Lets talk insurance

[Money$hit]

$80ish/month. Liability on 1989 e30.

[JasonC]

I thought with State Farm you can put a stated value on your car? Cause with the classic insurance, their cut off date seems to be 1970.

[hye d]

hey hyd

is your car a DD?

No ,American collector car ins. allows 2500 mile a year, for pleasure use only.

[///M42 sport]

In addition to hagerty's strict mileage limitation, they also require your daily driver to be less than 10yrs old. So sucks if you have another e30 as a daily.

[z31maniac]

I thought with State Farm you can put a stated value on your car? Cause with the classic insurance, their cut off date seems to be 1970.

That's who I'm with now and have been for a long time. They told me the same thing they told the OP, only "frame-off" restoration, show cars that rarely get driven.

Would it really be hard for an actuary to determine the premium on an agreed value basis on an older car?

[Moto-Mucci]

Progressive has a section for aftermarket parts where you can input how much you want to insure up to for aftermarket parts.

I'm going to be bumping mine up a few grand once the suspension and wheels go on.

Problem is, rare stock parts are still stock parts.

[thearkitekt]

I use Westfield insurance. They have my s13 insured for track use (driving ed schools only, but BMW club events count) as well as insured for the aftermarket parts. I think my coverage is up to $15,000 in parts and I have to present my receipts in the event of an accident. Its an additional cost per year, but not too bad and worth the headache if I were to crash at a track day or get hit by some soccer mom.

[rThor432]

Progressive has a section for aftermarket parts where you can input how much you want to insure up to for aftermarket parts.

I'm going to be bumping mine up a few grand once the suspension and wheels go on.

Sounds like they want to find out how much of a hot-rod you have and they will charge accordingly once you divulge what you've got.

I've got State Farm liability only. It's an old car, so I'm not too worried about it. I registered my Euro car as a 318i because there was never a 323i here in the States. It's $60 or so a month and they've got it valued at $2,800 (tax value anyway..).

[Moto-Mucci]

I use Westfield insurance. They have my s13 insured for track use (driving ed schools only, but BMW club events count) as well as insured for the aftermarket parts. I think my coverage is up to $15,000 in parts and I have to present my receipts in the event of an accident. Its an additional cost per year, but not too bad and worth the headache if I were to crash at a track day or get hit by some soccer mom.

How much is that? That sounds ridic expensive.

Sounds like they want to find out how much of a hot-rod you have and they will charge accordingly once you divulge what you've got.

I've got State Farm liability only. It's an old car, so I'm not too worried about it. I registered my Euro car as a 318i because there was never a 323i here in the States. It's $60 or so a month and they've got it valued at $2,800 (tax value anyway..).

You don't list what you've got, it's only a $ value you input.

[bimma360]

Progressive has a section for aftermarket parts where you can input how much you want to insure up to for aftermarket parts.

I'm going to be bumping mine up a few grand once the suspension and wheels go on.

Problem is, rare stock parts are still stock parts.

See i have progressive as well. And they are more then glad to insure it for whatever you want up to $150K, and raise my premium accordingly. The problem is... they told me that b/c i want to insure it for lets say $10K, that doesnt mean i'll get it. I'll need documentation such as receipts and pictures proving its value.

Pictures i can do. Problem is receipts. I have a bunch... but most of them are paypal receipts and i feel like they would give me a hard time about paypal receipts. Not to mention they are mostly for parts that are no longer produced.

The other day i added up in my head all the "biggy" items including how much i spent on my car when i bought it ($4000), and i came up to a little over $18K. With all the little things i havent remembered i'm prolly closer to 20 grand.

My biggest lump sum purchase was a wrecked dinan turbo e30 i got shipped from the west coast. I bought that thing simply for the rebuilt motor, tranny, diff, and all the dinan turbo goodies of course to put in my car. You cant really get a receipt for that. I mean whats the validity of a private party receipt. And Dinan only put these kits on like 20 cars.

So i have a 1 in 20 Dinan turbo e30, with a ton of upgrades... from a completely new and custom interior down to the little things like subrafe bushings. How do i go about proving the value of that? Thats my question... because i feel with progressive, i'm gonna need a solid way to prove that its worth the insured amount.

Dave

[Moto-Mucci]

Yea, see i just bought the car, basically stock, 4 months ago. Luckily the PO kept EVERY receipt from the past 8 years - so anything aftermarket on the car, i have a receipt for. I've also been making sure to keep every receipt in a folder for everything I've bought, even stock replacements. I don't feel that's something I should have a problem getting the money back for since I'm avoiding buying private party parts.

As far as listed value vs. what it's actually worth, this thread had some good info: http://www.r3vlimited.com/board/showthread.php?t=126774

I think you're basically going to have to find someone with some weight and experience in evaluating enthusiast cars and get them to assist your cause. There's no way the ins. company will ever take your side on handing you more money.

[Charlie]

In addition to hagerty's strict mileage limitation, they also require your daily driver to be less than 10yrs old. So sucks if you have another e30 as a daily.

They didn't bat an eye with my '98 Ti as a DD. All they asked for was "a daily use vehicle, insured under someone else".

-Charlie

[Let It Rust]

That's who I'm with now and have been for a long time. They told me the same thing they told the OP, only "frame-off" restoration, show cars that rarely get driven.

Thats interesting. I was at my State Farm reps office 2 weeks ago and I asked them about insuring my car for a higher value than the suggest blue book and they informed me I only needed an appraisal from a third party. They would then adjust the level and premium from there.

My previous car I was building to road race and they told me if I took pictures and had receipts they had no problem covering it all.

[BlackSpeed66]

Another thing I found intriguing while at work was NADA's classic car price guide. Out of sheer curiosity I tried to look up my car and low and behold, I was able to pull up "classic" car pricing for an '87 325is! In "excellent" shape, value was around $5,000 give or take. Not that this should be a bible or anything but I printed myself a copy for keeps as a "just in case". Almost all of the values of customer cars at work are based off of NADA, so now I have some quasi-legit documentation in case something happens.

[JasonC]

Thats interesting. I was at my State Farm reps office 2 weeks ago and I asked them about insuring my car for a higher value than the suggest blue book and they informed me I only needed an appraisal from a third party. They would then adjust the level and premium from there.

That's basicly what they told me with my 1996 Firehawk. Seeing that thier computers put it down as a Trans Am. And if something did happen to it, i'm not wanting to get less money for it as they are saying it's only a Trans Am, where the Firehawk is worth more money then the Trans Am's.