[medphysdave]

Good day everyone,

I'd like to hear from anyone with insurance adjustment knowledge. I have an insurance policy that with additional coverage that replaces current car with one with lower mileage and 1yr newer (impossible since 2020 only). How does the market dictate the depreciated value of our cars. I was told that the adjusted value would consider the recent sales and then account for mileage. If none are available they can cut a check up to 120% of value. I also have an addon for ppf.

Any adjusters out there have an accurate representation of current market value that insurance would use.

My insurance person now underwrites for Hagerty I can get a stated value policy of 95k, unlimited mileage, for ~1900 per year. Current policy is ~ 1600. Per year, so price difference is a non issue. I have some concern that the stated value policy could end up short changing me, but the flip side is I wouldn't need to worry about my payout should a bad situation happen. Is 95k to little when considering the market, ppf, exhaust? I think it's reasonable. Especially with my cars mileage of 20k mi.

Interested to hear from those with experience. My current policy seems to have me covered well, but leaves a lot up to the adjuster.

[mfarrzhp]

Im in insurance, but not the auto side. My limited understanding is the companies will give you the depreciated cash value of the car if totaled. That’s pretty easy for a Toyota Camry or even a standard M2. I think it gets a little tricky with the CS as the volume comp sales for blue book values are pretty thin.

I had GEICO and when I needed my windshield replaced they only would pay for aftermarket glass. I had to pay extra for OEM. That got me concerned about other parts that are more CS specific. I’m not singling out GEICO, it’s just what I had. I’m sure Progressive and eSurance handle claims similarly.

The best thing to do is read your entire policy including the extra coverage endorsement you purchased.

FWIW, I switched to Hagerty with a stated value of $90K. I have PPF and about 6K miles. It’s about what I think I’d get for private sale or trade in right now. I also feel that it’s more likely that Hagerty will ensure OEM CS parts in a small incident without a bunch of back and forth with adjusters, which is much more common than a total loss.

Edit: I’d have to read your endorsement for newer model replacement, but I doubt your current company would pay out more than $95K.

[to_riffic]

Hm, I suppose 95k isn't bad for agreed value insurance from Hagerty. But I would have that and include aftermarket parts insurance as well to cover those in the losses as well if it came to it. Thankfully my insurance covered OE only parts so there is no undercutting parts when and if repairs are needed.

[medphysdave]

Liberty Mutual has been good. I think I pay a little extra but means I get OE parts. I haven't read through all the details on Hagerty. Deductible is low on Hagerty. I think I have my deductible set to $500 or $1000. For the autos, which works well for my situation. Auto glass is separate and $100

[chmura]

Originally Posted by mfarrzhp

Im in insurance, but not the auto side. My limited understanding is the companies will give you the depreciated cash value of the car if totaled. That’s pretty easy for a Toyota Camry or even a standard M2. I think it gets a little tricky with the CS as the volume comp sales for blue book values are pretty thin.

I had GEICO and when I needed my windshield replaced they only would pay for aftermarket glass. I had to pay extra for OEM. That got me concerned about other parts that are more CS specific. I’m not singling out GEICO, it’s just what I had. I’m sure Progressive and eSurance handle claims similarly.

The best thing to do is read your entire policy including the extra coverage endorsement you purchased.

FWIW, I switched to Hagerty with a stated value of $90K. I have PPF and about 6K miles. It’s about what I think I’d get for private sale or trade in right now. I also feel that it’s more likely that Hagerty will ensure OEM CS parts in a small incident without a bunch of back and forth with adjusters, which is much more common than a total loss.

Edit: I’d have to read your endorsement for newer model replacement, but I doubt your current company would pay out more than $95K.

You can add OEM replacement coverage to your Policy. For me it was like $50 extra for the entire year. Well worth it.

Also, for windshield you dont even need that. Its a safety thing, the cameras and safety equipment are designed for the OEM windshield. A different shade (aftermarket) could affect the systems. Also, OEM windshield is cheap for the M2. $300.

[Got f1?]

Originally Posted by medphysdave

Good day everyone,

I'd like to hear from anyone with insurance adjustment knowledge. I have an insurance policy that with additional coverage that replaces current car with one with lower mileage and 1yr newer (impossible since 2020 only). How does the market dictate the depreciated value of our cars. I was told that the adjusted value would consider the recent sales and then account for mileage. If none are available they can cut a check up to 120% of value. I also have an addon for ppf.

Any adjusters out there have an accurate representation of current market value that insurance would use.

My insurance person now underwrites for Hagerty I can get a stated value policy of 95k, unlimited mileage, for ~1900 per year. Current policy is ~ 1600. Per year, so price difference is a non issue. I have some concern that the stated value policy could end up short changing me, but the flip side is I wouldn't need to worry about my payout should a bad situation happen. Is 95k to little when considering the market, ppf, exhaust? I think it's reasonable. Especially with my cars mileage of 20k mi.

Interested to hear from those with experience. My current policy seems to have me covered well, but leaves a lot up to the adjuster.

I have 25 years experience in this space. PM me and we can get on the phone and talk. Probably easier.

[medphysdave]

Sent you a PM, will try to connect this week

[Reddevils7]

Originally Posted by chmura

You can add OEM replacement coverage to your Policy. For me it was like $50 extra for the entire year. Well worth it.

Also, for windshield you dont even need that. Its a safety thing, the cameras and safety equipment are designed for the OEM windshield. A different shade (aftermarket) could affect the systems. Also, OEM windshield is cheap for the M2. $300.

You sure OEM is that cheap? It was over a $1k on my f82. I ended up doing non OEM as I paid out of pocket $500 to have it done myself. Deductible was $1k. The only difference was not having the BMW stamp on the glass, otherwise it was the same manufacturer.

[CSBM5]

Originally Posted by 2020_M2CS

I just went through the insurance nightmare with the CS. Online quotes is nearly nonexistent so had to call multiple agencies to get a quote.

State Farm was able to provide a quote via non-stated value. Explained it was based on MSRP.

Progressive used stated value and I went with 90k. They mention to evaluate the market yearly and call to adjust the stated value if it goes up.. or down.

As mentioned above, the parts should be a separate sub category of the policy. I think you can run into problems if you increase the stated value due to upgrades if an accident occurs.

From my experience, the added coverage on parts has a different pricing model and can add quite a bit cost to the policy.

I’m in Mich so our auto insurance is much more expensive than most other states. 6 month policy for the CS ranged from 1300 - 3500 (perfect driving record), nearly walked from the car due to the insurance cost.

Be careful with "started value" insurance policies since they are not obligated to pay that amount in a total loss (like an "agreed value" policy would do). From ages ago when I had one on a classic car, I thought I was covered for that amount only to find out it is simply the max the company will pay and otherwise they will pay out ACV just like a normal policy (and all the stated value does is limit the insurer's maximum liability). Agreed value policies are the only way to insure a car where you expect to obtain that amount in a total loss.

[Got f1?]

Originally Posted by CSBM5

Be careful with "started value" insurance policies since they are not obligated to pay that amount in a total loss (like an "agreed value" policy would do). From ages ago when I had one on a classic car, I thought I was covered for that amount only to find out it is simply the max the company will pay and otherwise they will pay out ACV just like a normal policy (and all the stated value does is limit the insurer's maximum liability). Agreed value policies are the only way to insure a car where you expect to obtain that amount in a total loss.

!00% correct. For valuable cars or classics, agreed value is the way to go. Still read policy language to ensure replacement parts in a repair scenario are not aftermarket. Most (not all) big insurers like State Farm, Progressive, etc will specify non-OEM parts in repair estimates.