Classic Car Insurance for M3s

[poss]

My insurer had reduced the agreed value of my M3 to the point that it was insured for less than half of what it would cost to replace.

Given these cars are over 15 years old now and I don't use it as a daily I was able to get classic car insurance with double the agreed value for the same price! Classic car policies usually come with very restrictive mileage conditions, but the one I chose only restricted the average frequency of use to 3 days a week (I have no idea how they can track that tho unless they have me under surveillance ).

[dukeofchen]

What insurance provider did you go with, and what agreed value did you place on the car?

[jet_dogg]

It would be helpful if you provided some useful information to the community about your insurer/rates. We have a thread on this btw.

[poss]

What insurance provider did you go with, and what agreed value did you place on the car?

Lumleys Australia
Agreed value $51,000 AUD ($37,000 USD) for a low mileage 2004 'vert

Note that Australia has a steep luxury car tax - we pay around 65% more for a new M3 than in the US, and that similarly translates into higher used car prices

That's still not replacement value, as people are currently asking $55,000 AUD for verts in similar condition/mileage and mine has had RACP top/bottom reinforcement professionally done, VANOS done, all bushings and mounts replaced, and sound system significantly upgraded - but it's still a heap better agreed value than the usual insurers were offering.