Insuring an older German car - need ideas

"davesaddiction @ opposite-lock.com" (davesaddiction)
02/26/2020 at 14:18 • Filed to: None

Insurance cost is getting out of control for my beloved, 12 year old and 125k+ mile M3 (mine for 8 years and 85k miles). It’s time to remove it from my regular policy with Farmers and get a separate policy. It’s probably worth 15 grand or so at this point, so I’m not ready to drop to collision only. What insurer would you all recommend for this case?

Disclaimer for any insurance companies viewing this post: T his is clearly not my car at the racetrack. I would never think of doing that. I’m super responsible.

DISCUSSION (28)

Chariotoflove > davesaddiction @ opposite-lock.com
02/26/2020 at 14:32

I dunno, their commercials are all so good...

Truthfully though, I insure through USAA, so I don’t have perspective on other companies.

RPM esq. > davesaddiction @ opposite-lock.com
02/26/2020 at 14:36

If you’re not daily driving it, Hagerty is an option.

ITA97, now with more Jag @ opposite-lock.com > davesaddiction @ opposite-lock.com
02/26/2020 at 14:37

I don’t have a specific recommendation, but I do know that the specialty insurers like Hagerty or JJ Best will likely be very attractivel y priced if you can live with the limitations. Generally, less than 5-6k/ year, must be stored in a locked garage, must have other vehicles in the household for regular driving, a limited number of nights per year it is outside of it’s garage , and very limited, or no, use for commuting or regular household errands.

I you’re still using it as a normal car, you’ll probably have to stick to one of the normal, mainstream insurance companies.

RallyWrench > davesaddiction @ opposite-lock.com
02/26/2020 at 14:39

I have everything through State Farm, they’re actually super reasonable for the 911. Hagerty flat out told me no, presumably due to the high miles.

davesaddiction @ opposite-lock.com > ITA97, now with more Jag @ opposite-lock.com
02/26/2020 at 14:45

Nice - thanks. I’ll look into them.

davesaddiction @ opposite-lock.com > RallyWrench
02/26/2020 at 14:45

My BMW clearly has too many bells and whistles...

Going to check into Hagerty.

davesaddiction @ opposite-lock.com > Chariotoflove
02/26/2020 at 14:46

Luck-ey...

davesaddiction @ opposite-lock.com > RPM esq.
02/26/2020 at 14:46

Thanks - going to see what they can offer.

Chariotoflove > davesaddiction @ opposite-lock.com
02/26/2020 at 14:48

Believe me, I know it.

RPM esq. > davesaddiction @ opposite-lock.com
02/26/2020 at 14:51

They insure my old German wagon and it’s quite reasonable compared to the normal policy on my more daily-driven cars.

E90M3 > davesaddiction @ opposite-lock.com
02/26/2020 at 14:51

How much is it to insure?

Mine actually costs me less than my 3 series to insure.

davesaddiction @ opposite-lock.com > E90M3
02/26/2020 at 15:02

We’ve had to make a couple claims in the past few years, so... Mrs. addiction has a thing against concrete poles/barriers.

Manwich - now Keto-Friendly > davesaddiction @ opposite-lock.com
02/26/2020 at 15:10

And that’s why I’m a firm believer in only making claims when necessary. For smaller things, I’m inclined to getting it fixed on my own.

davesaddiction @ opposite-lock.com > Manwich - now Keto-Friendly
02/26/2020 at 15:14

How small is small? These were pretty major, despite being low speed , requiring substantial bodywork.

bob and john > davesaddiction @ opposite-lock.com
02/26/2020 at 15:27

might be worth taking just the M3 to separate policy and sign a waiver saying she wont ever touch it.

davesaddiction @ opposite-lock.com > bob and john
02/26/2020 at 15:33

That’s kind of the plan. Some insurers require one’s spouse to be insured as well .

Tripper > davesaddiction @ opposite-lock.com
02/26/2020 at 15:40

My State Farm guy has always been flexible with the fun cars, he has allowed me to sign waivers for this and that to get a cheaper policy on a spensive car without dropping big things. Also when I bought the 02 I just told them how much I wanted to insure it for, they didn’t even ask for a pic.

Manwich - now Keto-Friendly > davesaddiction @ opposite-lock.com
02/26/2020 at 15:42

I suppose anything that doesn’t involve frame/structure damage. If it’s just a bumper skin or something like that, I would consider it minor.

Basically you have to weigh the cost of paying $$$$ to get it fixed on your own dime vs the cost of having the risk of the insurance company coming to you one day saying “we don’t want to insure you for a reasonable rate anymore”... which sounds like the situation you’re now in.

Changing the insurance company is one possible option.

The OTHER possible option is to sell the BMW and replace it with a vehicle that is cheaper to insure... and have the person who caused the claims drive that cheaper-to-insure vehicle.

Here is a list of new cars that are cheaper to insure:

https://www.nerdwallet.com/blog/insurance/cars-cheapest-auto-insurance-rates/

Here is a list of used cars:

https://www.everquote.com/blog/car-insurance/rankings-cheapest-used-cars-to-insure/

davesaddiction @ opposite-lock.com > Tripper
02/26/2020 at 15:54

Nice - maybe I should call Farmers and see about special coverage before dropping it from the policy.

davesaddiction @ opposite-lock.com > Manwich - now Keto-Friendly
02/26/2020 at 15:56

Yeah, this was quarter-panel/headlight and then door damage...

Thanks for the ideas!