Re admin
Thread Starter
Drifting
Joined: Mar 2018
Posts: 1,301
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From: Garden City New York
Re admin
Heres a question- if you pay the admin and your car gets stolen or totalled I would expect that your insurance pays for MSRP or depreciated value not including the market adjustment. Anyone have experience with this?
Le Mans Master
Joined: Mar 1999
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From: Decatur GA
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Unless you have a stated value policy, most auto physical damage policies are actual cash value (ACV). If the ACV is greater than MSRP, then they pay greater than MSRP. ACV is determined by market comps. Some auto insurers also offer endorsements to pay for a new car if the insured car is totaled within the first three years of ownership. In a normal market with no supply chain issues, this cover is not a bad deal because its really cheap or even free. But with the C8 and the current market, not predicted to soften for at least a year, no need for this optional coverage on an ACV policy.
Melting Slicks
Joined: Jul 2010
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From: SUFFIELD CT USA 2023 C8 CORVETTE UN-MODIFIED FINALIST
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Race Director
Joined: Aug 2016
Posts: 12,763
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From: Garden Valley CA
It sounds like the OP concerned that he won't get market value which isn't the case.
Thread Starter
Drifting
Joined: Mar 2018
Posts: 1,301
Likes: 928
From: Garden City New York
im not concerned I paid MSRP Jan 2021- Just wondering what those who pay the step up do- "Replacement" policies are interesting since you cant simply walk into a dealer and walk out with your replacement car certainly they wont pay an admin to acquire your replacement now- what happens for those 14-18 months??
Le Mans Master
Joined: Aug 2006
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From: San Antonio, TX
We all know that their value is high now and probably will be for some time. But lets say a year or 2 down the road, if it's wrecked or stolen, and the insurance goes by the market at that time and the car has 15k to 20k miles, it COULD BE likely that the owner would be upside down. That's were the GAP insurance would pay off the loan. That's better than still paying for a car that you can't drive or own.
Last edited by jbc1995fb; Aug 17, 2022 at 12:37 PM.
Thread Starter
Drifting
Joined: Mar 2018
Posts: 1,301
Likes: 928
From: Garden City New York
actual cash value- Im sure there are lawyers to argue this but I dont think an admin is considered part of ACV especially as there are cars available at MSRP but a year from now. Figuring out what market ACV is determined in must be a challenge
Race Director
Joined: Aug 2016
Posts: 12,763
Likes: 10,199
From: Garden Valley CA
If you got a C8 today at MSRP and it got totaled tomorrow you would actually make money from the insurance payout.
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Thread Starter
Drifting
Joined: Mar 2018
Posts: 1,301
Likes: 928
From: Garden City New York
Actual cash value is basically market value. So, if the price you paid with ADM exceeds market value then, yes, you will owe the difference. But this isn't any different than in normal times when you drove a new car off the lot and it lost value.
If you got a C8 today at MSRP and it got totaled tomorrow you would actually make money from the insurance payout.
If you got a C8 today at MSRP and it got totaled tomorrow you would actually make money from the insurance payout.
Race Director
Joined: Aug 2016
Posts: 12,763
Likes: 10,199
From: Garden Valley CA
Melting Slicks
Joined: Jan 2006
Posts: 2,298
Likes: 1,860
From: Oregon
Good luck dealing with Insurance companies. The only experience I have is with Progressive for my other car, they were great when I had a claim.
It is kind of like health insurance: Here is what they pay, period, that's it.
It is kind of like health insurance: Here is what they pay, period, that's it.
Last edited by C5racecar; Jun 23, 2025 at 04:11 AM.
Burning Brakes
Joined: May 2023
Posts: 1,024
Likes: 368
From: Ontario
In Ontario, Canada the policy add on code for it is OPCF43.
https://www.thinkinsure.ca/insurance...reciation.html
I have it on mine with CAA Insurance and can renew it for 5 years.
https://www.thinkinsure.ca/insurance...reciation.html
I have it on mine with CAA Insurance and can renew it for 5 years.