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      01-15-2024, 08:47 AM   #1
dkat
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Insurance

I am concerned about the value of my 1M in the event it is totaled in a flood or accident. I currently have Geico, & was told they generally go by Kelly blue book value. When I put my information in to determine car value on KBB, It comes up insufficient data. I am considering a pro-active move to change insurance. My AW 1M has 12,500 miles & is in pristine condition. Where do you guys insure your 1M? Does anyone have an agreed value policy & what are you paying? I only drive it on nice weekend & average less than 1,500 miles/yr.
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      01-15-2024, 11:25 AM   #2
ayao
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Quote:
Originally Posted by dkat View Post
I am concerned about the value of my 1M in the event it is totaled in a flood or accident. I currently have Geico, & was told they generally go by Kelly blue book value. When I put my information in to determine car value on KBB, It comes up insufficient data. I am considering a pro-active move to change insurance. My AW 1M has 12,500 miles & is in pristine condition. Where do you guys insure your 1M? Does anyone have an agreed value policy & what are you paying? I only drive it on nice weekend & average less than 1,500 miles/yr.
I am in a similar situation to you (other than more mileage on the car.)
I had gone so far as to get a quote from Hagerty as other friends have cars that they insure with them based on agreed value. It was a little more expensive than my current gen pop policy, but I just haven't gotten around to getting it done.
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      01-19-2024, 03:30 PM   #3
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Quote:
Originally Posted by ayao View Post
I am in a similar situation to you (other than more mileage on the car.)
I had gone so far as to get a quote from Hagerty as other friends have cars that they insure with them based on agreed value. It was a little more expensive than my current gen pop policy, but I just haven't gotten around to getting it done.
I am currently insured with Hagerty. Yep, it's definitely not the cheapest insurance around but I do like the peace of mind. You essentially work with them to come up with an agreed value of the vehicle and they insure you based on that.

I live in a condo and my car is parked underground so I wanted to make sure I got insurance that would cover theft/vandalism or total loss or anything like that.
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      01-20-2024, 01:04 PM   #4
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If you don't know the value your insurance company would pay out in the event of a "total" loss, you should call and ask them to tell you. I have travelers, and my agent covered the vehicle according to my state's laws and at the value I think it would cost to replace it. Since insurance varies state-to-state, it would be best for you to call agents licensed in your state and ask these questions.
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      01-24-2024, 07:35 AM   #5
dkat
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Originally Posted by PRTSB1M View Post
If you don't know the value your insurance company would pay out in the event of a "total" loss, you should call and ask them to tell you. I have travelers, and my agent covered the vehicle according to my state's laws and at the value I think it would cost to replace it. Since insurance varies state-to-state, it would be best for you to call agents licensed in your state and ask these questions.

Geico does not have brokers. I was told that the value is determined by KBB.
When I search the KBB website to value my car, it has insufficient data to determine value. So that is the issue. I will most likely move it to another carrier when driving season returns in the northeast
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      01-29-2024, 05:48 PM   #6
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2011 BMW 1M  [0.00]
Initially I had it insured as a 2nd car on the same policy as my daily driver but didn't want to get into a situation where I'm fighting with the insurance company over the replacement cost.

I now have mine insured with Hagerty with agreed value of CAD$98,100 (about US$73k)

Costs me CAD$2,704.44 per year. No at-fault accidents or tickets on my record. So it's not cheap but I do get:

2m in liability
$1000 deductible for loss or damage

It can only be used for "leisure" so not covered if I'm using it to commute to work every day or any business use. My policy also says 3000km/y (~1800mi)

There are other endorsements and benefits in my policy - towing/roadside assistance, immediate coverage on any other collector vehicle you purchase.
My policy also lets me "retain salvage of the automobile", so if it's deemed a total loss they pay me out and my understanding is I can still keep whatever is left of the car.
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