Collector car insurance?

[Bastosbill]

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

John,
He has stated that he is looking at an "agreed" value policy. The whole reason for an agreed value rather than stated value or ACV is that the insurance company cuts you a check for the "whole value" agreed upon by you and them.

Your point about the price of the premium is right on however

M3Ryan, I am particularly interested in who you are dealing with and what your premium comes out to be, if you don't mind sharing.

Cheers,
Bill

[///schwartzman]

At the appraisal price it just ensures in the case of a fixable catastrophe they don't try to total out your car and salvage your title.

Thanks for sharing the info. Ryan, how much was the appraisal? After my car is back on the road I'll be doing the same...

[M3 Ryan]

I have the option to insure the car up to the full appraised value. I'll see what the premiums are and decide. For the 38,900 I had before, full coverage was a whopping $338/yr. I'm not worried about the cost as these type of policies are cheap due to limited driving miles and usage.

[02fanatic]

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

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.

[M3 Ryan]

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.

[///schwartzman]

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.

[M3 Ryan]

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...

[///schwartzman]

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.

[M3 Ryan]

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!

[02fanatic]

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.

[lucid]

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.

[02fanatic]

Truth,

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

John

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

[poofyo101]

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

[Bastosbill]

So very true...........

[ssaylor]

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.