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Old 11-16-2012, 10:59 AM   #1
bmwm3beast
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Insurance question??

I have a 1999 328i converted almost completely into m3. From s54 engine to full suspesion, differential and other parts..... Where can i insure my car or can i insure it as m3? anybody knows?
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Old 11-16-2012, 11:52 AM   #2
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Why not take your binder full of receipts to your agent and have the value of the mods insured so if the car is in a wreck, the real value of the car will be known and an accurate accounting of parts cost needed for repairs can be made?

Your car is a '99, therefore the value is low -- relatively speaking. Let's say for the sake of discussion that the value in stock form today is $3000. If the car is in a wreck, then the insurance company will declare a total loss if repairs exceed $2100 (70% of the value). Your RECENT repairs might add to the value, which might push the car into a reparable category instead of a total loss. But, you took out Engine A and put in Engine B, the added value is the difference in the cost of Engine A vs. the cost of Engine B. There is some value in the Recent Repair -- you can say, "I spend this money to keep the car on the road for the next 10 years," and the insurance company will say, "the car is worth $3000 plus your repairs, so here's a check for $4000."

Frankly, you have poured money into an old car that is not old enough to be a classic, but you might be able to use that classification to get an Actual Cash Value policy, and then claim the ACV is $10,000, or whatever.

Basically, your best answer will come from your insurance agent. I have hit on a couple of the high points, by no means have I hit on everything that is up for consideration.

I would suggest that the performance of the M3 would cause a greater exposure to liability claims for the insurance carrier -- by the actuarial charts this is true -- and therefore bring higher premium charges to you. I would say to you that you should merely point out that you have made significant repairs to your car to keep it going for another ten years , and you want information about having them considered when it comes time to value the car in the event it is in a wreck. The insurance carriers will presume that the performance of the M3 will mean more spirited driving, and therefore greater risk of mowing down a mailbox or line of fence posts, therefore the liability coverage will be greater. I don't see very much change in the cost of collision or comprehensive coverage.

Liability is the coverage that pays for damage you do to other people or their property.

Collision coverage repairs the car if the accident is your fault, the other person's liability covers it if they are at fault -- If Illinois is a No Fault state, then I have no clue what happens.

Comprehensive coverage repairs damage from a tree falling on the car or a shopping cart rolling across the parking lot and slamming into the side of your car. It also pays for rocks in the windshield and people on skateboards with a screwdriver drawing lines in the paint as they roll past.

Collision and Comp repairs will not be different for your car in factory form vs. your car with all of the stuff you have bolted on. Your ability to get out of control and slam into stuff will go up if you tell them that the car is now an M3, therefore you want to soft-pedal that aspect of what you have done.
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Old 11-16-2012, 11:56 AM   #3
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Your best bet to get the maximum value for your vehicle is to be honest with your insurer. But yes, it will most likely cost you more.

This is assuming they'll even cover your modifications. Some states don't allow more than a certain percentage of the vehicles value to be covered in additional modifications on a standard family auto policy.

Talk to your insurance company.
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Old 11-16-2012, 02:25 PM   #4
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Just talk to your agent about increasing the value of your car. Your premium will go up for 2 reasons:

1. Increased car value
2. The car is more powerful, thus their risk is increased
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Old 11-16-2012, 04:17 PM   #5
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Everything JD said

Also...
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Old 11-16-2012, 04:27 PM   #6
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Got it fellas. Thanks for the replies.. I will try couple insurers and see whats good?
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Old 11-16-2012, 04:29 PM   #7
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Some pics as this monday its going to paint shop
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Old 11-16-2012, 09:59 PM   #8
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^Pretty sick man, but I'm not feeling those exhaust tips. Also, for your own sake, get some sport seats!
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Old 11-16-2012, 11:59 PM   #9
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It is a 1999. It is a 1999. It is a 1999. What is it--a 1999. If the assumption is that you are going to recoup your cost and time to put in the M3 parts, not going to happen. It is a 1999 regardless of what you may want to call it. The difference in cash value is marginal...........and will result in a positive adjustment (for the insurance company) in your premium.
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Old 11-17-2012, 12:14 AM   #10
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Not sure how the insurance is going to work out for you but nice job anyways.
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Old 11-17-2012, 12:50 AM   #11
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It is a 1999. It is a 1999. It is a 1999. What is it--a 1999. If the assumption is that you are going to recoup your cost and time to put in the M3 parts, not going to happen. It is a 1999 regardless of what you may want to call it. The difference in cash value is marginal...........and will result in a positive adjustment (for the insurance company) in your premium.
What do you value a '99 at?
Believe it not the 328i had the same value as a 2006 330ci. Get over yourself.
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Old 11-17-2012, 01:58 AM   #12
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What do you value a '99 at?
Believe it not the 328i had the same value as a 2006 330ci. Get over yourself.
I'm not sure what point you're getting at... a newer car fetches a higher resale price and thus a higher premium. And 7 years is a pretty big gap...
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Old 11-17-2012, 08:13 AM   #13
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I think he's saying the initial sales prices were the same.

But the car is a 1999 328. Which is probably what the insurance will be based off of, plus modifications. Assuming your state allows coverage of that much in modification on a family auto policy.

You may need to end up talking to a specialty insurer.
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Old 11-17-2012, 09:37 AM   #14
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I think he's saying the initial sales prices were the same.
This is what meant. People talk about the older e46 cars like they were barbaric crap wagons. They were essentially the same cars. Some of the older cars are even in better condition with lower miles than a newer e46 so it annoys me when people crap on the early cars. Partly because I own one and partly because its just ignorant.
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Old 11-17-2012, 09:53 AM   #15
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the bottom line is that an older car is generally worth less than a newer car. All else being equal, a 328 is generally going to fetch a lower price than a 330
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Old 11-17-2012, 09:56 AM   #16
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the bottom line is that an older car is generally worth less than a newer car. All else being equal, a 328 is generally going to fetch a lower price than a 330
I agree but it's not a sub $3000 heap that some make it out to be. Also the overall value of a 328 vs a 330 is so minimal that it will make little to no difference on a premium.
An $8000 car is essentially the same thing as a $10000 car to insurance companies. You'll likely be paying the same rates on either car.
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Old 11-17-2012, 09:59 AM   #17
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It is ignorant when people talk about elder cars. But sometimes those cars cars got more value then new ones! Specially when you know what you got and had im trying to see if i could insure the mods as i have spended lot of money doing this.. Plus im very happy and excited of my car.. As to many everyone has their own thoughts....

And for the tips not a big fan either but i will be changing soon lol...
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Old 11-17-2012, 10:03 AM   #18
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Call every major insurer today on the phone. Try local offices rather than their 1800 numbers. They'll be able to tell you exactly what the situation is.
If none of them fit the bill (which is unlikely) then do a google search on insuring a car with mods.
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Old 11-17-2012, 10:04 AM   #19
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I agree but it's not a sub $3000 heap that some make it out to be. Also the overall value of a 328 vs a 330 is so minimal that it will make little to no difference on a premium.
An $8000 car is essentially the same thing as a $10000 car to insurance companies. You'll likely be paying the same rates on either car.
you're right about rates, but not because of the values of the cars, but because of the relative risk that each car presents.

But again, an insurance company in this case is going to see an $8000 car with $8000 worth of modification done to it, which could present itself as more risk than a $16,000 car would.
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Old 11-17-2012, 11:11 AM   #20
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an insurance company in this case is going to see an $8000 car with $8000 worth of modification done to it, which could present itself as more risk than a $16,000 car would.
^ This.

Liability coverage is one thing. OP is likely looking for at least Collision and, maybe, comprehensive as well.
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