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State Farm classic car insurance

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  • #16
    Definitely a wake up call (thank Gabor). I was shocked to find down a $3K value (I paid way more than that for just the car, and all the parts I replaced alone are more than $3K, almost everything I touch need replace) for an irreplacable car :-)
    Because anything worth doing is worth doing fanatically!
    Born date 01/88


    • #17
      Originally posted by Mdriver
      Well this thread looks like a nice wake up call for those of us without full coverage for our M3s.

      I definitely need to switch from State Farm to another carrier which offers full coverage.

      Thanks for all of the input guys!

      - gabor
      state farm has stated value insurance too. if your local rep says your car can't be covered its not true, talk to an underwriter. - Facebook Fan Page - Twitter


      • #18
        Originally posted by paintpro21
        21st covers events on track that are not racing. Progressive also covers incidents on track.

        They'll pay out less willingly but if you can prove its not a race they pay. Guy I sold my SRD seat to on sunday just had 18k in repairs done to his e36 when he crashed it at Infineon at a BMWCCA event. He told them exactly what he was doing and where. Although he did mention having the instructor in the car with him was important.
        Well, I don't track my car, but I do track my bike which is covered by Progressive. I was told by Progressive that they would only cover track damage if it occured as part of a "street riding course" that takes place on track. No racing of any kind would be covered. Don't know if this policy would translate to cars covered by Progressive, but I would sure check (and get something in writing) before going out on the track.
        Last edited by kristoj; 12-20-2006, 08:30 AM.
        '89 Cinnabar Red
        '88 Porsche Carrera Cabriolet
        '82 Fiat Spider Turbo
        '00 Ducati Monster


        • #19
          Originally posted by kristoj
          Well, I don't track my car, but I do track my bike which is covered by Progressive. I was told by Progressive that they would only cover track damage if it occured as part of a "street riding course" that takes place on track. No racing of any kind would be covered. Don't know if this policy would translate to cars covered by Progressive, but I would sure check (and get something in writing) before going out on the track.
          It should but I'd call and ask anyway along with getting it mailed to you in writing.

          Like I said, I just spoke with a guy who got a claim from progressive on his e36 m3 for 18k in track damage. it was not a race, few events are races. Going around the track in different run groups is not a race its just driving. no winner. but having an instructor in the class gives you extra leway of saying its an instructional course.
 - Facebook Fan Page - Twitter


          • #20
            I'm going to revive an old thread to add some info to it.

            Remember while reading through this that every state has different laws so what works for one person may not for another.

            In Texas there is one policy that is sold by the different companies. That policy WILL cover you at a track even as long as it is NOT competition. Therefore a DE is covered but an auto-x would not be.

            Shop your policy around and make sure to get more than the state mandatory coverages. Remember if you drive your car on the street and you have $15k in personal property damage that it won't cover the majority of new cars out there if you hit one. That means any damage you do over that $15k you can be sued for. Higher coverages don't add much to the policy and can save your ass in the long run.

            1988 M3 - Cone killer
            1989 325iC - M50 project
            2004 X5
            2005 GMC HD Crew


            • #21
              Does anyone in New Jersey have experience with getting this type of insurance? I know a lot of insurance companies don't offer policies in NJ.


              • #22
                Gents: Be careful with policies from Hagerty, American Collectors, Grundy, etc. When I checked these companies, all had good prices for Stated Value. The catch was that I could not drive the car to work. It was pleasure driving only. Not saying it is the same for you, just ask a lot of questions and read the policy.


                • #23
                  Originally posted by ///Empowered View Post
                  Try Hagarty insurance. Awesome to work with.

                  They are stated value. Which means you decalare the value you wish to insure it for. Example, say you feel you could not replace it for less than $18k. Then your stated value is $18k and you pay low annual premium. No milage restrictions, but you must have another newer car as a daily driver and the car being insured must be garage kept.

                  I have $16k stated value for $360 a year in rural PA.
                  hagerty is not unlimited miles. they have different milage restrictions. the highest being something like 9k a year. but the more common ones being 3k a year.

                  to comment about not driving to work: no insurance companies allows a pleasure vehicle to be driven to work. they won't kill you if you do, but if something happens to the car don't let them find out because its an exuse to deny your claim. my daily and pleasure vehicle are under 21st century right now, but I'll be moving the m over to Hagerty along with a second policy for track events.
                  Last edited by paintpro21; 06-12-2007, 07:03 PM.
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                  • #24
                    This thread is quite timely for me as I just changed my State Farm policy to Classic Car status for the M3. I had a little trouble getting them to do it. My first submission of paperwork and photos was rejected because "the car is not limited production." I resubmitted it with some production numbers and they accepted it. I have a stated value of $18,000 and the policy is approx $360 a year. I have 100/300 for medical, etc, and live in CA. I am very happy with this change as my car sits in the garage 90% of the time and only gets used now for club events and Sunday drives. The 335 is my daily driver now.


                    • #25
                      Does anybody else in California have Hagerty??
                      Do you have to get an appraisal??
                      I don't daily drive the ///M, but just in case (knock-on-wood), I would want to get more than what KBB states.


                      • #26
                        In NJ i'm going with American collectors they quoted me ~$3xx/year for a stated value of $15k and i think it was 5k miles a year.
                        2001 530i
                        1988 M3
                        1973 2002


                        • #27
                          Are you guys listing the M3 as an "exotic" car? That's the only way I could get a quote on the Hagardy website.


                          • #28
                            Hagerty wouldn't even give me a quote, they said that my car had too many miles at 108k.
                            2001 530i
                            1988 M3
                            1973 2002


                            • #29
                              Im in NJ and I just signed up with American Collectors, seems pretty good, about $320 a year, 300k liability, no limit threshold, etc all the good stuff. miles is resetricted to 2500 a year, which is no issue to me(my collector vehicle NJ registration restricts me to 3000 miles/year). This is for a modified vehicle policy at a $18k agreed value. Just had to email them some photos. Oh and The policy states no timed or racing events.

                              Hagerty is a great company, my dad has them for some of his cars, but they quoted me at $650/year so I passed on them

                              Grundy? screw them, here is my reply after I tried to sign up for the $350 quote they gave me on their webiste:

                              Dear Mr. Burgess:

                              Thank you for submitting your information to Grundy Worldwide's underwriting
                              department. Unfortunately, we are unable to insure this vehicle because it
                              does not have any significant collector status and will not qualify for our
                              program. This program is designed for collector and antique vehicles used
                              and maintained for those purposes. We wish you the best in finding the
                              appropriate coverage for this vehicle.


                              GRUNDY WORLDWIDE

                              I responded to them with all the reason the M3 is a collector vehicle, reason it was made, production #'s, yadda yadda, and they never responded. I will never use them for any of my cars. SO apparantly our cars DO NOT HAVE ANY SIGNIFICANT COLLECTOR STATUS, lol


                              • #30
                                My 45K mile Henna is insured with American Collectors also. Hagerty and Grundy both required an independant appraisal to insure my car for $30K which is what it is insured for with American Collectors. All three of the companies require you to have more cars than drivers in your household so it can't be considered a daily driver. Since I don't drive my car much, 2,500 miles is plenty for me.
                                Last edited by mtony; 01-26-2008, 05:59 AM.