Cars about done! Now an Insurance Question. |
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Cars about done! Now an Insurance Question. |
TM_Corey |
Apr 19 2017, 09:59 AM
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#21
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Member Group: Members Posts: 231 Joined: 28-March 16 From: Indianapolis Member No.: 19,809 Region Association: Upper MidWest |
I can't believe I am just now thinking about this after 14 months of bring my car back from the dead. I have had my car on my "normal" insurance plan since the day I bought it, even though its value has changed dramatically since then.
So from what I understand it is a pretty normal that most of our cars that have had extensive work on them either by the owner, or by a shop, are worth less then we have in them. (except the 6's I would assume) How does that work for insurance? Am I just out the "gap" of what the books say it should be worth and what I actually have in it if it were stolen or totaled? Will a normal insurance agency do a "agreed upon value", or will places like Hagerty's? I have about a week to figure it out!! |
BillC |
Apr 19 2017, 10:08 AM
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#22
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Senior Member Group: Members Posts: 547 Joined: 24-April 15 From: Silver Spring, MD Member No.: 18,667 Region Association: MidAtlantic Region |
Normal insurance will use the "book value" of the car, for deciding to repair or total. It will also only pay out a max of "book value" for the car, regardless of what you paid for it or told them it was worth.
Hagerty's and other classic car insurance will insure your car for whatever value you specify, within reason. Plus, it's usually less expensive than normal insurance. The catch is that the car is not supposed to be used for everyday travel, but the levels/areas of restriction vary between companies. I have Hagerty's on my 914, and have been pretty happy with them so far. However, I have not yet (fortunately) had to use the insurance for anything, so don't have any first-hand experience with their claims process. |
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