Poll: Do you have collision/comprehensive insurance on your E34?

[DanDombrowski]

As the blue book value of my 93 525i is steadily decreasing, I've been considering if I need to keep the collision insurance on my e34 anymore. Right now, its worth about 3800-4200, which is borderline for being worth it to insure it.

Some things I've been thinking about are:

If I were to wreck my car (my fault), and make a claim with my insurance company, would they give me anything for it? Seems pretty universal that people always get shafted when it comes to insurance payouts for old, sentimentally valuable cars. I'm expecting like $2,000 after a $500 deductable.

While I don't like the idea of losing $4,000 (blue book value of car), I could go purchase an E39 and not think twice about paying for it. In general, I've always been told to only insure things you CAN'T afford to replace.

I don't know how it is in most other states, but in Florida, the police like to deny that either person is at fault (unless its really obvious), and just tell each person to go with their respective insurance companies, rather than laying the blame and having one insurance company pay both peoples claims. I've heard this referred to as the "florida no-fault" law, but people are dumb and say all kinds of things. Therefore, if someone else clipped my car, I might be stuck paying for it, even if its not my fault.

We have lots of hurricanes in South Florida, and only one garage space. Last year, I got some scratches on my car from branches, but nothing big. On the other hand, lots of people have had their cars crushed by trees.

Ok, done rambling. What do you all do?

[dacoyote]

Got Full Coverage.... Prop will drop it in a couple more years when the bank doesn't still own part of it...

[KenB]

I just have liability but not the minimum, have maximum liability coverage. In a lawsuit happy place like NJ I want as much protection from the suits as I can afford. Even with a clean driving record I pay over $900/yr for liability only. I think if you're not making payments it doesn't pay to have collision on a car that is only worth $4k, especially since it would cost $6-700 a year for the coverage. Most times if it's not alot of damage, people would rather pay cash rather than file a claim with their insurance company and drive up their rates for years to come.

[GoldenOne]

full coverage for me...just added it to the plan, plus i have to treat each bmw equally ;)

[billb]

...my full coverage on this deer hit will cost me $250 deductible for the over $3000 repair. I have full coverage on all cars. My yearly insurance for three vehicles, two of which are bimmers and one Explorer, is about $1750.

[Rigmaster]

Dan, you hit the nail on the head.

I'd love to hear what "full coverage" actually means to various insurance companies when it comes to full payout if you guys totalled your E34's. Call your agent and ask them- they should be able to give you a ballpark idea. I'll bet in most cases, it's $2000-5000.

We had full coverage on the wife's 535i for a couple of years, but decided that the expense was not worth the minimal coverage, considering the probable payoff if it was totalled.

Only liability coverage on my '92 525iT, since it's worth about $3-4k max.

Bret

[Torque]

full coverage here.

[we_call_him_doher]

Being a first time driver (16 yrs old), and being on my parents insurance (with them paying) they would only go for liability only, which is still an extra $1200 a year....wow

[BigTed00]

I dropped from full coverage on the '96 328is to liability only on the 535i, saved myself a cool $1400 a year. To the insurance company its only worth $3000 tops, so basically after a year and a half I've paid off the value of the car. Considering I plan on keeping it 2-3 years, its the best option for me

[bahnstormer]

liability only
she gets hit its over =]

[Zeuk in Oz]

I have full comprehensive cover which in Oz includes collision.
Here we have an excess payment, if my wife or I are driving, the excess is less than if one of my kids is driving - or anyone under 25 for that matter.

[DanDombrowski]

Yeah, thats exactly what I'm thinking. I'm pretty sure I'm going to drop the coverage to liability only, say 100/300. Take that money and put it in a special savings for new car/repairs, and be my own insurance company.

Hopefully, the day I change it I won't be T-boned....

[Russell]

full coverage all cars

[Derek A.]

its only $75 a month - with high dedictibles for the 535i. Also help if there is a problem and you have to plead your case to the insurance company.

Also helps if you are going to have an attorney plead your case :)

Load value and market value can be viewed as two different things - especially if a good attorney gets ahold of your case.

[mattyb]

i have full insurance. my car is insurance valued at $20k au so i need it. in oz we have a few specialist insurers who will cover the value agreed so they are ussually the best and not too pricey. we have a "greenslip" built into our annual registration which covers injury to others so no litigation here on that matter.

[wingman]

Full comprehenisve. We have a choice to either cover for an 'agreed value' or 'market value'. I tried to insure my car for the price that I paid for it around AU$11,000 and was told that it wasn't enough so I had to insure for 12.5k.
In regards to the police, in NSW you only need to report the crash to police if:
1. Either car needs towing
2. Any one gets taken away by ambulance
3. One or both of the drivers doesn't exchange particulars
4. If drugs or alcohol are involved
Other crashes are know as 'self-reporting collisions'. If police are involved, unless there are mitigating circumstances someone will get a ticket.

[rot535i]

Full coverage, Comp and zero glass deductable. For the couple hundred extra it costs, the windshield alone this winter paid the difference.

[liquidtiger720]

Full coverage.

I'm paying 1200 for 6/months of insurance. Sadly...thats with a whole lot of discounts.

[ThoreauHD]

Full coverage as well. I recommend USAA if you or any of your Family have been in the military. They are the best insurance company with the lowest prices. They give you part of your money back if you drive safely, didn't use it on claims, etc.

[ThoreauHD]

By the way, rot535i, you have a really nice looking car. I'm not much for red as it attracts cops like flies to ****, but that really looks nice and classy I think.

[Nick.Hay]

The works... Cost me $800AUD per year with agreed value of $19kAUD

Tho it has lapsed, and I can't afford to re-insure it just now. As a result, she waits patiently in the shed...

[athflying79]

I carry both because it was only about $75 a month versus like $50 for just the minimum.

[Johntee540]

Full coverage here. In DC there are so many people (Questionable citizenship) driving around without Insurance or licenses that you are at risk of being hit on any given day. The police can do nothing to enforce the Status issue; Lack of ins issue; and I have even been riding with a friend when an illegal hit his car on a public road with no insurance and no valid license and admitted he was illegal - The cops let him walk after exchanging information. His address was fake BTW. - So I keep full coverage any ways - JT

[Alexlind123]

I believe that in Washington at least, "uninsured motorist" insurance is required by law. This covers you if someone with no insurance hits you. My car does not have collision insurance.

Edit: As a relatively new driver, collision insurance would be prohibitively expensive. As it is now, i think my parents pay around $100 a month just for me.

[rot535i]

By the way, rot535i, you have a really nice looking car. I'm not much for red as it attracts cops like flies to ****, but that really looks nice and classy I think.
Arrest Me Red. Some how I have Three red cars. The 90 535i, a 94 Cutlass Conv., a 81 Volvo 240. Recently broke the subconsious habit when I bought the wifes 96 Landcruser (Grey). I was never crazy about red cars and it ended up that way. There will be times on the highway I look into my rearview mirror and the trooper couldn't get closer without bumping me, as people are passing me at a much greater speed. Then the pull away, I just figure the are running my plate for info. I got pulled one time and was told my plate didn't match the vehicle and when I told him I just transfered the plates a couple of days ago he left.

[Beemr750]

Only 100/300 liability for $495 a year,here.Can't get comprehensive only,due to age of the car.
Don't get fooled with "uninsured motorist"
coverage.If you read the fine print it will tell you it is only coverage for medical costs enflicted to you by an uninsured one,And here is another catch,it only pays if you don't have health coverage of any kind of your own.Besides without a shister lawyer forget to collect ever.
I dropped mine imidiately when I found out the hard way about this rip-off,

[JonE]

Here in Minnesota the "uninsured/underinsured motorist" coverage is required by law. You can minimize this useless/unnecessary insurance by requesting the lowest amount of coverage on this as possible. I think here it would be 30/60. I still have full comp/collision with $500 deductible, but might think about changing that due to the value issue...Good thread!

[shadowpuck]

Full coverage as well. I recommend USAA if you or any of your Family have been in the military. They are the best insurance company with the lowest prices. They give you part of your money back if you drive safely, didn't use it on claims, etc.

We have full coverage on the '95 325 and the '93 525.
The cost difference for liability only vs. full coverage on the e34 wasn't much so we sprung for it. Originally, we were only going to have liability on that car.

As to USAA - one thing to point out is to read the declarations/exclusions carefully (well, ok, do that for all contracts/policies) - they are specifically excluding participation in driving schools. That's a whole other thread so I won't go into all the gory details, but a driving school friend of mine is with USAA and we just noticed a new clause in their policies specifically denying any coverage for those events.

This is an interesting twist, because most companies will cover a driving school incident as long as it isn't a timed/competitive event.

[kring]

Someone side-swiped my E34 while it was parked on the side of the road, and then they took off. No one saw it happen. I thought I would be covered under my "uninsured/underinsured motorist" coverage. But my insurance company assured me that only comprehensive coverage (which I didn't have) would help me in that situation. I was pretty pissed off.

Fortunately the damage was only superficial. But since it went down the whole drivers side of the car estimates say it will cost $2500-3000 to fully repair.

[SharkmanBMW]

I go full coverage on both cars... and I pay about $50 less for my 2003 330xi worth 33k CAD compared to my 1994 540 worth $8k CAD!!!
The 330 needs a "boomerang" tracking device for full coverage which is another $100 a year, so total $850 CAD

no logic, but I don't complain when it's half of what I expect them to charge me!!

[ArtemLepilov]

Umm... I will not have full coverage for a while - i probably have about 19-21 points on my insurance... Speeing tickets suck


-Artem

[clhorton]

I only have liability on mine. I would love to get full coverage, with me being 20, several prior speeding tickets, and having a BMW. The price for full coverage was just way too much.

[F4Phantom]

I have fully comp (the lot) $750 per year including the wife who is under 25. Good deal I recon. I though the USA was the land of the cheap but your insurance seems to be a rip off.

As for market value, I got a quote by a local mob here once and because I paid around 6k for the car they would not insure it for over 6k. It's market is closer to 10 - 12k. I said "if I got the car for $1 would the market be $1?" Stupid stupid stupid, anyway the answer was, "we cannot allow you to profit from a crash" That line from the lady who ran the firm (small firm) was repeated over and over untill I hung up from nagging exhaustion.

[zhandax]

I voted minumum required although I have 100/300 on both the 540i and the 300E. Both together are $575 a year. I bought the 540i with the money I saved not having comprehensive on the 528e for 6 years. I do wish I could get fire theft and flood without collision, though.

[Traian]

You folks in the US are living the goooooood life...and you don't know it :D

I have the most basic insurance possible on my car (no fire, theft, collision, nada - tho I do carry a big liabilty coverage and a spare change of socks), and the whole deal still worked out to about $3300/yr before I turned 21. Now it's about 2/3 of that, so still ridiculous compared to your rates (these are Canadian dollars granted). I know E34s are not big on the hit list, but I am thinking about putting a decal in the window along the lines of 'this car has no theft insurace, please do not steal!.' Then again, they might steal it anyway out of spite.

I do not drive under the influence...of peer pressure.