Insurance
Thread Starter
Instructor
Joined: Nov 2004
Posts: 190
Likes: 0
From: Greenville Ohio
St. Jude Donor '05
Insurance
I have a few questions about insurance.
If I wreck my car today I will get the lowly book value, even-though I have $7500 in customization upgrades.
How do I insure my car for a higher value?
Any suggestions on companies or appraisers in Ohio?
Thansk Roger
If I wreck my car today I will get the lowly book value, even-though I have $7500 in customization upgrades.
How do I insure my car for a higher value?
Any suggestions on companies or appraisers in Ohio?
Thansk Roger
Le Mans Master
Joined: Dec 2004
Posts: 5,789
Likes: 8
From: Myrtle Beach SC
St. Jude Donor '05-'06
Well I think what your looking for is "Gap" insurance and most insurance companies will be willing to give you a policy for a certain value but expext to pay a premium.Some have special policies for collector cars.
Race Director
Joined: Feb 2003
Posts: 18,484
Likes: 1
From: Everyday you must choose between the pain of discipline and the pain of regret. Fredericktown, OH
To guarantee you'd get all you have in it, you'd have to find a company willing to write an "agreed value" policy.
Don't get sucked into a "stated amount" policy, which is settled as actual cash value OR stated amount - whichever is less.
Gap coverage is designed for new(er) cars that depreciate at a much more rapid pace than loans/leases can be paid down.
Don't get sucked into a "stated amount" policy, which is settled as actual cash value OR stated amount - whichever is less.
Gap coverage is designed for new(er) cars that depreciate at a much more rapid pace than loans/leases can be paid down.
Intermediate
Joined: Aug 2002
Posts: 28
Likes: 0
From: Euclid Ohio
I own a 95 Corvette now, but 5 years ago I had a 84 Firebird that I put over $10,000 into. I had regular insurance on it....nothing special fire and theft. One day it got stolen. The insurance company wanted to give me $1800. Obviously the car was worth way more than that. So I had to get my own appraisel of the car. I had all my receipts documenting all that I had done. To make a long story short I had to get a mediator who gave his own appraisel. The mediator sided with me and my appraiser, and I recieved over $10,000 dollars for my car from the insurance company. I look back at that incident now and I am glad I did'nt have the car insured for the real value. If I did I would have paid a premium on insurance. I only had to pay for the $200 appraiser. We pay to much for insurance already. Just my take!!!
Melting Slicks
Joined: Jun 2004
Posts: 3,032
Likes: 4
In PA you can get your car registered as a classic (or antique) if it meets age requirements. Then when you go to insure it, the insurance companies will have an appraisal of it taken, and you'll be insured for that amount...
Does your state have anything like that?
Does your state have anything like that?
Burning Brakes
Joined: Oct 2004
Posts: 1,094
Likes: 0
From: West Palm Beach Florida
I have Sneed Clasic car insurance and I have an agreed upon replacement of $14K to $15K and it cost me $312 for full coverage for the whole year with no milage caps.
You will need to be 25yrs old
store it in a locked garage
prove its not your daily driver
Thats it
You will need to be 25yrs old
store it in a locked garage
prove its not your daily driver
Thats it
Instructor
Joined: Dec 2004
Posts: 158
Likes: 0
From: Green Cove Springs Florida
Ok, to be sure the car is insured to value, get it appraised. As you are doing modifications, KEEP RECIEPTS!! Purchase reciepts and installation reciepts. Keep everything. You can never have too much. Taking pictures is a good thing too. Trust me on this. I work for one of the biggest insurance companies in the country, and we had a guy total his Honda Civic. Civics aren't generally worth a lot of money. He had all of the reciepts from stuff he had done to the car, and a lot of pictures. And we paid him for every bit of it. Keep it all. 
Hope this helps. Good luck.
Hope this helps. Good luck.
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Le Mans Master
Joined: Dec 2004
Posts: 5,789
Likes: 8
From: Myrtle Beach SC
St. Jude Donor '05-'06
If your are a weekend driver(under 5000 a year) here are some cheap places
http://www.classicins.com/
http://lelandwest.com
http://www.classicins.com/
http://lelandwest.com
Le Mans Master
Joined: Mar 2004
Posts: 8,700
Likes: 298
From: Ft. Lauderdale Fl
Do yourself a favor....
You need to go to www.grundy.com They use an agreed value for your car. I have a 1996 with an agreed value of $15000. Unlimited mileage,$300000. libility-Collision and Comp. and for a price of $256.50
Le Mans Master
Joined: May 1999
Posts: 6,517
Likes: 1,304
From: Windermere FL
Originally Posted by Justardnck
I have Sneed Clasic car insurance and I have an agreed upon replacement of $14K to $15K and it cost me $312 for full coverage for the whole year with no milage caps.
You will need to be 25yrs old
store it in a locked garage
prove its not your daily driver
Thats it
You will need to be 25yrs old
store it in a locked garage
prove its not your daily driver
Thats it
Heel & Toe
Joined: Jan 2005
Posts: 18
Likes: 0
From: Racine Wisconsin
Originally Posted by bowersock
I have a few questions about insurance.
If I wreck my car today I will get the lowly book value, even-though I have $7500 in customization upgrades.
How do I insure my car for a higher value?
Any suggestions on companies or appraisers in Ohio?
Thansk Roger
If I wreck my car today I will get the lowly book value, even-though I have $7500 in customization upgrades.
How do I insure my car for a higher value?
Any suggestions on companies or appraisers in Ohio?
Thansk Roger