E9 1973 fully restored Now Insurance

pickman

pickman

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The 35 year project is complete enough to insure. My insurance guy suggests Haggerty Insurance Classic car coverage. At this time I would estimate my car is a 9 out of 10 only needing the under hood placards to fully complete. ( I know I will never be done fiddling on this car). I have no idea of the value of this vehicle.

Does the forum have advice for Insuring these E9 BMW's?
 
Hagerty is good (full disclosure: they are my insurance company) but there are others, which a search of this list will reveal.

A "stated value" policy allow the holder to specify the value of the insured item, and of course, as the value goes higher, so does the premium.
 
I have State Farm and have it registered with them as a classic car and the insurance is very low. I had an incident once and they were able to resolve it to my satisfaction. I will try there as well
 
I have Hagerty and I will say that when I re-valued my M6 from 25 to 35K, my premium went up about 30%. I would be interested to see what the premium will be for 125K .

Happy with them and they do insure your car even if unregistered and getting restored. Even had short term coverage when being towed to and from painting. Do wish they would move to insure DD's. I find Mapfre intolerable.
 
I just increased my coupe value on my Hagerty policy from $85K to $100K.
 

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Have used Hagerty & State Farm. State Farm may give you additional liability coverage if you have other policies with them.
 
I recently priced around and found American Classic the most reasonable with a $40K value on my 635 and 6K miles a year. Clean driving record and no reported accident violations. I did have a citation. Driving school dismissed it. They didn't ask about claims. That may come into play when I have the policy put into place but that remains to be seen. I haven't bought the policy yet so I don't know if things will change when I firm it up but do have a quote in writing. They were over $200 less than Haggerty. State Farm would only allow 2K miles strictly to car events unless my agent was way off.
 
I use Hagerty for 3 cars.

72 3.0 CS- just finished a 4 year rebuild. Insured by Hagerty for $125,000. Just good photos, and a Hagerty employee was at a car show and saw it. They may ask for an appraisal.
Premium $936 per year.

88 M5, a 9 out of 10 car. Insured for $60,000 Premium- $751.00

87 Porsche Carrera Targa- 8 out of 10 car. Insured for $37300. Premium- $423.00

If you went to a high end body shop and ask them about the best insurance companies for classic cars they would hands down tell you that Hagerty is the best to work with.
Maybe not the cheapest but who wants to be cheap after all the money and work we've put into these cars.

I am currently dealing with State Farm on my DD, an E46 M3 Laguna Seca Blue. I changed lanes and bumped into a car that moved into the space next to me that was vacant not 20 seconds before. I have a pick up and a daily with them as well as a home owners policy.
I would run as fast as I can from State Farm.
Look up law suites against them?
One attorney wrote about how they have special teams to try and keep your money and get the cheapest job possible on a repair. They make body shops source used parts for repairs. Common in the industry in today's world.
They actually lied to me on the phone yesterday. I wish I had been recording it. I finally had to just tell the lady I couldn't talk anymore.

If you know someone that owns a body shop call them and ask please.



Gary
 
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Have an 'agreed value' with State Farm and is bundled with my other vehicles. Fairly easy process and they didn't need an inspection. I just listed some details and sent in requested pics. Worked for me.

Ha! I guess Gary and I were typing at the same time....guess I'll look into SF performance, they have performed quite well for me when I had a different vehicle (a DD) stolen...twice....
 
I have Grundy on my collector cars. I compared today with Hagerty. Apples to apples. Grundy was 27% less. I had 3 car buddies do the same (one had Hagerty and compared his rates with a competitor.) In all cases, Hagerty was the highest. (stated value, no mileage reporting, kept in locked garage, 300k liability, zero deductible collision and comp).

I think Hagerty has the best marketing and promotion, a great magazine and is always visible at big meets. They also have a good reputation for claims processing and the bulk of the market. A good website and instantaneous online quotes...but there is competition.
 
This post has caused me to look at values again on Hagerty. I think I need to actually lock my garage door.
 
I'd just like to add this.
I like to drive my cars and they (Hagerty) don't actually state any mileage restrictions. They told me the key is just not a daily driver. I sometimes drive my M5 to the grocery store. Maybe not the smartest move as it's all about exposure but they do need to get some exercise as I do. I do go to a lot of little neighborhood shows throughout the year when we aren't having a virus shut down. Alternating cars per manufacturer.
I drove my Coupe to Ofest in Colorado in 2014 before I did the body part of my rebuild. I called them up and told them I was going to drive 5000 miles RT to a car show and they said have fun.
All my cars are in a garage and I have an alarm system, all things they will ask you.
Hagerty has a drivers club that you have to pay extra for. My only beef with them. $70. They provide lots of great communication and stories as well as one of the nicest magazines out there. So I dropped my BMWCCA membership after 17 years and that $50 goes towards the Hagerty club.
The magazine is hardly ever about BMW's but it's about the automotive world and where we are and where it is going. I have noticed with the sale of some coupes in the last 18 months on Bring A Trailer that Hagerty is much more willing to have a $125k value on a coupe. If you study their evaluation tool it will reflect that as it does trends in the collector car world in which we navigate. I wish I was getting a commision on this but in fact I'm usually the cheap ass. Just doesn't make sense with all the work and years I've got in 3 cars.
 
I vouch for Gary. He is a cheap ass. :D

I have 3 collector cars with Modern. I comparison-shopped premiums and coverages a couple of years ago. I have no claim experience with them, however -- which should be as important (or more) for our cars than premium amounts.

Mr Google will yield numerous insurance company ratings. Here's one that likes Amica and USAA: https://www.bankrate.com/insurance/car/best-car-insurance-companies/
 
dbower said:
I vouch for Gary. He is a cheap ass. :D

I have 3 collector cars with Modern. I comparison-shopped premiums and coverages a couple of years ago. I have no claim experience with them, however -- which should be as important (or more) for our cars than premium amounts.

Mr Google will yield numerous insurance company ratings. Here's one that likes Amica and USAA: https://www.bankrate.com/insurance/car/best-car-insurance-companies/
Click to expand...

It takes one to know one. Ha Ha.

Yes, Amica is one of the best but don't know much about them. They do not work with brokers and USAA requires some kind of military history or family connection.
 
I support local... Hagerty headquarters is 3 hours from my house. :p. I use them for Thier restoration policy and road policy. I've had two friends file claims, they both walked away from the experience pleased.

I encourage you to talk to representatives from the big names and feel them out.
 
The MSRP for that car in 1973 was $10.634, you multiply by 5.81 to get 2020 dollars, so that car new today would cost $61.677, now you multiply by 0.9
because condition is 9/10 and you get $55.509 as the value to insure it for.

I am happy with Hagerty but I have never had to submit a claim.

I hear conflicting stories on whether they would cover incidents on occasional use. Sometimes I think it is best to self-insure (beyond liability) because I know I would cover occasional use and be flexible with myself on claims. How many cars does one need to own for self-insurance to make sense statistically?


pickman said:
The 35 year project is complete enough to insure. My insurance guy suggests Haggerty Insurance Classic car coverage. At this time I would estimate my car is a 9 out of 10 only needing the under hood placards to fully complete. ( I know I will never be done fiddling on this car). I have no idea of the value of this vehicle.

Does the forum have advice for Insuring these E9 BMW's?
Click to expand...
 
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