xknowonex

iTrader: (2)

As we speak, I only have liability only insurance. The reason why is that its not worth paying 2000+ dollars a year to cover a 1992 car with 140k that is worth 5k according to the Bluebook. If my car is worth only 5k, I might as well pay 800 a year for liabilty only and put the extra 1800 a year to better use or just save it up just in case something unfortunate happens.

Now on the other hand, the more I began to mod this thing, the more I began to stress out. Say if I get full coverage on it, is it even possible to get compensated for more than blue book value if I keep all documentation of the mods?

NPSC303

Nope, and in a lot of cases, you won't even quite get the book value. Also, letting your insurance co. know that you've modified your car may cause them to drop you, (like after you make a claim because someone destroyed your car) thus not paying for your re-embursement (insurance co.'s will do anything to avoid paying out a claim). Or, if you told them before anything happened, either they would want to charge you waaaay more for coverage (due to increased hp thus higher risk), or they would just say no (more likely).

BLK13X

I know the feeling dude

I'm fortunate to be with a company that insures the car for an agreed value instead of pure market value, and the insurance company is a modified car specialist... I say if you can find one in the US go for a place that will cover modified/specialty cars because if you are going to keep it for a while and modify it you don't wanna lose everything if the unfortunate happens (which seems to be occuring more and more frequently)


Jose

salimshah

If the insurance company agrees to provide higher coverage than the base replacement cost , it will cost you higher premium.

Hmmm! Is there a market for replacement cost insurance on add-ons from the retail outlets ... like they sell on mobile phones and home stereo equipment. Ah but then you may prefer cash rather than take the installed mod out.

Salim

xknowonex

iTrader: (2)

Yes. Anyone in here any good advice? It just doenst make too much economic sense to pay 2k a year for them to payout 4-5k if somethin bad happens.

King7Two

Insurance companies are crooks.
They have the ultimate in job security because by law, you have to have insurance.

They ALWAYS low ball the check they give you to fix your car, because they know that alot of people will just cash the check. To get full payment for the damage, you have to endorse the check to a body shop (that they approve of) and if the body shop cant fix it for the ammount they pay out, then the claim will be adjusted.

Just like all other business.........they are in business to MAKE money....not pay it out.

You could get "specialty car" insurance......but that would be ALOT more expensive, they have to approve of where the car is parked (garage), and it can only be driven so many miles a year. Usually reserved for cars like '69 Yenko Cameros and old Ferrari Datonas ( cars that cant be replaced)

the short answer is...... No

slugmike

Not true. The insurance company has NO say over where you take your car for repairs. They don't have to "approve" your shop choice, there are anti-steering regulations against that. They can entice you by offering a warranty on the repairs, etc. - but in the end the shop choice is entirely up to you.

I would really do your homework on insurance stuff, and don't trust what you read on forums - there is a TON of inaccurate information that gets passed around by people who think they know what they're talking about. There are a lot of state-specific issues that you should be aware of also.

Take 5 minutes and actually READ YOUR POLICY. Ignorance of your policy will not save you when it comes time to make a claim. Some policies cover some aftermarket equipment automatically, some policies won't cover it at all. The answers are in the policy.

slugmike

This is referred to as a "stated amount" policy - at least in my state (CA). Definitely something you might want to check out if your car's value is way off from "book value"

You can also get a regular insurance policy, but buy additional coverage for custom parts and equipment... which will, of course, increase your premium - since you asking the ins. co. to take on more risk

Fiya

Yes, your policy is the only thing that really matters. I moved to a new insurance company and was surprised by how many new things are covered, or what I could choose to exclude to save money. I also doubled my coverage (liability only) and spent 45 min. talking to the agent about my options and what everything really means, I suggest you do the same.

JJG2005

I just realized what you did about paying for full coverage. I bought a 97 ES300 as a daily driver in addition to my 92 SC300. I had full coverage on the SC, but decided I didn't want full coverage on the ES since it would be way too much.... then realzied how bad I was getting ripped on the SC300 as well. I ended up adding liability to both cars, as well as comprehensive. Comprehensive is usually only like $25 extra every 6 months on my policy, and it covers if the car is stolen, catches fire, etc.

I used to have a Honda that was totalled when I left it in the street. The kid that hit it stopped and police came, and all that fun stuff. I was really worried b/c I had just cancelled insurance on that car the day before and I was not covered, but my agent told me not to worry about it because the kids insurance would pay anyway. His company gave me some lowball estimate of 1800 or something, and I made it very clear that was not acceptable. She came back at 2200 or so if I remember right, but I requested a time for me to come to her office and show her receipts for work done, etc. I actually didn't have any receipts, just printouts from websites of what the parts cost (retail) and pictures of them on my car. I ended up walking away with $4500 after all my work when I was asking $3800 to sell it.

King7Two

Your right......I misspoke about that. That would indeed be illegal.
Sorry about that

ev0ti0n

Well you could get a laywer..but the prices of one would probably be the same amount as you would get if you didn't get a lawyer to fight for you.


"Call Larry H. Parker".

TMaxxTim

How many people with older SC's actually have collision? I have a 92 sc300 and I don't unfortunately, I wish I did though. My dad backed into my car and since its a car on the same policy that hit another car, each car's own insurance covers it (if that makes any sense) and now I'm SOL on repairing it. I'll have to pay $1500 of my own to fix it.

slugmike

No need to apologize!

I do have collision on my SC... it would be weird to me not to have collision on my car.

mikeloc24

I was just speaking with my insurance guy regarding the very same issue and what I believe is it's not worth having full coverage on a 1992 SC. If something happens to your car you will not receive blue book value for the car, I was told that the most I can hope to get is a check for $3500. That's right, $3500 bucks. And my car is in immaculate condition too. My insurance is about $72 a month for liability and uninsured motorist coverage here in SoCal. That's really all I need.

I asked about full coverage and was told it would be about $140 a month for full. That's $1680 a year for full vs. $864 a year for liability. I haven't had any driving mishaps in over 9 years so for me it's definitely not worth it. I'd rather save my $816 a year.

Hopefully this helps you out. Hit me up if you want to talk more about it.

PS-take to heart what slugmike said a few posts above. It's good advice for you to look over your policy

-Mike