Insurance Time

[Panda]

I came across this on msn:

"Any change in the specifications from the ones your car left the factory with could result in hefty price hikes. Adding a rear spoiler or respraying the car would jack up the premium by a quarter, tinting the windows adds 50%. Fitting bull bars to an SUV or changing the alloy wheels would cost the driver nearly a third more. The real no-no as far as insurers are concerned is altering the suspension – lowering the car means a whopping 171% increase."

Full story http://cars.uk.msn.com/News/car_news_article.aspx?cp-documentid=3005474

My best quote so far is less than 200 quid on a classic policy but I'm thinking of lowering the car later this year. Does anyone know of any UK insurers that accept modded cars without giving silly qoutes?

As for the rest of the world.... Do you have the same problem with insurance companies?

[632 Regal]

dont report that the car was modded, if you total it usually the adjuster just looks at damage not the mods or stance of the car.

[GJPinAU]

I put on the policy that it had 1. Factory tint 2. Msport suspension and wheels. All of these are OEM.
What? I lied!
Not really.

[632 Regal]

sortof
I put on the policy that it had 1. Factory tint 2. Msport suspension and wheels. All of these are OEM.
What? I lied!
Not really.

[Dave M]

I'm not in the UK (Canada), but interested if they actually do give a flying rats a$$ about the state of your car prior to giving you insurance. Our cars are 12-18 years old and should have received numerous 'replacement' parts by now. Not sure what point msn is trying to make, but the increases they're quoting are ridiculous. By their calculations, the basic mods to my e34 would cause a 200% increase, and thats just the tint and lowering (which one could argue makes the car safer).

As Jeff said, if you can tolerate the guilt;), don't tell them anything. I've been hit while parked (no fault) and they either didn't catch the mods or didn't lose any sleep over them when they fixed the car (and I had a 'fine car' appraiser go over it with the proverbial comb). I'm still paying just over $600/year :D

Dave

[Dave M]

Are we talkin 200 quid a month? Yeesh

[TC535i]

Insurance goes up just because you lowered your car?



My insurance thinks my supercharged 318is on coilovers, Sparco seats/racing harnesses, etc. is a "1992 318is 2-door". ;)

[JerseySi]

Insurance companies, especially over here (jersey, uk - uk companies but with local brokers) will find any reason they can not to pay out for a claim.. And technically yes, you're breaking the law if you don't declare stuff.. However, my last modded car was a 325iS (E30), lowered to the deck - they didn't increase the premium at all when i told then, thankfully :D (they increased it after i punted it into a granite wall after owning it 2 weeks! :( ) My insurance costs £187 a year, fully comprehensive on the 535i - good enough for me :D

[Dave M]

My insurance costs £187 a year, fully comprehensive on the 535i - good enough for me :D

Booooo, thats cheap ins. :D You could spend that much in 'petrol' in a couple a weeks, eh?

Dave

[markus]

the way i see it is if u get into any major accident the cars will be totaled anyway. **** em

[javoresku]

Over here (Bulgaria) - I asked three insurance companies for quotes for my stock '88 530i and decided to pay insurance only for liability(which is mandatory). I pay BGN 100 (around $66)/year.

[cooljules]

Over here (Bulgaria) - I asked three insurance companies for quotes for my stock '88 530i and decided to pay insurance only for liability(which is mandatory). I pay BGN 100 (around $66)/year.
ok for many years i used to have classic 70's Celicas, but on normal policies, about 250 a year....then i got a black 92 e34 520, that was 300, i asked them how much if i fitted allow wheels...abiet factory option, and it rocketed to over a grand...i got that policy, standard....then changed car to a touring, the policy rocketed again....ouch i think it must be cos boby parts are more expensive.

[mattyb]

Are you just comfortably numb or just young. In no country is owning a bm a cheap option insurance wise. do your homework and have a good think as to why insurance costs what it does. if are motivated enough to post a thread regarding the cost of insurance have you had a look at the stats or done any research on the subject. Better to use your eyes and brain before your mouth. Just last night I pulled a kid from a golf polo, off his face mind you, 3 houses down from mine. Think about it!

[Panda]

Are you just comfortably numb or just young. In no country is owning a bm a cheap option insurance wise. do your homework and have a good think as to why insurance costs what it does. if are motivated enough to post a thread regarding the cost of insurance have you had a look at the stats or done any research on the subject. Better to use your eyes and brain before your mouth. Just last night I pulled a kid from a golf polo, off his face mind you, 3 houses down from mine. Think about it!

Thank you for your insight. The thread was posted to find out about other peoples experience of insurance companies and modded cars. It was predominantly a UK question but I was also curious to see how other countries treated insurance on old BMW's. I think the responses (Bulgaria/Jersey/USA/Canada etc.) justified that. My insurance is less than £200 per year. I consider that cheap and have done my homework on why the insurance costs what it does. There are a few reasons for it but mainly it's because some companies consider some E34's as Classics and will quote on Classic Policies for those cars. So, in this country a BM can be cheap insurance wise.

You're quite correct - "Better to use your eyes and brain before your mouth".

I'm in my thirties and have never driven "off my face". Having taken your suggestion to "Think about it!" I have thought about it and fail to see the relevance of your post.

In all seriousness, I hope the kid in his (VW) Golf/Polo was ok.

[cooljules]

Thank you for your insight. The thread was posted to find out about other peoples experience of insurance companies and modded cars. It was predominantly a UK question but I was also curious to see how other countries treated insurance on old BMW's. I think the responses (Bulgaria/Jersey/USA/Canada etc.) justified that. My insurance is less than £200 per year. I consider that cheap and have done my homework on why the insurance costs what it does. There are a few reasons for it but mainly it's because some companies consider some E34's as Classics and will quote on Classic Policies for those cars. So, in this country a BM can be cheap insurance wise.




which ins co call them a classic? mind you, i do 3k in 2 weeks often, so a limited milage policay aint no good.

[mattyb]

If you cant see the dots to join them so be it. there was no offence intended towards you by my post but i am sick of hearing folks complaining about insurance when we live in a world of diminished responsibilitiy. Lowering, mods etc and classic type classification are relevant bench marks in every country not just the UK. intention, quality and suitability of mods are relevant factors when risk is assesed on any vehicle.

as for the justification value of other post responses; **** em and dont tell em dont count for much.

[JerseySi]

Booooo, thats cheap ins. You could spend that much in 'petrol' in a couple a weeks, eh Dave If i had that much to spend on petrol, I probably would :D Worst bit is, most of it would get used up sat in traffic - not like we have many "open roads" on an island 9x5 miles! Re: the insurance, mine's just a normal, standard policy through Norwich Union... Previously had an E30 318ia insured on this policy for the same price (car was a rusty heap, got it for free), and when I rang up to change to the 535, I asked how much extra it'd cost.. "Oh, no extra charge sir, they work out the same.. I'll put the documents in the post for you" :D Reeeeee-sult!! Am 29 years old, have got 3 years no claims bonus, and a driving ban 5 years ago for dangerous driving... Never did i expect to get such cheap insurance, especially on a panzerwagen! :D

[Panda]

If you cant see the dots to join them so be it. there was no offence intended towards you by my post but i am sick of hearing folks complaining about insurance when we live in a world of diminished responsibilitiy. Lowering, mods etc and classic type classification are relevant bench marks in every country not just the UK. intention, quality and suitability of mods are relevant factors when risk is assesed on any vehicle.

as for the justification value of other post responses; **** em and dont tell em dont count for much.

Which dots? All I wanted to know was if there are insurance companies that are sympathetic to modded cars and not penalise them to such an extent that it isn't worth doing.
I reserve judgement on the "**** 'em and don't tell 'em" argument; If my car had steel wheels and cloth seats when new, which I then upgraded and declared to the insurer - How do you think they would react?
I like the wheels on your 540 but I don't think they were standard fitment in the UK, if I had a 540 with standard UK alloys.... I think you know where I'm going with this one.

I enjoy the BM but I'm lucky enough to have got it as a 3rd car. It is a weekend toy and it's on a limited (5k p.a.) mileage policy. My intention is to make the car more enjoyable - stop quicker and straighter, corner better etc and I can't really see that as an act of diminished responsilbilty, if anything the car will actually be safer.

From what I have seen on this forum, there are no stupid examples of fitting turbo's to 20 year old basket cases with a standard drivetrain/chassis. The cars are well cared for and in good shape. I doubt anyone will argue with your "intention, quality and suitability of mods" statement but I don't think it's fair that premiums should be ramped up out of proportion for people that modify 20 year old cars in order to improve their dynamics. Remember that a stock 535 will struggle to go, stop and steer like a new 5 series diesel.

No offence intended? Really? None taken :p .

[GJPinAU]

ummm... Panda.... Matty's an insurance investigator!

He gets to see a lot of stuff (MVA) we'd rather not talk about.


cheers,
Greg

[Randell]

hearing stories about insurance in the UK scares me... i'd probably only have 3rd party if i lived there.

I insured my car in australia for the value of $21k when i bought it, which included aftermarket tinting, 18x8 wheels, $1500 stereo, 1" drop at the front. The only thing they cared about was the wheels, 8" was the max if i had 8.5" and wrote it off i'd get nothing

First year was $1700 (ouch) but now it's come down to about $700/year + $500 excess if i claim, insured for $17k.. i think that's a bargain

[cooljules]

hearing stories about insurance in the UK scares me... i'd probably only have 3rd party if i lived there.

I insured my car in australia for the value of $21k when i bought it, which included aftermarket tinting, 18x8 wheels, $1500 stereo, 1" drop at the front. The only thing they cared about was the wheels, 8" was the max if i had 8.5" and wrote it off i'd get nothing

First year was $1700 (ouch) but now it's come down to about $700/year + $500 excess if i claim, insured for $17k.. i think that's a bargain


Here in the UK seen third party the same or more cost...crazy