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You said it was a "used car?"
You said it was a "used car?"
Insurance Question
- Thread starter m3driver
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I cancelled my insurance while I'm restoring my 40 and not on the road. Would you all have any insurance on it before it's drivable? Chassis is done and the tub painted and back on it and its sitting in a storage unit temporarily until I put it back in the garage.
If the storage unit burns or gets robbed, you might want insurance on it now. Your call on what you think the risk is.
I’ve been with USAA since 78. They referred me to American Collectors with a discounted rate. I have my 40 insured for agreed value and they have increased value each year. Annual premium and it is insured for occasional driving all year.
800 360 2277 is Americans number
800 360 2277 is Americans number
we have Travelers, with "agreed value" on four of five vehicles
we used to have SafeCo with "agreed value", until they got bought out by Liberty Mutual - which doesn't do "stated value" on modified vehicles - at least not in Arizona
go figure, SafeCo does it in Louisiana, where we have one out of three vehicles insured with them at "stated value"
had Progressive in LA before, also with "stated value", but it took some major doing to get that reimbursed after one of the cars drowned in a flood, plus they raised our rates promptly the next year, even though prohibited by law
insurance is a racket in this country. period.
we used to have SafeCo with "agreed value", until they got bought out by Liberty Mutual - which doesn't do "stated value" on modified vehicles - at least not in Arizona
go figure, SafeCo does it in Louisiana, where we have one out of three vehicles insured with them at "stated value"
had Progressive in LA before, also with "stated value", but it took some major doing to get that reimbursed after one of the cars drowned in a flood, plus they raised our rates promptly the next year, even though prohibited by law
insurance is a racket in this country. period.
Skreddy
SILVER Star
I insured the 71 I restored while in progress through hagerty. Increase it every so often as stuff is done. My thoughts were mostly: fire, tree falling through shop, theft burns up on first start up.
My 70 now is insured the same, though it’s insured to drive. That’d be nice….
Does this mean they will not insure it if it modified. I am looking for an insurance company that will do Agreed Upon Value and cover all of my mods.
fyton2v
SILVER Star
Unsure. They were pretty interested in knowing if my truck was modified. I didn't get into it with them as I assumed they were trying to see if it was a hardcore wheeling rig. Mine isn't. So I bet it depends on the mods. If you're doing high risk off roading with your classic vehicle, I'd bet most insurance companies won't want any part of that.
Skreddy
SILVER Star
I have 2 cars through hagerty: 1 “modified” and 1 “stock”. Both have agreed on value coverage.
They will insure modified, but they want to know what is done so they can insure accordingly. My 70 FJ40 with efi and a lift/bigger tires is considered stock to them because it’s less than 4” lift and horsepower wasn’t modified over a given amount (not sure what the amount was they were concerned with). Then they ask estimate of miles driven, make sure it’s not my daily driver and they also want to know if it will be used offroad. Not forest roads, but off-roading.
My Chevelle on the other hand is considered modified because of, mostly, the 600 ish hp engine that I put in to replace the 175 hp 307 it came with. I guess that’s an “appreciable increase in horsepower”? I guess… The annual premium doubled as well once that went in. I guess they assume I’m going to drive it like I think I’m a race car driver or something. Damn that car hates tires!
Another thing with Hagerty, they offer “cherished value” coverage. I think it’s about $20 a year for each car. If the car is totaled, you get it back without needing to buy it back. So you could rebuild or sell off what’s left if you wanted.
Skreddy
SILVER Star
I’d imagine if it’s totaled and you get it back, it will still have a salvage title (in WA anyway). If that’s what you were asking.Good info!
You guess??
Do you know if this affects title status?
Skreddy
SILVER Star
Do you have it as modified, parked in locked garage, anything else? My 1970 FJ40 is agreed value of $30k and it’s about $140 a year. Could be difference in location, etc. I know there was a big difference if stored inside a locked garage/shop vs street parking.
fyton2v
SILVER Star
I’m at $590 a year for:
$50,000 declared value
Unmodified
Garage kept
I think I said 2000 miles a year
That cherished salvage thing (I really want the parts if it gets totaled)
$50,000 declared value
Unmodified
Garage kept
I think I said 2000 miles a year
That cherished salvage thing (I really want the parts if it gets totaled)
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Nothing about modified that I'm aware of. It is mostly stored inside. I think I told them I'd be putting 10-15k miles a year on it. I'm in Minnesota, not sure how that affects the cost one way or the other.
I wonder what the threshold is for modified? I wouldn't call mine modified, but that's subjective.
Skreddy
SILVER Star
I bet it’s the mileage per year. They don’t officially have a mileage restriction and they don’t check. But a few years ago I told them I planned on 5k a year in one car and he “strongly urged” that I rethink that and maybe I’ll only be putting 2-3k a year on; reminded me they don’t check.
Could be. I might have the value at $60k too. I can't remember. I know I upped it a few months ago. At a value of $15k, it was something like $263/year.
I'm okay paying a little bit more, so long as I'm covered.
I fwacked a deer last November. Took out the bezel, bib, grill, bumper, a fender, and a fricking brand fricking new fricking turn fricking signal. I told the adjuster, if he has any inclination to total it, walk away. I'll take care of it. Shortly after that I upped the value. I'd rather be over insured than under insured.
Great information. Exactly what I needed to know. Much appreciated!
Ditcherman
SILVER Star
Hate to resurrect an old thread, but it seems better than starting a new one, right?
@TexasJack did you ever find off road insurance for your situation? Going down that path now and it's not easy.
