How to insure the E36
 

Hi guys. Do you bother to get full coverage being that your car is an older model? How do you measure the value and determine the insurance to get?

I have liability of $50,000 per accident with a $1000 deductible but waived colision and comprehensive since there is no lienholder. But I'm thinking I should have paid the additional for protection since the BMW is still an upscale car with above average resale.

I know insurance is such an individual choice but is there a coverage or value ratio to consider?

Mine is a '92, so I carry only the minimum liability coverage (15k/30k bodily, 5k property). But because the car can get abused or vandalized by others or stupid kids, I also carry comprehensive- that covers damage caused by fire, theft, vandalism, hail, windstorm, riot, falling objects, flood, and other events. It adds only $115 to my premium, and I chose a lower deductible of $100. That way it covers fairly minor damages that would not cross the threshold of possibly totalling the car by the insurer.

mine is a 97 and i carry full coverage simply because collision work is expensive and its only about 1,400 a year

I currently have full coverage on my e30 but thats cause its in such great condition, in the future i think it will be insured at a place where you set the value, so if it gets totalled you get the money you want to get another nice car or enough to get it fixed and brought back to life (typically only offered on cars that are not daily drivers)

I know I have what is required for the state I live in but as 215Bimmer says, collision work is expensive. If I'm ever in an accident I'd be out a ton of money for repairs, huh?

i have full coverage on mine...bmw are much more expensive in canada and more rare that in the states...accidents are a bitch!

I have a 92 e36, I have full cover on mine,

The insurance company reffered to their statistics and said they feel my car is only worth $7.5K NZD, i paid a little more than that because it was lowered on bilsteins and has some nice wheels too.

I told them i wasn't happy with 7.5K so they said if i want to do an agreed value i would have to get it valued. i got it valued for $9.7K NZD and its fully insured for that (no under 25's) its around 450-500 a year to insure, and the excess is pretty low too.

It comes down to what you're willing to pay for yourself.

No insurance - you pay for everything that may be a consequence to you having an accident.

3rd party - covers you damaging someone elses property,
then theres 3rd party plus fire theft vandilism - which is fine for most things but if you're car is a write off its not covered.

then you have full comprehensive. - everything is covered, even the windshield. and of course if your car is written off you get paid out.

The way I see it, figure out what it would cost you to replace your car. subtract a deductible. For me it is $500 for collision. Then look at the cost of the policy. Compare 3 years worth of collision and comprehensive insurance to the replacement value minus your deductible. Then you can decide if it worth it or not. If you can live with the difference in an accident then save the money and when the time comes put it toward a new vehicle. If not go full coverage. Of course the full coverage only pays if you cause the accident, or hit and run. So be careful out there.

For my situation (even with a clear title and not being a daily driver) full coverage with an agreed upon value. Let's face it, If I totalled my beloved E36 I would absolutely have to replace it to continue the fun factor! Cheers!