Insurance?

[satbeachbill]

Who does everyone use for their insurance? As these cars get older, I believe they will become more of a collector type car.

I have mine with Geico, which has been OK. It wouldn't take much to total one of these cars, and I pretty much know they won't pay what I consider it to be worth if something major happens.

I looked in to "Collector Car" insurance. No one wants to insure a daily driver.

Looking for some type of Agreed Value Policy.

Any suggestions?

[daven]

Allstate with an Agreed Value endorsement. They will require an appraisal that matches the value.

[Tigershark48]

Grundy and Hagerty are two big names in the business. Grundy has unlimited miles per year on agreed value policies. Their only stipulation is that you have a modern car that you can identify as your daily driver, which would be designated as your primary commuter vehicle. You can even legitimately take your classic to work once in a while to show it off to co-workers. They want you to fully enjoy driving your classic, short of a daily commute.

My present insurer, Meemic, allows agreed value policies on any classics 20 calendar years or older. My upcoming policy renewal on my 2000 model qualifies, so I intend to make the change with them another insurer. My annual miles are closer to 1000, so that won’t be an issue. I store it over winter, 6 months, so have comprehensive only. That costs me $24. The other 6 months with full coverage is $158. I fully expect agreed value to raise both of those premiums.

[bkirk]

I received a quote from Haggerty and my primary insurance company (Safeco) just two weeks ago. With both of them I asked for $500k liability, $300k/$100k uninsured motorist, Haggerty deductible was $0 - Safeco was $100, both including towing and rental. With both I had to estimate annual mileage, since this is a sunny day car - not likely to see the rain and garage kept, I estimated 3K per year. The Haggerty annual premium was $611 with a stated value of $16k and was not listed as a daily driver. The Safeco policy was $277 with actual cash value and this car on the Safeco policy was not a daily driver.

I went with Safeco.

[Tigershark48]

Great price. Sounds like I’ll be sticking with Meemic when the time comes. How did you arrive at $16,000?

[bkirk]

Great price. Sounds like I’ll be sticking with Meemic when the time comes. How did you arrive at $16,000?

Other than the glove box sag, this car is perfect. The seller was asking $16.5k, (not what I paid) so $16k is what I went shopping for insurance with. I looked up its value on the Haggerty site and for this condition, not Concours it was valued at $16.2k. It has 44.5k miles and service records.

Screen Shot 2020-02-08 at 11.34.40 AM.jpg

[Tigershark48]

Good information. Thanks.

[bkirk]

Good information. Thanks.

I've bought and sold a lot of cars in my day and I've always balked at sellers that claim their car is in excellent condition. I had a salesman tell me one time, that they consider a car to be in excellent condition about 3% of the time. This seller called the car excellent, so I test drove it, opened the hood, trunk, doors, (glove box), and crawled around looking under it from every direction. Then we talked about the service record, in the past year there were new front rotors and pads, and rear shocks, new headliner (excellent workmanship) and even a new front bumper from a driveway accident with a landscaping feature (BMW OEM part and painted by a BMW shop). I had to agree that it was indeed excellent condition given its 21 year age.

[satbeachbill]

That's my dilemma, this car is a daily driver. I checked with Haggerty, Safeco, American Classics and Grundy. They all exclude a daily driver.
Meemic not available in Fla.
I'll look into an Agreed Value endorsement.
Thanks

[jcjasso]

I received a quote from Haggerty and my primary insurance company (Safeco) just two weeks ago. With both of them I asked for $500k liability, $300k/$100k uninsured motorist, Haggerty deductible was $0 - Safeco was $100, both including towing and rental. With both I had to estimate annual mileage, since this is a sunny day car - not likely to see the rain and garage kept, I estimated 3K per year. The Haggerty annual premium was $611 with a stated value of $16k and was not listed as a daily driver. The Safeco policy was $277 with actual cash value and this car on the Safeco policy was not a daily driver.

I went with Safeco.

I feel robbed! I'm with Safeco as well and this car is listed as a leisure car with less coverage than yours and I pay $700 per year. I need to talk to my agent.

[magnetchief]

I recently swapped my M Roadster to Hagerty.

State Farm was $1200 a year.

Haggerty $385.

Easy decision.


Sent from my iPhone using Tapatalk

[bkirk]

I feel robbed! I'm with Safeco as well and this car is listed as a leisure car with less coverage than yours and I pay $700 per year. I need to talk to my agent.

I should note that the Z3 is the 4th car on the policy for a household of two over 60 year old drivers.

[redlinealley]

I have Grundy with a 38K Value

[Tigershark48]

Agreed value insurance planned for May. Now, all I need to do is figure out a vanity classic car plate. I have a personalized one on my motorcycle already. Just not a classic.

[magnetchief]

I have Grundy with a 38K Value

$38k ?

That must be some low mileage unicorn


Sent from my iPhone using Tapatalk

[healeydays]

I use Hagerty and have $24K agreed on my 01 3.0 roadster and it costs me about $500/yr

[solimans]

+1 hagerty


Sent from my iPhone using Tapatalk

[workhurts]

Naaa, that would be more like $100k

$38k ?

That must be some low mileage unicorn


Sent from my iPhone using Tapatalk

[magnetchief]

I use Hagerty and have $24K agreed on my 01 3.0 roadster and it costs me about $500/yr

$24,000 for a 3.0 !

Are you sure we’re not over valuing those things and thus overpaying insurance?


Sent from my iPhone using Tapatalk

[Tigershark48]

Owner’s choice. If Hagerty is willing to insure for that amount, that’s what they’ll pay out on a loss claim. The hard part is getting them to agree on a high value. If they agree, it’s probably not over valued. It’s up to the owner if he’s willing to pay for a higher premium.

[killeen_john]

Have been using Hagerty for my M Roadster since 2008 and pay around $500 for $20K agreed value.

Also, there's an additional 5% Hagerty discount for BMWCCA members: https://www.bmwcca.org/membershipbenefits/discounts

A friend of mine couldn't get Hagerty coverage for his M Roadster in Massachusetts and ended up with a pretty good deal using Grundy so, I'd check both out.

[Tigershark48]

Grundy and Hagerty are not the only ones doing agreed value policies. I recently learned my present company will do that for cars 20 or more calendar years old. The renewal on my 2000 model is this May, so I’ll changing over soon.

[BlueM3Racer]

I'm on a Grundy policy and I'll just point out that they did not want me taking the car to work ever and required that I sign a waiver saying that I would not do so. Unlimited mileage is accurate though. A $40k agreed value policy runs me about $600 annually in high priced south Florida.

[cdn]

I'm with Hagerty(Canada), insured for appx. 7000km per year that includes occasional drives to work, and an agreed upon value of $31,000 CAD for my S52 M Coupe. $700/year.

[pepz]

I received a quote from Haggerty and my primary insurance company (Safeco) just two weeks ago. With both of them I asked for $500k liability, $300k/$100k uninsured motorist, Haggerty deductible was $0 - Safeco was $100, both including towing and rental. With both I had to estimate annual mileage, since this is a sunny day car - not likely to see the rain and garage kept, I estimated 3K per year. The Haggerty annual premium was $611 with a stated value of $16k and was not listed as a daily driver. The Safeco policy was $277 with actual cash value and this car on the Safeco policy was not a daily driver.

I went with Safeco.

I have Safeco and had the same numbers between them and Haggerty. I am staying with Safeco