Most folks assume that since they tell their insurance agent/broker they just paid a premium for their high end car that the car will be insured for the amount you tell them you paid.

Think again.

Say you have a 2008 Dinan BMW 335xi. The car was based on a BMW 335xi and has the VIN# of that car. When your insurance man inputs it into his computer and gets a quote, it’s based on that VIN# not what you told the agent or broker.

The Dinan version is with roughly $45,000, the base 335xi is worth $30,000. If someone steals you car overnight you’re getting $30,000, not the $45,000 you just paid.

What you need to do to protect your investment is purchase an endorsement to cover those performance upgrades so that you can not only protect your investment, but buy another one to replace it should the unthinkable happen.

Get you car appraised and tell your insurance agent/broker you want it insured for the “Replacement Value”.