Why shouldn't I get collector car insurance?

[e30_325es]

Hi there. Not many of you know me, I kinda just lurk. I just got this idea in my head that I think Collector car insurance (like Hagerty) would be a good idea for my e30. What are peoples thoughts on this? Who has theirs insured that way? Currently it is just on my Progressive account, but I think I can pay about the same amount, if not less, on collector's insurance.

Now a quick bit about my e30: 86 325es that I've had for almost 10 years now. Still has the original paint (in very good condition), but is now powered by a built s50 (high comp forged pistons, vac stg 2 head and hi-po cams, 3.5" maf, etc), custom dual 2.25" exhaust. Suspension is e36 325i 5-lug with GC coilovers and vorschlag camber plates. Interior has Sparco reclining seats and a roll bar. Since I bought it, I prolly have around $45k into it (been through 2 suspensions, 2 engine setups, in and out of a stereo system, etc), and know I'll never get all of it back, so I never plan to sell it. I also only drive it ~5k a year, it just sits in the garage the rest of the time.

I know you also have to have another car to get collector insurance. I have 2 (sorta) dd's, a mini and another e30 (auto 91 that's for sale!). Basically I don't want to have to fight to get the appropriate value for the car if it gets wrecked. Whats a stock 86 325es worth these days, $2k? Yeah, 2k won't do this thing justice.

So what does R3v think? Collector car insurance worth it?

Oh, I suppose I should through a pic or 2 in the mix:

[Pantless Spency]

45k and still have diving boards? da fuck?

[TurboJake]

I only needed to get two paragraphs in to tell you that you can't get collectors insurance.

Collectors insurance requires a stock motor.
Hot rod insurance allows you to change it..

Good luck!

Also. How on earth do you spend 45k into an S50 swap... Why even bother with an ES with that kind of money? That's 4500 dollars a year, to drive it 5k a year.

That's $1.05 per mile (Including fuel) to drive this....

[urbancynic]

Hagerty does permit non stock vehicles.

However, you MUST have a daily driver that is NEWER than your classic.

They also require that it is garage kept and isn't used as a daily driver or for race events.

You also must be 21 or older and have a clean driving record.

They do request an estimate of how much it will be driven but they don't ask for mileage to check it against.

I have hagerty on my mg and I like them a lot.

If you can meet all their requirements then I say go for it.

[reelizmpro]

I have agreed value insurance through American Collectors and car modifications weren't an issue. However, the car must be garaged, driven less than 4500 miles a year and for pleasure only. It makes sense and works if you have multiple cars. Other companies will have different stipulations.

[TurboJake]

Hagerty does permit non stock vehicles.

If this is the case, give her hell. Why not?
I should switch my datsun over... Hopefully they don't recognize Hobbyist plates are Collector plates. Because they aren't.

[kts]

I say go for it. I have Hagerty for my E30 and E36 and it was very easy to get the quote and get coverage. I pay $350/yr for both and have $6k coverage on both. (A heck of a lot more than State Farm would have given me if either one had been wrecked.) I had to send them photos, a list of parts that were on the car and proof of insurance on another car.

I don't know about this having to have a stock motor to get coverage, pretty sure Hagerty didn't care. List the car as a modified car and list the swapped engine.

You'll need to figure out how much you think the car is worth and go from there for the agreed value. If you ask for 45k of coverage they may want some proof it's worth that, if you go for $15k they may just say "pay us $X and it's covered." (The later is how it worked for my for both of my cars I have with them.

Get the quote. I'm sure it will be a lot less than your currently paying and a lot more coverage. Check their mileage limit, I think I'm limited to 2500 miles a year, there may be a way to pay a bit more for the 5k miles/year you are driving.

[trackjunkie21]

I called American Collectors and I got a quote for 159 dollars a year for full coverage. You tell them how much you think the car is worth in your eyes and they work around that, I told them the car is worth around 5k (this was before the motor swap). Car must be garage kept or at the very least parked on the driveway and only used for pleasure, again no driving events or things like that are allowed. The limit is 5,000 miles a year but you can always raise the limit which ofcourse brings the yearly rate up a bit. It's worth it if you rarely drive the car.

[e30_325es]

Yes, DB's for life!! (I just tried euro bumpers on the front and HATE the look) The 45k (or was it 35k, I don't remember) isn't just the s50 swap, that may be $10-15, idk I didn't keep a close tally on it. The first 6 or 7 years I had it I kept an excel spread sheet on it and just forgot to keep updating it, but last i remember it was over $15k

Hagerty does permit non stock vehicles.

However, you MUST have a daily driver that is NEWER than your classic.

They also require that it is garage kept and isn't used as a daily driver or for race events.

You also must be 21 or older and have a clean driving record.

They do request an estimate of how much it will be driven but they don't ask for mileage to check it against.

I have hagerty on my mg and I like them a lot.

If you can meet all their requirements then I say go for it.

The only thing I don't meet on there is race events. I'll have to check Hagerty again on that part, thanks!


Oh, and I did an online quote for Hagerty, saying the car was worth $15k, and they told me $525 for a year of insurance.

[kts]

The only thing I don't meet on there is race events. I'll have to check Hagerty again on that part, thanks!

What he/Hagerty means by this is that when you are on the track/autox course/etc your car isn't covered. Off the track it is covered by them.

[tk-421]

What he/Hagerty means by this is that when you are on the track/autox course/etc your car isn't covered. Off the track it is covered by them.

I thought that was true for just about every insurer unless you have a special add-on to allow track use?

[kts]

I thought that was true for just about every insurer unless you have a special add-on to allow track use?

You would be correct.

Most folks go with something like Lockton Affinity's HDPE insurance for track days where you pay per day/event. (They also do it by year or # of events as well.)

A bit more expensive and with a somewhat hefty deductible. But I know a few people who have purchased it and it helped save them a ton compared to having to shell out $$$ after an incident on the track.

[urbancynic]

What he/Hagerty means by this is that when you are on the track/autox course/etc your car isn't covered. Off the track it is covered by them.

Yes. But if you must use the car for track events then I suggest you dont say a word about it to them. And be prepared to take a total loss if you do use it at an event and something happens because they won't cover you.

Other than that they are fantastic. Very easy to deal with. I pay about 200 a year for 5k miles and a value of 5k on my MG. But I also live in the car theft capital. And I was under 25 at the time.

I also suggest you opt in for their Roadside service. Go all the way on it because it will cover you for a tow up to 125 miles on ANY of your vehicles with $0 out of pocket.

Also, they will want a picture of your car in a your garage and a copy of your current insurance policy info to prove you have another vehicle that sees daily duty.

[brutus87]

Go for it, nice car OP

[mariajames01]

Look if you can get collector car insurance on agreed value from a good provider there's nothing like it. My dad has agreed value auto insurance for his with The Hartford and he gets really good rates on his own terms. Don’t do it if you won’t get an agreed value policy.