Insurance Chat

[XMetal]

Out of curiosity, what are you guys using for auto insurance on your Z4M? I mean, do you have the traditional comprehensive policy from one of the the normal insurance company like AAA, State Farm, etc.? Or do you carry an "Agreed upon value" insurance policy from Hagerty, Grundy, etc.? I'm starting to think about this because the Z4MC has held it's value, if not ticked up a bit recently. The only thing (2 things really) holding me back with one of those "Agreed upon value" policy is the "usage clause", one of which requires you to have a newer daily driver for each licensed driver in the house (one of our daily is older than the Z4). Second is that I will loose the freedom to use the car since driving to/from work isn't allowed, which I do enjoy occasionally taking the long back road home.

Feedback would be appreciated.

[86Zed]

I use an agreed upon value policy with Hagerty for both a '07 Z4MC and '91 318iS. Both cars are used time to time for errands or an office / daycare trip, but no they are not sitting in stop-n-go traffic on the regular.

While we have fully insured daily drivers through another provider, Hagerty in no way stipulated that those must be modern or newer vehicles (wife, kids, and the rust belt took care of that...).

[3798j]

I'm an old car hobby enthusiast, so I have a number of agreed value policies with Grundy. Six years ago I asked them if the Z4 could be insured...they said no problem. Supplied 4 exterior photos plus one of the interior. Initially insured for $17,000, I've increased value twice since then...with no difficulty.
Here's their explanation on use requirements (taken from their website):

How Can I Use My Car?
Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.

When you have your car at home, it must be kept in an enclosed, secure garage when not in use. If you are away from home on extended outings your car is fully protected if you must park it outside, for example in a hotel parking lot. Grundy coverage includes Trip Interruption that reimburses you for hotel and repair costs in the event of a breakdown, and we also reimburse you for towing and labor charges up to $250. You can count on Grundy as you cruise.

https://www.grundy.com/classic-cars/

[Steeler]

Up here in Canuckistan I have used Haggerty since 2017.
At first they would not insure due to it not being old enough to be considered a "classic".
I sent them an appraisal, pictures and a list of mods.
They eventually insured as a "special interest" vehicle for an agreed value. Which I update occasionally.

Occasional use only like all other classic/special interest policies.

One other caveat was that I had to sign a waiver that the car would never be tracked.

[XMetal]

Originally Posted by 3798j

How Can I Use My Car?
We require you and all licensed drivers in your household to have a modern car for everyday use.

This disqualified me since my daily (2004 e53 X5) isn't a "modern car". I remembered asking about it and they said it must be newer than the Z4.

Originally Posted by Steeler

One other caveat was that I had to sign a waiver that the car would never be tracked.

Never be tracked won't be an issue for me. Having a "modern daily" and occasional drive to work usage on some policies are my 2 biggest issues.

[Steeler]

Originally Posted by XMetal

Never be tracked won't be an issue for me. Having a "modern daily" and occasional drive to work usage on some policies are my 2 biggest issues.

I didn't build my car for track use.

But they deemed it neccessary to cover that loophole.

[XMetal]

Just tried an online quote with Grundy. The coverage seems pretty low...better not get into an accident with any other collectible cars!

[XMetal]

The coverage on Hagerty is even more pathetic. The online tool won't even allow me to change for added liability or anything else for that matter

[86Zed]

For what it's worth I checked my Hagerty policy. Give them a call I started most my policies over the phone

Liability - $100K / $300K
Liability PD - $100K
PIP - $20K Medical, $40K total
Uninsured Motorist - $100K / $300K
Underinsured Motorist - $100K / $300K

[3798j]

Originally Posted by 86Zed

...Give them a call I started most my policies over the phone

I think this is good direction...my policies with Grundy started with a phone call. Getting a desired liability coverage quote should be pretty easy.

[Molez93]

I'm in the middle of switching from Hagerty to Grundy. Agreed value for three at $67k, $35k, and $30k (<- that's the Z4MR one). My annual premium is dropping from $2800 to $1450. Prior posts cover anything else I might add.

I think I just learned why my agent specified my '13 Subaru as my daily instead of my E38 because of that model year age disconnect

[3002 tii]

Maybe I should revisit this as well. I never heard of Grundy but I did look into Hagerty way back and the premium was really high vs what I was paying with Geico. End of day, the car is stored in a garage and I don't really take it out unless it's on track. And for that, I don't think any of these policies would cover anyway (Hagerty offers separate track insurance), so I settled on rolling the dice with my normal coverage, save $500/yr and just do my best to avoid the shit drivers.

[XMetal]

Originally Posted by 3002 tii

Maybe I should revisit this as well. I never heard of Grundy but I did look into Hagerty way back and the premium was really high vs what I was paying with Geico. End of day, the car is stored in a garage and I don't really take it out unless it's on track. And for that, I don't think any of these policies would cover anyway (Hagerty offers separate track insurance), so I settled on rolling the dice with my normal coverage, save $500/yr and just do my best to avoid the shit drivers.

Hagerty is still on the expensive side. Even with that pathetic coverage shown above, it's still about $400/year more than what I'm currently paying with AAA. Grundy is more reasonable and is only about $100/year more, but I bet it will be much more when I upped the coverage to my AAA equivalent.

[bwright657]

I have my Z4MC and my Miata insured through Grundy and can definitely recommend them. When I quoted everything 4 years ago, Grundy was half the cost of Hagerty for the same coverage (100/300k). Also significantly cheaper than traditional coverage.

I’ve had to make one claim for a windshield and everything ran fine.

[XMetal]

Originally Posted by bwright657

I have my Z4MC and my Miata insured through Grundy and can definitely recommend them. When I quoted everything 4 years ago, Grundy was half the cost of Hagerty for the same coverage (100/300k). Also significantly cheaper than traditional coverage.

I’ve had to make one claim for a windshield and everything ran fine.

Things must be different now, or location dependant because Grundy is definitely more expensive than my traditional insurance with lower coverage

[David70]

My Statefarm rate below. I've been happy enough with them to not shop around. With comparing rates, too many variables for it to mean much. I've been with them around 30 years and OH has cheap car insurance/registration. Part of the reason I don't feel as bad owning this car as I rarely drive it.

[3798j]

Be aware of the difference...Agreed Value vs. Stated Value

What is agreed value insurance?
Agreed value — sometimes referred to as “guaranteed value” — is an amount you and your insurance company agree a specified item is worth. Unlike most other coverages, if an item is covered at agreed value, you are guaranteed to receive the full amount stated in the policy in the event of a loss.

What is stated value insurance?
State value is commonly mistaken for agreed value, though the two vary dramatically in the extent of their coverage. Most commonly used to provide insurance coverage for classic cars, an item’s stated value is determined by the individual, not the insurance company. While you may even have to provide documentation proving such a value, your insurance company will not necessarily pay this amount in full should you suffer a loss.

You may value your classic car at $100,000 (and pay the corresponding stated value rates). However, you are not necessarily entitled to that amount should you suffer a total loss of that vehicle. An underwriter for your insurer will determine the market rate for the car and will pay out accordingly. If they find the market value to be $80,000, you could be looking at a payout substantially less than the value you stated.

[XMetal]

Originally Posted by 3798j

Be aware of the difference...Agreed Value vs. Stated Value

What is agreed value insurance?
Agreed value — sometimes referred to as “guaranteed value” — is an amount you and your insurance company agree a specified item is worth. Unlike most other coverages, if an item is covered at agreed value, you are guaranteed to receive the full amount stated in the policy in the event of a loss.

What is stated value insurance?
State value is commonly mistaken for agreed value, though the two vary dramatically in the extent of their coverage. Most commonly used to provide insurance coverage for classic cars, an item’s stated value is determined by the individual, not the insurance company. While you may even have to provide documentation proving such a value, your insurance company will not necessarily pay this amount in full should you suffer a loss.

You may value your classic car at $100,000 (and pay the corresponding stated value rates). However, you are not necessarily entitled to that amount should you suffer a total loss of that vehicle. An underwriter for your insurer will determine the market rate for the car and will pay out accordingly. If they find the market value to be $80,000, you could be looking at a payout substantially less than the value you stated.

Interesting...So what you're saying is that Stated Value Insurance is basically equivalent to your run of the mill conventional insurance?

[XMetal]

Originally Posted by David70

My Statefarm rate below. I've been happy enough with them to not shop around. With comparing rates, too many variables for it to mean much. I've been with them around 30 years and OH has cheap car insurance/registration. Part of the reason I don't feel as bad owning this car as I rarely drive it.


Attachment 3233166

Attachment 3233167

I only put about 2k miles per year on mine, if that. You're only paying about 40% of what I'm paying for my 2008 M Coupe

[3798j]

Originally Posted by XMetal

Interesting...So what you're saying is that Stated Value Insurance is basically equivalent to your run of the mill conventional insurance?

In a total loss, if your policy isn't "agreed value", you're in the hands of the underwriter...who will determine what your payout will be.

[Steeler]

In Ontario Canada the "agreed value" is carried on a specific endorsement.

What is OPCF 19A?
OPCF 19A, is the Agreed Value of Automobile(s) Endorsement. This endorsement will guarantee to pay the amount stated in the agreement. The amount is pre-determined by the vehicle’s appraisal. If you own a classic car, you’ll want to ensure you have OPCF 19A on your policy and ensure you know which perils are included.

[2one3E90]

anyone use aaa?