Does your insurance cover your mods?
08-21-02, 12:31 PM
#1
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Does your insurance cover your mods?
I was calling around getting new insurance today and stumbled on a little known fact. Progressive (the company im getting a quote with) will only cover my FD for 1000$ max total for my mods. that's it. this is under collision. so I tried to up that ammount to more like 6000 and they can't for this type of car. just the default 1000$ coverage. So i got to digging and found if teh car gets stolen.... same thing. the comprehensive coverage maxes out at 1000$.
so I called a few other agents and most of them told me they didn't have any coverage for modifications.
For years I thought my other cars were covered... and now figured if it's bolt on my 7 is covered too.
IT'S NOT.
does anyone know for sure that they are covered through auto insurance for their mods? if so who do you have and how much are you covered for?
BTW before I was flagged as being inelligable for coverage on teh mods. I had a quote for 6K of aditional coverage (for the mods) it changed teh bottom line 260$ a year when we learned I couldn't have that coverage.
so I called a few other agents and most of them told me they didn't have any coverage for modifications.
For years I thought my other cars were covered... and now figured if it's bolt on my 7 is covered too.
IT'S NOT.
does anyone know for sure that they are covered through auto insurance for their mods? if so who do you have and how much are you covered for?
BTW before I was flagged as being inelligable for coverage on teh mods. I had a quote for 6K of aditional coverage (for the mods) it changed teh bottom line 260$ a year when we learned I couldn't have that coverage.
08-21-02, 12:51 PM
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when I totaled my 7, I produced over 10K in recipts to state farm and they raised their payout 3500. I bought the car back so it didn't really matter.
If your car is stolen almost all companies are going to give you blue book, if you are lucky and have recipts you may get a little more.
if you are paying for insurance based on a stock rx7 don't expect to get what you have put into it. Some companies have agreed upon values for car, but if you are insuring a more expensive car you are going to paymore for insurance.
If your car is stolen almost all companies are going to give you blue book, if you are lucky and have recipts you may get a little more.
if you are paying for insurance based on a stock rx7 don't expect to get what you have put into it. Some companies have agreed upon values for car, but if you are insuring a more expensive car you are going to paymore for insurance.
08-21-02, 01:01 PM
#5
Rotary Freak
i saw something on MotorWeek(Tv Show) that there is a company that insures classic/collector cars for the an agreed upon replacement value of the car...
Here's an article on Specialty Car Insurance:
http://www.edmunds.com/advice/fiw/ar...7/article.html
We're going to let you in on a little secret that's especially good news if you own a classic/collectible car. The potential for you to acquire dirt-cheap insurance that's also very comprehensive is now greater than ever.
Advertisement
Strange but true. Insuring a classic, antique, or not-often-used exotic like a Ferrari, Porsche, older Corvette, or Dodge Viper is a very reasonable thing to do despite the astronomical value of some of these cars. For example, certain classic 'Vettes from the '50s and '60s are worth well over $100,000 and some Ferraris command seven-figure prices on the open market.
So if a car is worth a million bucks, how can you insure it for so little in relation to its overall value? Simple. Contact a company such as Hagerty Classic Insurance that specializes in writing policies on collectible, classic and antique cars. Incidentally, the company also insures classic wooden boats, which is how Hagerty got its start.
The historical background of Hagerty begins with the company existing as a general agency for 27 years. After that time, the firm realized there was a void in the wooden-boat collector market, which wasn't offering insurance coverage for wooden boats. In 1983, Hagerty Classic Insurance was born and in 1991, the company added classic and collectible cars to its coverage umbrella.
Today, Hagerty insures just about any type of collectible car or truck you can think of, along with those wonderful wooden boats. In general, vehicles built before 1970 are a shoe-in, but as anyone into collectible wheels will tell you, there's plenty of valuable iron built after 1970. Hagerty will cover those vehicles, too. Specific types of insurable machines include antiques, classics (pre- and post-war), show cars, trucks, classic motorcycles, muscle cars, exotics, street rods and customs.
Now that you know what can be insured, let's take a look at how it can be covered. Hagerty, along with most of the companies listed at the end of this story, use agreed value policies. There are three basic types of auto insurance available today: Actual cash value (ACV), stated value and agreed value. ACV coverage is what insures most of the cars you see on the road. These vehicles are insured for purchased or book value and owners usually receive book value or less in the event of a claim.
Stated value insurance is what large and some specialty insurers use to insure collectible cars. It's better than ACV coverage because it allows you to "state" a value for your car that might be higher than its purchased or book value.
But stated value can still depreciate cars because these types of policies only have to pay "up to" the "stated" amount. Agreed value is the type of policy that Hagerty bases all its business on. It guarantees that the policy owner will receive every dime for which the vehicle is insured. Of the three types of polices, only agreed value ensures you will get all your money back in the event of a total loss.
There are several other benefits of collector-vehicle type insurance that you should keep in mind when shopping for insurance with Hagerty or any other company. Remember, most collectible cars don't depreciate. In fact, many cars increase in value as time goes by. Standard insurance assumes a vehicle depreciates with age. This isn't the case with collector car insurance. Companies such as Hagerty know that classics appreciate as the years roll by.
Hagerty also offers this very appealing aspect with its policies: There's only one liability charge per collection, not per car. So if you own more than one car, you pay one lump sum for the whole collection. Some Hagerty customers own hundreds of vehicles. Hagerty's reasoning is that a customer can only drive one vehicle at a time, so the single liability charge is logical.
Another good thing is that the owner can use a repair shop they know and trust. There's no need for multiple estimates. Hagerty will work with a customer's favorite repair shop, because they realize that many collectible cars need specialized attention and facilities to make sure the repair is done right.
One of the key reasons that Hagerty can offer low rates on collectible vehicles that are not driven daily is because they require the insured to have another vehicle that serves as a daily driver. They won't write you a policy on a collectible vehicle until you prove you have another vehicle that also has its own separate policy and it's your primary driver.
Once that's addressed, the low rates of a Hagerty (or any other specialized insurance company) policy are impressive. While some companies have mileage limits on a collectible vehicle, Hagerty doesn't have absolute restrictions on how often a vehicle can be driven. In other words, you can't drive the car every single day, but you could take the vehicle on such events as weekend road trips with a club or to a show.
Basically, Hagerty says this about how a car can be used: "We recognize that owners of collectible vehicles like to drive them, as well as collect and show them. Unlike some specialty insurance programs, we are flexible about how you use your collector car. As long as you have regular daily transportation for work and errands, and that car is insured, you are free to drive your collector car in a manner consistent with owning a valuable car." Hagerty even insures vintage race cars for transport to and from the track and while they're sitting in the pits. Once the car enters a racetrack for competitive track time or even open-track practice, though, the vehicle is not insured.
The final benefit of collector car insurance that we know you're itching to hear about is the rates. As we mentioned at the outset, they're low - real low in some instances. In fact, Hagerty told us that a stock collectible car (say, for example, a '67 Camaro) that's worth about $10,000 could be insured for as little as $100 per year.
While we don't have hard proof of that, we do happen to have an Edmunds.com staffer who actually has a Hagerty policy on two classic Fords.
The pictured vehicles covered with that Hagerty policy are a '66 Mustang fastback and a '64 Fairlane 500 two-door sedan. Total price for a full-year of coverage, including liability, theft and collision, on both cars, is a paltry $419.
The breakdown is as follows. Liability at $100,000 per accident is $29. Uninsured motorist at $35,000 per accident is $6. Medical payments at $5,000 per accident are $8.
The agreed value on the Fairlane is $12,500 and there is no deductible for either car. The premium on the Fairlane for collision is $87 and for events other than collision, it's $88, for a total of $175. For the Mustang on an agreed value of $15,000, the premiums for both collision and events other than collision are $105, for a total of $210. With a total of $428, there is a California mandatory credit listed on the policy for $9, making the total $419. We'd say that's a bargain in anyone's book.
Listed below are several FAQs that Hagerty gets on a regular basis. We also provided a list of additional companies that insure collectible vehicles.
Frequently Asked Questions
1. Are most collector cars insured by collector car insurance programs?
No. Specialty programs today insure less than half of the collector vehicles on the road. Although collector car insurance has been available for nearly 50 years, most owners of collectibles, specialty cars and street rods are still insuring them through a standard insurance company despite the higher cost and often more restrictive policies.
2. Do specialty insurance programs cost less than standard insurance?
Yes. Premiums at standard insurance companies can cost up to 300-percent more than a specialty program. Although standard companies provide adequate coverage for the "daily driver," they rarely offer the added benefits associated with collector car programs.
3. How different are insurance programs for collector vehicles?
Levels of service, rates and types of coverage and claims handling all vary from program to program. Anyone insuring a collectible should research all programs before making a decision. Varying costs should be considered, of course, but shouldn't be the sole determining factor. Remember, you are buying a service, so look for quality customer service, excellent claims handling, a knowledgeable staff who know and understand collectible vehicles and overall stability of the program.
4. Aren't there different kinds of insurance coverage?
There are three types of auto insurance offered today: actual cash value (ACV), stated value and agreed value. All three are explained in the text above.
5. Are vehicles of all ages considered by specialty insurance programs?
As noted in the text above, in addition to autos 25 years and older, some specialty insurance programs now consider newer vehicles such as exotic and sports cars like Ferraris, Porsches, Corvettes and Vipers. It's best to inquire on a per-vehicle basis.
6. Do collector car policies impose mileage restrictions?
Many specialty programs limit owners to driving collectible or classic vehicles or street rods to only 2,500 miles per year. Companies such as Hagerty offer flexible usage guidelines and encourage collectors, especially those who are true hobbyists, to drive and enjoy their vehicles. Hagerty, however, does require that the collector or hobbyist own a daily driver that is used and separately insured for everyday driving.
7. Must I drive my collectible only in parades or shows? What about a Sunday cruise?
Enthusiasts like to share their collectible car or truck with others. This could be during a Sunday drive or displaying the vehicle in parades and shows. Some programs require the vehicle be in the owner's presence at all times when not in the garage. Collectors should consider these types of restrictions and find a policy with flexible usage guidelines that best suit their overall needs.
8. How do I value my vehicle?
There are many factors considered when valuing a vehicle. The first thing is whether the car is a stock original vehicle. If so, there are many resource guides and pricing books that provide value guidelines based upon the overall condition of the vehicle. But, because every modified car is different, valuation is more difficult. The best way to value a modified vehicle or street rod is to keep detailed lists of all restoration work and any added aftermarket and performance parts, receipts for all parts and labor and any documentation describing work done on the vehicle. Appraisals help, but they're not always necessary.
9. Is it important to consider insurance before purchasing a collectible?
Definitely. Insurance is often a mandatory requirement of owning a vehicle, as well as a necessity for protecting your investment. Therefore, you do want to consider your potential insurance costs. Interested hobbyists and collectors can now afford to own, insure and enjoy their classics because specialty insurance programs offer lower rates than standard insurance companies. For collectors with several vehicles, some programs, including Hagerty's, offer a single liability charge rather than a charge per vehicle.
Insurance Companies offering Collectible Vehicle Policies
Acorida Insurance Services, (800) 648-1600
American Collectors Insurance, (800) 360-2277
Condon & Skelly, (800) 257-9496
The Gorsline Company, (800) 805-0034
Grundy Worldwide, (800) 338-4005
Hagerty Classic Insurance, (800) 922-4050
Heacock Insurance Group, (800) 678-5173
J.C. Taylor Antique Auto Insurance, (800) 345-8290
K&K Insurance, (800) 548-0858
Leland West Insurance Brokers, (800) 237-4722
Parish Motorsports Insurance, (800) 274-1804
Here's an article on Specialty Car Insurance:
http://www.edmunds.com/advice/fiw/ar...7/article.html
We're going to let you in on a little secret that's especially good news if you own a classic/collectible car. The potential for you to acquire dirt-cheap insurance that's also very comprehensive is now greater than ever.
Advertisement
Strange but true. Insuring a classic, antique, or not-often-used exotic like a Ferrari, Porsche, older Corvette, or Dodge Viper is a very reasonable thing to do despite the astronomical value of some of these cars. For example, certain classic 'Vettes from the '50s and '60s are worth well over $100,000 and some Ferraris command seven-figure prices on the open market.
So if a car is worth a million bucks, how can you insure it for so little in relation to its overall value? Simple. Contact a company such as Hagerty Classic Insurance that specializes in writing policies on collectible, classic and antique cars. Incidentally, the company also insures classic wooden boats, which is how Hagerty got its start.
The historical background of Hagerty begins with the company existing as a general agency for 27 years. After that time, the firm realized there was a void in the wooden-boat collector market, which wasn't offering insurance coverage for wooden boats. In 1983, Hagerty Classic Insurance was born and in 1991, the company added classic and collectible cars to its coverage umbrella.
Today, Hagerty insures just about any type of collectible car or truck you can think of, along with those wonderful wooden boats. In general, vehicles built before 1970 are a shoe-in, but as anyone into collectible wheels will tell you, there's plenty of valuable iron built after 1970. Hagerty will cover those vehicles, too. Specific types of insurable machines include antiques, classics (pre- and post-war), show cars, trucks, classic motorcycles, muscle cars, exotics, street rods and customs.
Now that you know what can be insured, let's take a look at how it can be covered. Hagerty, along with most of the companies listed at the end of this story, use agreed value policies. There are three basic types of auto insurance available today: Actual cash value (ACV), stated value and agreed value. ACV coverage is what insures most of the cars you see on the road. These vehicles are insured for purchased or book value and owners usually receive book value or less in the event of a claim.
Stated value insurance is what large and some specialty insurers use to insure collectible cars. It's better than ACV coverage because it allows you to "state" a value for your car that might be higher than its purchased or book value.
But stated value can still depreciate cars because these types of policies only have to pay "up to" the "stated" amount. Agreed value is the type of policy that Hagerty bases all its business on. It guarantees that the policy owner will receive every dime for which the vehicle is insured. Of the three types of polices, only agreed value ensures you will get all your money back in the event of a total loss.
There are several other benefits of collector-vehicle type insurance that you should keep in mind when shopping for insurance with Hagerty or any other company. Remember, most collectible cars don't depreciate. In fact, many cars increase in value as time goes by. Standard insurance assumes a vehicle depreciates with age. This isn't the case with collector car insurance. Companies such as Hagerty know that classics appreciate as the years roll by.
Hagerty also offers this very appealing aspect with its policies: There's only one liability charge per collection, not per car. So if you own more than one car, you pay one lump sum for the whole collection. Some Hagerty customers own hundreds of vehicles. Hagerty's reasoning is that a customer can only drive one vehicle at a time, so the single liability charge is logical.
Another good thing is that the owner can use a repair shop they know and trust. There's no need for multiple estimates. Hagerty will work with a customer's favorite repair shop, because they realize that many collectible cars need specialized attention and facilities to make sure the repair is done right.
One of the key reasons that Hagerty can offer low rates on collectible vehicles that are not driven daily is because they require the insured to have another vehicle that serves as a daily driver. They won't write you a policy on a collectible vehicle until you prove you have another vehicle that also has its own separate policy and it's your primary driver.
Once that's addressed, the low rates of a Hagerty (or any other specialized insurance company) policy are impressive. While some companies have mileage limits on a collectible vehicle, Hagerty doesn't have absolute restrictions on how often a vehicle can be driven. In other words, you can't drive the car every single day, but you could take the vehicle on such events as weekend road trips with a club or to a show.
Basically, Hagerty says this about how a car can be used: "We recognize that owners of collectible vehicles like to drive them, as well as collect and show them. Unlike some specialty insurance programs, we are flexible about how you use your collector car. As long as you have regular daily transportation for work and errands, and that car is insured, you are free to drive your collector car in a manner consistent with owning a valuable car." Hagerty even insures vintage race cars for transport to and from the track and while they're sitting in the pits. Once the car enters a racetrack for competitive track time or even open-track practice, though, the vehicle is not insured.
The final benefit of collector car insurance that we know you're itching to hear about is the rates. As we mentioned at the outset, they're low - real low in some instances. In fact, Hagerty told us that a stock collectible car (say, for example, a '67 Camaro) that's worth about $10,000 could be insured for as little as $100 per year.
While we don't have hard proof of that, we do happen to have an Edmunds.com staffer who actually has a Hagerty policy on two classic Fords.
The pictured vehicles covered with that Hagerty policy are a '66 Mustang fastback and a '64 Fairlane 500 two-door sedan. Total price for a full-year of coverage, including liability, theft and collision, on both cars, is a paltry $419.
The breakdown is as follows. Liability at $100,000 per accident is $29. Uninsured motorist at $35,000 per accident is $6. Medical payments at $5,000 per accident are $8.
The agreed value on the Fairlane is $12,500 and there is no deductible for either car. The premium on the Fairlane for collision is $87 and for events other than collision, it's $88, for a total of $175. For the Mustang on an agreed value of $15,000, the premiums for both collision and events other than collision are $105, for a total of $210. With a total of $428, there is a California mandatory credit listed on the policy for $9, making the total $419. We'd say that's a bargain in anyone's book.
Listed below are several FAQs that Hagerty gets on a regular basis. We also provided a list of additional companies that insure collectible vehicles.
Frequently Asked Questions
1. Are most collector cars insured by collector car insurance programs?
No. Specialty programs today insure less than half of the collector vehicles on the road. Although collector car insurance has been available for nearly 50 years, most owners of collectibles, specialty cars and street rods are still insuring them through a standard insurance company despite the higher cost and often more restrictive policies.
2. Do specialty insurance programs cost less than standard insurance?
Yes. Premiums at standard insurance companies can cost up to 300-percent more than a specialty program. Although standard companies provide adequate coverage for the "daily driver," they rarely offer the added benefits associated with collector car programs.
3. How different are insurance programs for collector vehicles?
Levels of service, rates and types of coverage and claims handling all vary from program to program. Anyone insuring a collectible should research all programs before making a decision. Varying costs should be considered, of course, but shouldn't be the sole determining factor. Remember, you are buying a service, so look for quality customer service, excellent claims handling, a knowledgeable staff who know and understand collectible vehicles and overall stability of the program.
4. Aren't there different kinds of insurance coverage?
There are three types of auto insurance offered today: actual cash value (ACV), stated value and agreed value. All three are explained in the text above.
5. Are vehicles of all ages considered by specialty insurance programs?
As noted in the text above, in addition to autos 25 years and older, some specialty insurance programs now consider newer vehicles such as exotic and sports cars like Ferraris, Porsches, Corvettes and Vipers. It's best to inquire on a per-vehicle basis.
6. Do collector car policies impose mileage restrictions?
Many specialty programs limit owners to driving collectible or classic vehicles or street rods to only 2,500 miles per year. Companies such as Hagerty offer flexible usage guidelines and encourage collectors, especially those who are true hobbyists, to drive and enjoy their vehicles. Hagerty, however, does require that the collector or hobbyist own a daily driver that is used and separately insured for everyday driving.
7. Must I drive my collectible only in parades or shows? What about a Sunday cruise?
Enthusiasts like to share their collectible car or truck with others. This could be during a Sunday drive or displaying the vehicle in parades and shows. Some programs require the vehicle be in the owner's presence at all times when not in the garage. Collectors should consider these types of restrictions and find a policy with flexible usage guidelines that best suit their overall needs.
8. How do I value my vehicle?
There are many factors considered when valuing a vehicle. The first thing is whether the car is a stock original vehicle. If so, there are many resource guides and pricing books that provide value guidelines based upon the overall condition of the vehicle. But, because every modified car is different, valuation is more difficult. The best way to value a modified vehicle or street rod is to keep detailed lists of all restoration work and any added aftermarket and performance parts, receipts for all parts and labor and any documentation describing work done on the vehicle. Appraisals help, but they're not always necessary.
9. Is it important to consider insurance before purchasing a collectible?
Definitely. Insurance is often a mandatory requirement of owning a vehicle, as well as a necessity for protecting your investment. Therefore, you do want to consider your potential insurance costs. Interested hobbyists and collectors can now afford to own, insure and enjoy their classics because specialty insurance programs offer lower rates than standard insurance companies. For collectors with several vehicles, some programs, including Hagerty's, offer a single liability charge rather than a charge per vehicle.
Insurance Companies offering Collectible Vehicle Policies
Acorida Insurance Services, (800) 648-1600
American Collectors Insurance, (800) 360-2277
Condon & Skelly, (800) 257-9496
The Gorsline Company, (800) 805-0034
Grundy Worldwide, (800) 338-4005
Hagerty Classic Insurance, (800) 922-4050
Heacock Insurance Group, (800) 678-5173
J.C. Taylor Antique Auto Insurance, (800) 345-8290
K&K Insurance, (800) 548-0858
Leland West Insurance Brokers, (800) 237-4722
Parish Motorsports Insurance, (800) 274-1804
Last edited by jpandes; 08-21-02 at 01:09 PM.
08-21-02, 01:07 PM
#6
Funny thing with mods, they don't raise the value of the car that much. Look in the For Sale section, you'll see several modded cars over time that really don't sell for much more than a nice stock car.
My car is really relatively mildly modded, I wouldn't expect to get much out of the mods if it were wrecked or stolen. Most guys see it as a CB, DP car with 17" wheels that is lowered a little. What is a 93 R1 worth with 59K miles? I figure around $16K. Would anyone be willing to pay me $21K for my car? If not why should the insurance co? They don't owe replacement value like your homeowner's policy pays for.
Oh and this list is parts cost only, no labor!
GAB shocks and Eibach springs $1000
SS DP $300
ACT clutch $550
HP+ brake pads $100
RB dual tip cat-back $450
SPI temp gauge ~$100
PFS boost gauge ~$75
Mount $25
Polish and chrome work $500
17" SSR Integrals w/tires $1600
JDM Rear seat $300
OEM mudflaps $150
Efini y-pipe $195
CNC block-off plates for AWS and EGR $25
Custom SS battery tray $55
CWC SS clutch line $40
Cruise $200
Rear cargo cover $195
The insurance company (in many states) owes you for "like kind and quality". That means they owe you for how much your car is worth, not what you spent on it.
This is not always easy to swallow but it is the way they need to do stuff to keep things reasonable.
An extreme case would be a guy that has a $5K paint job on his '92 Cavalier Z24 or something. It is still only a $2500 car if he sold it outright, not $2500 + $5000 in paint.
My car is really relatively mildly modded, I wouldn't expect to get much out of the mods if it were wrecked or stolen. Most guys see it as a CB, DP car with 17" wheels that is lowered a little. What is a 93 R1 worth with 59K miles? I figure around $16K. Would anyone be willing to pay me $21K for my car? If not why should the insurance co? They don't owe replacement value like your homeowner's policy pays for.
Oh and this list is parts cost only, no labor!
GAB shocks and Eibach springs $1000
SS DP $300
ACT clutch $550
HP+ brake pads $100
RB dual tip cat-back $450
SPI temp gauge ~$100
PFS boost gauge ~$75
Mount $25
Polish and chrome work $500
17" SSR Integrals w/tires $1600
JDM Rear seat $300
OEM mudflaps $150
Efini y-pipe $195
CNC block-off plates for AWS and EGR $25
Custom SS battery tray $55
CWC SS clutch line $40
Cruise $200
Rear cargo cover $195
The insurance company (in many states) owes you for "like kind and quality". That means they owe you for how much your car is worth, not what you spent on it.
This is not always easy to swallow but it is the way they need to do stuff to keep things reasonable.
An extreme case would be a guy that has a $5K paint job on his '92 Cavalier Z24 or something. It is still only a $2500 car if he sold it outright, not $2500 + $5000 in paint.
Last edited by turbojeff; 08-21-02 at 01:24 PM.
08-21-02, 01:18 PM
#7
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Sorry moderators but i'm gonna curse on this one.....
When I first bought my FD i didn't think I was going to moddify it so I stuck with the Ins co that I had since college......BIG MISTAKE.....4 years later when my FD was stolen I got screwed.
35k in receipts, endorsments from HKS, Mackin and Super Street Magazine, copies of the Ads I did for Volk, and Racing Heart, and numerous picture......none of it helped I got screwed and fucked up the ***.
MAKE SURE YOU GET YOUR MODS COVERED!!
When I first bought my FD i didn't think I was going to moddify it so I stuck with the Ins co that I had since college......BIG MISTAKE.....4 years later when my FD was stolen I got screwed.
35k in receipts, endorsments from HKS, Mackin and Super Street Magazine, copies of the Ads I did for Volk, and Racing Heart, and numerous picture......none of it helped I got screwed and fucked up the ***.
MAKE SURE YOU GET YOUR MODS COVERED!!
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08-21-02, 01:54 PM
#8
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Originally posted by RotaryKnight
Sorry moderators but i'm gonna curse on this one.....
When I first bought my FD i didn't think I was going to moddify it so I stuck with the Ins co that I had since college......BIG MISTAKE.....4 years later when my FD was stolen I got screwed.
35k in receipts, endorsments from HKS, Mackin and Super Street Magazine, copies of the Ads I did for Volk, and Racing Heart, and numerous picture......none of it helped I got screwed and fucked up the ***.
MAKE SURE YOU GET YOUR MODS COVERED!!
Sorry moderators but i'm gonna curse on this one.....
When I first bought my FD i didn't think I was going to moddify it so I stuck with the Ins co that I had since college......BIG MISTAKE.....4 years later when my FD was stolen I got screwed.
35k in receipts, endorsments from HKS, Mackin and Super Street Magazine, copies of the Ads I did for Volk, and Racing Heart, and numerous picture......none of it helped I got screwed and fucked up the ***.
MAKE SURE YOU GET YOUR MODS COVERED!!
08-21-02, 02:17 PM
#9
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When i got my insurance for my new fd i pick up friday night i asked about this. USAA (for military) will cover mods as long as you keep receipts for the stuff and maintain photos. At leasts thats what the guy said to me on the phone. So if your military or related to military try and get USAA i guess. Later all
Ryan
Ryan
08-21-02, 02:50 PM
#10
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great for you. sucks for the rest of us.
ANYONE else have coverage for their mods?
who through.
I just called nationwide..... no coverage at all for mods. But they do have this blue chip program for rock chips in your glass.... WOW.. now we're talking.
ANYONE else have coverage for their mods?
who through.
I just called nationwide..... no coverage at all for mods. But they do have this blue chip program for rock chips in your glass.... WOW.. now we're talking.
08-21-02, 05:36 PM
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I have found one site that will cover upto $4,000 in mods. www.esurance.com
How does buying your car back from the insurance company work? Just incase I need for future use.
How does buying your car back from the insurance company work? Just incase I need for future use.
08-21-02, 05:59 PM
#12
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OK, call me cynical, but I say if you're responsible enough to do it, get minimum insurance on your car (get liability, but screw the collision and comprehensive), and pay yourself the difference in premiums into a money market fund. Insurance is nothing but a big f-ing guaranteed loan anyway. Mishap = insurance points = loan payments. Premiums are just throwing money down the toilet if you're not an accident-prone person. I have a close buddy that lives on a gravel road, and the insurance company had the nerve to threaten to drop him after he got two broken windshields!
Plus if you pay yourself you get to keep the interest as an added bonus.........
Plus if you pay yourself you get to keep the interest as an added bonus.........
08-21-02, 07:01 PM
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Buying your car back is easy, but it has to be totalled. I had a Saturn that experiened a crushing action at 70MPH on an interstate (I drove it home, but it was about 1 foot shorter than before impact, and it was dragging from both the front and rear, but the cops let me drive home...). I bought it back at salvage value, but only after a Saturn employee illegally got my phone number from their systems and called me making an offer to purcahse (made a cool $1k over the loan because of him).
Just ask them what it would cost, it's the same price for you as the salvage yard would get.
The guy didn't even know it had a new engine with 3K on it... I did tell him over Krispy Kreme as we did the deal.
Just ask them what it would cost, it's the same price for you as the salvage yard would get.
The guy didn't even know it had a new engine with 3K on it... I did tell him over Krispy Kreme as we did the deal.
08-21-02, 07:04 PM
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As for the investment idea, get the insurance. It's the concept of a guarantee that I like, and the market's been **** for a while now.
I will admit to having been an actuary, and also to having been employed by a life insurance company (no causlty, so we didn't sell auto policies). I just understand the numbers, and insurance does make sense.
I will admit to having been an actuary, and also to having been employed by a life insurance company (no causlty, so we didn't sell auto policies). I just understand the numbers, and insurance does make sense.
08-21-02, 07:26 PM
#15
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You better read your contract (fine print).
Unfortunately everyone looks for the cheapest rate, then wonder why the payout was cheap. 
20th Century - Covers value of Stock stereo at time of purchase from factory. So if you had a Bose, that's not bad.
Explorer - Put a cap of $500 for aftermarket stereo equipment, "regardless" of the original Bose stereo. I was givin a letter explaining their fine print and dropped them aftwards.
AAA - is very good at paying out.
State Farm - Heard they pay out well but I was screwed on their Motorcycle ins.
Esurance and those others mentioned are brokers and will give you a policy with the lowest bidder. You can even have 3 or 5 different companies with them (Comp, coll, unins, liab, etc) on your one policy.
For insurance based on a stock car, you should be covered for stock parts that the vehicle came with on the invoice which they can retreive from the VIN#, regardless if you bought it used. On my CRX, my stock rims cost more than the Momo's I had replaced them with.
A better ins company will cover aftermarket parts with receipts but will have a cap. AAA takes pics of your cap when you start the policy and will cover what's in the pics.
You can insure your car as modified. If they take you at all, your rates will be higher. You can also attach additional polices, one for the stereo, one for the wheels, and one for the mods.
I personaly think it's total bull ship! How much higher is the rate for a Porsche 911 TT? Why can't I just pay the same rate as the Porsche and be insured for $80,000?
I have now switched to Geico, which offers Government and military discounts.
20th Century - Covers value of Stock stereo at time of purchase from factory. So if you had a Bose, that's not bad.
Explorer - Put a cap of $500 for aftermarket stereo equipment, "regardless" of the original Bose stereo. I was givin a letter explaining their fine print and dropped them aftwards.
AAA - is very good at paying out.
State Farm - Heard they pay out well but I was screwed on their Motorcycle ins.
Esurance and those others mentioned are brokers and will give you a policy with the lowest bidder. You can even have 3 or 5 different companies with them (Comp, coll, unins, liab, etc) on your one policy.
For insurance based on a stock car, you should be covered for stock parts that the vehicle came with on the invoice which they can retreive from the VIN#, regardless if you bought it used. On my CRX, my stock rims cost more than the Momo's I had replaced them with.
A better ins company will cover aftermarket parts with receipts but will have a cap. AAA takes pics of your cap when you start the policy and will cover what's in the pics.
You can insure your car as modified. If they take you at all, your rates will be higher. You can also attach additional polices, one for the stereo, one for the wheels, and one for the mods.
I personaly think it's total bull ship! How much higher is the rate for a Porsche 911 TT? Why can't I just pay the same rate as the Porsche and be insured for $80,000?
I have now switched to Geico, which offers Government and military discounts.
Last edited by GoRacer; 08-21-02 at 07:34 PM.
08-21-02, 11:19 PM
#16
It's never fast enough...
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www.grundy.com
Unlimited miles. Any year vehicle, and they work off of an agreed value. Meaning....you cough up current reciepts of your ride and mods, they stamp that total amount on your policy. If your ride is totaled/stolen, you get that amount. Well, at least that is what it looks like by what I read on their site
Unlimited miles. Any year vehicle, and they work off of an agreed value. Meaning....you cough up current reciepts of your ride and mods, they stamp that total amount on your policy. If your ride is totaled/stolen, you get that amount. Well, at least that is what it looks like by what I read on their site
08-22-02, 07:48 AM
#17
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geico does
GEICO WILL COVER STATED MODS
OK i spent all yesterday calling insurance companies. turns out GEICO will cover a modded FD. What you have to do though is let INS know what your mods are and the value of coverage you want for them...... then they will sell you additional coverage for your mods.
now here's where this gets trickey.... I have an aftermarket head unit... it's 360$.... chances are the factroy bose unit from the dealer is MORE.. so it's not worth it for me to insure that... I also have ENKEI 3 piece rims... again. they may total more then the factory rims from the dealer... My 99 front end I know for a fact is far less than the 93 front end from the dealer. also my mazdaspeed replica hood was less than the 820$ stock hood..... SO the question is WHAT"S WORTH COVERING. If you think you may total the car and you'll want to get cash for all your mods... state them. If you are adding something that the stock vehicle doesn't have... like a lot of stereo stuff... cover it.
what Im concerned about... coming out from the mall or some place and finding my PFC and rims and hood are gone or something.... in that case...
dealer rims are like 2400 a set + tires at like 600 a set
Ill break even with no additional coverage here...
dealer hood is 820$ my hood was 600
Ill make out 220$
dealer ECU i don't know... probably like 1200 or something and the PFC is about the same.
now as for that FMIC.... you may want extra coverage.
Im sure the exhause is more from teh dealer... hell just the muffler if 560 dealer list.
SOOO after looking at all my options. I think for my mods. ill just keep with regualr coverage and pray the ENTIRE car never get stolen... I live in an area where car theft is very low... now if i lived in say LA... i'd have to get extra coverage.
OK i spent all yesterday calling insurance companies. turns out GEICO will cover a modded FD. What you have to do though is let INS know what your mods are and the value of coverage you want for them...... then they will sell you additional coverage for your mods.
now here's where this gets trickey.... I have an aftermarket head unit... it's 360$.... chances are the factroy bose unit from the dealer is MORE.. so it's not worth it for me to insure that... I also have ENKEI 3 piece rims... again. they may total more then the factory rims from the dealer... My 99 front end I know for a fact is far less than the 93 front end from the dealer. also my mazdaspeed replica hood was less than the 820$ stock hood..... SO the question is WHAT"S WORTH COVERING. If you think you may total the car and you'll want to get cash for all your mods... state them. If you are adding something that the stock vehicle doesn't have... like a lot of stereo stuff... cover it.
what Im concerned about... coming out from the mall or some place and finding my PFC and rims and hood are gone or something.... in that case...
dealer rims are like 2400 a set + tires at like 600 a set
Ill break even with no additional coverage here...
dealer hood is 820$ my hood was 600
Ill make out 220$
dealer ECU i don't know... probably like 1200 or something and the PFC is about the same.
now as for that FMIC.... you may want extra coverage.
Im sure the exhause is more from teh dealer... hell just the muffler if 560 dealer list.
SOOO after looking at all my options. I think for my mods. ill just keep with regualr coverage and pray the ENTIRE car never get stolen... I live in an area where car theft is very low... now if i lived in say LA... i'd have to get extra coverage.
08-22-02, 09:10 AM
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forcefed1, you will want to cover everything you want value back for.
Think about it, yes, all of those parts from the dealer cost this and that much. But you can pick these cars up for $15,000. Add up the major parts from a dealer (engine, body, wheels, seats, etc.), and the total will be far higher than $15,000.
Also, the ins. companies aren't stupid. And on older cars (where parts are getting more expensive while the value of the car is decreasing) they will only cover "current value" or a "depreciated value" rather than "full replacement value."
If you want to cover your checkbook for sure, you should include everything you have spent money on on top of the original price paid for the car. That way you will get your money back in the event that it's totalled or stolen.
Think about it. You spend $15k, put $7k in. That's $22k. But, the parts you purchased were cheaper than the factory replacements, so you insure at $15k. Then the car gets totalled or stolen. The insurance company will give you $15k.
Also, if the insurance company does use "full replacement value" when estimating damage then it would be easier to total out your car (think about your title and resale value if the title says "salvaged"). How much would two wheels, front bumper assembly, headlights, and the hood cost from the dealer?
Think about it, yes, all of those parts from the dealer cost this and that much. But you can pick these cars up for $15,000. Add up the major parts from a dealer (engine, body, wheels, seats, etc.), and the total will be far higher than $15,000.
Also, the ins. companies aren't stupid. And on older cars (where parts are getting more expensive while the value of the car is decreasing) they will only cover "current value" or a "depreciated value" rather than "full replacement value."
If you want to cover your checkbook for sure, you should include everything you have spent money on on top of the original price paid for the car. That way you will get your money back in the event that it's totalled or stolen.
Think about it. You spend $15k, put $7k in. That's $22k. But, the parts you purchased were cheaper than the factory replacements, so you insure at $15k. Then the car gets totalled or stolen. The insurance company will give you $15k.
Also, if the insurance company does use "full replacement value" when estimating damage then it would be easier to total out your car (think about your title and resale value if the title says "salvaged"). How much would two wheels, front bumper assembly, headlights, and the hood cost from the dealer?
08-22-02, 12:19 PM
#19
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My uncle is my insurance agent...so needless to say I have everything covered on both Rx7's. State Farm gets $87 a month outta me to cover both my 95 and 89 for full collision, theft, and riders coverage.
08-22-02, 12:29 PM
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Screw Geico. I have a problem with them buying radar guns for cops. While we're on the topic, here's something for those that haven't seen it. This is apparently taken from f-body.org, but was forwarded to the local sports car club.......
~~~~~~~~~~~~~~
At the local SCCA event yesterday, we were informed that Progressive
insurance looked at a bunch of the Northwest's SCCA regional sites and
cancelled the insurance policies of anyone in the results. ******. It's
only a matter of time before they move east.
In response to this, our local SCCA has instituted a very simple password
for the results & pre-registration on the website, which they tell you at
the events. I don't have Progressive (and you shouldn't either, after this
scumball move), but we may want to put a password on the registration lists
& results sites for anyone who does. Something really simple like "Event"
or "F-bodies" would do, but I would suggest "Bunnies".
Companies like Progressive and Geico (they paid for over half the radar &
lidar guns in use by law enforcement) should be avoided by any enthusiast.
~~~~~~~~~~~~~~
At the local SCCA event yesterday, we were informed that Progressive
insurance looked at a bunch of the Northwest's SCCA regional sites and
cancelled the insurance policies of anyone in the results. ******. It's
only a matter of time before they move east.
In response to this, our local SCCA has instituted a very simple password
for the results & pre-registration on the website, which they tell you at
the events. I don't have Progressive (and you shouldn't either, after this
scumball move), but we may want to put a password on the registration lists
& results sites for anyone who does. Something really simple like "Event"
or "F-bodies" would do, but I would suggest "Bunnies".
Companies like Progressive and Geico (they paid for over half the radar &
lidar guns in use by law enforcement) should be avoided by any enthusiast.
08-22-02, 12:31 PM
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Oh yeah, and defending my investment idea, I'm not talking about putting the money in stocks. I mean using a money market fund, where even now you're getting a return of around 5%. Also, you wouldn't want to go this route until you can afford to replace what you have.
08-22-02, 04:57 PM
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I JUST bought my FD and insured it. I got USAA (dad is in the military). I asked about mods and they said that it is up to the claims adjusters, but as long as you maintain reciepts and pictures they typically can give up to 80%. He told me to call another department tomorrow (this was yesterday in fact, so today) when they were open to double check for sure.
Haven't done that yet, as I am lazy =/
Haven't done that yet, as I am lazy =/
08-23-02, 07:12 AM
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hey TailHappy Im not cool AT ALL with anyone supporting radar gun usage. so based on your above comment. Do you have any fact that this is true about GEICO?
if it is then Im gladly going to pay more and go some place else.
Ill bet radar guns cost me an average of 20 hours and 500$ a year hell last year alone for one ticket it cost me 43 hrs community service/court time and 845$ in fines. and that's not to mention insurance BS.
so if any insurance co has a heavy hand (im sure they all have some) in radar guns... No Fn way am I paying them for what I feel is bull **** anyhow.
so send me some proof that geico is heavily involved.
thanks,
if it is then Im gladly going to pay more and go some place else.
Ill bet radar guns cost me an average of 20 hours and 500$ a year hell last year alone for one ticket it cost me 43 hrs community service/court time and 845$ in fines. and that's not to mention insurance BS.
so if any insurance co has a heavy hand (im sure they all have some) in radar guns... No Fn way am I paying them for what I feel is bull **** anyhow.
so send me some proof that geico is heavily involved.
thanks,
08-23-02, 07:43 AM
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Why I would be GLAD to do some anti-GEICO posting. These should get you started....
http://webm31b4.ntx.net/radar.htm (search for GEICO)
http://www.germane-software.com/~ser/R_n_R/Geico.html (a good open letter to GEICO)
http://www.nsxprime.com/FAQ/ownership/insurance.htm (see The Truth About GEICO)
Anyways, there's plenty out there. I realize none of the above sources are necessarily credible, but I originally read about it in Car & Driver, and I know they couldn't get away with defamation. GEICO is definitely on my **** list.
http://webm31b4.ntx.net/radar.htm (search for GEICO)
http://www.germane-software.com/~ser/R_n_R/Geico.html (a good open letter to GEICO)
http://www.nsxprime.com/FAQ/ownership/insurance.htm (see The Truth About GEICO)
Anyways, there's plenty out there. I realize none of the above sources are necessarily credible, but I originally read about it in Car & Driver, and I know they couldn't get away with defamation. GEICO is definitely on my **** list.