How much insurance should I have?

[dinaman714]

I was going to title this "Do I need Hagerty?" but I think in the course of typing it out I answered my own question. Now the new question is the title. How much insurance should I buy?

I've got a '98 Alpine White/Mulberry convertible in fairly good shape(it actually looks unbelievable to the uninitiated but no one on this forum would think much of the condition it's in) with Dinan supercharger, throttle body & free flow exhaust & 97k miles. She has some small scrapes on the top and a cracked parking light and a couple of stone chips, but when cleaned up she looks like new. I've been hearing(I think it was the Hagerty magazine) that '90s Bmws are becoming valuable. I looked on bringatrailer and ebay and didn't find much. Right at the moment I've just got a default Allstate policy. The other day I was out tooling around and made a dumb maneuver that could have got me in an accident. That got me to thinking.

Edmunds appraises her at around $5-6k, no doubt if I got in a serious accident Allstate would be happy to total her out. How much insurance would you suggest?
(Sorry I don't have a better pic handy)

m3003.jpg

[RBNetEngr]

Look at some recent sale prices for similar cars, on BAT, Cars and Bids, eBay, etc., and then get a quote from Hagerty for an Actual Value policy.

With E36 M3s being 22-27 years old now, standard value insurance policies don’t cover them for their market value.


-rb

[blckstrm]

I was going to title this "Do I need Hagerty?" but I think in the course of typing it out I answered my own question. Now the new question is the title. How much insurance should I buy?

I've got a '98 Alpine White/Mulberry convertible in fairly good shape(it actually looks unbelievable to the uninitiated but no one on this forum would think much of the condition it's in) with Dinan supercharger, throttle body & free flow exhaust & 97k miles. She has some small scrapes on the top and a cracked parking light and a couple of stone chips, but when cleaned up she looks like new. I've been hearing(I think it was the Hagerty magazine) that '90s Bmws are becoming valuable. I looked on bringatrailer and ebay and didn't find much. Right at the moment I've just got a default Allstate policy. The other day I was out tooling around and made a dumb maneuver that could have got me in an accident. That got me to thinking.

Edmunds appraises her at around $5-6k, no doubt if I got in a serious accident Allstate would be happy to total her out. How much insurance would you suggest?
(Sorry I don't have a better pic handy)

m3003.jpg

I recently got paid out around $12k from USAA for getting rear ended, though my own insurance (Progressive) probably wouldn't have paid me $4k.

Normal insurance will be a crap shoot. If you can handle driving it little enough to go with Hagerty, I'd do $20k minimum. I drive my car far too much to get an agreed value policy, but I'd want $20k despite my mileage - I'm not interested in redoing all the work I've done for free...

[Takumi788]

I have my insurance through Hagerty. Check out their vehicle value section and see if that helps. I valued my 95 200k M3 at 10k and will up it to 15k when I renew. Just ask yourself 'how much would it cost to replace this?'.

Also, my plan doesn't dictate my mileage. I can drive as much as I want.

[blckstrm]

I have my insurance through Hagerty. Check out their vehicle value section and see if that helps. I valued my 95 200k M3 at 10k and will up it to 15k when I renew. Just ask yourself 'how much would it cost to replace this?'.

Also, my plan doesn't dictate my mileage. I can drive as much as I want.

Last time I talked to them it CANNOT be your primary car.

So whether it's explicit or implicit, they expect you to not be driving the car too much since they won't insure it if it's getting daily mileage.

My oldest turned 16 six months ago, and my second will have her permit in 4 months. I'd basically need 5 cars to have it NOT count as my primary vehicle.

Hoops I'm not willing to jump through.

[Alpine 318is]

I got State Farm to do a stated value policy on my Estoril M3 Slicktop Twinscrew at $25k

[ChuckDizzle]

I have Hagerty, their rates are great but it all depends on the limits in your policy. Even though I have a rebuilt title, the agreed upon value for my E36 was set at $10,500, my initial request was $8,000. Its a 5,000 miles/year plan which is fine for how little I drive the car. The upcoming renewal is $289 for the year, which for me justifies keeping the car even though a year can go by and I won't drive the car more than 100 miles. They charge an additional $45/year if you want the magazine and their drivers' club benefits but I opted out of that.
My brother has a different policy with them which allows for more of a daily driver situation (e46 m3) and his rate was almost $140/month.
I guess the primary difference between the providers is that some will value your car on their own basis and pay out accordingly, others will set an agreed upon value in the event of a total loss.

[RRSperry]

Not to be that guy, but,.. You all are talking about collision and comprehensive, (Value of the car), and haven't mentioned liability. That's the one that's going to put a real hurt on you..

Do these policies from Hagerty (other collector car insurance) cover liability? Or, is this a supplemental policy in addition to your normal insurance? If it's the primary policy, what are those limits? Can you get an umbrella policy? I know for my $2 million liability umbrella, I have to have all my vehicles insured by the same company.

I'd probably want to talk to a good insurance agent, because in my life experience, you really can't have too much liability coverage. Getting sued for an amount greater than your policy limits is really eye opening.. (ask me how I know... and yes, the jury found that I was not liable and the people that sued me got nothing, but it was still a 3 day jury trial)

[RBNetEngr]

A few months ago I requested a quote from Hagerty for my ‘95, and it includes liability coverage as well.


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[propcar]

look up American Classic insurance, better rates than Hagerty in my experience. We did an agreed value for $25k.

They also were more generous with mileage and didn't care if the vehicle is used for Autocross. I was denied Grundy coverage because they won't do autocross.

[Mless5]

look up American Classic insurance, better rates than Hagerty in my experience. We did an agreed value for $25k.

They also were more generous with mileage and didn't care if the vehicle is used for Autocross. I was denied Grundy coverage because they won't do autocross.

I just looked them up (after opening a policy with Hagerty) and the place looks super sketch with 0 reviews - are you sure that it wasn't American Collectors Insurance?

[propcar]

I just looked them up (after opening a policy with Hagerty) and the place looks super sketch with 0 reviews - are you sure that it wasn't American Collectors Insurance?

Yes it's that.