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Classic insurance

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RossDinan6
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Classic insurance

Post by RossDinan6 » Sun Mar 21, 2021 1:17 am

The local BMW CCA club had a cars and coffee today at the local dealership. My junk was by far the oldest present.

After leaving and some miles away I had some appliance operating moron attempt to come into my lane, since obviously mirrors are optional. A horn, turn toward the curb, and a brake lockup thankfully avoided an incident (the tire smoke and noise was impressive). An unfriendly hand gesture was not possible. The deer in the in the headlights look I saw passing the moron was sad.

This event got me thinking about insurance. I have enjoyed this car for the last 20 years and insure it on my regular insurance policy. It only has liability. Yeah, I know......

Now, I am interested in input on input on classic car insurance. I really should get a new policy.

Lets have a discussion on valuing these things. Mine is a '84 633 Dinan turbo with many upgrades over the years. How would one value it? I have attached a pdf made when I had a weak moment, thinking I should sell her.
She is certainly not perfect, but is a sweet driver.
Attachments
6 for sale.pdf
(68.92 KiB) Downloaded 27 times
Ross
'84 633 Dinan turbo

Jlc
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Re: Classic insurance

Post by Jlc » Sun Mar 21, 2021 1:26 pm

I went with Hagerty for my shark. It's an agreed value policy and I looked at BAT auction prices, on line for sale prices, etc. to come to what I felt was a reasonable value. I liked them because they seem to have a good reputation, the price was 1/2 of what my current policy was, no deductible or mileage limit and for some $40 a year I also get the car even if it is totaled. I'd rather part out the shell than have it crushed. They also offer a BMWCCA discount.

I figured my 85 CSiA with around 130K, no rust, needs paint as the hood clearcoat cracked and the body has faded and swirl marks in the original paint from car washes, minor dash cracks, was about a 2.5 out of 4 and decided on 12k. I pay a little over 300$ for that.
85 635CSi Bronzit

Sbeaud
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Re: Classic insurance

Post by Sbeaud » Sun Mar 21, 2021 2:21 pm

I'm Hagerty as well. 88 M6 bought on BAT Jan 2019. A little under $700/yr.
1988 M6

GRNSHRK
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Re: Classic insurance

Post by GRNSHRK » Sun Mar 21, 2021 6:05 pm

Plus 3 on using Hagerty =D>

I initially sent a series of photos and written description of the car, mods, enhancements, etc., and met with my insurance carrier with the car, which underwrote the policy :-"

Initially, she had a total replacement value set at $12k, but was recently raised to $17k, along with an increase in the premium :-?

Currently paying $380 per year, which includes their premium package, or whatever they call it, includes towing, the magazine, etc. :-k

If I wanted higher coverage, I would need to have a professional appraisal :-({|=

Ross, haven't looked at your attached PDF yet, but will when I get a chance, not that I'm official in any way \:D/
:mrgreen:
Bobbo
1980 633 CSi Cypress Green/Pearl Beige
2017 X5 M Sport Xdrive 35i Carbon Black/Ivory White
2005 330 Ci ZHP Cabrio Imola Red/Bone/Black
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86_6series
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Re: Classic insurance

Post by 86_6series » Sun Mar 21, 2021 7:44 pm

Over the years I've had Hagerty, Condon Skelly and JC Taylor on several cars.
Claims for all 3 were great. I've settled on JC Taylor for cost and coverage.
My E24 agreed value is $18,000, they won't insure for more. I'm going to get it appraised by a certified appraiser
looking toward $30,000.

My 1996 C220, 61,000 miles is around $104 a year for $5000 full NY coverage.
My 1998 740i 93,000 miles is around $118 a year for $6500 full NY coverage.
The 1986, 150,000 miles is around $220 a year for $18,000 full NY coverage,

emac
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Re: Classic insurance

Post by emac » Sun Mar 21, 2021 8:57 pm

I have used USAA for my entire life. When I started collecting cars about 20 years ago USAA sent me to American collectors Insurance company. Agreed value policy with some driving restrictions. I have never had a claim, so I cant tell you how good they really are!

Jlc
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Re: Classic insurance

Post by Jlc » Sun Mar 21, 2021 9:47 pm

Same here with USAA. I went with Hagerty for the Shark as they were half the price, no mileage limit and agreed value. I’m sure USAA’s partner would be good, I use a partner for my business insurance.

Grnshrk: what do you think of their valuation tool? I have AAA so towing is not needed.
85 635CSi Bronzit

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anchored
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Re: Classic insurance

Post by anchored » Mon Mar 22, 2021 4:23 am

I use USAA with their American Collectors insurance. I pay 197 a year for a value of 12k.

I need to raise it these cars seem to be going up in value.
SHRKATK - Red 87' 635csi

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jps635
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Re: Classic insurance

Post by jps635 » Mon Mar 22, 2021 6:53 am

I have a certified value, vintage car policy offered by a mainstream insurer.
'85 635csi JPS (RA2-66)

GRNSHRK
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Re: Classic insurance

Post by GRNSHRK » Mon Mar 22, 2021 5:09 pm

Grnshrk: what do you think of their valuation tool? I have AAA so towing is not needed.
Jlc, not sure if it's exactly a "valuation tool", but I was pleasantly surprised that they raised the total replacement value up $5k without having to prove anything :shock:

I also neglected to mention that the 6 is mileage limited to 2500 per year, which it's not seeing that much use anyway, so that's not a big deal :-"

And while I haven't had to make any claims, I am satisfied with their service, and the rag is a plus =D>
:mrgreen:
Bobbo
1980 633 CSi Cypress Green/Pearl Beige
2017 X5 M Sport Xdrive 35i Carbon Black/Ivory White
2005 330 Ci ZHP Cabrio Imola Red/Bone/Black
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Tommys 89 635
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Re: Classic insurance

Post by Tommys 89 635 » Wed Mar 24, 2021 4:18 pm

I've had Allstate since my 6 was a daily driver but after retiring it to the weekends, I switched over to Hagerty. I have to say, signing up was really simple and the premiums aren't too back. I've got close 292k miles on the clock, driving less than 1500 miles a year with $20k value paying $385 a year is not too bad. I made a small claim and Hagerty was very easy to deal with. I called a few other classic car insurances around my area and it seems to be roughly the same cost.
Tommy
1989 635 CSI (Second owner since Jun 1995, driven daily and retired in 2013 with 292k to occasional driving)
2011 335D (Daily driver)

Steve M6
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Re: Classic insurance

Post by Steve M6 » Thu Mar 25, 2021 7:44 pm

I have had a very positive experience with Hagerty. They are accessible by phone, and always have been most helpful. I have my two coupes and four BMW motorcycles insured with them. The collision and comprehensive coverage for all is at stated value.

The real benefit is they charge only once for liability, property damage, and uninsured motorists. With 6 vehicles covered, and one one driver, that is a huge savings, and makes good sense. Most of the premium goes for the stated value coverages. The optional roadside service covers anything that I am driving. Another plus.
'86 635CSi 5-sp
'88 M6 Canadian
'03 530i 5-sp - ordered new, now gone, victim of someone else's spin-out on I880
'03 530i auto - now my daily driver-
'96 Ford F-150

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86_6series
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Re: Classic insurance

Post by 86_6series » Fri Mar 26, 2021 11:44 am

The reason I left Hagerty is that I had 2 cars insured @ the time, my 86-6 and my daughters 72 Skylark convert.
IIRC the total bill was just under $400 a year. My daughter then took ownership of the 72 with her own insurance.

When Hagerty took her car off the policy the cost of my 6 went to $560. I asked and they told me I lost
the multi car discount. Then I said you just lost a customer.

redrumm3
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Re: Classic insurance

Post by redrumm3 » Mon Mar 29, 2021 8:38 pm

I was with Heacock for many years and switched to Hagerty two years ago. Happy with both, but Hagerty was better for me with a multi-car discount.

BTW, nice shot of the car at Sebring in your attachment.
Scott Collins
80 Euro 635csi Stratosblau/Parchment

RossDinan6
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Re: Classic insurance

Post by RossDinan6 » Tue Mar 30, 2021 1:32 am

The snapshot came out well but for the light pole growing out of the roof. thanks.

I tried the online quote system but wasn't overly impressed with the numbers. I reckon a few phone calls are in order. Especially since Sunday some moron on a Harley copy couldn't keep in his lane and I had to take evasive action, again.

I need to move to the middle of West Texas I guess.
Ross
'84 633 Dinan turbo

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Super Coop
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Re: Classic insurance

Post by Super Coop » Wed Apr 07, 2021 8:32 pm

Haggerty for me, I switched four years ago. Agreed on total price, comp/collision/UM $300 a year with the Haggerty + towing and their great magazine...
SprCpe

1989 635csi # 3268410

Ostatecznym maszyny jazdy BMW

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