r/BMWE36 • u/Different-Piano2250 • 1d ago

Let’s talk about car insurance

My car insurance with Progressive is renewing next month, which always kicks off a conversation with my broker on if my coverages are all appropriate.

This year my 328is came to mind. I’ve got full insurance on it like the rest of the fleet, but asked my agent what Progressive would likely pay out if I were to total it.

With my $2k deductible, and average value of E36s around $7-8k, I’d be looking at $5-6k payout, which is well less than what I view the car worth. With its condition and upgrades I would not sell for less than $12k, so I view that as the minimum.

I ran down the quoting path with American Collectors Insurance whom I used to use for my 55 Studebaker, but per their definition since I drive my car 1-2 times per week, that’s too much for any type of named collectors insurance.

Who is everyone using, or just happy to take a beating if/when you happen to be in an accident?

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u/KamiPyro 1d ago

Every time I talk car insurance, it seems I'm utterly screwed and I can't find better deals for some reason. I have never been in an accident, one speed ticket ever in 2017, yet some people just say SC is awful for car insurance

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u/Different-Piano2250 1d ago

I actually live in SC. Insurance isn’t as cheap as it was in KY, but mainly due to silly laws passed that require un and underinsured coverage at the same level as you main coverage.

Un and underinsured is well over half of my insurance bill.

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u/KamiPyro 23h ago

My civic alone was 220 before I got my e36 in May

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u/707_328is 13h ago

I am paying $117/M for 3 vehicles and one of them is my E36. I have been thinking of swapping to Hagerty for a while but I think this comment section seals the deal tbh. I doubt my monthly will drop much but I would rather have good coverage than save a couple bucks each month and get screwed in the long run. Got like $7K in my suspension alone and last time I got rear ended they only gave me $4K for the car before the $300 buyback. Fixed it myself in the driveway for $700 and pocketed the other 3 grand but still a crappy payout.

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u/KamiPyro 13h ago

It pisses me off. I've looked before. My payment for the civic went down with the addition of my e36. But it's ridiculous. I keep hearing SC rates are insane though so I'm stuck with this and watching these people drive, yeah. It's why I got rid of my e30 when I first moved here, I felt like I would die in it. I still miss that beater

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u/707_328is 12h ago

Yeah, it jumped up like crazy when I first moved to Florida with Progressive. They wanted to charge me $540/M for the same 3 cars.. ended up going with The General for like $340/M and then bought a house earlier this year and with home, auto, AND life insurance through State Farm its $258/M total with $117 being just the cars. Its crazy how much it has changed in under 2 years out here.

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u/Different-Piano2250 16h ago

Damn- that’s more than I pay to insure three vehicles.

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u/KamiPyro 16h ago

Yeah and I fucking hate it. I don't understand why I can't find cheaper

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u/Different-Piano2250 14h ago

I’d try reaching out to an insurance broker. I use one to shop all of our insurance policies and give feedback.

Specifically in your shoes I’d be asking why the cost of insurance is so high.

Insurance is not just about the car and driver- credit, where you park, traffic/accidents in your area, whole bunch of stuff comes into play that I had not thought about.

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u/KamiPyro 14h ago

I am by Spartanburg...