Insurance for actual cash value? Stated value?

[Seraphim38]

Recently I found out that while my insurance policy states "Actual cash value", when something happens they appeal to a blue book value not what my car would actually sell for since it is modified. My insurance company is stating that my car is insured as if it was bone stock with a KA in it, which it definitely is not. My insurance agent said, "No problem" when I got the policy from him for my modified vehicle, but now that my car was involved in an accident, (not while I was driving), my insurance agency is valuing my car at $3k (which is completely absurd). I am pursuing a proper auto appraisal right now, and am working with both the Washington Office of the Insurance Commissioner and the insurance agency to negotiate the repair costs so that I can get my car repaired properly.

Since finding that out I was directed to go to Hagerty for stated value insurance, but Hagerty Insurance only insures modified "tuner" vehicles that are not daily driven, they must be stored in a garage and have a value over $30K.

I want my car to be properly insured for exactly what it is documented to be.

Anyone have real insurance coverage for their modified, daily driven 240sx?

[chetos13]

My brother has insurance with geico and I believe he has a show car insurance
Try that

[drscooper]

i heard that about geico also but everyone i know with skylines and show muscle cars go threw haegerty have to pay to play man and also i think threw hargerty you have to have a daily worth so much also but cant say if that is true or not but good luck


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[fliprayzin240sx]

You mod a car, you dont get the value of it back...its almost pointless to get full coverage insurance on these cars to be honest with you.

[Typecast]

I have Esurance and there is an option to add aftermarket coverage, you pick the amount of money you want to insure it for and they right it up. Super easy but in my opinion alittle pricey, I got a quote for adding another 2-2500 in aftermarket parts and it raised mine something like $100 a month. so i would imagine that adding 10,000 would get up there.

[Rob's S14]

I did the same thing as Typecast and imagine that would be what you would have to do. They can only give you Blue book value on the car. Any aftermarket parts have to be insured separately and will raise your premiums. Tough decision for a lot of people to make especially if money is tight, but that's the risk taken when uninsured or underinsured. Good luck with the negotiations.

[Seraphim38]

My wife doesn't want to let me swap all my aftermarket stuff to a donor chassis even though that would be a good way to end up with a clean title car.

Ultimately, I need to find proper insurance. If it got stolen I would want to be able to replace it.

[shiftdrift]

well fuck your wife, do what you want. just buy it back, swap it over and scrap/partout the shell.

[GhostlyCoupe]

Hagerty will insure just about anything provided you have another daily driver. Chances are you aren't going to find an AGREED VALUE policy without a seperate daily driver.

AGREED VALUE is what you need. STATED VALUE is just a gimmick insurance companies use to get you to pay extra while still only being obligated to pay you ACV (Actual Cash Value).

I use American Collector's Insurance often as well, and had an Agreed Value on my SR20 swapped S13 for $9000 without any hassle. Again, it does require that you have a daily driver and be over 25 years old.

[GhostlyCoupe]

I have Esurance and there is an option to add aftermarket coverage, you pick the amount of money you want to insure it for and they right it up. Super easy but in my opinion alittle pricey, I got a quote for adding another 2-2500 in aftermarket parts and it raised mine something like $100 a month. so i would imagine that adding 10,000 would get up there.

Here's another gimmick the insurance companies use to lure people into paying higher premiums. If you read the fine print "aftermarket coverage" only applies to the aftermarket items you declare on the policy. It DOES NOT increase the insurance companies liability in the event of a total loss!

In plain english this means if your rims get stolen, they'll pay you the value of the rims. If you entire car get's stolen, they pay you the ACV (Blue Book, whatever you want to call it) of the car only, NOT the value of the car + afermarket equipment. What's worse, if your parts are stolen and they add up to more than the value of the car.. guess how much they pay you? That's right, UP TO the ACV of the car.

It's sneaky. If in doubt, have someone who works in law read the contract before putting faith in these types of coverages.

Plain English folks, the only way you're going to have actual coverage for a specific value is with an AGREED VALUE policy.

[Rob's S14]

That is not necessarily true in all cases, but always good advice to read the fine print, ask questions and get everything they tell you in writing. My car was stolen with aftermarket parts on it and before it was recovered I was offered the Blue Book value of the car + the value of the after market parts because I had been paying premiums for the additional items.

[GhostlyCoupe]

That is not necessarily true in all cases, but always good advice to read the fine print, ask questions and get everything they tell you in writing. My car was stolen with aftermarket parts on it and before it was recovered I was offered the Blue Book value of the car + the value of the after market parts because I had been paying premiums for the additional items.

You are correct, aftermarket parts can increase the ACV of the car.

However, without an agreed value specifically listed on your declarations the actual payout can and often will be less than the "stated amount" you pay the extra premium for.

[fliprayzin240sx]

Hagerty will insure just about anything provided you have another daily driver. Chances are you aren't going to find an AGREED VALUE policy without a seperate daily driver.

AGREED VALUE is what you need. STATED VALUE is just a gimmick insurance companies use to get you to pay extra while still only being obligated to pay you ACV (Actual Cash Value).

I use American Collector's Insurance often as well, and had an Agreed Value on my SR20 swapped S13 for $9000 without any hassle. Again, it does require that you have a daily driver and be over 25 years old.

So just out of curiosity, how much do you pay for insurance on your S13 a month and do they actually check that you're not daily driving your car (ie, checking mileage to ensure you're not racking up miles on it and showing you're driving it more than you tell them?).

[GhostlyCoupe]

So just out of curiosity, how much do you pay for insurance on your S13 a month and do they actually check that you're not daily driving your car (ie, checking mileage to ensure you're not racking up miles on it and showing you're driving it more than you tell them?).

Agreed value policies are really only sold yearly, have to pay it all up front. I pay about $300 a year, but I'm 29, have good credit and a spotless driving record so your mileage may vary.

They don't check the mileage. I don't think most people go through the hassle of buying a newer car then paying to keep it insured just so they can daily drive another older car with a slightly cheaper insurance policy so they don't really bother.

However, if you violate any provisions of the contract (driving to work every day, leaving it in an unlocked garage, etc) they can legally pay you ZERO on a loss . Like any other risk, it's your choice to take it! If you follow the rules and respect the intent of the policy, Hagerty treats you like a King. I love them and have had just beyond fantastic experiences when dealing with them. I haven't had to file a claim with American Collector's Insurance so I can't really speak to their service.

[revat619]

i have full coverage with AAA. When my last S14 got t-boned, I pretty much got what i paid for the thing, plus reimbursement for all my parts that i had documented and had receipts for minus my carbon fiber hood. I have the same coverage on my current s14. AAA isn't the cheapest insurance by a long shot but they definitely take good care of me and my POS. lol

[yellowxhoodie]

Im sure its already been said but im not going to read all those posts.

The parts you want insured have to be documented because that will raise you premium. You cant expect them charge you the same rate for a $3K car and a $3K car with $2K wheels on it for example.

You shouldve had the car looked at beforehand and got a value with all the mods you wanted covered.

I have Allstate and ive totaled a modded car before, if you have any of the stock parts left, talk to the insurance company and see if you can go swap out whatever you can at the bodyshop.

Or buy the car back for cheap then fix it or part it out.