[///MPhatic]

I have Travelers insurance with a $10K addition for "customized equipment", but in the event of a total, $10K doesn't even come close to covering my $35K (retail/replacement) mod list.

I'm considering moving to a company with an agreed-upon replacement value.

Anyone have any good or bad experiences/advice for this? I'd hate to take a $25K loss in the event of a total.

A quick google search comes up with these:

- Grundy Insurance.
- Hagerty Insurance.
- American Collectors Insurance.
- American Modern Insurance.
- Heacock Classic Insurance.

Your thoughts?

G What? (Explore) by Andrew Thompson, on Flickr

[Humdizzle]

i have grundy and they seem pretty fair in terms of premiums and agreed upon value. you set the annual mileage as well. i use them for my gt3 and m2c. then have my civic on a commercial policy that i take to work.

im 37 and the annual premium is like 3000 all together. m2 is like 600/yr i think.

i think they have some stipulations though like you can't use the car for errands/work, track, need a garage, need a daily driver insured by someone else, your m2 can't be a 'backup daily', etc. basically you can only use the car for leisurely cruises.

[DanG]

Originally Posted by ///MPhatic

I have Travelers insurance with a $10K addition for "customized equipment", but in the event of a total, $10K doesn't even come close to covering my $35K (retail/replacement) mod list.

I'm considering moving to a company with an agreed-upon replacement value.

Anyone have any good or bad experiences/advice for this? I'd hate to take a $25K loss in the event of a total.

A quick google search comes up with these:

- Grundy Insurance.
- Hagerty Insurance.
- American Collectors Insurance.
- American Modern Insurance.
- Heacock Classic Insurance.

Your thoughts?

G What? (Explore) by Andrew Thompson, on Flickr

I think the more logical question is what happens when someone hits you and totals your car. That is much more likely than you totaling it. Their insurance or your uninsured insurance coverage will be primary.

[///MPhatic]

Originally Posted by Humdizzle

i have grundy and they seem pretty fair in terms of premiums and agreed upon value. you set the annual mileage as well. i use them for my gt3 and m2c. then have my civic on a commercial policy that i take to work.

im 37 and the annual premium is like 3000 all together. m2 is like 600/yr i think.

i think they have some stipulations though like you can't use the car for errands/work, track, need a garage, need a daily driver insured by someone else, your m2 can't be a 'backup daily', etc. basically you can only use the car for leisurely cruises.

Luckily I meet those requirements. Thanks for the info!

Originally Posted by DanG

I think the more logical question is what happens when someone hits you and totals your car. That is much more likely than you totaling it. Their insurance or your uninsured insurance coverage will be primary.

Man, I didn't even think about that, but you're absolutely right.

What am I to do then? Some sort of supplemental insurance?

[DanG]

Originally Posted by ///MPhatic

Luckily I meet those requirements. Thanks for the info!



Man, I didn't even think about that, but you're absolutely right.

What am I to do then? Some sort of supplemental insurance?

I would talk with your insurance agent and see how they would handle it. In the past I just got my dealer to give me a written statement of the cars value before the accident and made the other driver’s insurance pay that amount. The dealer included the mods and options in his estimate.

[///MPhatic]

Originally Posted by DanG

I would talk with your insurance agent and see how they would handle it. In the past I just got my dealer to give me a written statement of the cars value before the accident and made the other driver’s insurance pay that amount. The dealer included the mods and options in his estimate.

Interesting that the dealer gave you an estimate of worth. And the opposing insurance company would take that as truth and pay that out?

[DanG]

Originally Posted by ///MPhatic

Interesting that the dealer gave you an estimate of worth. And the opposing insurance company would take that as truth and pay that out?

Who is in a better position to know the value of a used car? They are the BMW used car dealer.

[W///]

I insure through Hagerty and have had a great experience with them. None of my cars are that heavily modified as yours though.