Cost of raising the value of your coupe for insurance purposes

I have been with Hagerty for all my collector cars - for 30 years.
While they have been good to deal with (as in customer service aspects, never had to file a claim), they are not the cheapest. I have a car at SFDon's currently nearing completion and... once the car is back with me and the dust settles, I will shop my coverage requirements around and see what I want to do. I suspect I will leave Hagerty as there are probably better/less expensive alternatives out there (but I don't want to change before the car is finished).
 
I have a 335xi coupe. After years of sedans etc with kids, I was in the clear to get a DD car that I wanted. I actually pay 30% more for the coupe than I would for the exact car if it were a sedan. Repair costs would be the same. The assumption is that I have a coupe so I drive more aggressively......really? Sad that profiling is frowned upon but it is OK for car insurance companies.

Bmachine, my dad was right. He said never lie, but never volunteer information.
 
Since Hagerty went public my impression is their agents are working to a new metric. Yes they are scrutinizing those they insure differently.

My policy is up in early November and I spoke to them about increasing the insured value on my car. Previously insured for $70k I requested an inceace to $120k.

I sent pictures and told them about the cars history and they agreed to the adjustment. The coverage increase cost was proportional to the increase in value. I consider this fair.

I will note that I had a recent claim with them on my Volvo P1800ES. I clipped a dear who bolted in front of me. The damage was limited to the left front headlight surround. An easy fix. However since the car has no obvious break point to blend the paint they agree to a full glass out repaint or the entire car.

This car is a driver with questionable paint quality. I was amazed.

Insurance costs are an issue but to me the level of response from the entity you are insured with us even more critical. Sometimes you get what you pay for.

I have no complaints.
 
My highest declared value vehicle's premium is around .4% of value, same as almost all my vehicles, including the E9. My highest premium is around 1% for a 1996, which is declared at the same value as the E9. Higher premiums seem to be triggered not by value but by the "modernness" of a car making it more likely and viable to be used more frequently, potentially even as a DD.
 
adawil2002 said:
Had one BMW with Hagerty & it was too expensive. Had to be flat bedded in Germany & submitted the receipt for the expense. I was informed the $1400 premium for 1 month in Europe didn't cover towing. So after shelling out an additional €1,300 for all the expenses for the repair caused by the shipper. so over the course of 1 year I had spent close to $3,000 for useless insurance. Cancelled Hagerty with a quickness.
Click to expand...
Andrew was your car insured with Hagerty prior to the Europe trip and the charged you an additional $1.4K for the trip?
 
Luis A. said:
Andrew was your car insured with Hagerty prior to the Europe trip and the charged you an additional $1.4K for the trip?
Click to expand...

Yes. Insured with Hagerty from May 1st 2021 to May 1st 2022. They have an underwriter in the UK who handles Europe.
 
It's hard to get an apples to apples comparison...

Restrictions vary

Allowed mileage varys and often can be specified by the insured by car affecting the premium

Also, I assume in this thread you are ONLY comparing the cost of collision and comprehensive for your E9. Bodily injury, property damage, personal injury, uninsured/underinsured motorist, BI/PD, Spare parts, towing, are usually billed separately from the collision/comprehensive and the premium applies to all cars. Don't include this in the premium in this thread, but it is a factor in the overall cost of the policy and can vary by quite a bit based on the coverage limits specified and the state.

If you have multiple collector cars, the collision/comprehensive cost will be less than if it is the only collector car you own (at least that is my experience). Quantity discount?

Each state has different insurance laws that can and do affect the premium.

Your location in your state has an affect on the premium. Downtown NYC would likely have a higher rate than outside of Buffalo.

Your driving record can affect the premium
 
Last edited:
When I added the 8th car to my policy, it was an ordeal. I was kinda frustrated since I thought it would be easy to add this 1982 528e for the minimum value ($3k) and it was way more questions than I had ever been asked adding a car. Turns out the 8th car threw me into a “high value tier” which I thought was laughable given the car I was adding. I also received a “spread of risk” discount since I have 3 addresses for storage. I ended up receiving a refund check adding a car and then the next years premium was cheaper by the cost of the 528e. Was surprised about that.
 
Dick Steinkamp said:
It's hard to get an apples to apples comparison...

Restrictions vary

Allowed mileage varys and often can be specified by the insured by car affecting the premium

Also, I assume in this thread you are ONLY comparing the cost of collision and comprehensive for your E9. Bodily injury, property damage, personal injury, uninsured/underinsured motorist, BI/PD, Spare parts, towing, are usually billed separately from the collision/comprehensive and the premium applies to all cars. Don't include this in the premium in this thread, but it is a factor in the overall cost of the policy and can vary by quite a bit based on the coverage limits specified and the state.

If you have multiple collector cars, the collision/comprehensive cost will be less than if it is the only collector car you own (at least that is my experience). Quantity discount?

Each state has different insurance laws that can and do affect the premium.

Your location in your state has an affect on the premium. Downtown NYC would likely have a higher rate than outside of Buffalo.

Your driving record can affect the premium
Click to expand...
Very true of course
 
I received my Hagerty renewal and requested a quote from Heacock.
I have 6 cars with Hagerty and the 71 2800CS is insured for $70K.
Heacock came in around $200 less than Hagerty.
However, then came the response from the Heacock agent and they are using NADA as their baseline.
I will be staying again with Hagerty as they have been hassle free so far.
Are there any E9s in "High retail condition" for $45800?
Below is there response:
  • The requested value of $70,000 for the 1971 BMW 2008CS - Do you have a bill of sale showing that was the purchase price for this vehicle? Previous sales are showing $35000 - $61000 and the NADA guide is showing $45800 in High retail condition. Without proof of purchase at $70,000 we will not be able to go that high. More than likely, we will be able to offer around $40k for the vehicle value.
 
I have an agent and there was no issue with getting a 100k value policy from Heacock, that sounds off to me.
 
Stevehose said:
I have an agent and there was no issue with getting a 100k value policy from Heacock, that sounds off to me.
Click to expand...
Steve
I agree he is way off!
He also challenged the 97 M3 DInan and said they would only insure it for $15k.
He must be a newbie.
 
Dan Wood said:
I received my Hagerty renewal and requested a quote from Heacock.
Click to expand...
Just send them this link...

bringatrailer.com

E9 Coupe

Browse and bid online for the chance to own a BMW E9 Coupe at auction with Bring a Trailer, the home of the best vintage and classic cars online.
bringatrailer.com bringatrailer.com

....and also link to several recent BaT sales that are in a similar condition as your car.
 
Dick
I sent him the BaT scatter plot of E9 sales after he sent me this trying to justify his values.
We have since parted ways.
Dan

1676061280997.png
 
My company has been American Classic since about 2012. I thought they provided comparable, if not better, coverage than Hagerty at a lower premium price. I pay $700 per year and they value my car at $104K now and I've not had to ask for re-appraisals for several years now...
 
Bmachine said:
I've had my car insured with Hagerty since the beginning. I had modestly set its value at $60k. Since its restoration is 90% done and I am actually driving it now, I thought it was time to upgrade its insured value since I have spent considerably more than $60k on it.

So I went online to my Hagerty account and asked to up the value to $100k. The reply was ok, your annual cost will go from $465 to $700. Yikes. But that seems more or less proportional, so, understandable.

Then I get a phone call from them and they need to ask a few questions before putting it in effect:
- Has the engine been changed? Yes
- What is the new horsepower? The engine builder says it's 240 but that has not been verified
- Has it been repainted? Yes
- Did the repaint cost more than $10k? Yes
- Have the wheels been changed? Yes. From 14" to 16"

"Ok, so it looks like the car would now be rated as "Modified". So you new premium will actually be $1,100 a year."
"Whaaaat? The web site said it was going to be $700."
"Yes but if the new horsepower is more than 50hp over stock, and if the new paint is over $10k and if the wheel are now larger, it is a modified, which is more expensive."

Anyone else run into that?
Click to expand...
well, now we know the correct answers.
 
HB Chris said:
I switched to Grundy two years ago, it is written through Philadelphia Insurance. Coupe at $125K I think $688, NK at $25K $153, Chamonix at $30 $185. Total $1026.
Click to expand...
Grundy charges me $275 yearly for my 635 with full coveraage and a declared value of $35K which is a bit light so I will try to bump it up. No mileage limits other than you can't use it to go shopping All the pleasure driving and shows are fine
 
You must log in or register to reply here.
Back
Top