[speedmaster20d]

I have been thinking about this for a while....does anyone here use high-end / agreed value insurances like Chubb here?

In the current market my car's value is at least 10-20K above MSRP in my zip code, that's how much I will need to replace it with like if it is totaled. even then I have to wait months and drive a beater until one come up.. I have progressive insurance and just confirmed with the agent that they only pay the depreciated value according to their calculation no matter what, which is below MSRP...total BS... I am wondering how much more I have to pay to get Chubb or something like that with agreed value + no depreciation insurance at least until things cool off... I like to drive my car with peace of mind

any ideas?

[S58King]

I got gap insurance from BMW for 1.6k which covers the remainder of balance up to 50k which is pretty solid

[HorsePower]

You would likely see significantly higher premiums, if you were even offered the coverage to begin with. Those companies typically won’t deal with people cherry-picking coverage (ie using them for one product without giving them all of your business), and in today’s world, some of them won’t even take on a new client without comical minimums being met. If you want to explore upgrading your insurance to make sure you could actually replace your G8x in the event of a total loss, I’d find local recommendations for high-end insurance brokers in your area and ask them for quotes from companies who offer this coverage and would be willing to take you on (in light of the overall relationship you’re bringing to the table). You may find that you would need to move all of your insurance.

[ROBERT1183]

See if they have New car replacement on your policy. That will take into account the current market and what it would cost to replace the car.

[NightWriter]

I had Liberty Mutual insurance back in 2002 when my E39 was stolen, stripped down, and totaled. The claims adjuster looked around at actual 1-year old CPO'd models in dealer lots to come up with a fair market value. Given that today's prices may be above MSRP, that may be a complicating factor, but if the contract/coverage states they will honor actual replacement cost -- be sure you clarify this when shopping around -- then that's the risk they take on.

[vetteflier]

Higher premium than I have with USAA. Plus, I have 15% over ACV if car is totaled. Do have our '87 Grand National covered with agreed value. Cheaper and far better than a regular policy. '87 Regals are worth $250. Multiply that by 120 X for original owner GNs.

[BMWRacer523]

Originally Posted by BrooklynG_M3

I got gap insurance from BMW for 1.6k which covers the remainder of balance up to 50k which is pretty solid

That will only cover the difference between what you owe BMWFS and what insurance will payout as market value. It won't make you whole, i.e cover replacement cost at current market adjustments.

[speedmaster20d]

I checked Hagerty, it is about 50% higher than my current rate for an agreed value of 100K plus pretty high limits for everything.

Anyone has experience with Hagerty? I am about to pull the trigger but some feedback would be great.

[speedmaster20d]

Originally Posted by ROBERT1183

See if they have New car replacement on your policy. That will take into account the current market and what it would cost to replace the car.

in my experience national discount insurance like Progressive, Geico, State farm etc. will not pay whole for something like an M3, their business model is based on Nickle diming by paying the least amount they can unless a judgement is made against them in the court. The adjusters don't even comprehend what an M3 is or why is it not the same as any BMW. To get something out of them you need to hire a good lawyer which in silicon valley is going to cost me more than what I can recover.

I had chubb for my photography equipment, I had to make one claim, it took one phone call and emailing a receipt, no forms, no justification, no appraisal BS...next day check arrived with overnight Fedex... different business model...

[BMWRacer523]

Originally Posted by speedmaster20d

I checked Hagerty, it is about 50% higher than my current rate for an agreed value of 100K plus pretty high limits for everything.

Anyone has experience with Hagerty? I am about to pull the trigger but some feedback would be great.

I've had collector car insurance with them on my 73 Benz. Never had to claim but pretty good customer service when I was getting coverage. Also, check American Collectors Insurance. I don't drive the Benz more than 2500 miles a year. With the M3 I plan to drive about 5000/year so I am not sure how competitive these premiums will be compared to Progressive who I have now for our 2 vehicles.

[smaglik]

I had American Modern through the National Corvette Museum on on e39 M5, and had a pretty good policy (agreed value, 6000 mi/yr, can take to work a couple days a week), and they encouraged me to reach out for a quote when I got the new m3. Their quote for an agreed value policy on the g80 was about 15% cheaper than my regular insurance, but it was limited to 3000 mi/yr, as it was classified as an exotic. So, I passed, and went with the regular insurance with a new car replacement rider. If you're only going to drive it sparingly, give the NCM people a call. It's a pretty good discount if you pay the $50 to be a member of the museum.

[jwt2440]

Originally Posted by speedmaster20d

in my experience national discount insurance like Progressive, Geico, State farm etc. will not pay whole for something like an M3, their business model is based on Nickle diming by paying the least amount they can unless a judgement is made against them in the court. The adjusters don't even comprehend what an M3 is or why is it not the same as any BMW. To get something out of them you need to hire a good lawyer which in silicon valley is going to cost me more than what I can recover.

I had chubb for my photography equipment, I had to make one claim, it took one phone call and emailing a receipt, no forms, no justification, no appraisal BS...next day check arrived with overnight Fedex... different business model...

I have had Chubb and recently switched to Pure insurance. They are both outstanding. I have multiple properties, cars, valuables, umbrella policy the works. I second what you said, they hand out money like there's no tomorrow if there's an issue. People who cheap out on car insurance who are well off are insane with their exposure. And have never met a successful personal injury attorney to scare them straight. My neighbor got hosed for north of $30 million on an accident resulting in death a few years back.

[Gfit]

Hmmm. I'm no expert but I wonder if it's even legal to insure something for an agreed upon value with no depreciation. I can see insuring something for market value which can obviously change at any time.

[Tyga11]

You don't need this on an M3/M4. You're literally throwing money down the drain. If that's your thing, go for it.

[akkando]

Originally Posted by jwt2440

I have had Chubb and recently switched to Pure insurance. They are both outstanding. I have multiple properties, cars, valuables, umbrella policy the works. I second what you said, they hand out money like there's no tomorrow if there's an issue. People who cheap out on car insurance who are well off are insane with their exposure. And have never met a successful personal injury attorney to scare them straight. My neighbor got hosed for north of $30 million on an accident resulting in death a few years back.

That's my insurance concern, exposure to medical claims. Of course I would want an insurance company to make me whole after a car was totaled but I'm MUCH more concerned about someone getting injured and needing millions of dollars.

[figuec56]

My wife's Ford Escape was totaled after owning it for 4 weeks in November. With 2k miles progressive paid $5k over what I paid for the car because of the market value.

[speedmaster20d]

Originally Posted by Gfit

Hmmm. I'm no expert but I wonder if it's even legal to insure something for an agreed upon value with no depreciation. I can see insuring something for market value which can obviously change at any time.

you can insure anything for any value, it is a contract between you and the insurance company. And yeah thousands of vehicles are insured for agreed value

[speedmaster20d]

Originally Posted by akkando

That's my insurance concern, exposure to medical claims. Of course I would want an insurance company to make me whole after a car was totaled but I'm MUCH more concerned about someone getting injured and needing millions of dollars.

I agree with JWT if you are HNWI even if only on paper you definitely need an umbrella policy especially here in CA (seen it first hand).

[Sebflorida]

Geico does well with this. And it’s cheap

[SpeedyATL]

The other thing to keep in mind is diminished value. If they don't total it, you're going to lose a ton in lost resale value.

Most insurance companies will offer peanuts for this. Pay for a real appraiser to support a much more reasonable diminished value figure. I suspect a repaired accident on a carfax can easily result in $10k reduced resale value on a $70+k car.

[speedmaster20d]

Originally Posted by SpeedyATL

The other thing to keep in mind is diminished value. If they don't total it, your going to lose a ton in lost resale value.

Most insurance companies will offer peanuts for this. Pay for a real appraiser to support a much more reasonable diminished value figure. I suspect a repaired accident on a carfax can easily result in $10k reduced resale value on a $70+k car.

Exactly. Another reason for premium insurance is that they pay for diminished value as well. I was rear ended in my Audi S5 several years back the day I was going to sell it! we had agreed on 30K but after accident the buyer was not going to pay more than 22K even though the car was perfectly repaired. The party at fault had Farmers insurance, one of the worst perhaps and they denied any payment for diminished value. My insurance also paid nothing. I called several lawyers to sue the party at fault and recover but they declined to handle it since it was less than 10K threshold for small claims in CA.

so I lost 8K just like that...

[speedmaster20d]

Originally Posted by Sebflorida

Geico does well with this. And it’s cheap

my experience with Geico is terrible, I had a crack on my F80 windshield a month after I got it... it had to be replaced. They offered to replace it with cheap chinse cra* instead of OEM. The lane cameras wouldn't even work with the Chinese cr**. The idiot adjuster on the phone was trying to prove to me the difference between the Chinse cr** and OEM windshield was just a BMW logo and that they did not pay for OEM parts because they were the same as aftermarket...for a brand new 88K MSRP M3 in 2018. I told him to go f**** himself and cancelled the policy on the spot. cheap policy good for a cheap beater....