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[C2] Crate motor and insurance

 
Old 03-07-2018, 02:34 PM
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66RBS
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Default Crate motor and insurance

Getting quotes for my new 66 with a ZZ4 crate motor

Had Hagerty on my old stock numbers matching 66 about $500/yr

Big price increase on new 66 because Hagerty consideres it modified $800/yr

NCM considers it modified too but $400/ yr depending on mileage tier

Big penalty thru Hagerty for a crate motor

You crate motor guys seeing this?

Randy
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Old 03-07-2018, 03:06 PM
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How do they know it’s a crate engine.
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Old 03-07-2018, 03:26 PM
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That's a significant difference.

I suppose that's because you're going to drive it completely differently with the crate motor, even to the point of racing it on the streets!

Ridiculous!
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Old 03-07-2018, 04:35 PM
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Grundy....it's agreed on VALUE, all based on what $$$ coverage you'd like. Should be about 400 to 500 per year for about 60 to 70 K coverage.
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Old 03-07-2018, 05:08 PM
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Originally Posted by 66RBS View Post
Getting quotes for my new 66 with a ZZ4 crate motor

Had Hagerty on my old stock numbers matching 66 about $500/yr

Big price increase on new 66 because Hagerty consideres it modified $800/yr

NCM considers it modified too but $400/ yr depending on mileage tier

Big penalty thru Hagerty for a crate motor

You crate motor guys seeing this?

Randy
Yeah - I'm not getting that increase either....doesn't seem logical.

I'm with NCM, the rates are good and if the worst should happen they stand behind you -- they did with me -- big time

Last edited by Frankie the Fink; 03-07-2018 at 05:20 PM.
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Old 03-07-2018, 05:28 PM
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Originally Posted by Frankie the Fink View Post
Yeah - I'm not getting that increase either....doesn't seem logical.

I'm with NCM, the rates are good and if the worst should happen they stand behind you -- they did with me -- big time
I suppose Hagerty modified puts me in the same class as nitrous supercharged 572 cubic inch with slicks. All you guys with Hagerty running pertronix better advise them you have a modified car.

Yes it looks like NCM is the way to go

Randy
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Old 03-07-2018, 05:33 PM
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Originally Posted by Nowhere Man View Post
How do they know itís a crate engine.
When requesting the quote they ask. Donít want to give the insurance guys a reason to deny a claim and I never suspected a price variance.

NCM asked too

Randy
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Old 03-07-2018, 05:34 PM
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Originally Posted by 66RBS View Post
I suppose Hagerty modified puts me in the same class as nitrous supercharged 572 cubic inch with slicks.

That seems to be what they are thinking. It definitely does pay to shop around. Thanks for providing this example.
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Old 03-08-2018, 04:46 AM
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Interesting. I have a ‘66 and put a crate motor in last year. I carry Hagerty; we agreed on a value of the car and that’s what it’s insured for. NOM never came up and I pay about $500 / year.
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Old 03-08-2018, 05:01 AM
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I’ve had several companies, not one of them asked about the engine or anything else non stock. So if you have an accident, they’re going to run the numbers? Doesn’t make sense, unless you’re trying to cover the increased cost of the new engine over the agreed value.

Last edited by 59BlueSilver; 03-08-2018 at 05:06 AM.
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Old 03-08-2018, 09:23 AM
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Thanks for the opportunity!

The issue comes down to potential claims. If you are in an accident, we are assuming we are replacing stock for stock. If you have an aftermarket crate engine then we can properly account for the cost.

In the OPs case it is a $55 annual difference to properly account for the work/modifications.
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Old 03-08-2018, 11:27 AM
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Strange - a NOM crate motor car is actually worth less than an original one, and the parts in that crate motor are worth less than original - so any repair or replacement costs should actually be less.

So why the higher premiums?
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Old 03-08-2018, 11:38 AM
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Originally Posted by tuxnharley View Post
Strange - a NOM crate motor car is actually worth less than an original one, and the parts in that crate motor are worth less than original - so any repair or replacement costs should actually be less.

So why the higher premiums?
Puzzled me as well.

If you got knocked in the front and had to replace a 'real deal' "326" or "609" water pump I gotta think its more expensive than something hanging off a generic crate motor

Last edited by Frankie the Fink; 03-08-2018 at 11:40 AM.
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Old 03-08-2018, 11:49 AM
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Originally Posted by tuxnharley View Post
Strange - a NOM crate motor car is actually worth less than an original one, and the parts in that crate motor are worth less than original - so any repair or replacement costs should actually be less.

So why the higher premiums?
At times a NOM engine can double or even triple the power over stock. Because of this the vehicle performs differently. Some may not be as fluent with driving higher HP vehicles and the claim frequency is higher.
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Old 03-08-2018, 12:00 PM
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Originally Posted by Adam Boca View Post
At times a NOM engine can double or even triple the power over stock. Because of this the vehicle performs differently. Some may not be as fluent with driving higher HP vehicles and the claim frequency is higher.
I sorta thought that....
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Old 03-08-2018, 12:28 PM
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But Adam, the older we get the slower we drive. When does that discount apply?
Please don't answer.
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Old 03-08-2018, 12:34 PM
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Originally Posted by Westlotorn View Post
But Adam, the older we get the slower we drive. When does that discount apply?
Please don't answer.
Slowly walking away from the keyboard!
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Old 03-08-2018, 01:25 PM
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Originally Posted by Adam Boca View Post
At times a NOM engine can double or even triple the power over stock. Because of this the vehicle performs differently. Some may not be as fluent with driving higher HP vehicles and the claim frequency is higher.
I think the key there is ďAt times......Ē. Many perhaps most NOMs are not hp monsters. It seems unfair to penalize the majority for the few, based on a blanket assumption.

Most collector car insurance requires pictures of the car. Why extend that to the engine dedails as well, rather than just profiling all NOMs as being the same?
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Old 03-08-2018, 01:43 PM
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Originally Posted by tuxnharley View Post
I think the key there is ďAt times......Ē. Many perhaps most NOMs are not hp monsters. It seems unfair to penalize the majority for the few, based on a blanket assumption.

Most collector car insurance requires pictures of the car. Why extend that to the engine dedails as well, rather than just profiling all NOMs as being the same?
So where do you draw the line? This is a pretty clear definition from our carrier, and in the interest of protecting our customers we will continue to ask.

These are the basic guidelines we live with:

Modification Level
None/Minimal - a vehicle with only minor changes such as radio upgrades, lower cost custom interior, or a dressed engine bay.

Modified - upgrade of the engine beyond what was originally available, overall modification of multiple major components of the vehicle, or custom paint job with multiple colors.

Highly Modified - Significant modifications to the vehicle. Examples would include a pro-street vehicle or significantly modified show vehicle.

Yes, on modified vehicles we get an interior and engine photo. In the end, it is better protection for our customers.
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Old 03-08-2018, 01:53 PM
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Its kind of hard to pass this off as stock..... I specifically pointed out what the motor was when I insured it thru NCM.

And, old and slow, does not mean a better driver than young and fast, in all cases...

Doug

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