Poll: Do you have collision/comprehensive insurance on your E34?

[DanDombrowski]

As the blue book value of my 93 525i is steadily decreasing, I've been considering if I need to keep the collision insurance on my e34 anymore. Right now, its worth about 3800-4200, which is borderline for being worth it to insure it.

Some things I've been thinking about are:

If I were to wreck my car (my fault), and make a claim with my insurance company, would they give me anything for it? Seems pretty universal that people always get shafted when it comes to insurance payouts for old, sentimentally valuable cars. I'm expecting like $2,000 after a $500 deductable.

While I don't like the idea of losing $4,000 (blue book value of car), I could go purchase an E39 and not think twice about paying for it. In general, I've always been told to only insure things you CAN'T afford to replace.

I don't know how it is in most other states, but in Florida, the police like to deny that either person is at fault (unless its really obvious), and just tell each person to go with their respective insurance companies, rather than laying the blame and having one insurance company pay both peoples claims. I've heard this referred to as the "florida no-fault" law, but people are dumb and say all kinds of things. Therefore, if someone else clipped my car, I might be stuck paying for it, even if its not my fault.

We have lots of hurricanes in South Florida, and only one garage space. Last year, I got some scratches on my car from branches, but nothing big. On the other hand, lots of people have had their cars crushed by trees.

Ok, done rambling. What do you all do?

[dacoyote]

Got Full Coverage.... Prop will drop it in a couple more years when the bank doesn't still own part of it...

[KenB]

I just have liability but not the minimum, have maximum liability coverage. In a lawsuit happy place like NJ I want as much protection from the suits as I can afford. Even with a clean driving record I pay over $900/yr for liability only. I think if you're not making payments it doesn't pay to have collision on a car that is only worth $4k, especially since it would cost $6-700 a year for the coverage. Most times if it's not alot of damage, people would rather pay cash rather than file a claim with their insurance company and drive up their rates for years to come.

[GoldenOne]

full coverage for me...just added it to the plan, plus i have to treat each bmw equally

[billb]

...my full coverage on this deer hit will cost me $250 deductible for the over $3000 repair. I have full coverage on all cars. My yearly insurance for three vehicles, two of which are bimmers and one Explorer, is about $1750.

[Rigmaster]

Dan, you hit the nail on the head.

I'd love to hear what "full coverage" actually means to various insurance companies when it comes to full payout if you guys totalled your E34's. Call your agent and ask them- they should be able to give you a ballpark idea. I'll bet in most cases, it's $2000-5000.

We had full coverage on the wife's 535i for a couple of years, but decided that the expense was not worth the minimal coverage, considering the probable payoff if it was totalled.

Only liability coverage on my '92 525iT, since it's worth about $3-4k max.

Bret

[DanDombrowski]

Yeah, thats exactly what I'm thinking. I'm pretty sure I'm going to drop the coverage to liability only, say 100/300. Take that money and put it in a special savings for new car/repairs, and be my own insurance company.

Hopefully, the day I change it I won't be T-boned....

[Torque]

full coverage here.

[we_call_him_doher]

Being a first time driver (16 yrs old), and being on my parents insurance (with them paying) they would only go for liability only, which is still an extra $1200 a year....wow

[BigTed00]

I dropped from full coverage on the '96 328is to liability only on the 535i, saved myself a cool $1400 a year. To the insurance company its only worth $3000 tops, so basically after a year and a half I've paid off the value of the car. Considering I plan on keeping it 2-3 years, its the best option for me