insurance for hybrid..

[tbkustomz]

i was just wondering since im getting ready to put my engine in my malibu...what kind of insurance do you guys have on the hybrids.....and if anybody unfortunetly has had one stolen how did the insurance handle it......

[Grumpy]

I would have a "stated amount" to cover your butt

[olds443]

Mine was stolen 2 months ago. I had regular comprehensive AAA insurance. I did not have an appraisal but definitely get one done. They are relatively cheap and painless.
I have learned alot about insurance since this happened.

Basically;

Stated Value = you tell the insurance what it's worth and they insure it for that. Problem, they depreciate it. SO say something happens 5 years down the road they take away $X just because.

Agreed Value; You and the insurance company set a value say $20K. Anything happens to the car and you are covered to that amount.
Depending on your insurance and value, etc. you may need to have an appraisal on file.

I checked with a few collector car insurance companies and I like Grundy personally. They have no mileage restrictions, you can drive the car for pleasure, etc. The only thing they don't cover is if you drive it to work or to the store. They even cover you if something happens to you personally while at a car show.
I was qouted $200 a year for $25k value on the car.
State Farm also has a pretty good ranking among the Hot Rod guys.
You have to actually call around and talk to a lot of insurance companies to get the answers you are looking for.
I hope that helped.

[tbkustomz]

i seen your post on craigslist wen your car got stolen......did u ever here about it?

[olds443]

No, unfortunately, it's like it fell of the face of the Earth.
I am trying to move on and on to the next project and next Turbo Buick
Did you call me about the car too?

In my recent experience, for those who may not have read, I was able to get an appraisal done even though it was after the car was stolen. Keeping receipts and lost of pictures help with that.
Actually, you have a legal right to get an appraisal done. It is exactly what the insurance company does anyway. Point is you don't have to go by just what their appraisal says.

Here is the basics of what the insurance company has done so far and what I have heard of them doing with most others as well;
1st offfer = rediculously lowball you, in my case $2000
2nd offer = $12,600. Much better but I have an appraisal for $21,500 and they pissed me off with the first offer as well as their appraisal company taking over a month to do their appraisal.
So I am now going into Arbitration which is where your appraiser and their appraiser and a judge (usually retired, non-formal setting) will meet and come to a conclusion and it is binding.

It will be 3 months since the car was stolen on the 6th of Dec.

This would have been far easier if I had an Agreed value policy. No fuss, no muss, they would have just paid me what we agreed on minus the deductible.

Not trying to jack your thread but I have learned a lot about insurance, theft, etc in the last few months. So I hope this helps.
Jason

[Grumpy]

Originally Posted by olds443

No, unfortunately, it's like it fell of the face of the Earth.
I am trying to move on and on to the next project and next Turbo Buick
Did you call me about the car too?

In my recent experience, for those who may not have read, I was able to get an appraisal done even though it was after the car was stolen. Keeping receipts and lost of pictures help with that.
Actually, you have a legal right to get an appraisal done. It is exactly what the insurance company does anyway. Point is you don't have to go by just what their appraisal says.

Here is the basics of what the insurance company has done so far and what I have heard of them doing with most others as well;
1st offfer = rediculously lowball you, in my case $2000
2nd offer = $12,600. Much better but I have an appraisal for $21,500 and they pissed me off with the first offer as well as their appraisal company taking over a month to do their appraisal.
So I am now going into Arbitration which is where your appraiser and their appraiser and a judge (usually retired, non-formal setting) will meet and come to a conclusion and it is binding.

It will be 3 months since the car was stolen on the 6th of Dec.

This would have been far easier if I had an Agreed value policy. No fuss, no muss, they would have just paid me what we agreed on minus the deductible.

Not trying to jack your thread but I have learned a lot about insurance, theft, etc in the last few months. So I hope this helps.
Jason

very informative post ... next time get the car appraised when ya finish it.. although I know they are NEVER really finished

[tbkustomz]

nope i didnt call you on that.....but i do live near oakland so i be on craigslist like every other day......but dam that sucks ive had friends that unfortunetly has got their turbo buick stolen...i remember one of my friends got stolen 3 times 1st my friend cought them down the street...2nd police chase but thiefs were not cought nd 3rd this is so weird it was stolen and one of his buddys lived in oakland and couple days later after it was stolen his friend didnt no his car had been stolen nd he said their has been a gn down the block for couple of days now and it looked just like yours......after he said that they were goin a million miles per hour to his friends house but it was gone......and forever....sad thing is it was not insured yet....

[chopped39]

When i first got my corvette Farmers was charging me 300 every 2 months Then i found out they had it covered as a regular 90 corvette If i would have been in an wreck i would have been screwed. I called state farm and told the guy what was happening .He told me stated value insurance for 32,000 was $326 every 6 months.He said there is a mileage limit but he said they never check it. I told hem that i was building an 89 formula with a gn drive train. he said they needed pics of both sides of car the interior and one of the engine. He told me they do review all apps to verify value.

[olds443]

Originally Posted by chopped39

When i first got my corvette Farmers was charging me 300 every 2 months Then i found out they had it covered as a regular 90 corvette If i would have been in an wreck i would have been screwed. I called state farm and told the guy what was happening .He told me stated value insurance for 32,000 was $326 every 6 months.He said there is a mileage limit but he said they never check it. I told hem that i was building an 89 formula with a gn drive train. he said they needed pics of both sides of car the interior and one of the engine. He told me they do review all apps to verify value.

While they claim they will never check it, they are an insurance company so if you totaled more miles I am sure they will use it as a loophole to deny a claim.
I heard from a few sources that State Farm uses Haggerty to insure their collector cars. It may depend on your office though. Alot of the requirements seem to be identical to what Haggerty requires.


BTW, I check Craigslist everyday as well. That's how I found the Hurst Olds I now have; by looking for parts from my car. I have to see all the positives in this to help get through it and back on the horse again!

[garrett]

Check out my thread at the bottom for NA regal with 87 setup. I went with Hagerty. I told them that I couldn't live with a milage restriction because I was planning on driving my newly finished project to the Nationals this spring. I also mentioned the Power tour. They agreed to insure me without a milage restriction.

[TURBOELKY]

good post. I insured mine through allstate, full comprehensive coverage. I brought in about 10k of receipts, and still need to bring in some receipts for the motor and tranny when I re-registered the car, I put down a 25k value through the dmv. When I insured it, I gave a 20k stated value. So god forbid something happens, if they de-preciate it, I hope to at least get a good 15k, but I have about 25k in it so it would still be a loss. I will get an apprasal soon, we'll see how that goes

[tbkustomz]

thanks guys for all the info......hopefully some others got some good info .....

[87Regal3.8SFI]

Originally Posted by olds443

Stated Value = you tell the insurance what it's worth and they insure it for that. Problem, they depreciate it. SO say something happens 5 years down the road they take away $X just because.

Agreed Value; You and the insurance company set a value say $20K. Anything happens to the car and you are covered to that amount.
Depending on your insurance and value, etc. you may need to have an appraisal on file.

One question: when you do an "agreed value", do you have to go into your agents office and sign papers on this? Or is this something you can do over the phone? Because I could see an insurance company sitting there saying "We never had an agreed value....what are you talking about?" Nevermind that's what was discussed that was the coverage you wanted and they said they give to you.

In other words unless you do up some signed/notarized paperwork how do you know their word is gold?

[chopped39]

I had to sign papers and take pics of car. both front and rear and interior and one of engine.Then they evaluate pics. took two weeks for them to ok it. they wont insure it without seeing it. My car is all torn apart so i took a picture of my friends car and sent that in .

[87Regal3.8SFI]

Thanks, the reason I ask is because I insured my 71 Chevelle thru Haggerty, all they said to do was submit multipile pics of car and then asked me how much I wanted to insure the car for. I never signed any papers with them discussing the "agreed value", which got me thinking where is the proof if the car gets stolen/destroyed and I go to collect on the settlement....?

[olds443]

You have to look at it differently. With agreed value you are saying I will pay an insurance premium based on $x. It really isn't about the car as much. It's kind of like financing a loan. The proof will be your policy. You will have it in writing that you are insuring a a vehicle for $x.
The rates, etc tend to be better because the assumption is that this is a special car to you that you aren't going to drive recklessly or leave overnight in a back alley behind a bar in Oakland.