ZHP Insurance, Trying to Make it Better

[3ZHP]

So, I’ve listened to many horror stories here about what insurance companies are willing to pay when something bad happens to one of our ZHPs. I decided to take some steps to preplan for this so, I’m well prepared if anything should happen.

It all started Friday when we were talking to our State Farm agent about some extended blanket coverage. When we were done with the blanket thing, I started asking about what I would be offered if something were to happen to my ZHP. Lee (my agent’s name) told me probably NADA book value. He then looked it up on the consumer’s web page and found 8K. We talked about that and what I felt may be the true value, due to what I’ve seen folks pay here on ZHPMAFIA. With that he made a few calls and was told that classics start at 10 years. He asked a few more questions to see were we had to do and as a result, I sent him off some pictures, my mileage LOG and a few links from this place.

The info is now in the hands of a guy that handles this type of thing and I’ll report out on the results as soon as I know more.

[slater]

great stuff, guy - i look forward to hearing your results.

my car is no garage queen by any means, it get used thoroughly - and maintained thoroughly - but replacement value is important to me as if i were to replace it, it certainly wouldn't be $8K.

peter

[ryankokesh]

I was just thinking about giving my agent a call regarding this the other day... thanks for digging into it!

[3ZHP]

No problem guys> FYI: I also talked to Hargerty but, never filled out the application at this point and after talking with Lee that would void my new blanket coverage, if I don't go with State Farm on all my toys.

[johnrando]

Let us know. I use Haggerty on my TR8.

[NYRhockey]

OP, how many miles on your ZHP? $8K seems low for what i've seen on sale on this board alone. I just went to NADAguides.com and there's no option to select the performance package.

[theothersawyer]

The NADA thing was messed up when I was applying for a loan. You couldn't chose manual transmission and performance package. So I got $1100 less than I should have for my loan. I'm also paying way to much for insurance, that's the downside of being a "21 year old male with a BMW" those that the exact words from my insurance agent. I'll be changing insurance companies soon!

[stephenkirsh]

Interesting idea. Subscribed

[SoDelBMW]

The NADA thing was messed up when I was applying for a loan. You couldn't chose manual transmission and performance package. So I got $1100 less than I should have for my loan. I'm also paying way to much for insurance, that's the downside of being a "21 year old male with a BMW" those that the exact words from my insurance agent. I'll be changing insurance companies soon!

Yeah same here, 17 year old male driving a BMW must scare people for what I am paying for insurance.

[stephenkirsh]

I thought it was based on horse power, not brand.

[theothersawyer]

It is, but tell a young kid you're going to give him the keys to your BMW (no matter how fast it is) and I bet he already has some irresponsible ideas in his head of what he will do with that car...or at least that's what the insurance companies think!

[LivesNearCostco]

I think in most states insurance companies discriminate--ah I mean use risk-adjusted pricing--on any factor they legally are allowed to use, anything except race, income and zip code (zip code redlining no longer allowed in California, not sure about other states)

Make, model, year and even body style (coupe, sedan, convertible, SUV) of the car
Age, gender, driving history, job type, and education level of the driver
Miles driven per year, and driving style, if you let them put the tracker in your car
Which state you live in

Maybe they can't officially charge you more if you didn't go to college or work as a professional street racer, but they can charge you less if you have a college degree and/or work in certain professional fields. For example I think sometimes engineers and school teachers can get a profession-based discount.

When I priced insurance for my E36, the sedan was about $120 less per year to insure than the coupe with same motor. Not sure if they actually look at the car's color.

[stephenkirsh]

Wow that's pretty significant price difference. Just another reason sedans are better :)

[Simmsled]

Nice. Very interested to see where this goes.

[3ZHP]

Update:

I talked to Lee yesterday and yes I can insure it as a classic for a predetermined value however; that limits me to 2000 miles a year. As I talked more with Lee, he and the other party involved felt that with the pictorial history, documentation of over 100,000 miles of service, gas fill up and more, that I would not have a issue of them paying a premium value for the car in a total loss situation.

Their recommendation was, to leave it as it is and enjoy driving it as much as i want.

[stephenkirsh]

Interesting. Did you get that in writing?

Also, what's significant about the gas fill up?

[LivesNearCostco]

Proves it's getting reasonable mileage and kept in good condition?
BTW, I might have been wrong about the premium price difference between E36 M3 sedan and coupe--maybe it was only $75? I'd have to find the old quote. But sedan was definitely cheaper to insure.

[itdnwiwbp]

I think in most states insurance companies discriminate--ah I mean use risk-adjusted pricing--on any factor they legally are allowed to use, anything except race, income and zip code (zip code redlining no longer allowed in California, not sure about other states)

Does this mean they can't change rates based upon zip code in CA? I just changed my zip code last month to a nicer area and it went up like $24/mo on my Z4M.

[LivesNearCostco]

I think I was mistaken. A quick web search suggests auto insurance redlining was still allowed in California in 2005 and I assume still allowed now. There was a voter initiative from 1988 that requires insurance companies to use driver experience, driving record, and annual mileage as the top three factors for setting auto liability insurance premiums (no doubt value and repair cost of your car also affect your comprehensive/collision premiums), but there doesn't appear to be any law against using zip code (or driver education, profession, age or gender) as secondary factors for setting premiums.

I also seem to remember my auto insurance rates changing whenever I moved. Maybe mortgage redlining is the one that illegal.

[itdnwiwbp]

Cool. Thanks for the follow up. I hate being judged on my zip code - especially since it doesn't seem to matter what type of area I'm moving to, always goes up. Such is life!

[Nivo]

my insurance for both are $687 for the '05 sedan and $643 for the '04 coupe full coverage 150k/300k. my coupe got hit and almost got totaled until I talked to the adjuster that I can do the work at my friends body shop to keep the car. I was going to get $9,300 for it, Allstate.

[TigerTater]

my insurance for both are $687 for the '05 sedan and $643 for the '04 coupe full coverage 150k/300k. my coupe got hit and almost got totaled until I talked to the adjuster that I can do the work at my friends body shop to keep the car. I was going to get $9,300 for it, Allstate.

Holy crap that's a high premium! I pay 200$ a month for full coverage on both my car and my wife's g35! And I was upset and called my insc company when it went up 20$ this year lol.

[mbeckel]

Holy crap that's a high premium! I pay 200$ a month for full coverage on both my car and my wife's g35! And I was upset and called my insc company when it went up 20$ this year lol.
That's a high price! My wife and I pay $236/month for my DD 06 Civic, her 10 Altima, and my ZHP. All full coverage, that's a sign that I'm getting older and older.... sigh

Sent from in the bushes

[slater]

my insurance for both are $687 for the '05 sedan and $643 for the '04 coupe full coverage 150k/300k. my coupe got hit and almost got totaled until I talked to the adjuster that I can do the work at my friends body shop to keep the car. I was going to get $9,300 for it, Allstate.


Holy crap that's a high premium! I pay 200$ a month for full coverage on both my car and my wife's g35! And I was upset and called my insc company when it went up 20$ this year lol.

i think his premium he listed was likely per year - in which case, yours is about twice as much!

when i lived in VT, i had an almost-new audi A6 2.7TT and a honda civic racecar, and was 25 years old (this was 10 years ago), and i paid $125/month for full coverage on both. crazy. here in ontario i pay $108/month for the ZHP and i've got a clean record, so does my wife. and i live in the sticks. i was paying twice that in toronto!

peter

[theothersawyer]

I pay $206/month for full coverage on the ZHP....$36/month for liability on the Miata! :D

[stephenkirsh]

I'm about $95/month for just the zhp

[Vas]

Full coverage on two zhp cars for me is $105 per month.

[fredo]

I only have liability on my cars (50/100). For the e90, I pay $80 every 6 months. For the Mini Cooper, I pay $81 every 6 months. That's about $14 per car each month. My policy has multiple cars (5 total) plus the house. That helped to set low rates. Allstate.

[Nivo]

Holy crap that's a high premium! I pay 200$ a month for full coverage on both my car and my wife's g35! And I was upset and called my insc company when it went up 20$ this year lol.

Lol, no man... it's $68 for Sedan and $64 for coupe per month. That's my full coverage at 150k/300k. Probably would be cheaper if i went 20k/40k. My 2 Z Cars are $588/year Grundy classic.

This is up from $106/month i was paying.

[Simmsled]

470 per year, full coverage, 500 ded
<8k miles per year
Have to check my limits... I increased them from what they normally rate, however.
Erie

[TigerTater]

Lol, no man... it's $68 for Sedan and $64 for coupe per month. That's my full coverage at 150k/300k. Probably would be cheaper if i went 20k/40k. My 2 Z Cars are $588/year Grundy classic.

This is up from $106/month i was paying.

Ahhh! Makes more sense now. That's a good price then! I might need to shop around

[brettbimmer]

Hey Guys & Gals, pulling up an old thread here. Interesting the variations on your premiums. I suspect that driver age, vehicle location, deductible, and amount of coverage for a liability payout all play in to what we are all paying. Just curious on ACV (Actual Cash Value) of a ZHP these days - or the value which I would actually get if the vehicle was totaled? I suspect it is very low, so just trying to decide if it is worth keeping the full coverage, dropping it, or going with an stated vehicle value.

[stephenkirsh]

How many miles?

[az3579]

I was thinking of doing the same, Brett. I do suspect that with your mileage, you'd get double what I would get though, so it's a harder decision for you than it is me.

Sent from my Pixel using Tapatalk

[Scott ZHP]

Be careful what you wish for.

I have two vehicles insured as "classics". You generally purchase an agreed value, which is fine. But that policy comes with some pretty serious restrictions. For example, I cannot use either vehicle as daily transport (no big deal), and I cannot drive either to work (big deal). There are also annual mileage limits, something like 5k max I think. Been a while since I read the policy.

If your ZHP is a casual use thing, it might make sense.

[danewilson77]

Be careful what you wish for.

I have two vehicles insured as "classics". You generally purchase an agreed value, which is fine. But that policy comes with some pretty serious restrictions. For example, I cannot use either vehicle as daily transport (no big deal), and I cannot drive either to work (big deal). There are also annual mileage limits, something like 5k max I think. Been a while since I read the policy.

If your ZHP is a casual use thing, it might make sense.
Great info.

Sent from my Samsung Galaxy S8+

[cakM3]

...Just curious on ACV (Actual Cash Value) of a ZHP these days - or the value which I would actually get if the vehicle was totaled? I suspect it is very low, so just trying to decide if it is worth keeping the full coverage, dropping it, or going with an stated vehicle value.

Good point Brett! :thumbsup Like BP posted your comment caused me to "rethink" whether or not its worth keeping full coverage on my ZHP...

[brettbimmer]

How many miles?
Sorry to go ghost - Tapatalk doesn't seem to be blending well with the Mafia at present.
I think I am around 75,000 miles, so pretty low.


I was thinking of doing the same, Brett. I do suspect that with your mileage, you'd get double what I would get though, so it's a harder decision for you than it is me.

Sent from my Pixel using Tapatalk
Thanks BP. Yes, just trying to make sense of what would be best given some of the horror stories out there.


Be careful what you wish for.

I have two vehicles insured as "classics". You generally purchase an agreed value, which is fine. But that policy comes with some pretty serious restrictions. For example, I cannot use either vehicle as daily transport (no big deal), and I cannot drive either to work (big deal). There are also annual mileage limits, something like 5k max I think. Been a while since I read the policy.

If your ZHP is a casual use thing, it might make sense.
Thanks - might make sense as I do not drive it very often, and generally only put a few thousand miles on her annually. Appreciate the insight.

Good point Brett! :thumbsup Like BP posted your comment caused me to "rethink" whether or not its worth keeping full coverage on my ZHP...
I know...trying to weigh whether or not it makes sense, or if I should go with an agreed value policy. Hmmm...

[az3579]

Speaking of lowered insurance premiums...

I just saved $1200 a year on the two cars in my name, just by moving to a different town. LOL