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  • #31
    I thought I would add another data point to this thread.

    I have my car insured with Hagerty as well. Grundy wouldn't even speak to me as the car is "modified", although I'm a little *miffed* that they call it that. All I have done is add DTM/Evo parts to take the car back to it's original manufactured "purpose"! It was built as a race car right?

    $30,000 agreed value for now, premium is about $600 a year. No milage limitations, but the usual "about 3000 miles a year". However, if I want to take the car across the country to one of the 'Fest's I just have to call them and let them know what I'm doing. I like that flexibility in the policy.

    Obviously, if I stuff it on the track it's a complete write-off, but that's the risk most of us take now anyway.

    Cheers,
    Bill
    William Buchanan
    '91 M3
    Bastos/Castrol DTM Tribute
    259000 miles and still an immense pleasure to drive.
    "The original M3 is utterly brilliant in ways the people at M have either forgotten about, or choose to ignore"

    Comment


    • #32
      Not much activity on this thread but here's my story for a new to me 1990 M3. I did get a quote from Hagerty, $650 as I recall. I ended adding the car to my Hartford policy as a collector car (smog exempt in AZ) with a stated value of $35k for $450/yr. My 325is is insured the same way with a stated value of $7500 for $400. If you're 55, check out the insurance thru AARP.
      sigpic

      1990 M3 Diamond Schwartz/Silver
      1989 325is Zinnoberrot/Black
      Things I've flown and driven

      Comment


      • #33
        Just be aware that you are paying for a "stated value" policy, and not an "agreed value" policy.

        Big difference, and likely the reason your premiums are less.

        Cheers,
        Bill
        William Buchanan
        '91 M3
        Bastos/Castrol DTM Tribute
        259000 miles and still an immense pleasure to drive.
        "The original M3 is utterly brilliant in ways the people at M have either forgotten about, or choose to ignore"

        Comment


        • #34
          True, but since the reported purchase price and similar condition cars sold/for sale support it, it shouldn't be a problem documenting the value. Auto insurance is, and has always been, the best form of highway robbery.
          sigpic

          1990 M3 Diamond Schwartz/Silver
          1989 325is Zinnoberrot/Black
          Things I've flown and driven

          Comment


          • #35
            So very true...........
            William Buchanan
            '91 M3
            Bastos/Castrol DTM Tribute
            259000 miles and still an immense pleasure to drive.
            "The original M3 is utterly brilliant in ways the people at M have either forgotten about, or choose to ignore"

            Comment


            • #36
              Is there anywhere to get collectors car insurance Under the age of 25 other than Hagerty?

              Comment


              • #37
                Truth,

                Try American Collectors Insurance. I have multiple cars on my policy and it's very reasonable.

                John

                Originally posted by poofyo101 View Post
                Is there anywhere to get collectors car insurance Under the age of 25 other than Hagerty?

                Comment


                • #38
                  Does anyone have comprehensive (not collision) coverage for an unregistered race car? My car sits in my garage when it is not on track, and I would like to insure against theft, fire, etc. The house insurance should cover it if something were to happen, but they wouldn't give me more than its book value (and the limits on personal property loss would also kick in), so I'd like to buy comprehensive coverage for the car with stated value.
                  sigpic

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                  • #39
                    I'd think some of the Collector Car Insurance companies would accommodate you on that. You may need to get an appraisal, but I'd think they would cover race cars....especially for comprehensive only! Actually, with an appraisal, I would think any Insurance Company would cover a car for comprehensive only.

                    Comment


                    • #40
                      I'm having my M3 appraised today for a policy through AAA... They initially gave me $38,900 of coverage for full comp/collision but then wanted an appraisal to justify it... I'll know tonight what my car is actually worth!
                      Ryan G. MotorWorks

                      '72 2002tii Inka/Black (Restoring- then FS)
                      '88 M3.2 S54 Lachssilber/Black
                      '04 Mini Cooper S 6spd White/Black
                      http://www.ryangmw.com

                      Comment


                      • #41
                        Is that a collector car "agreed value" policy? My agreed policy of $25K has 100/300 with comp. / collision, uninsured motorist & medical for $330/yr.

                        I'd like to get an actual appraisal though let us know how that goes. A nice Nogaro sold on eBay last month for $27k+ so that helps market value.
                        Rich!

                        Comment


                        • #42
                          Originally posted by ///schwartzman View Post
                          Is that a collector car "agreed value" policy? My agreed policy of $25K has 100/300 with comp. / collision, uninsured motorist & medical for $330/yr.

                          I'd like to get an actual appraisal though let us know how that goes. A nice Nogaro sold on eBay last month for $27k+ so that helps market value.
                          It is an agreed value policy. They will insure it for any value up to the appraised amount. The appraiser made a guess today before his final calcs, came up with $55k+ so I'm sure I will get as much as I want for it. I would be happy with something in the 40's but never hurts to have more coverage.
                          The appraisal is written as replacement value. What it would take to duplicate this car again. It is easily 60k. My S54 swap alone is $22k. 15k in bodywork and paint, 10k in suspension/brakes/wheels, $6k for interior, $15k for donor vehicle... that's $66k right there... I just want my money back if something happens to my baby...
                          Ryan G. MotorWorks

                          '72 2002tii Inka/Black (Restoring- then FS)
                          '88 M3.2 S54 Lachssilber/Black
                          '04 Mini Cooper S 6spd White/Black
                          http://www.ryangmw.com

                          Comment


                          • #43
                            Exactly... All I want is to be made whole if something happens... But my little comprehensive claim last year was a fiasco... After they got the estimate from one of their "Authorized Shops" they went ass backward and wanted to split the claim into comp. & collision, so they raised my rate from $195 to $330, still trying to get to the bottom of it... Other than that no real hassles. I've been a member for 24+ years and usually max out my tows annually for projects.
                            Rich!

                            Comment


                            • #44
                              My apprasial came back. Replacement value of my M3 is rated at $55,800. I'm happy. Insurance is getting quote for that much coverage. I'l let you guys know what I find out.
                              Ryan G. MotorWorks

                              '72 2002tii Inka/Black (Restoring- then FS)
                              '88 M3.2 S54 Lachssilber/Black
                              '04 Mini Cooper S 6spd White/Black
                              http://www.ryangmw.com

                              Comment


                              • #45
                                Well Ryan, I have to tell you I'm surprised by that...good for you on the appraisal, "but" you must remember you will be paying alot more based on that price!

                                You need to think about what you can resell the car for and if it's really worth that much to you to insure it for that value!

                                You could easily end up paying double for insurance premiums, and in the end to replace the car in the event of a catastrophe (i.e. total loss), will the insurance company "really" cut you a check for $55,800?

                                I'd do my homework carefully.

                                John

                                Originally posted by M3 Ryan View Post
                                My apprasial came back. Replacement value of my M3 is rated at $55,800. I'm happy. Insurance is getting quote for that much coverage. I'l let you guys know what I find out.

                                Comment

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