Our cars are reaching an age where some owners may want to consider an Agreed Value Policy when they insure their car. If you have taken the time and money to essentially restore a car to near-new condition, you will not get the real value for your car from regular insurance. Most companies will take the position that any repairs made were simply part of normal maintenance, which is expected of any owner.
But, if you have done things like upgrading the suspension with quality components, replacing all of the suspension bushings, rejuvenating the engine with all new gaskets, cooling system, vacuum hoses, and basically replacing all possible wear components with new gear, then you are going to take a financial hit. I am going to be in that position fairly soon, since I have spent 3 years collecting parts to do all of this and more. When I am done, this will not be a common e46 anymore, since so few cars are available with this level of maintenance on them. I would be seriously pissed to get a settlement based on the value of an average e46, which is no where close to what my car will be.
This leaves you in a position of either hoping that you don't get in an accident, which is just not logical, or getting a special coverage policy. I am looking into this now, and plan on posting something in the General Forum within the next 6 weeks or so.
This is not insurance that everyone is going to want to carry. You really would only want it if your car has exceptionally low mileage, and is in remarkable shape, or, if you have devoted a good bit of time and effort to restoring the car to like new condition. Unfortunately, things like age and driving record are going to impact you even more with this sort of insurance as well. But I think there are quite a few people who would qualify for this insurance, and would be willing to pay more to know that they will get the true value for their car, if it is in an accident. I am still trying to work through this process, and understand how the rates are calculated, and what exactly qualifies as a car that is over and above a standard, good condition e46, and what it takes to classify it as something better than average car, that is worth insuring for Agreed Value. As I said, I hope to be able to create a more detailed post in the next 6 weeks or so.
Sorry about your loss. That is a tough break, and most insurance companies could care less.
Last edited by MJLavelle; 04-15-2013 at 02:55 AM.