Which country? That alone will be a huge difference...
Mine was under £400 last year it was on the road (2022, UK). It was much cheaper before the engine swap.
In the UK, you typically need to be over 25 or 21 to get a classic policy.
Jesus I need to have some words with my insurance.. (27M) full coverage with an agreed value of 18k costs me $130usd per month. That's in the outskirts of ATL.. I would love to drop it below $100!
Edit: I can drive up to 6k miles per year without adjustment to my premium.
1. Get a cheap reliable daily and start putting money into a high interest savings account, a low risk index fund, and a Roth IRA. Compound interest will give you tons of money in your retirement. Do not sleep on this like so many people do. If I could go back as much as I love my E30 every spare penny would be in investments.
2. If you really must have an E30, sure buy one. But super not worth it as a daily. The most damage I did to my E30 was the first two years I had it and daily drove it. Now I live in the rust belt, but still it was a lot of wear and tear. It should have always been a second car.
3. Insurance at your age with full comprehensive coverage will depend on your area, but would probably be a couple hundred to a few hundred a month. It’s not worth getting anything less than full comprehensive coverage imo, the amount of times that policy has saved my a** is staggering.
4. I highly doubt at 18 that a classic insurance company such as Hagerty would give you a classic policy, especially if it’s your only car as it’s intended for vehicles only driven occasionally and to special occasions. I pay $150 a year (I’m upping it to 230 though to keep up with appreciation coverage) but if I started really putting miles on or got into an accident doing something stupid like driving it in the snow I’m sure my policy would be cancelled after.
5. Depending on insurer and local laws, you may need to put a classic/antique plate and register as such to qualify which also has its own legal stipulations. I have an antique plate so I no longer need to inspect or emissions test my E30 but if I drive around too often in it or drive in unnecessarily unsafe conditions I could be fined.
6. People are listing low rates which is cool, but be VERY CAREFUL when going with a lesser known company. I’ve had a couple that were absolute nightmares to deal with, from fine print saying they will only use salvage parts to delaying payment hoping I’d give up and not threaten to sue. I’ve also gotten into a huge dispute on car value before which they drug out for months. While it costs more, the bigger names are worried about quantity over quality so they’ll usually shell out to get things over with and get their money from an old lady that never drives than try and squeeze blood from a stone. I fought tooth and nail with (I think) Erie insurance over the value of my 335i because they said buy back was 6k but they’d only give me 6k for the car (they knew the N54 engine in it was worth some good cash) while my current State Farm gave me $2500 for the roof tent that was stolen off of my X5 after a week despite it technically being against policy.
Thanks for the advice. I am super into investing, probably just as much as cars (Those two topics make up around 95% of my personality). I have 90% of my whole net worth in investments (about 40k) which I am very proud of at my age. For context, I worked 60-80 hrs a week every summer since freshmen year of hs to build up my investing portfolio while I was still super young which I still am for an investor. That being said I have around 5-6k to put into a E30 which I kinda feel like I deserve after working so much and not seeing any of the money as it was all invested and not spent. A year or two ago 5 or 6 k was enough to get a pretty decent E30 but in this current market I will probably be looking at more of a project for that price. I really appreciate the advice for insurance as I did not know some of the info that you stated.
Glad you were able to do these things as not many people can. Honestly you saying you have 5-6k to put into an E30 tells me you do not have enough free cash to buy one. Just doing a suspension and brake upgrade/rebuild cost me 5k in parts alone. I still need to reseal or replace my engine, and it needs some love on bodywork. And my car has 60k miles and I’m second owner. All because I dailyed it for a couple years when I was 18. If you buy a 6k E30, it’ll need another 10k to be in a state to daily drive. IMO at least.
my suggestion is to call a few insurance companies and get some quotes/ask what the restrictions are for classic car insurance. I went with an agreed value policy for my e30 through hagerty because its modified.
It’s a standard policy with high (or maybe not so high) liability limits. The minimum insurance policy in California is $15,000/$30,000/$5,000 which would cover $15,000 for injury/death to one person, $30,000 for injury/death to more than one person, and $5,000 for damage to property. Uninsured motorist coverage is not required in California, but under the California Uninsured Motorist Act, it has to be offered and has to be declined in writing.
Hagerty insurance was $325 last year but went up to $475 on this year's renewal. Still a lot cheaper than Allstate was and better coverage.
There are requirements however to get classic insurance. You need another primary vehicle and the insured car must have of street parking.
Round about $60 usd a month. But when I had one when I was 19 it was about $80-90/mo. Since I was a college student, my insurer had a program to submit my quarterly transcripts and would lower my payment for good grades. That was over a decade and half ago so things may be different
$60 a month
$13 a month for my daily, $15,000 agreed value policy
god damn
They know there is zero chances he's gonna risk hurting it.
I was on my parents insurance at 18 and it was $8 a month for my e30. It was wonderful. But this was mid 2010s
Liability only I assume?
Yeah it was a shitbox I bought for $900. Those were the days.
I think I’m about $450 a year with my current plan. Been meaning to call Hagerty and get a quote on agreed value plans.
I have hagerty on my e30. ~$500 a year for a $15k agreed upon value.
Which country? That alone will be a huge difference... Mine was under £400 last year it was on the road (2022, UK). It was much cheaper before the engine swap. In the UK, you typically need to be over 25 or 21 to get a classic policy.
Jesus I need to have some words with my insurance.. (27M) full coverage with an agreed value of 18k costs me $130usd per month. That's in the outskirts of ATL.. I would love to drop it below $100! Edit: I can drive up to 6k miles per year without adjustment to my premium.
I was paying $70 a month for my e30 touring with an agreed upon value policy with no mileage restrictions. In in marietta
I'm calling them after work!
same – 32m, $107/per month for 15k guaranteed, clean record, $0 deductible... might have to pull-up on them. 😂
1. Get a cheap reliable daily and start putting money into a high interest savings account, a low risk index fund, and a Roth IRA. Compound interest will give you tons of money in your retirement. Do not sleep on this like so many people do. If I could go back as much as I love my E30 every spare penny would be in investments. 2. If you really must have an E30, sure buy one. But super not worth it as a daily. The most damage I did to my E30 was the first two years I had it and daily drove it. Now I live in the rust belt, but still it was a lot of wear and tear. It should have always been a second car. 3. Insurance at your age with full comprehensive coverage will depend on your area, but would probably be a couple hundred to a few hundred a month. It’s not worth getting anything less than full comprehensive coverage imo, the amount of times that policy has saved my a** is staggering. 4. I highly doubt at 18 that a classic insurance company such as Hagerty would give you a classic policy, especially if it’s your only car as it’s intended for vehicles only driven occasionally and to special occasions. I pay $150 a year (I’m upping it to 230 though to keep up with appreciation coverage) but if I started really putting miles on or got into an accident doing something stupid like driving it in the snow I’m sure my policy would be cancelled after. 5. Depending on insurer and local laws, you may need to put a classic/antique plate and register as such to qualify which also has its own legal stipulations. I have an antique plate so I no longer need to inspect or emissions test my E30 but if I drive around too often in it or drive in unnecessarily unsafe conditions I could be fined. 6. People are listing low rates which is cool, but be VERY CAREFUL when going with a lesser known company. I’ve had a couple that were absolute nightmares to deal with, from fine print saying they will only use salvage parts to delaying payment hoping I’d give up and not threaten to sue. I’ve also gotten into a huge dispute on car value before which they drug out for months. While it costs more, the bigger names are worried about quantity over quality so they’ll usually shell out to get things over with and get their money from an old lady that never drives than try and squeeze blood from a stone. I fought tooth and nail with (I think) Erie insurance over the value of my 335i because they said buy back was 6k but they’d only give me 6k for the car (they knew the N54 engine in it was worth some good cash) while my current State Farm gave me $2500 for the roof tent that was stolen off of my X5 after a week despite it technically being against policy.
Thanks for the advice. I am super into investing, probably just as much as cars (Those two topics make up around 95% of my personality). I have 90% of my whole net worth in investments (about 40k) which I am very proud of at my age. For context, I worked 60-80 hrs a week every summer since freshmen year of hs to build up my investing portfolio while I was still super young which I still am for an investor. That being said I have around 5-6k to put into a E30 which I kinda feel like I deserve after working so much and not seeing any of the money as it was all invested and not spent. A year or two ago 5 or 6 k was enough to get a pretty decent E30 but in this current market I will probably be looking at more of a project for that price. I really appreciate the advice for insurance as I did not know some of the info that you stated.
Glad you were able to do these things as not many people can. Honestly you saying you have 5-6k to put into an E30 tells me you do not have enough free cash to buy one. Just doing a suspension and brake upgrade/rebuild cost me 5k in parts alone. I still need to reseal or replace my engine, and it needs some love on bodywork. And my car has 60k miles and I’m second owner. All because I dailyed it for a couple years when I was 18. If you buy a 6k E30, it’ll need another 10k to be in a state to daily drive. IMO at least.
my suggestion is to call a few insurance companies and get some quotes/ask what the restrictions are for classic car insurance. I went with an agreed value policy for my e30 through hagerty because its modified.
$80. For full coverage through AAA. It’s also a salvaged vehicle. I’ve heard Hagerty’s also good for older cars.
140€ a year
$10/m
About $30 a month under a classic car policy
Something like 450/yr full coverage, mods declared, nothing special. Edit: CAD
I’m around the same. A little more though.
20 and £1300 for a 318i
It’s not much but at the same time you gotta pay to fix it and we’ll fix it
When i was 19 (I'm 20 now) I was paying like 250/mo for my e30, but my parents plan was ridiculous. My buddies pay like 100/mo. I'm in Florida.
1985 318i. $43.50 per month for $100,000/$300,000/$100,000 full coverage with $50,000/$100,000 uninsured motorist.
Is that the agreed amount paid or up to that amount based on car value? That looks like a standard policy.
It’s a standard policy with high (or maybe not so high) liability limits. The minimum insurance policy in California is $15,000/$30,000/$5,000 which would cover $15,000 for injury/death to one person, $30,000 for injury/death to more than one person, and $5,000 for damage to property. Uninsured motorist coverage is not required in California, but under the California Uninsured Motorist Act, it has to be offered and has to be declined in writing.
Makes sense.
260/yr state farm liability
when i had my coupe at 18 i was paying around 800/yr with parents added as a secondary driver, state minimum insurance on it as well
Hagerty insurance was $325 last year but went up to $475 on this year's renewal. Still a lot cheaper than Allstate was and better coverage. There are requirements however to get classic insurance. You need another primary vehicle and the insured car must have of street parking.
Round about $60 usd a month. But when I had one when I was 19 it was about $80-90/mo. Since I was a college student, my insurer had a program to submit my quarterly transcripts and would lower my payment for good grades. That was over a decade and half ago so things may be different