ironically most people who read "no fault insurance" rules do not understand them which is REALLY convenient for insurance companies since a % of people fail to file claims in not understanding the laws. the term 'no fault' ONLY applies to the medical coverage, pain and suffering and lost wages portion of a traffic accident. where you file any medical claims with your own insurer up to the allowable limits where beyond that you may file a courtroom lawsuit against the at fault driver for up to 4 years from the date of the accident.

you still can file with the at fault driver's insurance to pay for the repairs to your car. but there's no mention of who was really at fault here.

kinda funny because i scratched my head over that one for a while, the info for the ability to still claim against the at fault driver for property damage is rather.... obscured, and apparently people here did not understand it either.

I'm sure he learned that lesson. Glad to see you getting it fixed.
It's not really saving $$ on insurance when you have to pay out of pocket for repairs.

My car had 10k in parts plus the price of the car was 8k-12k. The insurance would of given me less than 10k due to mileage. I fixed it completely for 2k. I removed all the parts and sold the car. So I ended up buying a Porsche Boxster.

Glad it worked out for you.

Get ready to be mocked by other Pcar owners.
The Boxster is considered the bastard Pcar, just like the 914 was.
Also, make sure you put a pad under it to collect the oil from the rear shaft seal.
They all suffer from that and eventually leak.

lol didn't learn a damn thing. The way to insure modified cars is to get the full coverage insurance plus an additional equipment coverage insurance for your upgrades.

Thanks Montego but He has it figured out.

In my case I have an agreed value policy. It's a 3rd car and considered limited use. I am allowed 3500 miles a year which is plenty for me and it's full coverage and for $22k in coverage it's $400 a year. There are requirements like the car being kept in a garage but it's typical a nice rare car would be?

I've also had an FD covered for $30k and it was about $600 year. This also has an additional coverage of about $5000 in contents inside the car. Towing, car rental reimbursement, trip interruption insurance and a pile of other benefits.

You need to go thru a company like American Collectors, American Modern, Hagerty, Grundy etc. these are specialty insurers.

Most people are using these cars sparingly. Educate yourself on the right insurance for your vehicle and it's use. Just because it's excellent coverage doesn't mean it's expensive.

3500 miles is 5632 KM's . I start driving my car from May to mid December (unless it snows of course) I guess you don't DD it eh?

I DD'd my first FD for the first couple years of ownership. But it was the 90's and the cars were fairly new when I got my hands on one. I would think it's rare that people daily drive a 23+ year old sports car?

This is true but you need to keep in mind the different types of modifications. There are additional modification, which are above and beyond that the vehicle came with (ie rear diffusor), or the replacement type modifications (ie hoods, bumpers, single turbos, wheels, pretty much everything). The replacement type only add value once the value of the original part has been exceeded.

For example. A carbon fiber hood. New retails for ~750.00, the OEM replacement is just over 1,100.00. Most people think the carbon hood adds value, it doesnt. So the extra coverage would not extend to that part. The same goes for wheels and most mechanical parts like exhaust systems and intake.

Its always a battle when I total out someones modified car. If they have 10k of Custom Parts Coverage but really only have 1k of additional value, they get pretty pissed. But this is my specialty. :nod:

This is why stated amount policies are the best for our cars. You pay for 30k of coverage, thats what you will get. (Disclaimer: READ OUR POLICY! Its by no means entertaining but some Stated Amount policies state that they will owe that Actual Cash Value or the Stated Amount, whichever is less.)

Well I can’t speak for your place of work but I have two separate policies with mine. One premium that I am paying is for the total monetary replacement of a 1994 Mazda Rx-7 to which I am entittled fair market price. The second and separate premium is for aftermarket equipment in which I had to submit receipts.
Here is a question for you: Barring the additional 10K coverage, does their policy costs them less than someone else who has a comparable car without the mods?

You insured your vehicle for its ACV (Actual Cash Value) which is determined by market searches in conjunction with NADA, KBB, Edmunds, and CCC/Mitchell (Typically). This is your standard insurance policy on 99.9% of vehicles on the road.

To answer your question, your extra 10k you took out in custom parts coverage works just like I described. Every company handles it the same way. Its not looked at as an additional policy, just a rider to your existing policy. You would be very hard pressed to hit the 10k of coverage.

The other HUGE part of policies that I didnt cover is deprecation. To keep this short, if you spent 10k in parts on your vehicle and you added 10k of coverage, you over insured yourself. You will never get 100% of the value you spent on the part... because now it is not new, it is a used part.

Those parts may not be new but what about replacement value? By that line of reasoning why not fix a car with used parts Everytime it's wrecked? That wouldn't exactly make sense.

... That is exactly what they do. All insurance companies will source the most cost effective parts that are available. Typically Aftermarket, Used, Re-manufactured, and finally OEM.

Its really not that hard of a concept to wrap your head around. When you sell a part that came off your car you dont sell it for new, full price. So why should the insurance company pay you full, new price?

First my apologies for such a late reply. I've been quite busy

I can't speak for the state that you live and work but here in California the insuree is entittled to fair market price. What that means is that it doesn't matter what KBB, NADA, EDMUNDS, CCC/Mitchell, nor even what my neighbor's momma says. The golden ticket is what it truly costs to replace with a similar vehicle.

Actually that wasn't my question. My question was: Does you company charge the same premium for a car that has devalued parts in it than for one that it doesn't? For example:

Car A is owned by a 34 year old male with clean driving record. It's a 1995 Rx-7 50K miles and has two policies, which both have seperate premiums:
1. Policy one: full coverage insurance
2. Policy two: supplemental insurance for $10K in mods

Car B is owned by a 34 year old male with clean driving record. It's a 1995 Rx-7 50K miles and has one policy:
1. Policy one: full coverage insurance

Question:

In terms of policy #1 (and #1 only) is Car A's premium LESS for policy #1 than Car B's?


^That is what I really want to know.


My supplemental insurance is for monetary value.

An interesting note on the insurance your company provides: The insurance premium for $10K worth of parts better be dropping off every year due to lower liability. There is a reason why full coverage insurance premiums tend to go down as the car(s) get older. The company's liability is less.

No problem at all. I give a little incite on my background. I worked as an advanced property damage adjusted for 3 years at progressive specializing in customized motor cycles, vehicles, boats, and ATVs. I also managed the Direct Repair Shop program for AAA insurance for an additional 3 years and finally managed the entire total loss department for Scottsdale Insurance.

With Scottsdale insurance I handled total loss mainly in CA and the west coast, but ultimately in every state at one point or another. I can tell you that I have NEVER paid/worked a claim where I paid replacement value where that was not the policy that was purchased, even in CA. I am not saying that it does not happen but 99% of insurance policies only owe you ACV (Actual Cash Value which can be obtained from an average of a market search, NADA/KBB/Ect, or a third party evaluation company like Mitchell or CCC.

To follow up on your question, the easy answer is no. Of course an insurance carrier will not devalue the vehicle and charge you less of a premium for your vehicle. This is where it gets a bit tough for me as I have never worked in underwriting. But I can tell you 100% how the replacement policy works for additional/custom parts.

I do see your point, and it would only make sense that your premium would go down on the custom parts coverage as it devalues... but that's not how it works.

I will lastly point out that as your vehicle gets older, its worth less, which is why your insurance rates drop with the older the vehicle you have. This is due to the lower the value your vehicle is now worth (obviously) and the amount of used, aftermarket, and re-manufactured parts now available for it. This essentially lowers the risk the insurance company takes on.

I am starting to think I should just copy and paste my insurance post out of the Acura TL forums.

what about salvage or rebuild titles?

That's a whole mess in itself. I will never, EVER, own a salvage vehicle. Keep in mind that if you have a branded title vehicle (Flood, Salvage, Insurance Paid, Ect) that your vehicle is work 2/3 to 50% of the Actual Cash Value. Most insurance companies will insure it with full coverage, but your going to pay insurance for a vehicle that is not branded... essentially paying full price for insurance on a vehicle that is worth half.

Whenever I had a vehicle with a branded title I automatically offered half. It does not matter how well it was fixed.

Yeah... I work in a Salvage company , and it's true that the value goes down drastically , I mean. Shit, whoaw !!! "Style"
(Even tho I'm in Canada)

I'll just leave this here. Good enough for canepa is good enough for me. I wish I never sold mine...Definitely never got mocked in it.

1974 Porsche 914-3.2_5152

http://dealeraccelerate-all.s3.amazo...fe_low_res.jpg
Porsche didn't make many 914/6s. Why? because they were quicker than a 911 and that's a no no.


Then there's this... "Prof Felix Wankel and his Rotary powered 914"
http://www.mazdas247.com/members/Natey/wankel_914.jpg

Well, that's a pretty good testimonial :rofl:

So is owning three different FDs in 10 years :lol:

The case you presented is a 914-6 or 916 or modified, so you know what I mean.
The 914-4 had a VW engine and it was sold at VW dealers, not Porsche way back then.
That is the one I refer to and was not accepted by the Pcar crowd, as it being a legit Porsche car and you know it, if you belong to the PCA at the time.
I had a '74 911S in 1976, so I am telling you the sentiment of that time.
The 914-6 was a different thing ON THE Track though.
And lastly, it would take a rotary engine to make it run and your example doesn't look anything like this soap box, doesn't it?
My picture is more in line to your example, but not modified.
They look like 2 different cars.
* love the panoramic rear view mirror, so 70's. LOL