Insurance!
Thread Starter
TECH Enthusiast
Joined: Jan 2008
Posts: 509
Likes: 1
From: North Chicagoland
Insurance! What do you tell 'em with a LSx swapped into your vehicle?
Just give them the VIN #? Or tell them about your engine swap?
I also want to know if you have full coverage, or just liability?
Just give them the VIN #? Or tell them about your engine swap?
I also want to know if you have full coverage, or just liability?
Truthfully answer whatever they ask, but don't volunteer anything more than they ask.
My car is too old to have full comprehensive. I would need to get a stated value policy. Opinions differ but in my opinion it is not worth the effort. My car only leaves the garage on weekends in the summer.
Insurance companies don't seem to ask for modifications when it is a liability policy only. At least I have never had one ask what was done to the car. They did ask how many miles it is driven a year.
My car is too old to have full comprehensive. I would need to get a stated value policy. Opinions differ but in my opinion it is not worth the effort. My car only leaves the garage on weekends in the summer.
Insurance companies don't seem to ask for modifications when it is a liability policy only. At least I have never had one ask what was done to the car. They did ask how many miles it is driven a year.
Last edited by Pop N Wood; May 16, 2009 at 06:21 AM.
State Farm had my car appraised and then insured it for the appraised value, Then they wanted reciets for everything aftermarket so they could be replaced if it was stolen and stripped.
I have mine through progressive direct. They allow you to give a stated value for your vehicle. They did not ask what was modified or any of that business. I have resiepts for everything though.
I would not willingly give that infomation unless it was needed. Most insurance companies see it as a huge liability and may not even cover you. I found this out when I was trying to insure my vehicle for a dollar amount not too long ago.
I would not willingly give that infomation unless it was needed. Most insurance companies see it as a huge liability and may not even cover you. I found this out when I was trying to insure my vehicle for a dollar amount not too long ago.
I have mine through progressive direct. They allow you to give a stated value for your vehicle. They did not ask what was modified or any of that business. I have resiepts for everything though.
I would not willingly give that infomation unless it was needed. Most insurance companies see it as a huge liability and may not even cover you. I found this out when I was trying to insure my vehicle for a dollar amount not too long ago.
I would not willingly give that infomation unless it was needed. Most insurance companies see it as a huge liability and may not even cover you. I found this out when I was trying to insure my vehicle for a dollar amount not too long ago.
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THere are several Classic Car insurance specialty companies. I use Grundy and have mine insured for "Agreed Value". Thre is a big difference between stated value and agreed value. Ask your agent about the difference. Agreed value is exactly that if it's totalled or stolen, that's what you get. It is my understanding that stated value policies can be depreciated. With Grundy all they asked was that I send some pictures of the car, no argument at all about the value I said. So far no claims, but their reputation is very good. Shop around, Google Classic car insurance.
Pat
Pat
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Verdad Gallardo THere are several Classic Car insurance specialty companies. I use Grundy and have mine insured for "Agreed Value". Thre is a big difference between stated value and agreed value. Ask your agent about the difference. Agreed value is exactly that if it's totalled or stolen, that's what you get. It is my understanding that stated value policies can be depreciated. With Grundy all they asked was that I send some pictures of the car, no argument at all about the value I said. So far no claims, but their reputation is very good. Shop around, Google Classic car insurance.
Pat
Pat
You are correct in there being a differance between stated value and agreed value, but for agreed value, you'll need some type of proof for the value. Progressive doesn't allow you to get agreed value insurance for a daily driver.
Just to give you an idea.....I have my 2000 TA, 2005 Grand Prix, 2006 G6 GTP and I am paying only $1580 a year.....26 and married. I think thats pretty good.
Hope this helped.
Teching In
Joined: Feb 2008
Posts: 20
Likes: 0
It is a very bad idea not to tell them about EVERYTHING you have on your vehicle. So I disagree with the "don't ask, don't tell" thinking.
I have a friend that USED to have a 2003 procharged 5.3 bagged and shaved silverado. He had 15000 of aftermarket parts on it.
Guess what his insurance company gave him back when the truck was stolen and put up on blocks a few miles away from his house? 7800, fair market value.
He was so shook up by it, I felt pretty bad for him.
Personally, I would ALWAYS tell the insurance company about anything aftermarket- as long as it was full coverage.
-Wes
I have a friend that USED to have a 2003 procharged 5.3 bagged and shaved silverado. He had 15000 of aftermarket parts on it.
Guess what his insurance company gave him back when the truck was stolen and put up on blocks a few miles away from his house? 7800, fair market value.
He was so shook up by it, I felt pretty bad for him.
Personally, I would ALWAYS tell the insurance company about anything aftermarket- as long as it was full coverage.
-Wes
Hagerty will give you a declared value insurance as well. they ask for pictures and such but will only cover if it you are heading to a car show or something similar. They wouldnt insure mine because my cars interior wasnt done.
I hope this does not violate forum rules, if it does the Moderators should remove it. Here is a great link to a letter discussing Grundy's insurance coverage. I use them and have found them to be great to work with.
http://www.myclassiccar.com/pdf/Youarereallyinsured.pdf
Pat
http://www.myclassiccar.com/pdf/Youarereallyinsured.pdf
Pat