stated amount versus blue book value

[morepowerjoe]

Heys guys I been thinking about my insurance lately and was wondering what you all are doing? I have a blue book value of around 14k but have invested another 12k in mods so far so I was thinking that if I crashed my car I would only get the 14k. So I was thinking about doing a stated amount of 20k so if I did get into an accident I would at least get most of my money back. What do you all think about this and what insurance are you currently using?

[Aqua Blue RS/SS]

I’ve got a 25K stated value policy with Hagerty. Haven’t had to use it but couldn’t be happier with Hagerty; my 72 K20 has a 10K policy but it’s still a work in progress and at was point was even insured as a project with coverage over spare parts etc.

[morepowerjoe]

If you don't mind me asking how much did your insurance go up when you went from the blue book value to the 25k stated amount?

[Aqua Blue RS/SS]

Originally Posted by morepowerjoe

If you don't mind me asking how much did your insurance go up when you went from the blue book value to the 25k stated amount?

I pay about $90 a month for the Camaro and the K20 with a combined 35K in protection, and if either are totaled I get first rights to buy them back if I choose. The insurance is actually quite a bit cheaper than both were under Geico. The only thing is Hagerty wont insure them if they are daily drivers, so keep that in mind. That is why the coverage is so much cheaper. I think I can drive the Camaro 5K a year and the truck 7k. I set the mileage limits.

[Wizard1183]

I just have limited liability on mine as it’s not a DD. Cheap insurance that way lol but I rarely drive it

[morepowerjoe]

Originally Posted by Aqua Blue RS/SS

I pay about $90 a month for the Camaro and the K20 with a combined 35K in protection, and if either are totaled I get first rights to buy them back if I choose. The insurance is actually quite a bit cheaper than both were under Geico. The only thing is Hagerty wont insure them if they are daily drivers, so keep that in mind. That is why the coverage is so much cheaper. I think I can drive the Camaro 5K a year and the truck 7k. I set the mileage limits.

Thanks for the info I'm definitely going to have and take a look at that because I've only driven my car 7k miles in a year and two months.

[Mr_Draco]

Originally Posted by morepowerjoe

Heys guys I been thinking about my insurance lately and was wondering what you all are doing? I have a blue book value of around 14k but have invested another 12k in mods so far so I was thinking that if I crashed my car I would only get the 14k. So I was thinking about doing a stated amount of 20k so if I did get into an accident I would at least get most of my money back. What do you all think about this and what insurance are you currently using?

Instead of doing all that, talk to your insurance company first as some of them cover mods in the standard policy.

I had State Farm one time and they covered any and all mods, both performance and cosmetic, regardless of the total amount as long as I had receipts (didn't cover cost of installs though). Nationwide covered up to $5k with receipts, anything over that required an add-on policy.

[morepowerjoe]

Originally Posted by Mr_Draco

Instead of doing all that, talk to your insurance company first as some of them cover mods in the standard policy.

I had State Farm one time and they covered any and all mods, both performance and cosmetic, regardless of the total amount as long as I had receipts (didn't cover cost of installs though). Nationwide covered up to $5k with receipts, anything over that required an add-on policy.

Unfortunately I have geico and I called them and the guy I spoke to couldn't understand what I wanted to do. That being a stated amount. He thought I wanted to raise my deductible. I think I'll call them back and speak to someone else.

[TheFlyingBananaSS]

If you have a daily, call hagerty. They insure 5th gens as modern classics. You tell them what its value is too.

[morepowerjoe]

Originally Posted by TheFlyingBananaSS

If you have a daily, call hagerty. They insure 5th gens as modern classics. You tell them what its value is too.

I just got off the phone with them and they quoted me $140 a month. Kinda high but I do have a big accident on my record from 2019.

[morepowerjoe]

Ok. I spoke to someone else at geico and asked them if they cover modifications and the lady asked me what kind of mods. I told her engine mods and then she asked me how much in mods. And she added the amount of my mods to the blue book value of the car and only charged me $20 a month more. So I'm good with that.

[silversleeper]

I looked into Hagerty but it wasn't good for me. My current insurance was cheaper also because they wouldn't give me all the hidden discounts I get now,
multi car, longevity with them, good driver, extra good driver, no claims in a very long time, car house multi policy, formal driving instruction, and others. I'm not even sure exactly how and when you earn some of them like badges you get playing a video game. What you do know is out the door price and it wasn't as good. Also they wouldn't ensure my other cars also, daily drivers so that wasn't an option. Might save someone else' time to know this before looking into an in depth price quote comparison. Yeah I know you are wondering how I got bald rear tires and get the good driver thing. Driving carefully and not speeding is how you earn that badge, it's not about a random tire spin launch, preferably with no-cars around, and without the police behind you.

How many miles can you drive with Hagerty?
Mileage of 3,500 or less is generally consistent with operating vehicles that have collectible value. Mileage up to 7,500 may be considered.



Eligibility Guidelines | Hagerty Insurance Agent Business Center

[morepowerjoe]

Originally Posted by silversleeper

I looked into Hagerty but it wasn't good for me. My current insurance was cheaper also because they wouldn't give me all the hidden discounts I get now,
multi car, longevity with them, good driver, extra good driver, no claims in a very long time, car house multi policy, formal driving instruction, and others. I'm not even sure exactly how and when you earn some of them like badges you get playing a video game. What you do know is out the door price and it wasn't as good. Also they wouldn't ensure my other cars also, daily drivers so that wasn't an option. Might save someone else' time to know this before looking into an in depth price quote comparison. Yeah I know you are wondering how I got bald rear tires and get the good driver thing. Driving carefully and not speeding is how you earn that badge, it's not about a random tire spin launch, preferably with no-cars around, and without the police behind you.

How many miles can you drive with Hagerty?
Mileage of 3,500 or less is generally consistent with operating vehicles that have collectible value. Mileage up to 7,500 may be considered.



Eligibility Guidelines | Hagerty Insurance Agent Business Center

I Hagerty I drive 7000k a year and they said that wasn't a problem. But like you said they don't cover daily drivers and my wife didn't like that.

[ADVMax]

A friend of mine my age has a convertible 2012 RS, when people say something about old guys in Camaros to him he says, “we the only sumbitches that can afford to insure the damn thangs!”