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Special Insurance?

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  • Special Insurance?

    Hey guys. I am restoring my M3 and I want to make sure that the car is properly insured. My father has a few classic cars and they are insured b/c of their age. I am not sure that a 1988 BMW falls into the "classic" category but I really want the car to be thoroughly covered in case of a loss. Does anybody have supplemental insurance and/or any sort of special insurance on their M??? Any recommendation(S) or help would be appreciated.

  • #2
    In the UK, some cars can be regarded elligable for Classic Insurance and this would restrict the mileage from between 3000 - 10000 miles a year. Also we can get valued agreed insurance, again a restriction on use, but cheaper.....

    I am sure US companies would offer a similar package!
    E30 M3 - The Original Inspiration


    • #3
      why not approach the insurance company for an agreed upon value? Rates may be higher, but after restoring the car, you'll have no worries if anything ever happens to it. No hassling with insurance over what the car is worth.
      Chris L.

      Spray paint and tire shine doesn't equate to a "restoration!"


      • #4
        Hagerty and American Collectors Insurance are designed for this kind of thing. They require that you have an extra, daily driven car titled in your name. You must also have a garage (I think) and fill out a detailed list of what was done to it, submit photos, etc.

        When I looked into getting coverage, and 18.5k agreed value policy was only in the range of $300-400 / year. There wasn't a mileage restriction on the car, but it doesn't cover any track use. The issue for me was you had to have 10 years of driving experience, which I don't have. If you have a lot of points, don't even bother applying.

        I have no other dealings with either company and can't speak to their claims processing, ease of getting your agreed-upon payout, etc. Good luck.


        • #5
          Thanks...I will look into that.

          As far as talking to my current ins company (Met)...I don't believe they offer anything regarding agreed value worth, etc.


          • #6
            I just got off the phone with Hagerty. With a set value of 13k and full coverage, 50k,100k coverage they quoted me at $386 a year.

            I'm only 24 and have had my license since i was 17 and they didn't mention the 10yr thing. Hopefully this goes well, i'm very happy. =)


            • #7
              Did you specifically state you were 24 years old or just give them a DOB? I've gotten as far as mailing them the check only to have them come back and say I was too young. I think hagerty is >=25 while American Collectors Ins. in 10 years.

              Also, it isn't that much more money per year to insure at 16k vs. 13k...the way I see it, I'd want to be able to recoup as much of the money I have invested in the car as possible and be able to get right back into an M3 should something happen. If we're going to be agreeing on a value, we should agree on a value that would allow me to recreate what I've got. I'm guessing there's some limit on this to prevent fraud, but in the M3's case just ask them to look up the price of some factory parts and they'll probably agree with you. I'm also guessing that you're not allowed to insure an intangible value along the lines of, "I really love my car; to me it's worth $100k".

              Let me know if you get it to go through, maybe I'll try again and hope I get someone who's having a good day. All I want to do is give them my money....won't you please just take my money already (and insure my car, no solicitations please )?


              • #8
                is this insurance ontop of your regular coverage or is it supplemental


                • #9
                  It is in place of regular insurance. "On top of" and "supplemental" are the same thing .


                  • #10
                    I have Hagerty Ins. I remember seeing that the owner and anyone who drives the car needs at least 10 years of driving experience.


                    • #11

                      Will insure our M3's, has mine for $ 14k, 2500 or 5000 mile plan, I pay $ 280 year for the 2500 mile plan, 35-40% higher premuim for the 5000 plan.

                      My friends 1990 white M3, just made it, $14k.

                      Another friends red 1988 M3 insured for $12k.

                      Qualifications needed: Must have a daily driver under your name and garage.
                      Go monline and fill out application to get instant quote.


                      • #12
                        By the way that is complete comprehensive collission insurance.


                        • #13
                          Which is the insurance tha covers "Track" events?..
                          In an Embassy Somewhere..

                          91 M3 - SOLD but not forgotten (to J.R. Nagy)
                          03 Land Cruiser with the works
                          06 Royal Enfield 350


                          • #14
                            Hmmmm hard question to answer....maybe regular car insurance?


                            • #15
                              So, which company do you guys recommend, Hagerty or American Collectors? Their prices are about the same.