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      10-22-2020, 01:33 PM   #1
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CS insurance distinction?

Have any of you obtained an insurance quote for the CS yet? My main concern is proper identification of the value of the vehicle.

I called my collector car insurance policy (2 other cars), and they believe they would be able to cover it at it's $85k agreed upon value.

I wanted to see what my daily driver insurance would run, and entered the information via GEICO. There really was no distinction and the quote came back as just a 2020 M2 Coupe.

God forbid anything happens, but I don't want any issues trying to get pricey CF items replaced in the event a claim is filed.
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      10-23-2020, 11:10 AM   #2
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Insurance identifies the car through its assigned VIN number. This qualifies the car based on the spec of the vehicle. Similar example, a Toyota Tacoma has 4 trim sets when you provide the VIN to insurance it will identify if it it a Sport, Limited, TRD or TRD Pro.
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      10-23-2020, 08:06 PM   #3
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Quote:
Originally Posted by WoodKnuckle View Post
Insurance identifies the car through its assigned VIN number. This qualifies the car based on the spec of the vehicle. Similar example, a Toyota Tacoma has 4 trim sets when you provide the VIN to insurance it will identify if it it a Sport, Limited, TRD or TRD Pro.
For the past 4 bmws I've owned the VIN has not been recognized by the insurance company and details had to be input individually. I think for G07, G01, G20 and F97 the VIN was not recognized. As far as Geico is concerned they see no difference between a M2C and CS
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      12-11-2020, 10:13 AM   #4
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Has anyone been concerned with insurers recognizing the car correctly as a CS? I received a quote for my VIN but couldn't help but feel they were treating this simply as an M2C. The agent said she did not see CS designation in the system (Geico).

Any advice/recommendations welcome!
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      12-11-2020, 12:26 PM   #5
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I am also with Geico and I'm getting the same result. Kinda want to stay with the same insurance company for the multi-vehicle discounts.
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      12-11-2020, 12:52 PM   #6
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I have an inquiry in with liberty mutual about the CS since it's my insurance for other cars and home. Hagerty gave a quote of 1830/yr for 85k agreed.
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      12-11-2020, 02:09 PM   #7
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Do not insure this thru a "regular" insurance company!

I've been a agent for 35 years and all my good BMW's and Porsche's go to Hagerty for the "Guaranteed Cost" coverage.

If you can't get "Guaranteed" or Agreed amount", you will be dealing with a valuation issue if you have a claim.

With either of the mentioned types, you and the company agree before hand on the value of the car. Otherwise you will be looking at some type of KBB value and like depreciation.
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      12-11-2020, 02:11 PM   #8
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Quote:
Originally Posted by medphysdave View Post
I have an inquiry in with liberty mutual about the CS since it's my insurance for other cars and home. Hagerty gave a quote of 1830/yr for 85k agreed.
Better to spend your money here then PPF over the entire car! PPF won't help when the drunk kid with minimum limits drives into your car and destroys it!
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      12-11-2020, 02:23 PM   #9
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Quote:
Originally Posted by jhall1957 View Post
Do not insure this thru a "regular" insurance company!

I've been a agent for 35 years and all my good BMW's and Porsche's go to Hagerty for the "Guaranteed Cost" coverage.

If you can't get "Guaranteed" or Agreed amount", you will be dealing with a valuation issue if you have a claim.

With either of the mentioned types, you and the company agree before hand on the value of the car. Otherwise you will be looking at some type of KBB value and like depreciation.
Thanks for the advice, precisely my concern. I'll give Hagerty a call!
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      12-11-2020, 03:19 PM   #10
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My agent through LM can write Hagerty policies. Im waiting to see the quote because I'm sure there is a markup.

Anyone compare the hagerty towing policy vs AAA? I don't use the AAA perks, but the Hagerty perks could be more useful.
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      12-11-2020, 03:50 PM   #11
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I am with regular old State Farm and have agreed value policies on some of my cars. They are on the same account as all my cars but different policy number. Assuming the CS will be the same.
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      12-11-2020, 03:54 PM   #12
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Quote:
Originally Posted by medphysdave View Post
My agent through LM can write Hagerty policies. Im waiting to see the quote because I'm sure there is a markup.

Anyone compare the hagerty towing policy vs AAA? I don't use the AAA perks, but the Hagerty perks could be more useful.
Yep, I can and do write a fair number of policies with Hagerty.

Don't be fooled if your agent tells you "stated value is the same". It's not! Maybe Google the difference.
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      12-11-2020, 10:23 PM   #13
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Quote:
Originally Posted by jhall1957 View Post
Yep, I can and do write a fair number of policies with Hagerty.

Don't be fooled if your agent tells you "stated value is the same". It's not! Maybe Google the difference.
It doesn't seem like LM can write them with higher mileage than 2k/yr, but they checking. I'm not sure it will work for me since I plan for this to be my DD. We wanted to get rid of our 3rd vehicle. I'd have to keep that one to get on a collector car policy. Also looking into Gap coverage combined with new car replacement. Not as good as agreed value replacement, but reasonable alternative.
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      12-11-2020, 10:43 PM   #14
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Quote:
Originally Posted by medphysdave View Post
It doesn't seem like LM can write them with higher mileage than 2k/yr, but they checking. I'm not sure it will work for me since I plan for this to be my DD. We wanted to get rid of our 3rd vehicle. I'd have to keep that one to get on a collector car policy. Also looking into Gap coverage combined with new car replacement. Not as good as agreed value replacement, but reasonable alternative.
Hagerty web site states that the don't cover daily driver cars. You can drive periodically "for pleasure" but not daily.
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      12-11-2020, 11:42 PM   #15
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Quote:
Originally Posted by QM View Post
Hagerty web site states that the don't cover daily driver cars. You can drive periodically "for pleasure" but not daily.
Yes, If you have the required other cars to get the policy you could certainly push this into a gray area. I don't want to push into the territory.
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      12-16-2020, 10:16 PM   #16
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Definitely read over all the model designations on your policy. My agent mistook my car for a C when writing things up. I'm certain that would have led to a sad face if something tragic happened. I didn't want to press my luck with Hagerty being that I have plans to get rid of my 3rd car and use this as a DD. That has the potential to wind up equally disappointing. Sadly, I wanted to use them so I could easily get track day insurance through them.

Things to look into on daily driver policies or with your finance folks. GAP insurance and new car replacement insurance. My insurance offers the new car replacement policy. This is an interestingly gray area for this car that supposed to result in a payout of ACV(not subject to depreciation)+20% in the event it were written off with under 15000mi. Which should equate to replacement cost + 20% if I'm reading the calculation for ACV correctly.

I think it's ripe for a fight, but better than nothing. The main point is that the language discusses value and removes depreciation from the value and adds a margin on top. Since no new car will exist it will be a cash payout to fight. The question now is if it's worthwhile to add any gap insurance so that would cover any outstanding loan balance? The policy is supposed to include GAP to get the new car, but I'm not sure how this would work if they were just cutting a check. I assume this is partly where the extra 20% cap comes into play.

Thought I'd share my experience
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      12-17-2020, 02:53 PM   #17
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State Farm shows no distinction between M2C & M2 CS.
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      12-17-2020, 04:19 PM   #18
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Quote:
Originally Posted by yaymitch View Post
State Farm shows no distinction between M2C & M2 CS.
I would have something updated to state they acknowledge it's a different model that costs 85k to 95k. My agent asked how much it cost and made some updates.
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      12-17-2020, 04:31 PM   #19
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Progressive usually has you fax them the sticker price to put on record, because if you finance it through BMW Financial, and its a total loss and you choose loan payoff, they have to assist with that. You just will have higher premiums than a quote you get for the M2C, obviously.
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      12-17-2020, 11:09 PM   #20
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Quote:
Originally Posted by yaymitch View Post
State Farm shows no distinction between M2C & M2 CS.
Their system indeed does not recognize "CS" but my agent asked me to email her the monroney so I'll be pursuing something written in this regard. We shall see.
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      12-17-2020, 11:16 PM   #21
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Quote:
Originally Posted by Higgs Boson View Post
Their system indeed does not recognize "CS" but my agent asked me to email her the monroney so I'll be pursuing something written in this regard. We shall see.
Had the same conversation today with my agent. Few interesting points that came to fruition:
1. Statefarm will do a stated value policy based on the MSRP, and it's pretty economical compared to guaranteed value policies (Hagerty et al.)
2. Problem with stated value is, their contract will do the lower of a) stated value or b) ACV (actual car value - calculated by assessors at the time of claim). As medphysdave mentioned, you can get them to do ACV + x% but that's about as good as it gets without going to Hagerty and getting a guaranteed value.
If someone finds different info on this, pls do share
3. For those who're not driving this in winter months, StateFarm actually has a deal with DMV's (and seems to be the only insurance company that has this agreement), where the car will be insured at full value but the monthly payment goes down to about 1/5th of regular monthly payment. Car remains titled and plated, owner does not need to do anything. You can also pick how many months and which months you'd like this quiescent policy to come into effect.
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      12-17-2020, 11:19 PM   #22
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Quote:
Originally Posted by f80_MG View Post
Had the same conversation today with my agent. Few interesting points that came to fruition:
1. Statefarm will do a stated value policy based on the MSRP, and it's pretty economical compared to guaranteed value policies (Hagerty et al.)
2. Problem with stated value is, their contract will do the lower of a) stated value or b) ACV (actual car value - calculated by assessors at the time of claim). As medphysdave mentioned, you can get them to do ACV + x% but that's about as good as it gets without going to Hagerty and getting a guaranteed value.
If someone finds different info on this, pls do share
3. For those who're not driving this in winter months, StateFarm actually has a deal with DMV's (and seems to be the only insurance company that has this agreement), where the car will be insured at full value but the monthly payment goes down to about 1/5th of regular monthly payment. Car remains titled and plated, owner does not need to do anything. You can also pick how many months and which months you'd like this quiescent policy to come into effect.
I do have stated value policies with State Farm but it turns out they have to be antiques or classics, so the CS wouldn't qualify. All good, will figure it out.
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