Raising my Mavs ins coverage

I have hagerty and I'm insured for what I have invested, What I didn't take into consideration is my time spent working on it... I think that the time you spend (blood,sweat and tears) is worth insuring too... So when I renew I'm going to try to figure out a fair value for my labor investment... I couldn't replace mine for what its insured for, just the rising cost of parts is enough to make most cars under insured...

 

Wow some of you are under estimating what the replacement costs would be on a comparable car.Sounds like we are only lookin at the cost of the parts, weather thru dealing with friends or haggling with the purchase price of said parts.My car is from a desert state, rust free, totally restored by me with the best new parts available at the time. Lots of custom 1 only stuff. My appraiser is licenced, and has been building hot rods for 30 some years. My investment in cash is over 20,000. My appraisal is well over 25, and is insured for agreed appraisal value. As a example, my interior is custom and cost $5000.That was 3yrs ago and what would it cost with todays pricing. More I suspect.We seem to never include the cost of labour, but that should be included. As we may not be able to do all the work if needed at a later time. Ya I know, we cant consider labour, as its not repayable to me when selling the car but should be considered when the LOSS is insured.JMO

 

Replacement Cost vs Value at the time of loss

I was aware of the distinction between Replacement Cost coverage vs market value at the time of loss in homeowner's insurance. http://www.insuranceproviders.com/what-does-replacement-cost-mean/ I had that discussion with my insurance agent -- my house has Replacement Cost coverage. And, the reason is for better coverage for partial losses. If the roof is damaged the insurance will cover the cost of repairing it like new. Without Replacement Cost coverage, the volue of the roof would be depreciated and the check would be for less than the cost to replace it.

Never really thought about the distinction when buying car insurance. I guess I assumed car insurance coverage was always for the value of the car at the time of the loss. Its clear many of you are thinking Replacement Cost coverage for your cars.

Are there any car insurance people on here? Do car insurance companies distinguish between Replacement Cost and current value coverage like homeowner insurance companies do?

 

My Grabber is insured with Hagerty, agreed value as of now $10,000.00, also my extra parts are covered along with my tools that I use to work on the car, I also have the highest roadside assistance plan that I could get that includes 125 mile flat bed tows and covers my daily driver autos also, when paint goes on the Grabber, it's coverage will be upped to $15,000.00 agreed value, all for around $218.00 a year until I up the coverage.

 

Darren and Jsarnold: I would have your cars insured for at least $15,000. The premium difference between having it insured for $7500 or $10,000.....compared to $15,000.....is pretty small.

My 4-door is insured for $5000....only because it is a 4-door and I think I could find one easily for $5000. But after this discussion....maybe I need to up the coverage.

 

I'll have to look into it. I have an umbrella liability policy that requires my cars (and house) all be insured by the same company. Think my car insurance rates are a lot higher than Haggerty. And, there's quite a swing in rates depending on value. I see a big change when I upgrade to a newer car.

Just curious as to why you picked $15K. Current value, cost to replace, something else?

 

On regular daily drivers yes, you can buy a new car today, and have some bum t-bone you tomorrow writing it off, only to end up with the insurance company paying you 80% of it's value.
Agreed value policies not so much, but they can fight you on repairs, that's once again where a good detailed appraisal comes in.

 

When you have your car apraised, the appraiser actually looks at the market place, the condition of your car, what has been done to your car, how much $$$$$ you have spent..............assuming you have kept records, how much the car was purchased for originally and what the car would sell for..................this in no way implies that someone would pay the money you are asking............it just sets the price of your car for evaluation and apraised value.
The apraisal process involves opinions and conclusions based on professional judgement produced through a combination of education, training, experience, consultation and research.......................if you have an appraisal and it is agreed to by you and the insurance company it can be insured under a "stated value" policy..........and this stated value policy would be what it take to replicate the replacement of the vehicle that was totalled......................and with a stated value policy the insurance company has very little wiggle room if something does happen. As for looking for an appraisal person, ask your insurance company who they use
or go on the web, or http://www.classicautoappraiser.com/choosing.php
My Maverick is currently insured by Heacock (a lot of racers use this company and I have known people who damaged their car and had it repaired correctly with good parts.......not rusty junk) and it has insured for $30k, the trailer and tools for another $8k and the cost for 12 months is $450.........the car is covered in my garage, on the trailer, when it is at the strip in the pits...........the drive to the staging lanes..........when it reaches the tree..........It's Not Covered until it gets into the return lane and then back to my pit. This covers theft, fire, or me losing control of the trailer while towing it. With the extra $10k into the car this year the valve is going up to $40k with the trailer remaining the same.
Now, with all of this said I doubt that if the car was a total it could be built for that, but at least I could go find something comparable to takes its place.

 

I think you missunderstood Frank.I'm talking insurance fraud.I personally know of 2 cases of classic cars that suspiciously went missing.

 

Wow Dave with the Custom wheel plan i pay $250 a year with a $7500 appraisal.Zero claims perfect driving record.

 

I know someone who was investigated for ins fraud. Hes black listed now. Cant find coverage for any car. Sad that people try to take advantage of policys like agreed value.

 

MAybe the custom plan is more costly. My renewal came in at 100 dollars for the year. We spend that at time hortons some months. LOL.

I think Ill shoot for the 20 grand mark and would be happy with 15. That will put me around the 200 a year mark. Spend that a month for my 2 daily drivers.
Does anyone have a link to the one that auctioned in Florida??

 

I'm under Silver Wheels, they didn't think my car was modified enough for Custom Wheels. I had a good long talk with them about that, I wanted to make sure I was covered correctly.
I just looked it up, it's $30000.00, not 33..my memory seems to be getting worse, as I get closer to that big 50.....

 

Insurance fraud is a part of doing business, for those in the business. Im sure the companies consider it when determining rates. It is, and most likely will always be something they have to contend with.
Fraud is something that spreads across all sprectums of life -- we see it in the media daily -- mail, credit card, medicare, investment to name a few. Simply put -- U can't get arnd it.
Most folks in the hobby " regardless of intrest" will not abuse the insurance industry". If there were a larger percent who did, the rates will/wud be adjusted accordingly.
Classic car insurance cost, "thru classic car insurers", compared to most other things we purchase on a regular basis is a bargain IMO.

 

Same with mine. They said it wasnt modified enough, as it appeared stock. They didnt care it was a 6 cyl car from the factory. Its came with a V8 option so its all good.
Derek has the roll cage though. Maybe thats enough to class it as Custom??