About Insurance Companies...

[323tiRocketeer]

Ok, so I'm wondering how to go about telling my insurance company about the M3 conversion. I don't want to pay more than I have to. Just want my baby covered enough. Ya' Know! Any advice will do, Thanks

[PettitWC]

don't tell them. it won't change a thing. the car is still insured by the vin alone.

[Borg561]

Originally Posted by PettitWC

don't tell them. it won't change a thing. the car is still insured by the vin alone.

Problem with that is if you total your car, the cost of all the extra equipment isn't factored in to what they pay you, so you'd lose any money lost on the conversion. I know when I quote a policy change online with my company (Progressive) there's a box on the limits page for additional equipment. I've never used it, but I'm guessing if you had an extra $3500 you wanted covered you'd put it in that box. It wouldn't hurt to call your insurance company and ask if they do something like that, and if they do if you can quote a change.

Justin

[1996 328ti]

Originally Posted by PettitWC

don't tell them. it won't change a thing. the car is still insured by the vin alone.

Depends on your insurance company.
Some specifically ask about mods that increase performance.

I think most adjusters couldn't tell a M44 from a S52 anyway.

[PettitWC]

mine just ask for the vin...nothing else. it was funny my m coupe is cheaper to insure (with the same coverage) as my ti was

[bachic55]

Ask your agent or insurance company--Im an insurance agent and ALL my companies are different when it comes to customization coverage.
--- Some need to know exactly whats on the car and have to add Customization coverage in that amount.
--- Other companies don't care- they expect that at the time of a loss (claim) you have all the proof of the upgrades and customization (pictures, receipts, etc.) if you expect to be paid.

Its def a good question to ask if you've put a lot of money into upgrades. All insurance companies pay actual cash value (and will prob screw ya on depreciation But what can ya do, need insurance to drive!!

[Borg561]

Originally Posted by bachic55

Ask your agent or insurance company--Im an insurance agent and ALL my companies are different when it comes to customization coverage.
--- Some need to know exactly whats on the car and have to add Customization coverage in that amount.
--- Other companies don't care- they expect that at the time of a loss (claim) you have all the proof of the upgrades and customization (pictures, receipts, etc.) if you expect to be paid.

Its def a good question to ask if you've put a lot of money into upgrades. All insurance companies pay actual cash value (and will prob screw ya on depreciation But what can ya do, need insurance to drive!!

Hmm, just curious. Say somebody runs a red light and nails your car with $5k in upgrades and totals it. How is their insurance company likely to handle the upgrades? I'm guessing they'll definately try to screw you...

Justin

[bachic55]

Of course- no company ever wants to pay. Keep on your negotiating skills..show receipts, invoices, prove your car is worth more than their estimate.Get yur own estimates and price out your car as it was.. Persistance wll help. Their first 25 answers will be no, sorry. Heres whats it's worth. Keep trying. If they try to settle for crappp, tell them you want to buy he car back from them for their salvage price...insurance companies dump cars to salvage all time time for cheap. And if they still will not reimburse you for the total...hint you have some legal help..hat may push them tosettle. No insurance company likes lawyers (they OFTEN sue for big

[zboot]

Your car is only insured for what they know is on the car. If they don't know about the m} engine, then how can they determine you didn't just put a broke engine into the car to get more money after an accident? They usually have a provision for additional courage. H will lost you, so you'd have to weigh having your me conversion covered us being screwed in an accident.

[campaiar]

I think your looking at this all wrong.

I'm insuring my 332ti by the vin and not mentioning anything about upgrades. If its totaled by me or another driver, I get fair market value on the claim, I buy the car back for parts and retain the engine.

Where's the problem? If you've put the time in or your conversion that I have, your not likely to let those parts get away are you?

Plus you can sell the rest of the car to the forum and help the community.

I don't know, maybe I'm looking at it all wrong.

[zboot]

well, I guess the worry is about if you're in an accident that damages your swapped engine.

There's quite a big difference in value between that and stock.

If your damage is mostly body panels, headlights, or even frame, you will mostly get a good value for that. But if I had an m3 engine that somebody managed to impale a pole through or something, i'd be pissed if Geico would only pay me for an m44.

[campaiar]

If you hit something hard enough to damage the engine, you probably have other problems that are more important. You know, like learning to walk again.

[cooljess76]

If you tell them about the mods, your premium will more than likely go up for two reasons. 1, you've added to the cars value by upgrading parts and 2, 6cyl vs. 4cyl = more HP/ more HP = higher risk. Either way you look at it, they're gonna get theirs. It's best to just keep things on the DL. If they don't ask what you have under the hood, don't tell them. If you wreck it, wouldn't you rather buy it back for the price of a wrecked 318ti instead of a 332ti? Besides that, I bet they wouldn't pay the full value of an s50/52 + all of the blood, sweat and tears of the swap, even if you did have your premium adjusted for the mods.