my e30s52 ..... help with insurance value

[bdi_fc]

I just finished my swap under the impression that I could insure it. And after talking with at least four insurance companies, I don't think this is the case.

1. Wawanesa (Current insurance)
   No dice. Not licensed to issue "stated value" policies.
2. 21st Century Insurance
   Sorry, no, stated value policies available here.
3. AAA
   Sorry, your car isn't over 20 years old (I have an '89) and it isn't a "real" classic or "collector" car.
4. AllState
   No stated value.
5. Chubb
   The agency for Chubb that I called actually gave me the most attention. She said that she recognized how much work I had put into the car, but sadly, chubb scoffs at anything near the value I'm looking at.
   I just got off the phone with her and she said that she would call Safeco (another company they work with) and she would try to get me a policy. EDIT: She called back and stated that Safeco offers a program for good drivers (thankfully this includes me) that works for cars over 10 years old, but this policy limits annual use to 2500 miles and no commute miles.

The worst part is that Wawanesa and AAA assured me that they could offer me a policy before I started my swap.

Then, I read that "stated value" policies aren't worth anything since the insurance company can default to the good old "actual cash value" anyway.
See here:

• Stated Amount or Stated Value This policy is often misunderstood, and frequently used for collector cars. Most insurance agents represent stated amount or state value policies as being the same as "Agreed Amount." It is not! A "Stated Amount" policy usually says the insurance company will pay the lesser of: The Stated Amount or The cost to repair the covered auto not to exceed the "Stated Amount" or The "Actual Cash Value"
  The "Stated Amount" helps determine the premium cost but is no guarantee of the settlement amount of the car if a total occurs. The "Actual Cash Value" is explained above and allows the claims adjuster to determine the loss often for less than the "Stated Amount". Most insurance agents are not aware of this claims detail. Many agents, unaware of the actual policy language, will insist if your collector car is stolen or totaled, you will receive the stated value. They are Wrong!

I just recently got in an accident that wasn't my fault (insurance confirmed the other driver 100% at fault). I'd hate to see this same thing happen to the E30S52 that I've spent all this money and, more importantly, time on.

What the hell am I supposed to do now?

[bimmer8604]

I just finished my swap under the impression that I could insure it. And after talking with at least four insurance companies, I don't think this is the case.

1. Wawanesa (Current insurance)
   No dice. Not licensed to issue "stated value" policies.
2. 21st Century Insurance
   Sorry, no, stated value policies available here.
3. AAA
   Sorry, your car isn't over 20 years old (I have an '89) and it isn't a "real" classic or "collector" car.
4. AllState
   No stated value.
5. Chubb
   The agency for Chubb that I called actually gave me the most attention. She said that she recognized how much work I had put into the car, but sadly, chubb scoffs at anything near the value I'm looking at.
   I just got off the phone with her and she said that she would call Safeco (another company they work with) and she would try to get me a policy. EDIT: She called back and stated that Safeco offers a program for good drivers (thankfully this includes me) that works for cars over 10 years old, but this policy limits annual use to 2500 miles and no commute miles.

The worst part is that Wawanesa and AAA assured me that they could offer me a policy before I started my swap.

Then, I read that "stated value" policies aren't worth anything since the insurance company can default to the good old "actual cash value" anyway.
See here:


I just recently got in an accident that wasn't my fault (insurance confirmed the other driver 100% at fault). I'd hate to see this same thing happen to the E30S52 that I've spent all this money and, more importantly, time on.

What the hell am I supposed to do now?

The best info i can tell you is to talk to an appraiser. My dad has had friends with collector cars and older rare pieces that have been in accidents, and some(not sure which) insurance companies will accept a value given from an appraiser. You might call a few others(or same) insurance companies and ask on their policies if a car has been appraised rather than stating a declared value.

hth

kyle

[Beej '86 325es]

a couple of years ago my agent said i was covered for "whatever the car was worth.....regarless of what book value was." so, i either need to find some e30s52's for sale (good luck finding one) or having some help here ditermining value.

My agent told me the same thing when I asked if I could just cover it for a set amount. The other option was to have it appraised.

My suggestion would be to keep hunting for other similar cars for sale, and present that to them. It may be a longer process. Maybe even do a search for cars that have sold here on R3V.

[bdi_fc]

Has anyone actually insured their car for "agreed value"? If so, which company?

[Mike B.]

Yes, I am insuring my '91 w/ a Euro 3.2 swap for $17k with Nationwide. I did the same thing with my '71 911.

On a side note, they will also cover damages incurred at a DE. As long as it's not a timed event, they will payout.

[bdi_fc]

Yes, I am insuring my '91 w/ a Euro 3.2 swap for $17k with Nationwide. I did the same thing with my '71 911.

On a side note, they will also cover damages incurred at a DE. As long as it's not a timed event, they will payout.

Awesome. I'm calling them today. I will post the result.

[bdi_fc]

Awesome. I'm calling them today. I will post the result.

I called a Nationwide agent in Laguna Hills, CA. The agent was friendly but said that Nationwide would not be able to help. He is looking elsewhere for me, however.

Mike B., maybe you could refer me to your agent? I know he's out of my state, but perhaps he can underwrite insurance anywhere?

[Mike B.]

I don't have a local agent, I just use the national number for claims, policy changes, etc...

I have multiple policies with them (3 cars, homeowners, and life) for over 10 years, so maybe they were more willing to work with me.

I took pictures of the car and sent them a list of the upgrades with my receipts in order to get the value I requested.

[bdi_fc]

My search continues.

I've checked with Grundy, Hagerty, and California Insurance Specialists. No one will do a 1989 BMW at agreed value.

They won't consider a different value than bluebook.

[James Crivellone]

I'm with Liberty Mutual, going to set it up with agreed appraised value, under collectors car (20 years old)

I had it insured for 11K before I ripped the car apart.

[bdi_fc]

I'm with Liberty Mutual, going to set it up with agreed appraised value, under collectors car (20 years old)

I had it insured for 11K before I ripped the car apart.

Do they have mileage restrictions on the car?

[grib]

Do you have receipts to support what you spent on the car? (Engine/major swap parts)

Last year while moving some insurance stuff around, I talked to several brokers and the practice seemed to be that most companies would cover what you could provide actual documentation (receipts/invoices) for. Most companies seemed open to an agreed value, but the problem with that is that I am constantly adding onto/changing the car.

I am with State Farm, and they were happy to consider an agreed value for the car.

Always a hassle with the insurance folks. Best of luck!

[bdi_fc]

Do you have receipts to support what you spent on the car? (Engine/major swap parts)

Last year while moving some insurance stuff around, I talked to several brokers and the practice seemed to be that most companies would cover what you could provide actual documentation (receipts/invoices) for. Most companies seemed open to an agreed value, but the problem with that is that I am constantly adding onto/changing the car.

I am with State Farm, and they were happy to consider an agreed value for the car.

Always a hassle with the insurance folks. Best of luck!

I have every receipt, since I thought they would look at those to appraise the value of the car.

I will call State farm. Thanks!

[bmw332i]

Do you have receipts to support what you spent on the car? (Engine/major swap parts)

Last year while moving some insurance stuff around, I talked to several brokers and the practice seemed to be that most companies would cover what you could provide actual documentation (receipts/invoices) for. Most companies seemed open to an agreed value, but the problem with that is that I am constantly adding onto/changing the car.

I am with State Farm, and they were happy to consider an agreed value for the car.

Always a hassle with the insurance folks. Best of luck!

I have State Farm as well, and I do the same thing. Every time I do something significant to the car, I bring a copy of the receipt in to them, and they just put it in my file, and make the appropriate change to my coverage. It's not cheap, but if something happened to my car, I'd be pretty well covered.

[equate975]

All I can say is good luck.

I just raped by insurance when I totaled my m3, if you want I have about 100 pages of e30 m3s that were for sale if you wanna fax them all to insurance to show them what your car is worth.

I have Ronal scans from the past.... 6 years I think.

Edit:

The real question is though, wtf were you driving your m3 in winter?!?!