Hagerty Ins. query...

[garz747]

I finally contacted Hagerty to put policies on my '01 330i and ' 07 M coupe but have a few reservations. They are requesting a signature on a disclaimer stating that the car will not be used for commuting or errands which is fine but it also states basically coverage is for attending hobby car/shows? For the M coupe they want a signature that rules out racetrack outings as well which is understandable. Any comments?

[86Zed]

How affordable is the coverage with those stipulations and what is the agreed upon value? Any race events would be outside the scope of their coverage anyway, with the potential for a third party single event/weekend coverage - so why the fuss?

[Murf993]

My wife has a '79 Mini which is insured with Hagerty and the annual price is about $200, with similar stipulations as the ones you mention and that is fine for my wife usage of the car. I just got an email from them offering an online quote so I filled out their online estimator for my 993 which quoted me $1064 annually with some restriction on usage.

I was shocked given that I currently have full usage insurance on the car bundled with our DD, a 2015 MB GLK, our home insurance and our rental property insurance for $3600 annually. The 993 portion is cheaper than Hagerty by a long shot and more flexible coverage.

[wdb]

Originally Posted by Murf993

My wife has a '79 Mini which is insured with Hagerty and the annual price is about $200, with similar stipulations as the ones you mention and that is fine for my wife usage of the car. I just got an email from them offering an online quote so I filled out their online estimator for my 993 which quoted me $1064 annually with some restriction on usage.

I was shocked given that I currently have full usage insurance on the car bundled with our DD, a 2015 MB GLK, our home insurance and our rental property insurance for $3600 annually. The 993 portion is cheaper than Hagerty by a long shot and more flexible coverage.

We have all of our coverages lumped together too and see a decent savings because of it. I tried Hagerty a few years ago when I got the 3.0si coupe but they were well above what I was paying already. I'm tempted to try again with the Moupe anyway.

[Murf993]

Originally Posted by wdb

We have all of our coverages lumped together too and see a decent savings because of it. I tried Hagerty a few years ago when I got the 3.0si coupe but they were well above what I was paying already. I'm tempted to try again with the Moupe anyway.

Funny, I just got my Hagerty renewal update in the mail today. My wife used to daily drive the Mini and it was about $1200 a year for Ins.....the $400 now makes more sense, I think for collector cars it can be a good deal but the restrictions are pretty tight.

Good luck.

[bwright657]

I would look into Grundy. I just switched to them from Geico for my Z4M Coupe and my Miata. They were half the cost of Hagerty. Here's a direct quote from their website:

"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."

[Steeler]

I signed that same letter.
How will they know if you are running errands unless you have bags of groceries or 2x6 sticking out the hatch.

I don't take my Zed to the mall or to work. Strictly weekend or evening drives.

[wdb]

I tend to combine fun drives with errands so it is a sticky thing for me. For example last weekend we meandered around in the E93 for a couple of hours with the top down, eventually arriving at a Costco by a very circuitous route. I'll do the same with the zed, perhaps a stop at a beer store at the end of a fun run.

[kaybat]

I just switched to them, i didn't have to sign any kind of waiver.(Not for the Z)

[garz747]

No racing is fine, but no errands? No shopping? Theyre wont be any hobby / car shows with this damn covid 19 anyway. Coverage is about $400. My regular carrier is about $1200 for the year and I put insurance on hold for Nov 30-May because of winter here so pay about $600 for 1/2 year. Not really worth it to switch with their stipulations.

[GyroF-16]

This is interesting...
I got an online quote for my Z4MC from Hagerty last week - $750 for the year, if I specified that I’d drive 4000 mi or less each year. I thought there was also mention of daily driving it for up to 5 months a year.
The appeal for me is full “agreed value” insurance. I intend to call them to discuss specifics in the coming week.
Anyone with firsthand experience with them, please chime in on the advantages & disadvantages in your experience.

[3002 tii]

I looked into this a while back but didn't think the restrictions were worth it. What happens that one time I decide to take my car to work on a nice summer day and I get rear ended? The Z4s have come down so much in pricing they're not even that expensive to insure.

Unless you know for sure you won't be driving the car much and you bought as a collector item, I can then see the case for going with Hagertys but I enjoy driving her too much (even though I put on less than 4000 miles per year).

[KevinC]

I jumped from State Farm to Grundy over the weekend. I was paying $735/yr for the Z4MC with State Farm (and a very similar amount for my Golf R). Grundy's price - $462 for very similar coverage, but with NO deductibles, and NO mileage restrictions, and none of this silly language about how you can't use the car for day-to-day purposes. They only require that you have an actual daily, that the "collector" car is garaged, etc.

I tried to get a quote out of Hagerty, and they declared my car ineligible. I think one of my answers to their questions tripped me up, about ever using it for errands or similar. Boom, your're out. But not with Grundy.

Downsides? Have to pay entire premium at once, no payment plan. No app and very primitive online tools. But that's it, at least until if/when I actually have to use them. Happy to be saving the cash in the meantime. Oh and agreed-upon value - that's huge. I have mine at $35k for now. Will adjust in the future as the market dictates.

[3798j]

Originally Posted by KevinC

I jumped from State Farm to Grundy over the weekend.

Good move, you won't be disappointed. I've been a Grundy customer for over 20 years (think $$$'s saved). While I've personally not had a claim, a friend that had the misfortune experienced a well versed professional adjuster followed by the claim being correctly handled.

[KevinC]

^^ clearly I need a much bigger garage!

[Hawkeye]

Originally Posted by KevinC

^^ clearly I need a much bigger garage!

I was thinking the same thing! I was also thinking, what the hell are these people talking about? I have never heard of either of those companies. Not being able to daily my car if I want is a no go for me off the bat though, even though I am probably only around 5k miles a year.

[3798j]

Originally Posted by Hawkeye

I was also thinking, what the hell are these people talking about?

Insurance companies that offer agreed value coverage. It is probably the biggest reason to switch...particularly for those who are in the car hobby (old car and special interest). Lower cost is the other bonus.

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 total loss.

[KevinC]

Agreed value is especially important on the Z4MC as book values are hysterically low, and always have been. I have no desire to have to fight with an insurer to get what my car is worth if the unthinkable were to occur.

[Molez93]

Originally Posted by KevinC

Agreed value is especially important on the Z4MC as book values are hysterically low, and always have been. I have no desire to have to fight with an insurer to get what my car is worth if the unthinkable were to occur.

This is entirely why I just switched to Hagerty for my Z4MR and Lotus. I tried Grundy a while back, but they weren’t interested in the BMW at that time. I’m definitely paying more for each of those cars compared to my regular company pre-switch: $1950 vs $1600

I fought a regional insurance company on my totaled X5M with 100k miles a couple years ago.
Their fair market value? $16,300
Cheapest beater in the US at the time? $20,000
Reasonable comps? $22,500
It was guaranteed to be a bigger nightmare for a 1-owner, all original Z4M with just 36k miles if anything happens to that.

[wyshyvanuk]

I currently use USAA for two BMWs and some home insurance. I will go with Hagerty after a claim is paid for a windshield on the Z. Agreed value is very important to me, but a larger issue is the ability to classify the car as a "collector", with delightful effects on the emissions inspection requirements.

[maupineda]

Does the Z4M qualify as a collector’s car?

[Molez93]

Originally Posted by maupineda

Does the Z4M qualify as a collector’s car?

I believe it depends on the company, and the answer may change over time.