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12-28-2022, 10:41 AM | #1 |
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Tried to insure the 1 under Hagerty, but they said no
My agent signed my Mustang and 128i under Hagerty and my rate was about half of what I was paying for a normal policy with Farmer's. Hagerty still hadn't pushed the charge through after a week so my wife called and found out that my agent made a mistake and they refused to cover the 1, saying it wasn't a classic.
I'm a bit surprised by this. Who could possibly look at the market for 1-series right now and not conclude that they're going to keep appreciating? If the 1 isn't a future classic, I'm not sure what is.
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12-28-2022, 11:58 AM | #2 |
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In Canada here I did get a quote for my 08 128. US$ 433 for a declared value of US$ 12,600. A number of months ago I got a Hagerty quote but it was more than my regular insurance company. This April when my insurance comes due, I'll compare again. The one advantage of Hagerty is I can declare my cars value [US$12,600] whereas not sure if I can with my regular insurance.
In 2004 when I got my 1st BMW, it was 15 yrs old and I could get "classic" car insurance for $100 per $5000 of value. I think Hagerty bought out all these small companies. |
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12-28-2022, 12:34 PM | #3 |
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I misspoke, I think their policy is classic or "collectible." The 1-series should qualify under the later. If my 1 is totaled, I'm going to need to fight with my insurance company because they would try to hand me a $6,500 check and call it done. Considering it's worth maybe 3x that in a private sale, I wanted to go with Hagerty so I could declare my own value.
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deleted_397282_c43ae5ea84160.50 Olgeezer1193.50 |
12-29-2022, 12:10 AM | #5 |
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See, that's what's odd to me. The Mustang is a 2009 Bullitt. It's rare, but not crazy valuable. I only put about 1200 miles on it a year and about 4000 on the BMW. They both live in the garage unless it's a nice day. They'd be perfect candidates for Hagerty, if both were considered collectible...
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12-29-2022, 01:53 AM | #6 |
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Use the 'aftermarket parts' declaration to add to the value and get what you feel it's worth.
Or read through your policy and see if it's based on a replacement cost or how it's worded. OR, grow a pair and just drive the car because it's not worth shit and just wastes smiles sitting around collecting spiders. |
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12-29-2022, 05:26 AM | #7 | |
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12-29-2022, 08:56 AM | #8 |
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PSA: You do not have to accept what your insurance company offers if you car is totaled. You can get your own appraisal, you can negotiate, you can sue them, etc.
That said after my swap I got an agreed upon value policy with American Collector Car insurance. Hagerty also told me to pound sand. |
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12-29-2022, 11:56 AM | #9 | |
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Oh, I drive the shit out of my cars. I just don't have the time to put that many miles on them.
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12-29-2022, 12:00 PM | #10 |
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Green or nothing. I don't know how you could get anything other than Dark Highland Green it's spectacular in bright sun.
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12-29-2022, 03:32 PM | #11 |
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I love that color, I seriously want to paint my 1 in highlands green. Maybe in a slightly more pale green though.
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12-29-2022, 05:11 PM | #12 | |
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The blue that was offered on the '01 Bullitt was a really nice color, but still, not a Bullitt. |
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01-02-2023, 10:31 AM | #13 | |
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That said, I carry agreed value insurance on both of my BMWs, as well as my Triumph and Land Rover. Grundy is my agent; the policy is underwritten by AIG. It does require that I have one "collector car" on the policy - the Triumph. Otherwise, no restrictions on usage or anything. It is NOT particularly cheap for the daily drivers. But considering the wagon, Rover, and Triumph are only fully insured in the summer it's cheap enough. The Mercedes is on a separate policy as it is registered in Florida - but it's new enough that I don't worry about it at all.
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01-06-2023, 06:01 PM | #14 |
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Same here . Hagerty gave me a quote online but when I talked to an agent, they wouldn't insure my '10 128i. Not classic, not collectible (really? Try to buy one ). Also, no HPDE , driving schools on track,0 work related use.
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01-09-2023, 09:43 AM | #15 |
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Insurance companies just want to use 'book value' based on depreciation over time (among other things) and not spend any time haggling over real or imagined values. Even the specialty insurers want to have some established benchmark for calculating their risk/your cost. The more speculative you get the more expensive (and limited) the insurance is going to be. If you're trying to insure an older one series based on what you believe the actual replacement cost would be, your only hope might be self-insure it. Maybe one day these cars may be considered more collectibles than DDs, but that's not currently the case. I have one of the oldest 135is here with the most miles and my insurance is relatively cheap because the insurance isn't going to pay enough to buy me another one just like it (which would be very difficult to find). I get that and I figure the insurance savings basically goes towards a comparable future replacement (Like an M2 - if BMW ever fixes the electronic steering).
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Last edited by ptack; 01-09-2023 at 09:53 AM.. |
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01-09-2023, 10:55 AM | #16 |
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It may depend on the state, but the real benefit of choosing a specialty insurer like Hagerty is that I can be listed as the sole driver. If you have a high-performance, collectible, or classic car listed under your regular insurance, they automatically insure every driver in the household. That gets incredibly expensive if you have a teen or spouse with a questionable driving record. That's the real reason it's irritating that Hagerty doesn't consider the 1 a collectible, but the write-off value is also a concern.
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01-09-2023, 11:14 AM | #17 | |
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01-09-2023, 12:52 PM | #18 | |
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I guess I do treat the 1 like a collectible now. I don't take it to places where it would sit unwatched in a parking lot for more than a few minutes. I park far away from hazards if I do stop somewhere. I only take it out when I know there won't be storms and I always park it in the garage otherwise. I treat my daily like shit even thought it's more valuable than the 1, but the 1 is quirky, rare, and a source of joy every time I drive it.
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01-09-2023, 01:40 PM | #19 | |
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01-12-2023, 07:13 PM | #20 |
Fuck it dude, let's go bowling.
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I recently considered upgrading my 135is to a 1M, but decided I didn't have $100k+ to spend on a used car. Instead I put $10k into mine, and loving it.
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01-15-2023, 12:30 AM | #21 |
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I use them for my 1990 camaro iroc and they quoted my 2011 128i before I bought it but the day I picked the car up and paid for it they screwed me over and said they can’t insure it. Told me only convertible 128i’s can get insurance with them, no coupes.
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01-18-2023, 01:46 PM | #22 |
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Had a similar experience. I got a combined quote for my 09 128i plus my truck, website gave pricing and I accepted. Then they called to deny the 1 saying it "isn't old enough." But they couldn't articulate what the age cutoff is.
The fact you were able to insure an 09 Mustang confirms it isn't purely an age thing. Zero questions on my F-350 despite the fact Ford built it to do things specifically banned by a hagerty policy. No issue with my stated replacement value either. (About 2.5x what I put down for the 1, for reference)
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