classic car insurance

[zaq123]

what do you guys have your e30s valued/insured at in the US? I wanted to get 50k policy for my 1990 325i but American Collectors said it's valued at $30k only. Complete restoration too, total bs IMO because I'm pretty sure that I spent more to get it in its current shape (I don't want to count tbh) What value did you guys gett on yours?

[strickland]

I think my insurance is maxed at $25K. They wouldn’t go higher for me, based on comparable models. But mine is not a ‘classic’ insurance.

Good Q. I will be curious to see other people’s answers.

[zaq123]

What insurance do you have if you don't mind sharing?

[JasonWilson48]

I have mine set at $15k through Hagerty. (although I'm not nearly into my car that much) I also selected "Cherished salvage" option. Which lets me keep the car if it gets totaled, with no buyback fee. Happened to my last car. It is only $45 a month even with my last claim that happened less then a year ago. Hagerty was super easy to work with getting my insurance payout. I just sent before and after pictures/videos of the accident. No one even came out to look at it. And since it was already registered antique in PA, didn't have to get a salvage title or anything. Kept the title, got my payout minus $1000 deductible, kept the car... all within 2 months of the accident happening.

Hagerty does require you to have a daily driver though. Which I'm assuming every here has, as a 1 car solution of an E30 bold nowadays. And not to mention is probably a beater. Don't see anyone daily driving $15k+ examples of these cars.

[2mAn]

My agreed value with Grundy is $10k, but I will be increasing it this year when I renew. Agreed Value shouldnt matter what you declare because you are paying a premium based on that value. Try Hagerty or Grundy and see what they say. Im sure you have receipts to justify your amount but you shouldnt even have to.

[Matt341]

Hey I went with Open Road classic car insurance they are newish and going after Hagerty directly. Hagerty is really forcing this "hagerty drivers club" as part of the deal and they just keep adding it to all my quotes then gaslighting me when I didn't want it. Open road was cheaper by about 20% offered the same coverage. Check it out.

[ehrawn]

[QUOTE=zaq123;n10161642]I wanted to get 50k policy for my 1990 325i but American Collectors said it's valued at $30k only.[/
That’s weird. If it’s agreed value insurance (Hagerty, Grundy), then they’ll insure it for whatever premium you're willing to pay. Hagerty had no problem with me increasing my valuation, and I’ve had really good experiences with them paying out when needed. You might want to consider what kind of company you’re dealing with given your situation.

[reelizmpro]

They go by comps so if your model is a special model (like an M3) it's easier to get a high evaluation. When I switched my 85 323i from regular insurance to agreed value, they would only insure it for $15k before I supplied them with receipts and showed them comps. Then we settled on $20-25k but it took a lot of convincing as they just aren't hip to the different models. So they are being real picky about higher evaluations for the more common models and I understand their position. There are plenty of E30 comps on Bring a Trailer, so that's been a good reference. You could do better with a professional appraisal if you feel they are still undervaluing.

[82eye]

our best offer here was through hagerty and they capped it at $25k, and that is only after reviewing receipts and getting a physical appraisal done by a certified appraiser we pay for. i have it on lesser insurance until i do some more work before going through the process.

[MrBurgundy]

I got Hagerty

35k 79 bucks a month 0 deductible

[zaq123]

My agreed value with Grundy is $10k, but I will be increasing it this year when I renew. Agreed Value shouldnt matter what you declare because you are paying a premium based on that value. Try Hagerty or Grundy and see what they say. Im sure you have receipts to justify your amount but you shouldnt even have to.

I thought the same as well....... but it is not how they work it. I was ok with my requested $50k agreed value and what they gave me as a premium cost... just over $700/y with 5k miles per year on the car as a max allowable, and $500 deductible. And not just for car shows but for pleasure rides etc... Main part is that it must be garage kept and not a daily driver. I was thinking to bump it up to $80k for $1k/year......but it was just a quote. Agreed value I guess means agreed by both parties haha. They didn't agree with my amount and estimated at $30k with the same conditions but for just over $400/year premium. And I live in the area where regular car insurance is expensive (congested state, a lot of retired drivers, legal weed ....all that shit that increases premiums for the area)
Basically the only way it can get up if you start winning car shows or like a significant change in a market value, collectors market not a general car market. I'm not exactly sure tbh how much I have in the car since there is not a single nut/bolt that was left unturned and it was a complete restoration done by myself including paint. Alpina original parts weren't cheap as well as some major items to restore the engine plus a few things like Haltech and ITBs. If I count my labor as free, maybe the estimate is close. I honestly do not want to know how much I put into it haha since it was not a "for sale build".

[zaq123]

I got Hagerty

35k 79 bucks a month 0 deductible

Hagerty was more expensive for me just based on the quote vs American Collectors. My researched showed Hagerty is less strict with daily use hence the price maybe, not sure... but this e30 is not a daily by any means, weekend fun. Oh and no track use as well, not sure if Hagerty covers that.

[MrBurgundy]

hagerty offers track insurance separately by day

they never really asked me questions when insuring my cars for some reason

I remember I had it at 25k and they called me and said I can bump it up 10k to 35k for 10 bucks a month, which I took. 0 deductible is crazy too, in a good way.

no complaints w hagerty