Jan 19, 2017 update to the BMW M3 project car

Speciality Insurance for Our Special M3?

Hagerty recently named the E46-chassis M3 as a buy-it-now modern classic, which got us thinking: Would Hagerty insure an E46-chassis M3?

In our case, at least, the answer is yes.

Who is Hagerty and why should you care? They are one of the several speciality car insurance companies out there. These firms specialize in vehicles that are older, modified or just special in some way. Also part of this world: race cars, retired commercial vehicles and older military vehicles.

By limiting their scope, they generally offer very thorough coverage at very competitive rates. Most also offer agreed-upon value. Right up front, before anything bad ever happens, both the owner and the carrier agree to the car’s value. Should there be a loss, the amount of the settlement is already known.

There are usually some restrictions, with most policies limiting the use of the covered vehicle. Some have strict mileage restrictions, while others will just want to see that each driver in the household has a dedicated daily driver. Most of these insurance companies also require the vehicle to be secured in a locked garage.

Here’s the big takeaway: The specifics can and will vary according to many factors, including driver, car and location, so heading down this path will require some research. You might even have to pick up the phone. Check out a recent article on the subject for more details.

In the end, though, the results are usually worth it. Our 2004 M3 isn’t a daily driver, so it spends most of its life locked in the garage. With our standard insurance carrier, we were looking at an annual premium of about $900—discounts for multiple policies knocked that figure down a couple of bucks, though. Hagerty is charging us less than $300 per year, and that’s with an agreed-upon value.

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Comments

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nutherjrfan
nutherjrfan Dork
1/19/17 8:11 p.m.

Can't remember if it was Hagerty but a big name specialty insurer wouldn't insure my 02 SVT because it was under $x,xxx amount of dollars in value. In fact there is no SVT Focus that could come close to the value they wanted. It'll be a while before I look at specialty insurers again. Part of my ongoing life education that you just have to pay up sometimes. :what the: p.p.s From memory it was almost certainly a phone call, and it's garaged.

Dr. Hess
Dr. Hess MegaDork
1/19/17 8:16 p.m.

Hagerty insured the Esprit (RIP). Agreed value. I called them up at the scene and said "I think you bought an Esprit." About 30 days later, I had a check in my hands.

icaneat50eggs
icaneat50eggs Dork
1/19/17 9:00 p.m.

wow, I had my check from them in 5 days. I've sung the praises of hagerty's over and over and over. It just keeps getting better.

I finally settled with hagerty's and the other insurance company. By law and my policy hagerty's only had to pay $5000 personal insurance protection.

They chose to extend the $100,000 policy limits to me. They fought like hell for me the whole time, and wrote me a check for 20 times what I deserved.

I had my Miata agreed value for $8000. The secret is telling them its modified, and used for autocross or track days.

M2Pilot
M2Pilot HalfDork
1/19/17 9:56 p.m.

Hagerty offered me a great rate for my '98 m3/4/5 a few months ago. I didn't take it because at present I have 3 cars that should be garaged & a 2 car garage. If I sell the 2002 I'll probably insure with them.

loumash
loumash New Reader
1/20/17 11:13 a.m.
M2Pilot wrote: Hagerty offered me a great rate for my '98 m3/4/5 a few months ago. I didn't take it because at present I have 3 cars that should be garaged & a 2 car garage. If I sell the 2002 I'll probably insure with them.

Weird because they would not cover my 98 m3/4/5. It's garaged and not a daily driver. It's not collectible because it's a 4 door.

Jerry
Jerry UltraDork
1/20/17 11:58 a.m.

Wondering if a 1988 Toyota MR2 supercharged would be Hagerty worthy?

chaparral
chaparral Dork
1/20/17 11:59 a.m.

In reply to Jerry: In good shape, absolutely. My CRX is.

Slippery
Slippery Dork
1/20/17 3:08 p.m.
loumash wrote:
M2Pilot wrote: Hagerty offered me a great rate for my '98 m3/4/5 a few months ago. I didn't take it because at present I have 3 cars that should be garaged & a 2 car garage. If I sell the 2002 I'll probably insure with them.

Weird because they would not cover my 98 m3/4/5. It's garaged and not a daily driver. It's not collectible because it's a 4 door.

Thats weird, it does not necessarily need to be collectible. My 1997 gutted e36 M3 is insured by them.

I would call again and send them pictures of your car.

Heck, they even insure my e30 and that is less collectible than yours.

M2Pilot
M2Pilot HalfDork
1/20/17 5:20 p.m.
loumash wrote:
M2Pilot wrote: Hagerty offered me a great rate for my '98 m3/4/5 a few months ago. I didn't take it because at present I have 3 cars that should be garaged & a 2 car garage. If I sell the 2002 I'll probably insure with them.

Weird because they would not cover my 98 m3/4/5. It's garaged and not a daily driver. It's not collectible because it's a 4 door.

I'm old & haven't had a moving violation since 1978. That may have been a factor. I'd ask again or look at other specialty insurers.

David S. Wallens
David S. Wallens Editorial Director
1/23/17 1:04 p.m.
chaparral wrote: In reply to Jerry: In good shape, absolutely. My CRX is.

That's cool to hear. My brother has his stock NA Miata with a speciality insurer.

OSULemon
OSULemon Reader
2/7/17 2:40 p.m.
David S. Wallens wrote:
chaparral wrote: In reply to Jerry: In good shape, absolutely. My CRX is.

That's cool to hear. My brother has his stock NA Miata with a speciality insurer.

Did he choose a nationwide insurer?

icaneat50eggs
icaneat50eggs Dork
2/7/17 4:54 p.m.

Tell them it's modified or used for competition and your in

loumash
loumash New Reader
2/8/17 11:55 a.m.

I ended up trying both Hagerty and Grundy. Hagerty was pretty up front about not covering it. Grundy strung me along and said no at the last minute. They cited stone chips on the front bumper (it;s black and the rest of it looks great so it stands out in a pic) and the fact that it was a 4 door. Pretty frustrating. I put the Mustang on with Grundy and renewed the M3 on my regular Liberty Mutual Policy. I may try again in September when the renewal is up.

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