I have a concern about my insurance coverage. I have full coverage and according to NADA it says my car is worth about $8,100. Lets say that someone hits me and it gets totaled , I know my car is worth 11- 12K so giving me $8,100 would be an insult! Can I get this value raised?
Insurance ?
- Thread starter #1pony
- Start date
Mine is not a daily driver so I use a specialty insurance (Parish Hea****), have full covergage with a mileage limit (3000 miles a year), and insure for a "stated" value. Now, if yours is a daily driver, your only option may be to get the appraisal and see if your current carrier has the option to insure for a stated value. Or look for a speciality insurer who can meet your driving requirements and provide coverage for a stated value Good luck.
I tried to get state farm to cover it for what I want, they said no, so I will be looking some where else to cover mine, Here is how I see it, 20k if its stolen and 15k if totaled and I get the car back ! Thats what coverage I want
The price difference is for my stereo sytem in the car
If you have a second car as your daily driver you can use www.hagerty.com they will give you the coverage you are looking for.
Also give www.grundy.com a try they are collector car ins. I use them and you agree upon a value of car, send some pics, info blah blah.....I have mine valued at around 15k with what few mods I have. There is no mileage limit, but they do prefer you just use it as a weekend car, any way give them a try also! Good luck!
PJM99 said:
well thats B/S, i guess they want the car to be trailered to the shows,huh
What he is try to say is they will not cover the car for any type of non-event related driving... i.e. they don't cover joy riding, daily driving or even to the store and back. The coverage only will pay off if you are in route to a car event (i.e. car show) and also while your are at the event itself.
Anyone who has specialty insurance better make damn sure they read the entire policy and fine print.
I have agreed value policy with State Farm on both of my 93R's. All you need is a current valid appraisal... then they will cover you for any amount up to the appraised value.
Anyone who has specialty insurance better make damn sure they read the entire policy and fine print.
I have agreed value policy with State Farm on both of my 93R's. All you need is a current valid appraisal... then they will cover you for any amount up to the appraised value.
I'm an insurance agent for Allstate here in California, I'm only trained in and licensed for CA. however the laws/procedures will be the about the same in the other states. I'd also add that Allstate lets us broker Hagerty Insurance for classic cars.
That out of the way; in CA. when a total loss occurs the insurance company is going to settle on market value (not Blue Book), what that means is they will settle for how much it will cost you to replace the vehicle with like kind and quality. What I suggest my customers do is search a 50 miles radius on autotrader and print out comperable vehicles to support the value they expect. With a specialty vehicle you would probably have to increase your search radius. It's really as simple as that; the cool part being that the insurance company doesn't always distinguish a Cobra/Bullit/Saleen from a regular GT so the premium is lower.
I believe that the statement above about Hagerty not covering a loss that didn't happen at a show or on the way to a show is in error. They do check mileage and they don't want daily drivers, but you can still drive the sucker on the street. I'll check the policy on Monday, but I'm pretty certain.
Another note on insurance; insurance companies are starting to exclude coverage for mofications to vehicles, they only cover factory or dealership options; they have limits (sublimits) to things like aftermarket wheels and stereos. You can blame this development on the ricers out there; with the Fast & Furious crowd out there buying $15k Civics and putting $25k worth of crap on it, the whole time the insurance company thinks they're insuring a vanilla Civic. Then there's a total loss and the company is on the hook for a $40k car while charging premium based on a $15k car; well, not anymore. Get specialty insurance folks...lol.
I'm in insurance; don't let that fool you, I'm really an ok guy. :shrug:
Anxiety :rolling:
p.s. Like someone else said...read and know your policy. If you don't understand something or have questions call you agent; that's what you pay them for. Good luck.
That out of the way; in CA. when a total loss occurs the insurance company is going to settle on market value (not Blue Book), what that means is they will settle for how much it will cost you to replace the vehicle with like kind and quality. What I suggest my customers do is search a 50 miles radius on autotrader and print out comperable vehicles to support the value they expect. With a specialty vehicle you would probably have to increase your search radius. It's really as simple as that; the cool part being that the insurance company doesn't always distinguish a Cobra/Bullit/Saleen from a regular GT so the premium is lower.
I believe that the statement above about Hagerty not covering a loss that didn't happen at a show or on the way to a show is in error. They do check mileage and they don't want daily drivers, but you can still drive the sucker on the street. I'll check the policy on Monday, but I'm pretty certain.
Another note on insurance; insurance companies are starting to exclude coverage for mofications to vehicles, they only cover factory or dealership options; they have limits (sublimits) to things like aftermarket wheels and stereos. You can blame this development on the ricers out there; with the Fast & Furious crowd out there buying $15k Civics and putting $25k worth of crap on it, the whole time the insurance company thinks they're insuring a vanilla Civic. Then there's a total loss and the company is on the hook for a $40k car while charging premium based on a $15k car; well, not anymore. Get specialty insurance folks...lol.
I'm in insurance; don't let that fool you, I'm really an ok guy. :shrug:
Anxiety :rolling:
p.s. Like someone else said...read and know your policy. If you don't understand something or have questions call you agent; that's what you pay them for. Good luck.
#1pony said:
Anxiety said:
Whats up Anxiety, good to see you on here.
My brother has been down this same road, with the only difference being his car did get totaled. It was a black 93 300ZX TT in great shape, simply a beautiful car. Now there was a one major problem with it though, it was too damn low which that prevented him from being able to park his car in his driveway because it was so steep. So he had to leave it parked out in front of his house on the street. Well one night (Christmas Eve) a drunk driver decided to go down his road and ended up hitting his car pretty hard cause he was going pretty fast. He hit it from the back and launched it into his next door neighbors yard, it was a pretty unbelievable site to see. But anyways, the insurance company ended up offering around what it was worth in BB (it was higher than what it was in BB but not much) but of course he wanted more money for it. So we did search, like what Anxiety is talking about, for other 300ZX's on the net with the same miles and condition and came up with quite a few that were considerably higher than the price that the insurance company offered him. So he presented the prices of the other cars to the company (I believe he had State Farm at the time) and the bumped up their offer by $3,000.
Plus they allowed him to take out his system from his car before they took it to wherever they take all their totaled cars. Which that worked out well because he had a high end system in it with a pretty good head unit. Which that worked out even better for me becuase he ended up giving the stuff to me for my car.
epper:
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the same thing with me and my 92GT state farm told me that i had to do the search, gezzz i thought this was their job, but none the less i did the search and got another $1,700 out of them and i bought the car back, took off most of my parts and put it back to stock. then sold the car for another 2K, not to back of a deal
My damn sig went away again
Not to bad of a deal at all man. I guess the insurance agents make you do the search yourself in effort to save money. I'm sure there are people put there that don't push the issue of getting all the money that they could out of their claim and so they just take a low ball figure from their insurance agency when in fact they could have gotten more. I mean, when you walk into a car dealership the salesman is not going to come up to and tell you the lowest amount of money they are going to take for a particular car. They are going to play the haggle game with you and try and squeeze every penny they can out of ya .
.vpconcepts
Bling Bling Master
I'm glad I ran into this thread! My 95 GT was just totaled last thursday... I was rearended so naturally the woman who hit me was at fault. The adjuster came out today and looked at the damage and gave it an official "Horn Blow". She must have a good ins. company, they are sending me a check for 850.00 just for the rental car (that I didn't have to get!). I submitted all my Ebay and Paypal reciepts to show what I've added to the car and he put them all into my claim! I'm hoping to get 7K for the car, then 1500.00 for the add ons, and hopefully be able to buy it back for 1500.00 or less. I did print out a few Mustangs in my area that were comparable in mileage and style and they each came up between 7000.00 and 7500.00, so I'm armed with the research!
Thanks Anxiety!
BTW, Snagged, you have a BEAUTIFUL car! How did you get those Tribars to look so tough on your car? I was thinking about polishing mine for my new ride!
Later,
Ken
Thanks Anxiety!
BTW, Snagged, you have a BEAUTIFUL car! How did you get those Tribars to look so tough on your car? I was thinking about polishing mine for my new ride!
Later,
Ken
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OK, I checked the Hagerty policy form and I even talked to real nice lady in their claims department and found that there is NO limitation about covering a vehicle only enroute to or at a show; you can enjoy your car on the street. I was told that the big deal with them is that you have a second vehicle, that is insured, as a daily driver so you won't be tempted to drive your classic all the time.
@VPConcepts : Glad to help man. It really sounds like you are way ahead of the curve, good deal :thumbsup: As far as the buy back price of you now deceased car, figure about 20% of market value. This percentage will be modified by how much damage and where that damage is on the car, so it could be a bit higher or lower. (this last bit from a friend in claims).
Anxiety :rolling:
@VPConcepts : Glad to help man. It really sounds like you are way ahead of the curve, good deal :thumbsup: As far as the buy back price of you now deceased car, figure about 20% of market value. This percentage will be modified by how much damage and where that damage is on the car, so it could be a bit higher or lower. (this last bit from a friend in claims).
Anxiety :rolling:
Vpconcets, sorry man I haven't been back to check this thread until now but yea man thanks again for the compliments. I baby the hell out of this car and it was formely a garage queen so to speak. Like I said before 275/40 Comp T/A's will do that for your tri-bars . One of my friends had a set of chrome tri-bars on his black car and it looked pretty damn good. I thought about doing that to mine for awhile but decided to leave them as is. But I really do like them with the polished look, I'm sure you won't be disappointed.
:beer:
. One of my friends had a set of chrome tri-bars on his black car and it looked pretty damn good. I thought about doing that to mine for awhile but decided to leave them as is. But I really do like them with the polished look, I'm sure you won't be disappointed.:beer:
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