State Farm classic car insurance

[Mdriver]

Who has this coverage for their M3? How many miles are you allowed a year?

I went in this morning to get the paperwork done and the agent casually mentions that I could only drive the car 2,500 miles a year! On the phone she said the annual mileage limit was 7,000. My agent says that she verified the 2,500 mileage limit with two underwriters.

I thought I read on the board that the limit was 7,000 miles a year.

- gabor

[///Empowered]

Try Hagarty insurance. Awesome to work with.

They are stated value. Which means you decalare the value you wish to insure it for. Example, say you feel you could not replace it for less than $18k. Then your stated value is $18k and you pay low annual premium. No milage restrictions, but you must have another newer car as a daily driver and the car being insured must be garage kept.

I have $16k stated value for $360 a year in rural PA.

[Mdriver]

I use my second, newer car as my daily driver but my M3 is kept in a carport with a car cover.

I would like to followup with the State Farm route first. If that does not work then I will be checking with Hagarty. I am just not sure how that works when you setyour own value of a car. Do you supply photos or something that verifies the truthfulness of your claimed value?
-gabor

[OnrailsM3]

I am with Voyager Classic car insurance

They were easy to deal with, just sent them pictures and got a stated value policy of 20K with 6K a year in milage. Car is supposed to be garaged. You also need to have seperatly insured car for a daily driver, which you do.

It's just a hair over $500 a year, which for NY is a steal.

Don't know about claims (Knocking wood) but they answer their phones and e-mail so I'll just hope for the best.

http://www.classicautoquote.com/

I'd say give them a try, at least get a quote.

Hagerty and many others won't write a car with a cage, these guys do.

[iluvm3s]

I am with Hagarty insurance... I am only paying $325 for one year Full coverage in NYC..

[Mdriver]

With Hagarty, you need to pay for an appraisal correct? And you need to keep the appraisal updated every two years?

-gabor

[d2a4]

Just consulted with my Mercury Insurance: if I need a higher value than BBK (Blue Book is a joke, $3000, LOL) then I need an appraisal from my mechanic (need to confirm one more time) and pictures. I am waiting for the form they sending to me. Not sure how this will affect my insurance rate (read up!!! Currently paying $550/6 months in SoCal for 3 cars, RX300, E39 528i & M3). Currently the M3 is daily driver (yeh).

[paintpro21]

a month ago I was on the phone with a knowledgeable Hagerty rep for half an hour. you pick any value you want as long as its not ridiculous. if you wanted 50k coverage you could get it but your premium will be that of a 50k policy. your really just picking a sum of money and you want insured.

I told him my car has a welded in roll bar and he said that is a non issue. many cars have them. their site mentions cages not being allowed but that isn't directed towards our cars, but more towards drag cars.

in an accident you pick the mechanic. if you total the car they just cut you the check for the full amount you picked to insure it for.

when you pick your value you don't need receipts of stuff, you just pride three photos. outside, interior and trunk. there is no appraisal fee as long as the car is less then something like 75k.

I'm going to call them back in the morning and speak to their claims reps or an underwriter to find out what their policy is with track schools, HPDE's, and autocrosses.

also the coverage they have on the site as part of the quote is super low. they provide something like 30k medical while the coverage I have right now is 300k. same goes with property damage and so on. but today on the phone they told me that you can increase those to higher levels and the premium will barely increase. they specifically said it would increase maybe 23 bucks. so that is good news so far.

[///M0F01SD]

Thanks for this thread guys! I'm gonna check out these options since my insurance will not do stated value on both of my M3s. I have Wawanese btw, they have good customer service & competitive rates but no stated value, so now i gotta leave them.

Rey

[1988E30M3]

This thread came in at a perfect time for me. I recently purchased my M3 and my insurance company said that with full coverage in the event of a claim, they will only pay KBB minus depreciation.
I will certainly look at one of the insurers listed here to insure my M3.
Thanks!

[kristoj]

I had State Farm briefly when I first got my M3. They required an appraisal and had the 2,500 mile mileage limit. I switched to Grundy, which like Heagarty, is a stated value policy -- no appraisal required. I pay $383 per year with an agreed value of $25,000. You can gt a free quote at www.grundy.com.

[paintpro21]

Well I talked to a Hagerty underwriter today. I specifically talked to them about how they cover events like autcrosses/drivers schools and track days. They said they don't cover anything that is on a track what so ever and no competition driving, so autocrossing is out too even without the track. For somebody who isn't going to track their car I think they would be the best choice though.

I have 21st century right now and I have no idea what they would pay me for my M3, but When I spoke to their underwriter they told me the cover anything that is not a speed challenge. as long as there is no winner in the event its covered. So driving schools and open track days are covered but autcrossing by definition is not. So for now I'm going to stick with 21st since I'd rather get some money in the event of a track accident, then get nothing, and I'm less worried about an accident on the street.

[d2a4]

Bad news: Mercury only insure a max amount of $5200. I got a quote from Grundy of $170/year for a $10K value (not bad at all).
I doubt any insurance co will insure car on track or DE event.

[paintpro21]

I doubt any insurance co will insure car on track or DE event. [/B]

21st covers events on track that are not racing. Progressive also covers incidents on track.

They'll pay out less willingly but if you can prove its not a race they pay. Guy I sold my SRD seat to on sunday just had 18k in repairs done to his e36 when he crashed it at Infineon at a BMWCCA event. He told them exactly what he was doing and where. Although he did mention having the instructor in the car with him was important.

[Mdriver]

Well this thread looks like a nice wake up call for those of us without full coverage for our M3s.

I definitely need to switch from State Farm to another carrier which offers full coverage.

Thanks for all of the input guys!

- gabor