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      03-12-2019, 09:11 PM   #1
etr2016
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Insurance

Who is everyone using for insuring your 1Ms? Im using Statefarm and it seems expensive considering I drive less than 2k miles per year! I got a quote from Hagerty and it was 1650 a year. I would think a car that is barely driven would have less expensive insurance. I have no tickets or accidents.
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      03-12-2019, 10:30 PM   #2
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So many factors go into an auto insurance premium, it's nearly impossible to compare. But for the sake of being helpful, we pay $800/year for our 1M with USAA. That's for 6,000 miles/year, very good coverage limits, and reasonable deductibles. We have three vehicles on our policy + other insurance products with USAA and all kinds of discounts.

In nearly 20 years with USAA, neither my wife nor I has ever had an accident, but we did have a windshield replaced via our comprehensive coverage ($$$$ heated Sprinter van windshield) and one of our teenagers absent-mindedly got out of our Golf GTI without setting the parking brake and it rolled out of our garage, across the street, and into our neighbors mailbox, which created a claim, but thankfully no injuries (or worse). It occurred to me this wouldn't have happened with an automatic vehicle, but if this is the price to pay to have kids who can row their own gears, so be it. My neighbor across the street - the one whose mailbox died - couldn't understand how a car could "just roll away." My wife told her our car had a manual transmission and she looked confused - like she maybe didn't understand that there's no "Park" equivalent on a manual transmission car, or that there's even such a thing as a car whose gears the driver must manually change. It was then I realized by insisting my kids learn to drive a manual transmission, I'm saving them from automotive ignorance.

Interestingly, our 1M is the most valuable vehicle on our policy, but the least expensive to insure. I should probably make sure they know what it's worth so in case it's totaled, they don't pay out $30k or something. Wondering if anyone has any advice on that front, as well.
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      03-12-2019, 10:34 PM   #3
etr2016
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Agreed on the variables, but $800 seems like a more appropriate number considering the mileage driven...
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      03-13-2019, 12:30 AM   #4
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It will pay off to shop around. Get quotes from Liberty Mutual, USAA if you qualify, Mercury, and Wawanesa (small but can be good pricing). Any company that you see TV ads for are probably much more expensive.
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      03-14-2019, 06:22 PM   #5
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Having it insured for fair market value generally requires an appraisal that needs to be updated every 2-3 years. The insurer will use the appraisal to ensure it to the appropriate value of the car rather than a book value.

I have appraisals on both my 1M and Z4 M Coupe which were used to ensure the car.
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      03-14-2019, 09:40 PM   #6
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etr, I currently use Wawanesa but I am in the market. I have been getting 20% increases every 6 months for the last 4 or so years. This despite 20 years and perfect record. With the 1M you are in good shape because bluebook values high but last year I was rear ended in my excellent condition, all original paint, clean title and mechanically perfect 2003 330i ZHP 6MT with Alcantara Interior and 120K miles. I was restoring the car piece by piece and was considering a repaint. I bought the car in Rhode Island and drove to San Diego because it was Mystic Blue with the Alacantara interior which is not just rare, but a great combination unlike the guys with "rare" color combinations that no one would want. : )

Anyway, I was rear ended by a kid and the appraisal came in according to the other guys insurance company at $5500K. Because of this and the estimate being $5000 to repair, they immediately sent me to their totalled division. They said now that my car was totalled I had to return the rental car whether or not I came to an agreemeent on price and take it out of the body shop as they won't pay storage because they deemed it was totalled based on their stupid appraisal. I was shocked by the arrogance and close mindedness of Mercury so I told them I would just go with my Insurance, Wawanesa and they would take better care of me. Nope. Worse. The lady that was my adjuster was the most ignorant close minded, ignorant, stupid, worthless, no business dealing with cars, did I say stupid already? Person I have ever dealt with.

They gave me a $5000 value on my ZHP and to add insult, they deducted $300 because I didn't have leather and better yet, they deducted another $500 because my ZHP was not automatic! Needless to say, the ZHP was the first non-M car to get a 6 speed and when it came out it was not even offered in automatic. The ZHP was MANual only when it came out. I tried talking to the lady and she just get talking over me with stupid things like you don't even have leather and manual is a bad thing. Everyone wants automatics. I tried explaining over and over again...yes but not in ZHPs. The opposite is true. Manuals are worth more!

So I tried showing her that people were asking $5K for salvage title ZHPs like mine that that were not even as nice. I sent her countless postings for ZHPs not as nice as mine for 10-15K. I sent her bringatrailer auctions, EAG posting. I sent her articles about ZHP and all my receipts for 5 years totaling $15K because I was basically restoring the car. The new headlights alone and full OE BMW suspension refresh where a big chunk.

She just tossed it all away without a thought and said, I have to give her someting within 100 miles of my zip code. I tried telling her, THERE ARE NO GODDAMNED ZHPS like mine listed within 100,200 (don't recall now) miles. She can't use any of the ones I sent her. So I request an independent appraisal. They hire a guy who comes out and looks at my car. Takes a bunch of pictures and goes away. I had a friend that used to work for them and I found out that he appraised my car at a low, but at least respectable $9500. So I was still upset but I was so fed up that I was just going to take it and move on.

Then I call because I haven't heard anything. the stupid should-have-no-business-working-with-cars woman tells me that the appraisal is wrong and they are still going to give me $5000. I asked her for a copy. She won't give it to me because it's wrong. I said I want to see it. She says no. It's wrong so it won't matter. I asked her how much and she wouldn't tell me but I already knew. It was freaking insane. I was so upset by her dishonesty at hiding the independent appraisal and ignorance that I just didn't want to talk to her. I told her I would go back and deal with the other people at Mercury because Wawanesa has my cars and my house and this was going nowhere. I was going to lose it.

mercury also had a woman that knew nothing about cars and she told me the same thing. My comps had to be 200 miles etc and wouldn't look at anything I submitted. finally, I filed a complaint with the California Insurance Commission and the next day a manager, who I had asked to speak with many times, called me. She said that if there are no cars within 200 miles, they can look at the national ones I submitted. I have been saying that for weeks!!!!!! She got on autotrader and cars like mine were being listed between 11-15K So finally, she offered me the reasonable price and I settled out of exhaustion.

So if you drive a Camry, you are fine with Wawanesa. But if you drive anything like a 1M BEWARE! Danger. I guarantee you they will tell that your 1M is worth less because it doesn't have a sunroof and automatic transmission. The level of ignorance is astounding.

The one positive with Wawanesa is that they use mileage driven so insuring the 1M is inexpensive with them but I worry that if something happens, I will get the same morons again. So I am shopping.

Here is picture 1 week before i got rear-ended.

Man, If I could've gotten this car like this for $5K I would have gotten two!

So be careful. If the bluebook values drop, you will be dealing with morons for sure at Wawanesa and except for the manager lady, Mercury too. I think guaranteed value is the way to go but if you want the lowest price and drive few miles Wawanesa can be inexpensive...for now. They have quadrupled my insurance in about 4 years with nothing changing.
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      03-14-2019, 10:27 PM   #7
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RIP ZHP.
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      03-15-2019, 09:13 AM   #8
etr2016
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nachob, thanks for the feedback! I think i'm going to stick with StateFarm who has been quite good for me besides my opinion of their pricing. My 1M had a small scratch on the windshield on the INSIDE (not sure how this even happened), and they replaced the windshield for free using OEM glass. With that said, I just would have expected insurance costs on a car driven so infrequently to be less...but i'll stick it out at this point!
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      03-15-2019, 09:42 AM   #9
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Definitely shop around, your rate sounds quite high for how little the car is driven.

I'm currently with Progressive, paying about $1,100/yr for my 1M that averages 12-15k miles a year located in 12603. $500 comp w/glass & $1k collision deductible and decent coverage. I get a few discounts but also have some dings on my license from tickets/accident.

Holy crap to that ordeal with Wawanesa, poor ZHP
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      03-17-2019, 11:53 PM   #10
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There is one thing that you can do to reduce your insurance premiums on a collectible car, if you live in an area with 4 seasons, and you don't drive your car during a significant part of the year. I have way too many cars, 4 of which I don't drive at all between mid Oct. or early Nov., and sometime in May.

This past fall I turned off all coverage on these 4 cars other than what is referred to as "storage" insurance, e.g. coverage for cars that are not being operated, and perhaps preferably, are garaged. This means you can't drive the cars, because they aren't covered for collision or liability, windshield glass breakage from rocks, etc. As long as the car just sits and isn't being used, you are covered for whatever might happen to it such as theft, vandalism, or being in a house fire. You can also take those car(s) off of your umbrella policy, if you have one, and save hundreds more. When the seasons change and driving weather comes, then you just call the insurance company and turn the coverage back on.

I am saving a couple thousand dollars by doing this, a sizable chunk of what it is going to cost me to fix the evaporator in my 1M this May :-)
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      03-18-2019, 09:48 AM   #11
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Quote:
Originally Posted by champignon View Post
There is one thing that you can do to reduce your insurance premiums on a collectible car, if you live in an area with 4 seasons, and you don't drive your car during a significant part of the year. I have way too many cars, 4 of which I don't drive at all between mid Oct. or early Nov., and sometime in May.

This past fall I turned off all coverage on these 4 cars other than what is referred to as "storage" insurance, e.g. coverage for cars that are not being operated, and perhaps preferably, are garaged. This means you can't drive the cars, because they aren't covered for collision or liability, windshield glass breakage from rocks, etc. As long as the car just sits and isn't being used, you are covered for whatever might happen to it such as theft, vandalism, or being in a house fire. You can also take those car(s) off of your umbrella policy, if you have one, and save hundreds more. When the seasons change and driving weather comes, then you just call the insurance company and turn the coverage back on.

I am saving a couple thousand dollars by doing this, a sizable chunk of what it is going to cost me to fix the evaporator in my 1M this May :-)
Mon ami, I just got this in an email from Hagerty and it talks about a soldier that put his car in storage while deployed and put his insurance in "storage" mode. When he returned mice ruined his boss 302.

Do you know if your insurance would cover something like this and which company? That would be helpful, it sounds like a great idea for winter people.
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      03-19-2019, 12:33 AM   #12
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Quote:
Originally Posted by nachob View Post
Mon ami, I just got this in an email from Hagerty and it talks about a soldier that put his car in storage while deployed and put his insurance in "storage" mode. When he returned mice ruined his boss 302.

Do you know if your insurance would cover something like this and which company? That would be helpful, it sounds like a great idea for winter people.
There aren't any vermin in my garage, which is constantly being used for other things such as storage of the 2 cars I do use all year, for my snowblower, miscellaneous stuff from Costco that I haven't put away yet, etc. I am in my garage multiple times each day.

That having been said, it is my understanding that no residential insurance covers "vermin." I know this because I had a squirrel in between the "hot and cold roof" of my house briefly, which cost me a significant sum to get rid of and to repair damage done to ceiling drywall from his or her presence. I called my insurance carrier and was told that there was no coverage for "vermin." I confirmed that on reading my policy, which is the top of the line policy that Safeco writes. I have been told by others that residential insurance typically excludes "vermin" damage and it is not covered.

I would assume that this applies to car insurance also. So this poor fellow would be up shit's creek without a paddle even if he had left his car fully insured when on deployment.
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