I was wondering if anyone has insurance on their FC other than just regular full coverage? Something like a custom, or collectors car insurance, where they come and appraise your car, and give you insurance based on that amount? Because the book value of our cars is around $1-$3k for the most part, but I know I , as well as many others, have like $10k+ into it. It would just suck to have an accident and the car be totaled, and only get $2500 from the insurance company..

 

Yeah I have something similar as "Show car insurance."
But with state farm they wouldn't write the policy until I had a daily driver on the same policy. And the catch is that the parts need to be installed by a shop. Well I can produce any documentation they will need as long as I have a copy machine and a fax. hahaha

 

Cool, does it cost alot more than regular insurance, if you dont mind me asking?

 

I am currently looking for something similar for my car, but haven't really made any progress. My current company (USAA) will cover a large portion of my costs assuming I have reciepts, but I don't want to risk it.

My buddy has his 55 chevy insured for really cheap. He said it's only $300 a year and I'd guess he has it insured for around $60k. But then again, he's not allowed to leave it *anywhere* unattended, which really limits you to sunday driving or something.... which isn't exactly what I want.

-Chris

 

There really are two different types of "custom" coverage-- Agreed Value and Stated Value. As Bukwild points out though, this usually cannot be your primary vehicle. American Family (my co) is similar. Most of the majors only offer stated value, as it limits their liability. It is usually tied to an appraisal, although I initially got my stated value policy on what I thought the car was worth (adjusted fair market value). Stated value generally favors the insurer, not the insured.

An Agreed value policy is more likely what you'd see for show cars, collectables, etc. A site such as Hemmings.com can lead you to other companies that focus on agreed value policies, such as Haggerty Insurance or Grundy Worldwide. Typically an agreed value policy is you pay for a certain value on the car, and if the car is totaled, stolen, etc. they cut you the check for that amount. When I looked at these for my 10th Anniv T2, there were no mileage restrictions, however taking the car out to a store was not part of the deal. Yes, multiple vehicles were checked, and you are covered in the Friday cruise nights and Sunday drives, but atleast the company I spoke to was also interested in the show condition of the car, ie. they wanted one better than 85 points, so it just wasn't a good fit for me. Now, if I had a vintage RX-3 that was restored, that would be a better candidate for this kind of policy.

Hope this helps!

Greg O.

 

I have a "rider" on my policy with Progressive.
It allows me to insure an additional $4000 in modifications/parts to the vehicle for about $180/year added the normal insurance cost. Of course you need receipts and they require full comprehensive / collision / theft coverage too. But to me its completely worth it, I mean come on, how else was I going to insure my $10,000 money pit... that blue books for only $2500. and expect the insurance company to pay out if anything ever happened to it.

If I read correectly, the normal Progressive policy allows $1000 above blue book value for any aftermarket wheels or modifications (stereo, etc), so now at least my car is insured for about $8000.

last year the rider limit was $3000, but in '04 they allow up to $4000 additional (to kbb value).

Cool.

 

Thanks, do all of the policys need receipt proof? I have done all the work myself, and bought a vast majority of the expensive parts either slightly used, or off the internet (Ebay) where I dont really have a receipt, exept for my paypal account I guess. Am I SOL?

 

I have show car insurance on mine. Its only 100 bucks a year. Technically its only allowed to be driven on weekends, and less than 5000 miles a year. Butttt, I know my insurance agent well, so it all works out.

 

Statefarm has paid out $13k and $10k respectively for two different FC's in the past two years. Both were mint before being wrecked. (Not my cars, friends)

S5's definately hold their value.

 

Statefarm has paid out $13k and $10k respectively for two different FC's in the past two years. Both were mint before being wrecked. (Not my cars, friends)

S5's definately hold their value.

 

was this just under a normal insurance policy or some special "custom" one?

I'd like to know how to get that kind of coverage for my car

 

this isn't something i find myself worrying about. until i have an FC that looked like that yellow one hiGGi posted (yea, i jock that car), i won't worry about the extra insurance. hopefully, were a wreck to happen, most of the underhood stuff would be okay. depending on how bad the wreck is, i would think your entire engine and turbo should be fine. the intercooler, piping, and radiator may more likely suffer. i would probably total out the car and find another shell for all my components.
is there any specific parts you're worried about? or maybe worried about theft?

 

Normal.

Then instead of bluebook value you have to insist on market value, and the price of a 29k 89 GTUs came up to be $13k, and a 104k 89 TurboII with $4k paint and new motor came out to be $10k. (Happened in the last two months)

Despite what people on here think, nice FCs actually do fetch this kind of money. Just because some people got beater TurboIIs for $100, doesn't mean the rest loose their value as well.

 

Basically just engine parts, but all in all I do have alot of money in this car. I figure my Haltech, FMIC, Turbo, Manifold, wastegate, and SP Engine is worth like $5000 , which right there is more than the car itself. Not to mention my suspension setup,wheels, racing seats, misc crap like strut bars, etc. Car is easily worth $10k. If something were to happen like an engine fire, or a bad wreck where it all was broken, I dont want to be just **** out of luck.

 

Diddo on progressive. I had them cover mine for $8000 with a cheaper "I reck it, I buy it." If it gets stolen, I get $8000. If it gets hit, they compensate for whatever another insurance company doesn't pay.

Now I've moved ALL my rotaries to "collector car" insurance through Grundy Worldwide Insurance. $175/yr gets you FULL $10,000 coverage no questsions asked. You just can't use these cars as "dialy drivers" or "backup cars." But drive them for pleasure, meets, or to the movie theater, drivethru, cross country tours, etc... all you want. No mileage limitations.

 

I am one of the people Neofreak is referring to. My car is proof that s5 TII's hold their value. I have full coverage statefarm and I fought it out with them for 1.5 months and ended up getting $9000 without the car being totalled. Everyone really needs to keep all their receipts for even the littlest things that go into the car.

 

yellow widebody has custom full coverage insurance for value of $25k (there is of course a lot more in the car, but insurance company did not wanted to unsure it for more...)