Tried to insure the 1 under Hagerty, but they said no

[Thunderguts]

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.

[________]

Your sentence gave it away already.
If it’s a future classic, try insuring it with them in the future.

[NorthernDancer]

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.

[Thunderguts]

Originally Posted by Onesie

Your sentence gave it away already.
If it’s a future classic, try insuring it with them in the future.

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.

[iamroddy]

How old is your Mustang? Only asking because I have one too...

[Thunderguts]

Originally Posted by iamroddy

How old is your Mustang? Only asking because I have one too...

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...

[iminhell1]

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.

[iamroddy]

Originally Posted by Thunderguts

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...

Nice! Mine is a 2007. I love the '05-'09 body style, and the Bullitt is the best looking of the bunch. Green or black?

[amg6975]

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.

[Thunderguts]

Originally Posted by iminhell1

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.

There are still ways to get what it's worth, but it's a hassle finding receipts and getting comps. More importantly, the wife doesn't have the best driving record so Hagerty would have been a way to get her off the policy on my toy cars, hence the 50% premium reduction.

Oh, I drive the shit out of my cars. I just don't have the time to put that many miles on them.

[Thunderguts]

Originally Posted by iamroddy

Nice! Mine is a 2007. I love the '05-'09 body style, and the Bullitt is the best looking of the bunch. Green or black?

Green or nothing. I don't know how you could get anything other than Dark Highland Green it's spectacular in bright sun.

[WrathOTM]

I love that color, I seriously want to paint my 1 in highlands green. Maybe in a slightly more pale green though.

[iamroddy]

Originally Posted by Thunderguts

Green or nothing. I don't know how you could get anything other than Dark Highland Green it's spectacular in bright sun.

I couldn't agree more...the dealer where I got mine in '07 called me in '09 to say he got a Bullitt (I missed out on the '08 they had, and didn't know Ford was going to offer it again in '09). I went straight there, ready to trade mine in, but when I got there, it was black. A black Bullitt is not a Bullitt .

The blue that was offered on the '01 Bullitt was a really nice color, but still, not a Bullitt.

[krhodes1]

Originally Posted by Thunderguts

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.

I doubt it on that valuation - my mom's crappy '01 Camry got totaled in Hurricane Ian and Geico (not a company known for generosity) gave us $6400 for it. Car insurance companies DO actually know what cars cost to replace these days. I figured I would be fighting them to get $3500 for it, so I nearly fainted. I only paid $4K for that car three years ago - and that was top of the market money for one at the time (it did only have 50K on it when I bought it, 61K when it drowned, but still, it wasn't a show piece).

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.

[Olgeezer1]

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.

[ptack]

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).

[Thunderguts]

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.

[gjm120]

Originally Posted by Thunderguts

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.

I have 3 old British motorcycles and had them insured with 'regular' insurers. Went to Hagerty and save a good bit. I think Hagerty looks at the age, rarity and the likelihood the vehicle gets driven very much. My bikes get nearly nil mileage some years. Anyone would know a 1966 Triumph is going to spend most of the time in a garage. The non collectible insurers simply look at it as a motorcycle and charged accordingly. I'm not at all surprised Hagerty wouldn't insure the 1er.

[Thunderguts]

Originally Posted by gjm120

I have 3 old British motorcycles and had them insured with 'regular' insurers. Went to Hagerty and save a good bit. I think Hagerty looks at the age, rarity and the likelihood the vehicle gets driven very much. My bikes get nearly nil mileage some years. Anyone would know a 1966 Triumph is going to spend most of the time in a garage. The non collectible insurers simply look at it as a motorcycle and charged accordingly. I'm not at all surprised Hagerty wouldn't insure the 1er.

It's all a moot point since they don't cover the 1 and there's nothing we can do about it, but it does make an interesting discussion.

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.

[gjm120]

Originally Posted by Thunderguts

It's all a moot point since they don't cover the 1 and there's nothing we can do about it, but it does make an interesting discussion.

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.

Same way with mine. But there are plenty of 1 Series out there getting driven to wherever and I guess that would make it risky for Hagerty to consider it like a 1966 Triumph m/cycle. I get annoyed at my insurance for not discounting my 1er because of the few miles it gets. The only way to remedy that is to let them spy via the obd port and I am not doing that.

[NGEE]

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.

[Chorn519]

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.