Want to Get an Honest Assessment on my 02 for Insurance

[Captain Manly]

Hey ya'll,

 

Given that our beloved '02 are getting more desirable and therefore more valuable, I want to get a consensus to determine what value I can place for insurance purposes.  

 

The catch is that I have really done considerable amount of upgrades and I believe won't reflect what the insurance companies would consider. 

 

So without further ado, please let me know what you think what I should state for insurance purposes:

 

'75 BMW 2002

Black (8.5 on paint job 3 years ago

Sunroof Functioning with new seals

15" BBS RS wheels with polished lips, BFGoodrich Sport TAs

Front integrated spoiler

Front 320 fog lights

Shortened Bumpers front and back

Hella H4s

Glass is perfect all around

Rebuilt cylinder head, port/polished, SS valves and Dual Springs, Titanium locks, Schrick 292 cam

Ireland SS header, ceramic coated by JetHot

SuperSprint SS muffler system - dual tip

Ireland 3 core aluminum radiator with electric fan

Rotary compressor and evaporator already installed

123Ignition Distributor

MSD 6A 

Bosch Red Coil

8MM Magnacore Wires

Dual Webber 45s with polished runners, cable throttle linkage 

320i 5 speed with cut and balanced drive shaft

Short throw shift kit

M3 Starter

3.64 LSD diff

E30 Trailing arms with welded spring perches 

Urethane bushings in all applications 

Eibach lowered fronts springs 1.5" drop

Suspension Control adjustable rear springs

Reinforced front control arms

22/19 F/R sway bars

Bilstein Sport shock front/ HD Shocks in back

Big brake kits (Volvo Girling) with cross drilled rotors

E30 Rear Disk Brake

Stainless Steel brake lines front and rear

Tii Big Brake Booster

Rebuilt Pedal Box with updates bearings/bushings

E30 Rear disk brakes

Body zero rust free

Duraliner inside the cabin

Ceramic sound and thermal coating

FatMat lined 

new headliner

320 Recaros

635 rear seats

New Carpet

4 Point Front seat belt harness

Cracked free dash

VDO Temp, Oil, Volt Gauge

140 MPH Speed geared correctly for drive line

Clardy AC panel

Kenwood CD Radio with 4 speaker, 2 sub woofs and amplifier

 

If you were an insurance company what would you consider for full replacement value?

 

TIA!!

 

Justin

[John_in_VA]

Have the car appraised.

https://americancollectors.com/classic-car-values/

[2002#3]

Here's the way I see it.  If you spend $30,000 on your 2002 over 5 years, some of that money simply represents the cost of the pure joy of ownership (Those compliments are priceless, right?), driving fun, and turning-a-wrench fun of a 2002.  If you sold it for $25,000, you did not lose $5,000; you simply paid $1,000/year for LOTS of fun, enjoyment, and braggadocio.  That's darn cheap for such feel-good fun.  So much for a preamble.

 

You probably have a nice 2002 with many mods.  However, your request is difficult for us (OK, at least me) to fulfill because (i) we have not seen your car and (ii) you did not state if you are using a standard auto insurance company, e.g, State Farm, or an insure-it for-what-I-say-it's-worth insurance company, e.g., Hagerty.  I suggest you invest some time doing the following:

1.  Look at many 2002s, in many conditions, in many stages of restoration and rehab, with many modifications, and across many prices (asked, sold, and not sold).

2.  Go to Hagerty, BAT, the classified section of this site, or other such sites to see both contemporary and historical prices of the cars in 1 above.

3.  Take a good honest look at your car.  Rinse.  Repeat.  Take another look.  Rinse.  Repeat.

4.  Compare your car to those you found in 1 and 2 above.

5.  Ask yourself, "Now...(i) "What do I think it is worth?", (ii) What might (fill in the blank) Insurance Company think it is worth or what the company might pay me post-total damage?", and (iii)  "What $$$ would make me reasonably happy to receive after a total loss?"

6.  Come up with a number and see how it feels. 

 

Bon chance. 

 

 

[72pdx02]

I always seem to value my cars or parts too low. My mind is stuck on pricing from 15 years ago. I find it better to ask myself if I was looking for a car in the same condition what would it cost. Do research like you are looking to buy and the price will be shocking. Post some photos for us. We like visual stimulation. 

[ray_]

Hagerty will let you assign a value without requiring an appraisal.

 

Others (at least some others) will not.

 

That's why I switched to Hagerty. I can't recall if I was quoted $400 or $800 for two appraisals....

 

Cheers,

[72pdx02]

6 minutes ago, ray_ said:

Hagerty will let you assign a value without requiring an appraisal.

True, I should have mentioned that. I have Hagerty  I self appraised my car for 20k. Is it worth more? Less? Who knows, hope I never find out. 

[BarneyT]

How much is the car worth to you, Insurnance is going to run around 1% of declared value…50k value $500 your Decision. I have Hagerty’s coverage and I’ve been very happy them.

 

your car is worth less than 50k from Description.

Edited April 8, 2022 by BarneyT

[Mike Self]

Justin

Bring your car to one of the 2002-heavy events:  Vintage, Mid America, Saratoga or similar events on the west coast.  Find some knowledgeable owners and pick their brains, then, as previously stated, look in all sorts of on-line sites to see what they're bringing.  Not asking price, selling price.  That should at least give you a good starting point.

 

Cheers

mike

[joysterm]

I am not sure if this will help you are not,, so here goes.  I was referred to a local insurance company that deal’s specifically with classic cars from brass cars right up to current exotics and everything in between.  The policy I have with them is an “agreed value” policy. With that I was required to commission  an appraisal by independent,  registered appraiser. It took him a a few hours to go thru the car physically and I’m sure a few more to do his research and comps   to come up with a value.  In the end I was provided a 40 page doc with the dozens of pictures documenting the cars current condition. I handed over his findings to the insurance company, they came up with a premium based on his evaluation no questions asked. The policy covered the standard perils, fire theft, stolen or heaven forbid, a complete write off. It also covers the car while in storage. The only thing it does not cover is public liability and pubic damage, a stand alone policy which I have to provide in order to license the car.

 

Unfortunately my appraisal was done three year’s ago so I am sure if I am looking to increase the agreed value, I may have to dish out a few bucks to have it re assessed. Probably a prudent idea given the increased market value. 
 

I am not familiar with Hagerty or how they evaluate their the cars they underwrite or even if they offer an agree value option. My personal opinion you should try to find a underwriter that can work with an accurate valuation provided by a professional appraiser.  
 

Good luck… hopefully you will never have to use it but it does provide the much needed piece of mind you will be taken care of fairly, if you do.

 

 

 

Edited April 8, 2022 by joysterm

[calw]

First, a repeat of previously posted information-  You want agreed value, not stated value.  The latter apparently provides some wiggle room for insurers, but I don't know the details.  Chubb, at least, will do agreed value at what you request without an appraisal, presumably if it's within reason.  They stated that an agreed value is an absolute thing with them- we all agree what it's worth when the policy is issued, and that's what you get if it's stolen or totaled.  They do have a must-be-garaged condition, but in a locked enclosed storage unit's defined as garaged.  We did discuss condition and value, but in the end I got to choose what I thought it was worth.  Fortunately, no paid claims to prove what they said.

[bavariaboy]

All our insurance is bundled with State Farm. Lilly, our '76, 82,000 original documented miles in pristine condition(up until my ownership two years ago always in climate controlled garage, etc, etc) started with $25,000. Six months ago as prices were going up and up I called, asked for $35,000, got it without a blink.  And that is, as calw above stated Agreed Value. You want nothing less.

 

Premium, about $350. a year.

 

My only claim experience with State Farm: a 100 foot tree came down on a quiet Sat. morning, took out the roof our garage, NO damage to the first floor and Lilli. Claims guy showed up Monday morning, cut us a check that included a new walkway light and planter and a new metal roof.  $7,300 after the deductible. Let me just say we did okay on that one.

 

Steve

[wojo]

Justin,

 

John Farrall Auto Appraisal was recommended to me by the Foundation.  He is a very long time member of CCA and has appraised some of the cars in the museum.  Don't know where you are located, but if your'e not close to South Carolina, he's is in a network of appraisers.  

 

The cost was very reasonable and Hagerty didn't have any problem with it when I called them to increase the insurance on my car.  

 

His website is farrallautoappraisal.com  

 

Watson

[NYNick]

I'd say "it depends". It depends on whether you want it insured in case it got stolen and you had to go on a mission to replace it with something similar. That's one value and probably an agreed upon number.

The other is if somebody totals the car and you're looking for a payout....that's another.

 

You already know what you have into it and that you're not gong to recoup all that money. I'd subtract 15-20% for the latter value.

[DrinkMan]

I use Hagerty for our collection and setting the value can be somewhat difficult. Someone mentioned that you need to be very critical of the condition of the car. How much would someone really pay for it that does not care how much it cost to get it to that condition? There are a number of tools out there. I use Hagerty's tool to help set our value. Interestingly, every now and then, I get an email from Hagerty asking me to check on the value of one of our cars because it may be undervalued. While I realize that they may just be fishing for higher rates, it is a good reminder and in a few cases, checking recent sales, I had undervalued a few of the cars. 

 

Hagerty's website shows your car at $16.6k for Fair, $26k for good, $50.2k for Excellent, and $91.8k for Concours. The vast majority of collector cars are rated as "Good" by their description. Without seeing your car, based on your description, sounds like somewhere close to Good on the side of Excellent.

 

An easy way to find out - put it for sale on Bringatrailer.com and see what it sells for. Opps....then you don't have a car anymore.

 

[bmw_e30]

i have both my 02 and my 911 insured with chubbs agreed value

 

super easy i just pick a value and miles and pay about $250 a year for the 02 with a $35k value

 

you have to have the cars garaged and you must have a newer dd those are the two big requirements