dgeesaman

iTrader: (7)

I'm not happy with my insurance. I recently paid $19,500 for a nice 1994 R2 with 53k miles. I've been puting very little mileage on it (2nd car) and I've been maintaining it like a hawk, so this value isn't coming down much over the next couple years. I will probably get a new paint job this year, too.

Blue book was an insanely low $15800 for this car, and if it gets totaled I'm out $4000+ instantly. I think you see my concern.

How is your insurance set up? What can I do?

Dave

AMRAAM4

From what I know, nothing. Unless you can get AT LEAST 3 official, notorized estimates of the car from professional classic car appraisers and have them put in your file at the insurance company.

Then again, who says the appraiser is going to appraise it at $19,500. They might be picky with the 53k miles.

LAracer

I have the same problem. So far my only solution is to drive carefully .

mynamegotjacked

Some insurance companies will give you 'fair market value' for your car, not blue book. Say for example your car got stolen and you filed a claim. If they found 5 cars near you that were similar to yours that sold at $18000, thats the value of your car.

chaste94

I have USAA and they insure my car for replacement cost, not bluebook. They also cover some of the mods. I didn't have to get it appraised. I just had to tell them the value of the mods and if my car is ever totalled or stolen I have to provide either receipts or pictures of the items on the car. I think there was a percentage limit to how much over the value of the car I could insure for. They are pretty expensive though.

adam c

iTrader: (2)

If your car is stock, you paid too much for it. If it is modified, the insurance company won't pay for the mods in the case of a total loss. They are insuring a stock car. If you want to insure the mods too, you will have to pay extra. Of course, if thay know your car is modified, they will probably cancel you for being too high of a risk.

Good luck, Adam (CA. insurance broker)

dgeesaman

iTrader: (7)

My car is still at stock power. (just a downpipe), and it's basically going to stay that way.

Yes, I did not get bottom dollar for my car. Low mileage R2s with new engines don't get bottom dollar. I don't have the luxury of shopping in California. I suggest you poke around on Autotrader and see the difference.

adam c

iTrader: (2)

I bought mine from autotrader. Took me 6 months to find it. I flew to Portland Oregon to buy it. Not a Ca. car.

$16,200, 41.5k miles. $2500 stereo, $800 alarm. Mint condition. Bone stock.

How long did you look before buying?

LAracer

adamc, I think you got an exeptionally good deal. I think if an insurance company is going to give replacement value then it should be the value that I can buy a similar car for *today*, not the price that I can find if I search for 6 months.

adam c

iTrader: (2)

I do think I got a good deal. And I do think he paid too much. Those two items don't have anything to do with the insurance issue. I agree that he should be paid the cost to replace the car.....whatever that is. Blue book values are not always accurate, especially when cars like ours are NOT easily replaced.

RX7Elmo

insurance companies give you MARKET VALUE and NOT KBB value.

Someone recently hit my MR2 and they were close totalling her as KBB was a very low 1400 bucks and the cost to fix it was 1500 bucks. They went and did an appraisal of market values etc and ended up telling me she was worth 3000 bucks which is exactly what she's really worth

Danny

zyounker

You can get a declaired value on the car.. It is a different type of insurance and you can only put so many miles on the car a year.. At least they have that in Illinois.. Check with your local agent, i am sure they have something similar..


-Zach

dgeesaman

iTrader: (7)

double post

dgeesaman

iTrader: (7)

It's obvious you found a better deal than I did, but I did not pay above market value. We're all very proud that you found that rare seller who sold for a lowball price, but I saw very few in the Northeast in the past 12 months. Fewer still who were trustworthy sellers selling an R2 in good shape (I'm too tall for a touring).

I think you would agree the point is to get the car insured to a value that allows reasonable replacement. Insurance companies definitely won't spend that kind of time to find a 'deal' when finding market value, and if they tried to claim that even I could crack their ***** on that without the help of a lawyer.

I have my insurance broker reevaluating policy options, and I'll be looking on my own too.

Dave

adam c

iTrader: (2)

In Ca., the law is that they must pay the cost of the car IN YOUR AREA. I don't know if the regulations are the same where you are. Sounds like car values may be higher wher you live.

If you are happy with the deal on your car, that's all that matters.

AMRAAM4

I hope you dont work for State Farm! SF replaces the car and aftermarket items added so long as you have receipts of the items purchased and installed. Same with if the car is stolen and found. Whatever is not there you get replacement value for so long as you have receipts.

adam c

iTrader: (2)

There is no way that State Farm is going to pay for aftermarket items if you have not paid extra to insure them.

You think they are going to pay extra for someones $5000 stereo or $3000 body kit. No chance. Check with your agent.

adam c

iTrader: (2)

sorry double post.

AMRAAM4

Please don't talk like you are an insurance Guru. What I said was fact, because it actually happened on my last car (took wheels/tires, all my CD's inside, 2 12" subs, head unit). All was replaced because I had receipts. The only issue that you run into is:
1.) Tires are reimbursed via a chart of depreciation.
2.) They look for the identical product and if they find it cheaper than what you paid at purchase time that is what you get, not original price).

People, save your receipts and have pics of your ride. Contrary to what adam c is saying it will be covered, if not, find another broker because after all...THAT IS WHAT INSURANCE IS FOR.

adam c

iTrader: (2)

First of all, I am an Insurance "GURU". I have been a licensed Insurance Broker in Ca. for 22 years. I own 4 inurance offices. We deal almost exclusively in car insurance. So, I do know what I am talking about.

The information I am giving is correct for Ca. Laws may differ in other states, but the principles don't change.

Car insurance policies don't pay for personal items stolen from your car, so I know YOU don't know what you are talking about.

Just try to get your car insurance to pay for your $10,000 watch stolen from your car. They didn't pay for your CD's either.

The "Guru"

AMRAAM4

The people who built the space shuttle were licensed engineer's as well.....but me with an engineering degree from Embry-Riddle could figure out pretty easily that a 2 foot square section of foam hitting the wing at a couple hundred miles per hour probably wasn't good for the ******* structural integrity of entering the atmosphere!! They still won't admit it......moral...what's your point in being licensed for 22 years?

To the members reading this, adam c may be correct for the insurance policy laws compliant with the state of CA, every state is different. Regardless, everything I have posted is 100% true and why the **** would I feel the need to make this up??

The fact that the issue of how much will be covered is being argued with a car insurance broker isn't very ironic. Especially when he is arguing the side of "you are only getting $X.XX"

Whatever, this is my last post in this thread. And maybe everyone should switch to State Farm then, because my mishap happened in NY state, but now I live in MD..and I checked that the policy was the same when I transfered here.

adam c

iTrader: (2)

I'm not saying that you made anything up. I'm saying (proving) that you don't know what you are talking about.

Independent Insurance brokers (like myself) represent customers first. Claims are handled by the insurance companies. Brokers assist customers who have problems with claims. We don't offer settlements. That's not our job.

Maybe you are just confused. Insurance issues and coverages can be very complicated.