BimmerFest BMW Forum banner

Classic Car/Collectible Insurance?

2031 Views 17 Replies 8 Participants Last post by  SWISS
I have an 87 325i Convertible that I bought for $1200 5 yrs ago, have brought a verrrrryy long way since then with about $4k in projects and have plans/projects planned over the next year that will cost about another $5500. I know my regular ins will never come close to paying what I've invested and done to restore the car and thus increase its value. Have any of you ever gone thru any of the ins comanies that specialize specifically in classic cars? Also, will I need to go thru DMV to fill out one of their change-in-value forms (and probablypay some tax or another .... Thanks, California) ....
1 - 18 of 18 Posts
beware, bad news may follow.

if your modifications are ACTUAL restorations then they will increase the value, but it would have to be a PERFECT example which even then would only be worth around $4500US in todays market. the fact is, E30s are common as air, and still new enough that they aren't all rusted out yet etc. Add to the the fact its a convertible which i read somewhere is the most common E30 body style in the US and your not going to get far. the only E30 thats worth anything special is an M3.

if your modifications are lowering springs or pinstriped interiors etc then the $4500 is way out of your reach.

With all that said, your best bet to get insurance you want would be to get an independent registered valuation from a BMW specialist valuer.
Bummer. With the exception of installing a CD player and a push-button starter (vs using the key), I'm restoring it to its original specs, not making customized mods. Thanks for the tip about the bimmer valuation specialist. I'll try to track one down when I'm finished with all my little money pit's projects.
So you don't need a key? you just get in and push the button and take off? :eek:
Bummer. With the exception of installing a CD player and a push-button starter (vs using the key), I'm restoring it to its original specs, not making customized mods. Thanks for the tip about the bimmer valuation specialist. I'll try to track one down when I'm finished with all my little money pit's projects.
I think its get in put key in (unlock the steering) turn car on (with key) push button to start

I would love to see a e30 that used a fob where you can walk up unlock the doors an get in an go with out even pulling out a key

Sent from my DROIDX using Bimmer App
So you don't need a key? you just get in and push the button and take off? :eek:
That's actually what I do. I installed an alarm in 07, so I unlock the doors with the fob, get in, push the button that was installed in the center console in front of the ebrake and motor on. It can still be started with the key as an option, but I've already broken 2 keys off IN the ignition, so I'm over that drama. This is much more Hillary-friendly and kinda fun to think of a 25-y/o car that doesn't require a key :)
Hagerty is legit and your best bet.

http://www.hagerty.com/
I have an 87 325i Convertible that I bought for $1200 5 yrs ago, have brought a verrrrryy long way since then with about $4k in projects and have plans/projects planned over the next year that will cost about another $5500. I know my regular ins will never come close to paying what I've invested and done to restore the car and thus increase its value. Have any of you ever gone thru any of the ins comanies that specialize specifically in classic cars? Also, will I need to go thru DMV to fill out one of their change-in-value forms (and probablypay some tax or another .... Thanks, California) ....
pics ur banz

:eeps:
That's actually what I do. I installed an alarm in 07, so I unlock the doors with the fob, get in, push the button that was installed in the center console in front of the ebrake and motor on. It can still be started with the key as an option, but I've already broken 2 keys off IN the ignition, so I'm over that drama. This is much more Hillary-friendly and kinda fun to think of a 25-y/o car that doesn't require a key :)
Thanks, Mark!

-- Here's a pic that shows the button for ignition -- it's that silver thing in front of the e-brake

Attachments

I have my e30 convertible insured as a collectible car through American Collectors Insurance. Full coverage with a stated value policy for $5000 runs me about $200/yr. Just be aware that if you insure it as a collectible car, most policies will impose an annual mileage limit and not cover it for "daily driving" use. As a result you'll need to show that you have another car insured in your name for DD use.

With a Stated Value policy, they will insure it for whatever you tell them, although they will sometimes ask for pictures and on rare occasions a professional appraisal if the value is >$25k. The comments above about restoration vs "improvements" is mostly irrelevant. If you have $5500 invested in the car and you insure it with a stated value policy for $5500, in the event of a loss you're covered for the full amount regardless.

-Graham
Great info, Graham, thanks SO MUCH! That makes me feel better about investing in these last few projects knowing I can insure it recoup the investment if anything happens. Thank you!!!
I have my E30 M3's with ACI as well with t=stated value policies for 17K each for $280 annual for each car. They are affiliated with USAA this is how I moved from Hagerty.
I have my e30 convertible insured as a collectible car through American Collectors Insurance. Full coverage with a stated value policy for $5000 runs me about $200/yr. Just be aware that if you insure it as a collectible car, most policies will impose an annual mileage limit and not cover it for "daily driving" use. As a result you'll need to show that you have another car insured in your name for DD use.

With a Stated Value policy, they will insure it for whatever you tell them, although they will sometimes ask for pictures and on rare occasions a professional appraisal if the value is >$25k. The comments above about restoration vs "improvements" is mostly irrelevant. If you have $5500 invested in the car and you insure it with a stated value policy for $5500, in the event of a loss you're covered for the full amount regardless.

-Graham
Who did the install? I see what's going on and it isn't as easy to steal as I first thought assuming you have the most basic of alarms which features a starter disable circuit. That way the button wont be active until the alarm is disabled. So unless you forgot to lock it, you couldn't get in, hit the button and roll on.
Thanks, Mark!

-- Here's a pic that shows the button for ignition -- it's that silver thing in front of the e-brake
oh, cool! USAA is my insurance company now, so that will make it easy! Thanks for that tip as well!
I have my E30 M3's with ACI as well with t=stated value policies for 17K each for $280 annual for each car. They are affiliated with USAA this is how I moved from Hagerty.
My friend's dad installed it. He owns a smog shop, but also has a PHD in engineering and restores classic BMWs and Benzs as a hobby (his pride and joy is a 1973 2002 he rebuilt from a shell). But yes, he did some mad scientist stuff between the alarm and the wiring for the push button. He actually did that because my Rodeo (single most boring vehicle I've EVER owned and only bought it for transporting my Siberian husky sled dog team to and fro) was stolen in May :mad:and I was worried about the bimmer being stolen as well. Now it's virtually impossible to steal unless someone just slips it in neutral and pushes it around to steal it. :)
Who did the install? I see what's going on and it isn't as easy to steal as I first thought assuming you have the most basic of alarms which features a starter disable circuit. That way the button wont be active until the alarm is disabled. So unless you forgot to lock it, you couldn't get in, hit the button and roll on.
Husky theft

If you live here, they'll steal your Huskies !
They just conviscated a whole lot going to Angola...
My buddy breeds them & sells a puppy for 500 USD and a grown for a grand :yikes:
Pics of you commanding aforementioned sled dogs ur ban. :D
My friend's dad installed it. He owns a smog shop, but also has a PHD in engineering and restores classic BMWs and Benzs as a hobby (his pride and joy is a 1973 2002 he rebuilt from a shell). But yes, he did some mad scientist stuff between the alarm and the wiring for the push button. He actually did that because my Rodeo (single most boring vehicle I've EVER owned and only bought it for transporting my Siberian husky sled dog team to and fro) was stolen in May :mad:and I was worried about the bimmer being stolen as well. Now it's virtually impossible to steal unless someone just slips it in neutral and pushes it around to steal it. :)
1 - 18 of 18 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top