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Thread: Insurance Question

  1. #1
    DSC Off REG Z8 01's Avatar
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    Insurance Question

    Since the value of the Z8 is going up, I decided to get some clarification from my Insurance agent. I currently have Auto-Owners Insurance and have asked my agent to explain how they determine a valuation in the unlikely event something happens to my Z8. He is also checking with Haggerty.

    Has anyone gone through this process and do you have a recommendation?

    Thanks!

    REG Z8 01

    Looks like Andrew's Z8
     

  2. #2
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    They will tell you that the value hasn't risen because of your miles.

    Joe

  3. #3
    Please let us know what you find out. I would think all Z8s have risen in value over the past several years regardless of miles.

    Bill

  4. #4
    I did this last year with State Farm and wasn't comfortable with the response I got. Frankly neither was my agent and I have been with him for 27 years. Subsequently I moved five of my cars to Hagerty. I set the value of my Alpina at $250k based upon the market, it's mileage and condition and if something drastic happens to the car that is what I will be paid. I also looked at Chubb and they too were prepared to do the same type of deal but their premium was higher. I still do business with State Farm but admittedly if the vehicle is appreciating you will have to prove that your car was at the same quality of other vehicles that have sold at a higher value. You will also have to keep a file of comparable sales of Z8's over time to document the rise. The underwriters didn't give me a great deal of comfort when I spoke to them.
    Robert C. - BMW Enthusiast
    03- Alpina Z8 62141 #243/555


  5. #5
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    Hagerty usually only lets you use it to go to and from Shows, etc.

    Joe

  6. #6
    DSC Off REG Z8 01's Avatar
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    Thanks for that information RPChan. I took my Z8 out of Winter storage today and took it to my dealership, Erhard BMW, to have tge oil, tire pressure, etc checked. They have a very clean 2001 silver/black Z8 on their showroom floor. Asking $239,000 and it has been there for a month and a half.

    REG Z8 01
    2001 Silver/Black Euro
    AF77890
    46,000+ miles as of March 2016

  7. #7
    From sad experience I have to put in a vote of confidence for State Farm. Last year my car was written off in a collision with a truck, and State Farm settled with me for what I consider to be the correct price for my car at the time, which was 220k.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  8. #8
    Andrew, was that a special policy of some sort with State Farm (collector car, stated value, agreed value etc.), or just conventional comprehensive? I have State Farm for my cars and houses and have always been satisfied with their settlements, but have never had a claim of great magnitude.

  9. #9
    Good to know Andrew. I am glad that State Farm took care of you although I hate that it happened to your car. When I saw the value increasing I spoke with my agent who directed me to an underwriter and I didn't get a warm feeling about how well they would protect me. Your situation proves that they do move with the market. Thank you for the insight.
    Robert C. - BMW Enthusiast
    03- Alpina Z8 62141 #243/555


  10. #10
    It was just a regular State Farm policy, and honestly I have found that they are very, very fair when settling claims.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  11. #11
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    I am insured with Chubb and have a designated value of 225 on my car.

  12. #12
    carnut
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    Call Jim Grundy @ Grundy Worldwide, 866.338.4006. They actually invented/designed the program for collector cars, and they are familiar with the market prices. One of the largest in the business, been around a long time. Get an agreed value policy and there's no need to prove value if the worst happens.

  13. #13
    A word of caution- I insured a collector car with one of the specialty companies a few years ago, and I got a letter from State Farm saying they were going to raise my rates on my other cars (still insured with SF) due to my using the specialty company. I ended up moving that car back to State Farm. Don't know exactly what the logic they were using or if they still do this.

    Bill

  14. #14
    I have been with AAA since 1973 and they would not give me a straightforward a answer on replacement,only actual cash value....
    Very concerned after getting 2 offers at the Quail that were 225+ 20000mile topaz blue creama black interior

  15. #15
    Once again, I have to give a vote of confidence to State Farm.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  16. #16
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    Wow - I have had my stated value insurance with American Modern Property and Casualty (A+ BBB rating) as I thought their rates were very good. But based on the numbers I am seeing, I seem to be way under value on the stated value. It's been years since I changed the value so maybe it is time I did. I am paying $1100.00 / year for $145K of insurance. But it sounds like I need to increase the stated value significantly. What level of insurance are most people currently carrying on their Z8?

    Jay in Southeast Florida
    Z8 #436
    License Plate: MYBMW Z8
    Eisenmann Mufflers
    Dinan Performance Software

  17. #17
    Z8 Ate My Homework! Norcal's Avatar
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    Andrew, any idea if State Farm does stated value? I've been with them for years.

  18. #18
    They will give you a very fair current market value based on comparable cars on the market, so that you can replace like for like should you desire.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  19. #19
    Quote Originally Posted by BearZ8 View Post
    Very concerned after getting 2 offers at the Quail that were 225+ 20000mile topaz blue creama black interior
    That's a very interesting tidbit!!
    C.A. Cardenas (AKA Dan)
    2003 (last one?) Z8 - Hellrot / Sport Rot
    Original Owner - Munich Tourist Delivery
    -- Others --
    1988 M6 - 32K mi. - Original Owner
    1989 DINAN 750iL - 73K mi. - Original Owner
    1998 M3 - 63K mi. - Original Owner
    2015 X5 (F15) Diesel - Daily Driver

  20. #20
    Quote Originally Posted by ///M Blitz View Post
    That's a very interesting tidbit!!
    I was rather surprised, Did anyone else get an offer? One guy that asked my wife how much she wanted for the car: She said 5 million........
    I do not think I could sell it if I wanted too

  21. #21
    Unfortunately that idiot who let his car go on EBay at $110k because he has more money than sense, will greatly reduce the amount many insurance companies, like State Farm, who use EBay to judge fair replacement values, will pay out on the car.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  22. #22
    Team Z8 Satch's Avatar
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    Andrew, weren't you maintaining some sort of Z8 sales-price database? That should be useful when dealing with an insurance company...

  23. #23
    Yes, and I was able to raise my own claim by 15k as a result of it. I can also provide this information to any owners in need of it to make sure their claim is settled as favorably as possible.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  24. #24
    Team Z8 Charles's Avatar
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    I have had Farmer's for years, but never got comfortable with what they would pay on the Z8, and apparently don't wreck cars as much as some of you that have more claims experience. I started with Grundy and they were fine, except they were more restrictive on when I could drive than Hagerty, and Hagerty seems to have a good rep on paying agreed value claims.

    They have one issue about not letting you have an older car as a primary driver, but I got them over that. However, based on the other posts I am probably paying far too much; just renewed for 1 year at $2475 for $131K, even though they said values were up to $141K.

    Mine is now a 26K mile 2002 in great condition (still smells leather new), always under a cover, with the only defect being the minor scrapes under the front bumper that are hard to avoid if you drive at all.

    I still have a hard time believing the value in an actual sale is more than that, but I have not been following the market rise that closely.
    Charles Guerin
    AH61406 - Titanium Silver/ /Black

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