Registering and insurance on a converted car, what do you guys do?
01-22-2012, 06:48 PM
#1
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Registering and insurance on a converted car, what do you guys do? It is finally betting time to register and insure my car. My car was originally a four cylinder turbo and is now has a LS1. I am located in South Carolina. The laws are pretty lax here and there is no inspection.Has anyone had a problem with this?
I want to daily drive this car so the collector car insurance companies are out. Progressive seems to be the only company I can find that lets you set a value to your car. What do you guys do?
I want to daily drive this car so the collector car insurance companies are out. Progressive seems to be the only company I can find that lets you set a value to your car. What do you guys do?
01-23-2012, 06:19 AM
#4
I only have liability insurance. If the car gets damaged I pay for it. My car is summer only and garage kept, so this makes the most financial sense to me.
As you are probably finding out regular insurance companies don't like offering comprehensive insurance on anything more than 15 years old. Getting a stated value policy can be done but it is a bit of a hassle.
My worry with such a policy is what happens if you make a claim?
From what I have seen the majority of guys who are happy with their classic car insurance have never made a claim. What would be more informative to me is hearing from guys who actually got paid for what they agreed to (or not) when they signed up for the policy.
You might try talking with an independent insurance agent in your area. See what experiences they have when people make claims.
As you are probably finding out regular insurance companies don't like offering comprehensive insurance on anything more than 15 years old. Getting a stated value policy can be done but it is a bit of a hassle.
My worry with such a policy is what happens if you make a claim?
From what I have seen the majority of guys who are happy with their classic car insurance have never made a claim. What would be more informative to me is hearing from guys who actually got paid for what they agreed to (or not) when they signed up for the policy.
You might try talking with an independent insurance agent in your area. See what experiences they have when people make claims.
01-23-2012, 06:23 AM
#5
http://www.anpac.com/products/p_c/chrome/default.aspx
I know of a few ppl that have insuance from these ppl for hot rods. Reasonable cost ...no problems with claims. My roadster is insured with Grundy. But i dont drive it everyday.
I know of a few ppl that have insuance from these ppl for hot rods. Reasonable cost ...no problems with claims. My roadster is insured with Grundy. But i dont drive it everyday.
01-23-2012, 06:46 AM
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All of the classic, hotrod or specialty car insurance companies like Grundy have too many restrictions. You get limited miles a year and you basically can only drive it to car shows or parades. They all state it cannot be used as a daily driver and you have to have another car under 10yo for each driver in the house other than the car they are insuring.
01-23-2012, 08:01 AM
#7
All of the classic, hotrod or specialty car insurance companies like Grundy have too many restrictions. You get limited miles a year and you basically can only drive it to car shows or parades. They all state it cannot be used as a daily driver and you have to have another car under 10yo for each driver in the house other than the car they are insuring.
True...that is why i have Grundy for my roadster...but http://www.chromeinsurance.com/ "Generous Annual Mileage - With CHROME® coverage you can enjoy driving your specialty vehicle up to 10,000 miles annually. " So if yor driving more than 10k a year...it will work.
Biggest thing is to get "Agreeded Replacement value" in case of a total loss. Alot of companies will not do that
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01-23-2012, 09:15 AM
#8
Good luck. I use Progressive for my DD and asked - no agreed value available. That was back in Mississippi and here in Texas.
The only thing I recall them saying they'd cover was added on stuff, not upgrades to factory parts. They would cover a supercharger for a 93 Cobra, but not an 03 because one was an added part and the other one came stock.
This is a shitty part of our hobby.
The only thing I recall them saying they'd cover was added on stuff, not upgrades to factory parts. They would cover a supercharger for a 93 Cobra, but not an 03 because one was an added part and the other one came stock.
This is a shitty part of our hobby.
01-23-2012, 12:43 PM
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Thanks, for the heads up on Progessive. I will need to call and clarify that with them. The Chrome insurance sounds promising. I have American National now and wanted to get away from them, my agent is useless, looks like I may have to stay with them as Chrome is one of their products.
01-23-2012, 01:29 PM
#12
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Just a word of advice on insurance. There are some companies that sell "Stated Value" policies, but this should never be construed to mean "Agreed Value".
The "stated Value" policies are simply an Actual Cash Value policy with a cap on the amount the insurer will pay. You still will get into an argument with the insurer as to the value of the car, in case of a loss. ANY policy that states it is an Actual Cash Value policy, without an "agreed" amount that the car is worth will leave you fighting the insurance company over the value. The insurance has the right on ACV policies to set the fair market value of the car that experiences the loss, and you can spend a fortune in court trying to get any additional money. In the case of a complete loss, like a fire or theft, you will not even be able to present a third party appraiser's opinion as to the value of the car, because he can't offer an opinion of the value of a car which he could not a appraise.
I have know a gentleman who insured his high-end pro-touring 67 Camaro on one of those policies. He insured the car for years at a stated value of $90,000, and paid premiums for that level of protection. When the car and enclosed trailer was stolen while on the way across country to a car show, the insurance company offered to pay him $20,000, or what they thought a 67 Camaro was worth! He fought them for months, but only succeeded in spending money on a lawyer, as he finally ended up settling for the 20K they originally offered.
Regards, John McGraw
The "stated Value" policies are simply an Actual Cash Value policy with a cap on the amount the insurer will pay. You still will get into an argument with the insurer as to the value of the car, in case of a loss. ANY policy that states it is an Actual Cash Value policy, without an "agreed" amount that the car is worth will leave you fighting the insurance company over the value. The insurance has the right on ACV policies to set the fair market value of the car that experiences the loss, and you can spend a fortune in court trying to get any additional money. In the case of a complete loss, like a fire or theft, you will not even be able to present a third party appraiser's opinion as to the value of the car, because he can't offer an opinion of the value of a car which he could not a appraise.
I have know a gentleman who insured his high-end pro-touring 67 Camaro on one of those policies. He insured the car for years at a stated value of $90,000, and paid premiums for that level of protection. When the car and enclosed trailer was stolen while on the way across country to a car show, the insurance company offered to pay him $20,000, or what they thought a 67 Camaro was worth! He fought them for months, but only succeeded in spending money on a lawyer, as he finally ended up settling for the 20K they originally offered.
Regards, John McGraw
01-23-2012, 01:46 PM
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Just a word of advice on insurance. There are some companies that sell "Stated Value" policies, but this should never be construed to mean "Agreed Value".
The "stated Value" policies are simply an Actual Cash Value policy with a cap on the amount the insurer will pay. You still will get into an argument with the insurer as to the value of the car, in case of a loss. ANY policy that states it is an Actual Cash Value policy, without an "agreed" amount that the car is worth will leave you fighting the insurance company over the value. The insurance has the right on ACV policies to set the fair market value of the car that experiences the loss, and you can spend a fortune in court trying to get any additional money. In the case of a complete loss, like a fire or theft, you will not even be able to present a third party appraiser's opinion as to the value of the car, because he can't offer an opinion of the value of a car which he could not a appraise.
I have know a gentleman who insured his high-end pro-touring 67 Camaro on one of those policies. He insured the car for years at a stated value of $90,000, and paid premiums for that level of protection. When the car and enclosed trailer was stolen while on the way across country to a car show, the insurance company offered to pay him $20,000, or what they thought a 67 Camaro was worth! He fought them for months, but only succeeded in spending money on a lawyer, as he finally ended up settling for the 20K they originally offered.
Regards, John McGraw
The "stated Value" policies are simply an Actual Cash Value policy with a cap on the amount the insurer will pay. You still will get into an argument with the insurer as to the value of the car, in case of a loss. ANY policy that states it is an Actual Cash Value policy, without an "agreed" amount that the car is worth will leave you fighting the insurance company over the value. The insurance has the right on ACV policies to set the fair market value of the car that experiences the loss, and you can spend a fortune in court trying to get any additional money. In the case of a complete loss, like a fire or theft, you will not even be able to present a third party appraiser's opinion as to the value of the car, because he can't offer an opinion of the value of a car which he could not a appraise.
I have know a gentleman who insured his high-end pro-touring 67 Camaro on one of those policies. He insured the car for years at a stated value of $90,000, and paid premiums for that level of protection. When the car and enclosed trailer was stolen while on the way across country to a car show, the insurance company offered to pay him $20,000, or what they thought a 67 Camaro was worth! He fought them for months, but only succeeded in spending money on a lawyer, as he finally ended up settling for the 20K they originally offered.
Regards, John McGraw
01-23-2012, 07:25 PM
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Yes, insurance sucks. I did get liability coverage so it could be registered. Thanks, for all the replies. Hopefully, this helps out someone else, too.
I checked out the American National product Chrome, it is not for daily driven vehicles.
I checked out the American National product Chrome, it is not for daily driven vehicles.
Last edited by arthropraxis; 01-23-2012 at 07:31 PM.
01-23-2012, 07:54 PM
#15
In my opinion, insurance (car, home, health) is a HUGE scam and we are the unwilling victims.
I hate to say but if your car is daily (or nearly so) driven you will have a difficult time insuring any custom vehicle for a sum even remotely near your replacement costs. I looked into this years ago and everything I saw had very strict mileage limits, types of storage or other clauses that negated the policy if they weren't met or had been exceeded depending on the situation. Most of their limits are impossible to meet if you even drive to work and something happens.
It's sad but I have to agree with the short version of what John McGraw said: if you really drive 'em you're kinda stuck from a specialty insurance standpoint.
I hate to say but if your car is daily (or nearly so) driven you will have a difficult time insuring any custom vehicle for a sum even remotely near your replacement costs. I looked into this years ago and everything I saw had very strict mileage limits, types of storage or other clauses that negated the policy if they weren't met or had been exceeded depending on the situation. Most of their limits are impossible to meet if you even drive to work and something happens.
It's sad but I have to agree with the short version of what John McGraw said: if you really drive 'em you're kinda stuck from a specialty insurance standpoint.
01-27-2012, 06:05 AM
#17
Just a word of advice on insurance. There are some companies that sell "Stated Value" policies, but this should never be construed to mean "Agreed Value".
The "stated Value" policies are simply an Actual Cash Value policy with a cap on the amount the insurer will pay. You still will get into an argument with the insurer as to the value of the car, in case of a loss. ANY policy that states it is an Actual Cash Value policy, without an "agreed" amount that the car is worth will leave you fighting the insurance company over the value. The insurance has the right on ACV policies to set the fair market value of the car that experiences the loss, and you can spend a fortune in court trying to get any additional money. In the case of a complete loss, like a fire or theft, you will not even be able to present a third party appraiser's opinion as to the value of the car, because he can't offer an opinion of the value of a car which he could not a appraise.
I have know a gentleman who insured his high-end pro-touring 67 Camaro on one of those policies. He insured the car for years at a stated value of $90,000, and paid premiums for that level of protection. When the car and enclosed trailer was stolen while on the way across country to a car show, the insurance company offered to pay him $20,000, or what they thought a 67 Camaro was worth! He fought them for months, but only succeeded in spending money on a lawyer, as he finally ended up settling for the 20K they originally offered.
Regards, John McGraw
The "stated Value" policies are simply an Actual Cash Value policy with a cap on the amount the insurer will pay. You still will get into an argument with the insurer as to the value of the car, in case of a loss. ANY policy that states it is an Actual Cash Value policy, without an "agreed" amount that the car is worth will leave you fighting the insurance company over the value. The insurance has the right on ACV policies to set the fair market value of the car that experiences the loss, and you can spend a fortune in court trying to get any additional money. In the case of a complete loss, like a fire or theft, you will not even be able to present a third party appraiser's opinion as to the value of the car, because he can't offer an opinion of the value of a car which he could not a appraise.
I have know a gentleman who insured his high-end pro-touring 67 Camaro on one of those policies. He insured the car for years at a stated value of $90,000, and paid premiums for that level of protection. When the car and enclosed trailer was stolen while on the way across country to a car show, the insurance company offered to pay him $20,000, or what they thought a 67 Camaro was worth! He fought them for months, but only succeeded in spending money on a lawyer, as he finally ended up settling for the 20K they originally offered.
Regards, John McGraw
If John's person was in my state and was my client, I could have taken the case to trial and if I would have been awarded one more dollar than the insurance company was offering, they would have had to pay me close to $150,000 in fees (what it costs to go to trial), plus the judgement. They all know this here, so they probably would have given me closer to 50-60k for the car without too much hassle.
The truth is that most people don't know the law in their state, and so they can get away with acting like sons of bitches.
01-27-2012, 06:09 AM
#18
01-27-2012, 08:08 AM
#20
Oh man, let's don't start lawyer bashing. rp0029 came here with some valuable information. He didn't make the system what it is.
Unfortunately my whole goal is to keep the lawyers out of it. And different states do have different laws, I have been on the receiving end of that one too. I have had to pay a lawyer $500 to make a one phone call to have an insurance problem go away. It sucks.
Unless you want some drawn out legal battle where you feel like the last ***** left in the drawer I would heed the advice of Mr McGraw above.
Unfortunately my whole goal is to keep the lawyers out of it. And different states do have different laws, I have been on the receiving end of that one too. I have had to pay a lawyer $500 to make a one phone call to have an insurance problem go away. It sucks.
Unless you want some drawn out legal battle where you feel like the last ***** left in the drawer I would heed the advice of Mr McGraw above.