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Old 07-09-2002, 08:54 PM   #1
LLuke
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Insurance options for cars with many modifications.

I own a 1988 325is. Stock, the car blue books for $4k. If something should ever happen to my baby I'd probably see $2,500. After my pending m50 engine swap is complete, you'd have to add another zero to the likely insurance settlement number to come close to what I have spent on the car.

$20,000+ invested
$2,500 settlement? I don't think so!

It's time I insured my car for more money. How do I go about doing this?

My current insurance company has told me not to tell them about my modifications. Why? They won't insure modified vehicles! They only consider raising the settlement price on class cars.

Time for me to try a new insurance company. I want to insure my car for AT LEAST $10k.

I'm sure this is an issue many people here are interested in so if you know, be a hero...speak up!

Thanks
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Old 07-09-2002, 09:04 PM   #2
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You need to get your car apriased. Bimmersport's done this before, you can ask him about the details. I'm thinking of doing it too.
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Old 07-09-2002, 11:43 PM   #3
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My insurance broker has told me in the past and just recently after purchasing my M3, I quote:
"We also suggest that you may want to consider having the vehicle appraised if the value of the vehicle is greater then the actual cash value.
Further premium adjustments will follow."


I don't know if you will actually get the appraised value of your car if it is totalled or stolen. I'm still waiting on a settlement for my stolen 325.
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Old 07-09-2002, 11:47 PM   #4
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Re: Insurance options for cars with many modifications.

Quote:
Originally posted by LLuke

I want to insure my car for AT LEAST $10k.

I would first get it appraised and call different insurance companies to see who will insure it for the appraised value. Good Luck!
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Old 07-10-2002, 12:09 AM   #5
MP328
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Re: Re: Insurance options for cars with many modifications.

Quote:
Originally posted by bimmersport



I would first get it appraised and call different insurance companies to see who will insure it for the appraised value. Good Luck!

where can u get that done? appraisel?
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Old 07-10-2002, 12:10 AM   #6
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Cool. Thanks guys....but where do I got to get it appraised? Are they speical places for autos? Or do I just look in the phone book under appraisel?
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Old 07-10-2002, 12:15 AM   #7
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Re: Re: Re: Insurance options for cars with many modifications.

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Originally posted by MP328



where can u get that done? appraisel?

I used a company called Quality Appraisal Services (905-450-3300 ask for Guy), it costs $125, but you can find different companies in the yellow pages.
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