co.uk/cheap-classic-car-insura.../
However, it is important to be realistic about an agreed value, because it is not what the car is worth to you, it is a reflection of what it would cost to replace it for an equivalent vehicle. Looking online at other 2003 BMW X5s, even versions with the most desirable 4.6-litre V8 petrol engine and under 100,000 miles are selling for around £7,000.
The insurance you choose will need to suit your use case, but we would suspect it will be cheaper to get an annual policy with limited mileage rather than insuring the car only on the days you wish to use it. You can enquire with your current insurer about this, but we would expect a classic insurance specialist to offer a better deal.
However, it is important to be realistic about an agreed value, because it is not what the car is worth to you, it is a reflection of what it would cost to replace it for an equivalent vehicle. Looking online at other 2003 BMW X5s, even versions with the most desirable 4.6-litre V8 petrol engine and under 100,000 miles are selling for around £7,000.
The insurance you choose will need to suit your use case, but we would suspect it will be cheaper to get an annual policy with limited mileage rather than insuring the car only on the days you wish to use it. You can enquire with your current insurer about this, but we would expect a classic insurance specialist to offer a better deal.
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