Best insurance policy for these cars?

[scubastove]

A bit of background, I have a bought my Topaz Blue M3 for $19k, when its value is likely greater than that, about $25-30k. It currently has a regular insurance policy, however if it were to be victim of a total loss, I wouldn't get nearly the amount that it is worth.

I have been looking into some classic car insurance companies- Hagerty, Grundy, American Collector, AAA, Amica, JC Taylor to name a few. Unfortunately I don't qualify for their policies, since my classic car is my only car, thus it's my "primary car".

Although it's my only car, I don't drive it to work (I take public transit), I take it out on the weekends (sometimes, but not in the winter), and it's garaged.

The only insurance provider that was able to provide me with a declared value policy was State Farm, and while their policy seems to be best it limits my driving to about 3k mi per year. I usually drive around 5k mi per year, usually weekend trips in the summer, going back home to visit family etc.

What would be the best auto policy (and company to go with) that would suit my needs best? Thanks in advance.

[Maxima SE]

Id go with either hagerty or grundy. Hagerty is the better of the two. Like you said, you'll need a daily driver (get a cheap one).... the other ones you mentioned arent worth it IMO.

[Dr._Dinan]

I would check with different State Farm agents. From dealing with them in the past I found better rates by going through different agents. It helps if that agent is someone you personally know too.
Since then, I've switched to USAA couple months ago and it gave me an option to get 20% more on the total value of the car if it was to be declared total loss.

[scubastove]

Id go with either hagerty or grundy. Hagerty is the better of the two. Like you said, you'll need a daily driver (get a cheap one).... the other ones you mentioned arent worth it IMO.

Hagerty and Grundy are both out because of the Daily Driver restriction. I barely need one car, it would be silly to purchase a car just to insure another

[repoman89]

If you have a GF/wife in your household with her own presumably newer car, pretty sure you can get Hagerty and Grundy to count it if you're listed on the policy.

[bmwm3s50]

Any policy that is agreed value which is what you want will require a another daily driver that is newer to then the car your insuring. Your policy will have limitations on the use of your vehicle. It’s better then losing money on your m3. m3fourm was littered with thread of insurance companies screwing over m3 owner with low settlements. Once that accident happens it’s too late.

[r4dr]

Not sure where you're located, but here in Seattle we have independent insurance agencies in addition to the first-party offices (State Farm, Geico, etc.). I've gone to them before and they shop around for you, generally know the ins and outs of policies (especially which companies like to be difficult about claims...) and could answer all of this for you impartially.

[Arith2]

I would check with different State Farm agents. From dealing with them in the past I found better rates by going through different agents. It helps if that agent is someone you personally know too.
Since then, I've switched to USAA couple months ago and it gave me an option to get 20% more on the total value of the car if it was to be declared total loss.

They do honor that but they'll declare your car totaled at like 40% damage vs value. It's really stupid. They will also constantly low ball you. That 20% is literally the only reason to have. Their rates suck too. They were just gutted out by the last owner and the new one is just now taking over so we'll see if it gets better or worse. Most people I've known have dumped them as a bank and went to Navy Federal but I don't think they offer insurance. USAA has sucked for a few years now. They were good years ago though.

[SUPREM3]

Progressive allows for stated value. I would try them.

[Dr._Dinan]

They do honor that but they'll declare your car totaled at like 40% damage vs value. It's really stupid. They will also constantly low ball you. That 20% is literally the only reason to have. Their rates suck too. They were just gutted out by the last owner and the new one is just now taking over so we'll see if it gets better or worse. Most people I've known have dumped them as a bank and went to Navy Federal but I don't think they offer insurance. USAA has sucked for a few years now. They were good years ago though.

Yea I don't bank with them, but have heard that Navy Federal is much better than USAA. I wasn't aware there was a new owner since nothing comes in the newsletter.

[mrgizmo04]

Best insurance policy is to make sure noone is following you on the weekend drives when in an emergency you have to stop and your 6piston bbk with street pads kicks in and they run into you.

Part of that was a joke. Trying to lighten up the mood on the forums.

Congrats on the car! How many miles on it?

[TexaZ3]

I have Hagerty with pretty high stated value on 4 of my cars. You do need a daily driver and they do limit the use. But I don't care - its worth it.

[scubastove]

Best insurance policy is to make sure noone is following you on the weekend drives when in an emergency you have to stop and your 6piston bbk with street pads kicks in and they run into you.

Part of that was a joke. Trying to lighten up the mood on the forums.

Congrats on the car! How many miles on it?

thanks! 119k, single owner car from California. Aside from mileage, the car is mint.

[mrgizmo04]

thanks! 119k, single owner car from California. Aside from mileage, the car is mint.

Nice. Enjoy it. Are you in Cali too (don't see your location set)?

[scubastove]

Nice. Enjoy it. Are you in Cali too (don't see your location set)?

Thanks! and nah, bought it sight unseen and shipped it to Philly.