[oVeRdOsE.]

Hello,

I know it can be different for every region, but want your 2cents.

- I have a fully swapped 335xi in a E91, including the complete drive train and interior, with all n/a option widely available in n/a.

- This also include tons of new parts, including paint.

- And the ''while I'm there'' mods.


So the value of the car is way over the classic E91 base model market value.


[Option 1] get the basic insurance for what the E91 was. So fire/stolen/accident, I'll receive the lowest amount. ( And this if the insurer dont complain about a swapped E91 and give me 0$...)

[Option 2] get the car evaluated by a 3rd party (mandatory) and send the report to the insurer.
Now here the thing, any evaluator wont evaluate a car base on new parts nor mods. Only on market value comparative.

So a well optioned 335xi might be only 2x the 328 wagon value.
Here in canada a E91 in the shape like mine is around 6-9k$, and a 335xi 9-15k$.

The insurance cost will double, but still cheap : Ill got from 450$ to 930$ a year.


[Conclusion]

So, I waste my time to get the car evaluated, or fck that POS, it's not a ferrari, dont worth the hassel, juste get a base 328xi insurance ?

[Mike K]

You can always go with “agreed value” like with collector cars. Figure out how much you think it’s worth, and then insure it accordingly. Many insurance companies do this now.

[oVeRdOsE.]

Originally Posted by Mike K

You can always go with “agreed value” like with collector cars. Figure out how much you think it’s worth, and then insure it accordingly. Many insurance companies do this now.

I made few calls, and ended up with a broker.

And indeed some insurer can do this based on pictures and recipes, but unfortunately, they both declined to proceed without a proper evaluation...
All the other simply insure the car to current market value, so a base 328xi.

Not terrible, the evaluator charges 450$, in 10 days I get the report.


I understand this can be valuable for very high value car, or super rare car that would take years to rebuilt due to unique parts.

[lookalikehuuh]

I thought Hagerty can do the agreed value policy in addition to your regular insurance policy. last time I looked at it the price was fairly reasonable so maybe worth looking into.

[jsunma]

Originally Posted by lookalikehuuh

I thought Hagerty can do the agreed value policy in addition to your regular insurance policy. last time I looked at it the price was fairly reasonable so maybe worth looking into.

Interesting. I am in the process of changing my car insurance and have looked at Hagerty for my 50 year old Volvo. It's a declared value policy and is considerably less expensive than a standard auto policy which would value that car at about $500. Versus the $10K or so it would actually cost to replace that car.

BUT, my agent has said that the Hagerty policy would be based on the fact that the insured vehicle is a collector vehicle and not daily driven. That works fine for the 50 year old Volvo, but not my E91...which is a daily driver.

I am unaware of the possibility of adding the Hagerty policy "in addition to" my regular insurance policy.

[oVeRdOsE.]

this makes sense, evaluator will only look at market value.

Remember in F&F era, people were putting 30-50k$ on a mx-6 in fiberglass, sound system, interior and neons.

Evaluator can not said: alright, you put 50k$, you'll be insured for 50k$, since nobody will buy a custom car like this.

So same rule for every body : market value.

Now, the trick is to find what a 335xi E91 value is.

Only baseline are :

- imports.
- swap in north america. I saw only 2 for the past 5 years, and they were in the 20-25k$ range cad. However this NOT means the seller go away with this $

[eljay]

Following as it's the same dilemma for all of us with cars that are rare here to the enthusiast community willing to pay the same value we see vs the rest of the world.
My E91 6MT is worth only $5k-$7k wholesale, but maybe 4x that to the right buyer. So, yes, I too dread having any kind of an accident as I know I'd get nothing for it and my only hope would be that the hit is light enough to be worth rebuilding it.

Also, telling a regular insurance company that you have a modified car typically raises the premium, but not the payout value - it may actually decrease it. In their eyes, you just increased the risk and devalued the car by compromising manufacturer safety features.

FYI, I don't believe new parts get you much in terms of added insurance value for a regular daily street car. For a collector car, sure it makes a difference of "before" and "after" restoration value. I believe Hagerty also offers insurance on "WIP" value.

[eljay]

Originally Posted by jsunma

Interesting. I am in the process of changing my car insurance and have looked at Hagerty for my 50 year old Volvo. It's a declared value policy and is considerably less expensive than a standard auto policy which would value that car at about $500. Versus the $10K or so it would actually cost to replace that car.

BUT, my agent has said that the Hagerty policy would be based on the fact that the insured vehicle is a collector vehicle and not daily driven. That works fine for the 50 year old Volvo, but not my E91...which is a daily driver.

I am unaware of the possibility of adding the Hagerty policy "in addition to" my regular insurance policy.

I may have this wrong, but yes I believe insurance cos don't want to get into "co-insurance" since their objective is to minimize payout, so they will try to get each other to payout first.
I don't know whether Hagerty offers "on top of" value insurance. It would be difficult as the base insurance payout would vary, so they would have to price their premium dynamically based on fluctuating base payout.