I have a 98 TA that i paid off in Jan of 07. Im paying about 200 for 2 cars through Geico. I wanted to keep the full coverage just incase anything happens to the car of if i get in an accident. But even thoug its a 98 with 135k miles even if i were to wreck the car its not like im going to get much anyway. Just last year i put Heads, Cam, new hood, paint & some CCW's. Theyre telling me if i have aftermarket wheels theyre going to raise the insurance some more. So if anything happens to the car then theyre going to depreciate the value of all the money i just spent. so in another sense i dont even know if i need it.


So what are the benefits of keeping the FC on a car thats already paid off, that gets driven 5x a month or so?


thanks

 

Your only benefit of having FC is peace of mind brother.. whether it's your fault or not!!

Just roll with uninsured motorist coverage just incase a pendejo hits you w/o insurance and it covers theft also.. I am and I still have a note. I'm only dishing out $53/month on mine and I'm 25. I am even with the KBB right now

 

^^^ Damn, need to quit makin' a habit of agreeing with you!!

 

im still paying on a car and i have liability on it

 

sounds like you have a really nice car. however i think full coverage still isnt enough. you need some collector/agreed on value insurance. have all your paperwork ready and get that car appraised.

 

WTF? I know CCWs are worth more then boyds, but if I wreck my car. they'd do nothing about my smoothie 2s? thats gay.
So in order for any of the "aftermarket" parts to get paid for, I'd have to get my car appraised/pay more for insurance?

 

lol

 

Excuse the novel following this (lol):

Most companies (at least the ones i've worked for: Geico, Progressive, AIG, etc) will advise you that with FC, you only get the depreciated market value for that car. Example: My husband has a 1998 TA with TONS of auto-x and a few power mods. Should his car be totalled, will he get a check for the cars actual worth to him? No. He will get a check for approximately " $9,495" (just using kbb for an example.). They won't give him a dime over the dep. mkt value..not a dime extra for the approx. $10,000 worth of mods and parts put into the car.

The way to insure extra parts, accessories, and equipment on a car (Called CPE: Custom Parts and Equipment) is to obtain that extra coverage for just that. Full coverage does not include CPE coverage. When I worked for Geico, for example, this woman came in with (God have mercy-) an 01 Trans Am with gawdy, overpriced 22" (or it may have been 24"? if they fit..whatever they were..they were HUGE and totally ruined the car's sexiness) Chrome 'player' wheels. She asked if her wheels were automatically insured, which of course they are not, as Chrome 22/24" player wheels are not STOCK on an 01 TA! Anyhoo, we then sent in a request for extra insurance on the car for wheels and custom equipment, up to $5,000 in her case. She was then just asked to keep all receipts and records that show the purchasing and price of the wheels and also her stereo equipment, and we copied those records and keep them on file in the system.

Anyway, long story short, if you have proof for any custom parts, i'd recommend insuring them under the CPE coverage. If not, you won't get a dime for them if it is non-stock.

And if you're car is at a highly depreciated value, like my husband's 98, you really are just getting FC for peace of mind, as stated, and for hopes to at least get SOME money back for your car, should it be a total loss, or to pay for comprehensive or collision repairs.

I personally think FC is "worth it", as any money coming back to assist you is better than none. But if your FC payments are ridiculously high or you can afford to simply pay for damages done to your car out of pocket/get a new car if totaled, then obviously FC is not necessary.


--wow..I said a LOT. lol. Sorry. I've been in insurance for a bit now, and just wanted to share the intel that i've got --

And if you'd like to know, Alan (TexasTransAm/the husband) does not have FC on his 98. However, you bet your bum my mint condition 00 WS6 with only 35K miles is Fully insured!

 

FTBS!! Full coverage insurance, the internet and college are all overated........

 

yep there you go right there.... thats how 99% of them do it USAA told me (for 2 or 3 cars now) that as long as I have receipts it doesn't matter thought.. but I havnt seen many people using USAA..... if I do want to get a no questions check I just need to send them all in or something of the sort and have pictures of the car taken... which isnt to bad at all...

 

What is your deductibles?

I run my deductibles as high as I can, which drives the premium costs way down. It doesn't take but just a few months of stashing away the difference in premiums to cover any deductible.

I have a savings acount set up for just that purpose ... to cover my car or home owners deductible. I haven't used it in years and over the years, I've saved enough cash to buy a 98TA.

 

Lets say you pick up this "extra" coverage for mods done to your ride. That is one your policy. What if some other moron hits you. Will their insurance pay you for it??

I am very careful to keep good insurance on my cars, but every time my wife or I have had a problem it was the other persons fault and they always had terrible ins which treated us like crap and wanted to cheap out on everything. It made me wonder why I even bother.

 

I'm pretty sure you can get your insurance involved to deal with the other person's insurance to make sure you get taken care of, but don't quote me on that. Also, collectors insurance like Hagerty has some pretty tough constraints. You have to have another car as a daily driver that is insured with equal or better coverage & although I don't think you are totally limited in your mileage, you shouldn't have high mileage on the car annually. I got a quote from them which will save me about 60% annually on my 02' Trans Am...but it only has 12k miles on it.

 

Change Insurance companys Progressive covers $2k worth of extras for free.

 

Really? When did that go into effect? I used to work for an Ins. Broker who carred Drive by Progressive (same thing, just the agency-based branch of the company opposed to the normal website and 1-800 number portion) and when I first encountered a sitch with a customer who had a 'customized' vehicle, the head agent advised me that CPE coverage is needed and that anything customized is NOT included. Of course, I haven't worked with Prog in about a year, so maybe they've changed it?


I agree with Mod. I mean, I wasn't a claims adjuster, so I couldn't tell you exacts, but I would assume that the coverage is there for any case, at fault or not, and that they'd work it in to cover 'CPEs' regardless.

But really, the best thing to do is to call up one of those guys like Progressive and simply ask them. Or if not, i'll double check with my old boss and find out from a further informed individual. He's been in the biz for ~20 yrs, as opposed to my 1.5 years of experience. I tried to help but yeah, with stuff like this that are risking your assets and loves (Fbodies, of course!), it's best to go to the big guys (the company itself, or an experienced agent) and find out.

 

State Farm covers you as long as you have receipts and documentation no fee or CPE mumbo jumbo. We use something like CPE only if the vehicle is highly personally customized...i.e. wheel chair lifts, ramps, ect.

 

when my camaro got totaled due to fire they gave me 11k, and let me keep all the mods i could take off. Granted i did owe more than that on it and i dont think ive ever seen a camaro with low miles and very clean go for anything under 15k but its better than it being a total loss of money

 

You shouldn't need gap insurance, if you have a lien on the car, and the insurance agrees to insure the car, they should be insuring it for the pay off. They should make it a point to inquire as to the cost of the car & the lien & use that as a basis of the quote they give you. Insurance is such a rip off these days. You have to get insurance for your insurance (Gap Protection).

 

If you have a lein on your car you better get Gap Insurance to cover you for atleast the first 2 years ESPECIALLY if you are buying a brand new auto. Remember a need for Gap Insurance arises because you paid too much bloody money for your car. Basically your car depreciates faster in value than your wallet can make the loan balance go down. Hence your upside down if you ever had a claim during this period. Why should it be an insurance companies burden? If you upside down because you decided to be a 5 yr. olds screamin' "I want I want" to have a 0 mile odometer car...make the mistake of not purchasing gap insurance...and then wonder why your screwed whensomething as simple as a deer jumping in front or your new ride totaling on your maiden voyage home....hummm...looks like the finger points back at the ignorant consumer IMO.

Anyhow on to your insurance company solution...

State Farm Insurance already has a solution to this "Gap Insurance" dilemma. If you finance your auto through State Farm Bank we will pay off the full loan in the event of a total loss despite the value of the vehicle at the time of the claim. There are no fee's or cost and it is NOT insurance. This option was just recently available in '06. Its called "Total Loss Debt Cancellation"=Customer Service! Why can we do this you ask? Because we ARE the BANK/INSURANCE company...we can make our own rules. How about your company?








Does not require State Farm collateral insurance to be eligible.

 

The insurance is flawed to begin with, it should actually COVER what you are insuring, not just part of it. The consumer should not have to be an expert on insurance....the insurance he's paying on a brand new car should cover the entire cost of the car....if they are going to pay depreciated value, then your insurance should go down accordingly as your car depreciates....but it doesn't.