I filled out the forms for haggerty to insure my engine swapped,supension upgraded etc etc '90 325is and they called yesterday to tell me they won't cover it as its too new and they made too many.I'm from Ontario and I can tell you there isn't that many left.:)
Any suggestions to have the car covered for its value driven a few weekends a summer?
In reply to kevlarcorolla:
Progressive will allow for "custom parts and equipment" coverage if you buy comp and collision. Keep in mind that they will not cover the car if it is not a street-going auto, and it will not have coverage during motorsports competitions. In the event of a total loss or theft, the company would pay the book value plus the insured value of CP&E provided you have receipts for all the parts. Photos are also a good idea.
Hagerty will insure race-cars now, but not while on track. Just a few suggestions.
Most insurance policies, you have to read the fine print though, cover upgrades past OEM parts. Put in a $1k headunit? Covered as it replaced the OEM radio. Etcera, etcera, ectera....
You can always get a policy supplement or a stated/appraised replacement price policy too, that would be in addition to the standard auto policy.
Ranger50 wrote: ectera....
WTF?
There's probably not much you can do. There are a few specialty insurers that advertise in the old autos newspaper.You might want to check them out.
I'd put normal insurance on it, and just leave comp on it either over winter, or switch it back and forth if your broker will let you. That's what I do. Under no circumstances do you ever use the word modified when talking to an insurance broker or agent.
Zomby Woof wrote: Under no circumstances do you ever use the word modified when talking to an insurance broker or agent.
Why? I openly talk to all of my insurance agents about modifications and coverage. I don't have the need to waste time with having to fight with them over it. I show them pictures of whatever installed. Do I believe if I had a collision and it broke a AM big brake rotor or coilover to be replaced? Again depends on the policy coverage, but not really. I do expect OE/replacement parts/pricing towards replacement though.
If they say no, there are plenty more down the road willingly to take my money for the coverage I desire.
Ranger50 wrote:Zomby Woof wrote: Under no circumstances do you ever use the word modified when talking to an insurance broker or agent.Why? I openly talk to all of my insurance agents about modifications and coverage. I don't have the need to waste time with having to fight with them over it. I show them pictures of whatever installed. Do I believe if I had a collision and it broke a AM big brake rotor or coilover to be replaced? Again depends on the policy coverage, but not really. I do expect OE/replacement parts/pricing towards replacement though. If they say no, there are plenty more down the road willingly to take my money for the coverage I desire.
Yup, open and honest is the best way to do it. You should be insured for what you have, not what they think you have. If a big accident happens and they find you at fault, your coverage needs to be correct or you might be covering someones medical bills out of pocket.
You're right. Open and honest is the only way because, after all, your insurance will always be completely open and honest with you.
Ontario Canada insurance is different than the US. No one will insure a modified car, except Lant/Hagerty. To the OP - try Lant. They basically use Hagerty, but you can talk to a broker that will usually be very accommodating and understanding. I've talked to a few E30 owners that use them.
Most of the people posting don't realize we are talking about Ontario, Canada here. We have got to have one of the most E36 M3 insurance systems out there. Companies are for-profit but highly regulated, which means they don't want anything out of the ordinary.
I am with Zomby, insure it with your regular firm and don't say anything, but avoid claims on the mods.
Huh, weird. I had my modified 87 325is on Hagerty for a few years with no issues. Granted, our policy had 10 other classics on it, but it isn't impossible.
I don't know if I would consider that car modified, so getting insurance shouldn't be a problem. I think he's looking for a deal.
Zomby Woof wrote: I don't know if I would consider that car modified, so getting insurance shouldn't be a problem. I think he's looking for a deal.
Nope not looking for a deal,just trying to insure what I have so if something bad happens I get what I paid for and not dropped with no payment for bein non stock.Happened to a guy on a bmw forum that had his stolen,cancelled him and gave nothing instead of at least what a stock version was worth.
From the description, i wouldn't consider your car to be modified. An appraisal should cover your ass.
FWIW, my SF agent told me that in 35 years, they have only denied one claim using modification as the reason, and it was because the kid was trying to pull a scam, and it was their only way out. It's not nearly as common as people think it is.
Haha,well it sure modified my bank account.
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