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Old 03-14-2011, 12:25 PM   #16
noodles101
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Quote:
Originally Posted by mercforhire View Post
Hi noodles. I live in waterloo too. Which part do you live at? .
I just bought a 323ci 2000 and I don't have theft insurance yet cause it's still parked and plateless. I work as a pizza delivery man part time so I'll definitely watch out for your car.
i live on lester st. right by the university plaza.
friend of mine told me she saw a car that looks like mine
around the sobey's on columbia.
ive been going around small streets presing my alarm. LOL..see if it goes off in some1s garage or not....


Sean.
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Old 03-14-2011, 01:16 PM   #17
hockeyfan27
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Quote:
Originally Posted by InfiniteDice View Post
Don't have theft insurance? I hear of insurance without collision.... but no theft?...
Quote:
Originally Posted by noodles101 View Post
...but my buddy drove it for half a year and ****ed everyting up. lol
so teh car was in..kinda roughhh shape.
Quote:
Originally Posted by Blackedout95 View Post
Sorry to hear about the theft man.

Curious though, what is it with no theft, is it simply lack of funds?...
It's a tough call; whether to carry collision and/or comprehensive coverage on an older vehicle. I am asked this question daily. It's a gamble and some times you lose. I'm sorry that you find yourself on the short end of the stick this time, Noodles. There are clients in my office that choose to self insure their physical damage coverage, many with high end cars. However when something happens, at least it was their decision what coverage to carry. I've never heard the term "basic" referring to a policy that includes theft, so whoever you spoke to monkey wrenched your understanding of what your policy included.

As your situation unfortunately exemplifies: generally, when discussing coverage try to avoid the common slang of "1 way", "basic" or "full coverage".

You should to address each of the following individually:
  1. liability
  2. accident benefits
  3. collision
  4. comprehensive
  5. additional endorsements
You have to make decisions about each, so take the time and talk about them. If the company doesn't require a signed application for putting the policy in place, request a break-down of the coverages you've selected, IN WRITING! Sometimes waiting until they mail you a policy is too late.

When obtaining a quote most people ask what the difference is for liability only versus liability with collision & comprehensive. The difference is almost always a significant number; so people, many who are on the fence about what additional coverages they need, decline the physical damage coverage to save some money.

What is not often discussed is the price of adding just Comprehensive or Specified Perils coverage (aka: fire and theft). They are available with or without collision, depending on the company. Specified Perils is a reduced coverage vs Comprehensive therefore it is also a reduced price vs comprehensive.

Specified perils, on it's own, is what is commonly called, "parking coverage" though this is a bit of a misnomer as it doesn't really cover everything that can happen to your car when it is parked. see: Summer Rides, Winter Beaters & Insurance

This is going to become a bigger issue as many insurance companies are shying away from older cars. Most have a predetermined vehicle age (usually 12-15 yrs old) at which they want pictures from all angles of the car and some even want a current safety certificate before they will add the physical damage coverage. Those are the reasonable companies. Some will not offer physical damage coverage if your car is over 10-12 years old, period.

This is a downfall of dealing with a bank/direct writer/insurance agent. They can only propose coverage based on the rules of the single company they represent. So you may hear, "full coverage is not available because your car is too old". Do not take that as a blanket statement which applies to all insurance companies. If you are being told you can't get the coverage you asked for, the next question you need to be asking is, "is this coverage available elsewhere in the insurance market". Then call a broker. We ("we" being insurance brokers in general) represent multiple companies and can likely find you a policy with all the coverages you want.

For the record: When I started responding, the reason the coverage was not carried was unknown... I hypothesized either he opted out of it due to older car in rough shape, or the company didn't offer it. looks like it was: C) none of the above.

Noodles, what company did you insure with and how long ago was the policy set up?
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Old 03-14-2011, 06:28 PM   #18
noodles101
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Originally Posted by hockeyfan27 View Post
It's a tough call; whether to carry collision and/or comprehensive coverage on an older vehicle. I am asked this question daily. It's a gamble and some times you lose. I'm sorry that you find yourself on the short end of the stick this time, Noodles. There are clients in my office that choose to self insure their physical damage coverage, many with high end cars. However when something happens, at least it was their decision what coverage to carry. I've never heard the term "basic" referring to a policy that includes theft, so whoever you spoke to monkey wrenched your understanding of what your policy included.

As your situation unfortunately exemplifies: generally, when discussing coverage try to avoid the common slang of "1 way", "basic" or "full coverage".

You should to address each of the following individually:
  1. liability
  2. accident benefits
  3. collision
  4. comprehensive
  5. additional endorsements
You have to make decisions about each, so take the time and talk about them. If the company doesn't require a signed application for putting the policy in place, request a break-down of the coverages you've selected, IN WRITING! Sometimes waiting until they mail you a policy is too late.

When obtaining a quote most people ask what the difference is for liability only versus liability with collision & comprehensive. The difference is almost always a significant number; so people, many who are on the fence about what additional coverages they need, decline the physical damage coverage to save some money.

What is not often discussed is the price of adding just Comprehensive or Specified Perils coverage (aka: fire and theft). They are available with or without collision, depending on the company. Specified Perils is a reduced coverage vs Comprehensive therefore it is also a reduced price vs comprehensive.

Specified perils, on it's own, is what is commonly called, "parking coverage" though this is a bit of a misnomer as it doesn't really cover everything that can happen to your car when it is parked. see: Summer Rides, Winter Beaters & Insurance

This is going to become a bigger issue as many insurance companies are shying away from older cars. Most have a predetermined vehicle age (usually 12-15 yrs old) at which they want pictures from all angles of the car and some even want a current safety certificate before they will add the physical damage coverage. Those are the reasonable companies. Some will not offer physical damage coverage if your car is over 10-12 years old, period.

This is a downfall of dealing with a bank/direct writer/insurance agent. They can only propose coverage based on the rules of the single company they represent. So you may hear, "full coverage is not available because your car is too old". Do not take that as a blanket statement which applies to all insurance companies. If you are being told you can't get the coverage you asked for, the next question you need to be asking is, "is this coverage available elsewhere in the insurance market". Then call a broker. We ("we" being insurance brokers in general) represent multiple companies and can likely find you a policy with all the coverages you want.

For the record: When I started responding, the reason the coverage was not carried was unknown... I hypothesized either he opted out of it due to older car in rough shape, or the company didn't offer it. looks like it was: C) none of the above.

Noodles, what company did you insure with and how long ago was the policy set up?
hey that was great help and stuff i did not know!
thank u for that.

i am insured with desjardins insurance.
and insurance policy was set up when i bought the car...
around september 2010
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Old 03-14-2011, 09:01 PM   #19
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I'll sell you my 330ci if you're interested... $10k.

Regardless, I'll keep an eye out for your car. You've given a pretty good description.
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Old 03-14-2011, 09:17 PM   #20
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Thanks for the detailed information hockeyfan27.
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Old 03-16-2011, 02:53 AM   #21
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Sorry to hear that man. some people are soo pathetic and they get a cheap thrill out of crap like this. karma goes around, and that a##hole will get whats coming. You will to, this loss may seem harsh now. But somehow the universe always balances out. Who knows, you may come across a clean but dirt cheap M3! All im saying is stay positive and good things will come. All the best.
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Old 03-16-2011, 06:33 AM   #22
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This is a downfall of dealing with a bank/direct writer/insurance agent. They can only propose coverage based on the rules of the single company they represent. So you may hear, "full coverage is not available because your car is too old". Do not take that as a blanket statement which applies to all insurance companies. If you are being told you can't get the coverage you asked for, the next question you need to be asking is, "is this coverage available elsewhere in the insurance market". Then call a broker. We ("we" being insurance brokers in general) represent multiple companies and can likely find you a policy with all the coverages you want.
I'm not an agent but my take is there are considerably more advantages to being friendly with your broker as opposed to xyz insurance comp. My broker can bind insurance over the phone at anytime of the day. It's unlikely that an insurance company will do this for you. Brokers are also working for you so when you get into an accident and you don't have a broker between you and the insurance company it's you against them, and they really don't want to pay you. For my money I am going to be supporting my broker for the foreseeable future.
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Old 03-16-2011, 06:56 PM   #23
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http://www.youtube.com/watch?v=j4EPgT6uBFM
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Old 03-16-2011, 07:33 PM   #24
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If i were you, i'd look around the people you know that might've played with your keys every now and than, reason is, it is nearly impossible to steal a BMW of that year. But if it got stolen by pro thiefs, than nothing you can do about it.
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Old 03-16-2011, 09:12 PM   #25
xlr8nbimbo
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Check Autotrader for e46's around $10-12K. There should be some and I have driven by a number of cars on some independent used lots in Halton Hills. You should be able to get a fairly nice one at that price-point. And if they're selling cars, there will be a way to finance the sale - or just go to a bank. PM me if you need some more info on where I saw the cars.
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Old 03-17-2011, 01:48 AM   #26
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Hi OP. Was your car a manual transmission or automatic?
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Old 03-22-2011, 12:36 AM   #27
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I hope this is not the one! Pretty sure this is much older....Chances are it will look the same IF they ever find it! I'm keeping my eyes open, you never know.
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