Worth it to get insurance to cover my rebuild costs?

[nuggets]

I'm just about done with my 89 turbo project and to date I probably have 20 - 25K sunk into it. Considering that blue book is around $2K I have nightmares about getting into an accident and watching all my money go out the window. I know that's the risk we take modding are cars, but I was wondering if any of you have additional insurance to cover all the extra's. I used to have Geico and they didn't offer additional insurance for 3rd party items. I now have Progressive and I'll be calling them this week but I'm figuring that I'll get a similar answer.

I've heard that there are some specialty insurance companies that will insure you for things like that, I just don't know who they are or if they are worth it. Does anyone have any experience trying to insure the cost of their car + mods?

 

[sneakypete]

im also very interested in this, as im in the same boat as you. hope we can hear some good suggestions.

 

[j3pz]

Then I can take this to the insurance company. He said if the insurance company doesn't cooperate, there are companies out there that specialize in such cars and they would be able to cover the car. I'll post what the final appraised value is when I get it in the mail.

taken from http://www.supramania.com/forums/showpost.php?p=1214338&postcount=1

use the search button for what others have done. this is about as far as i will point you, as i only have liability :3d_frown:

 

[deabionni]

As an insurance agent who works at an independent insurance agency who represents Progressive as one of our companies, I can verify that Progressive DOES offer "agreed value" insurance policies.

I'm not sure if they have different procedures in PA, but here in Michigan the first thing you need to do is have an appraisal performed on your vehicle. The appraisal will tell you the TRUE value of your vehicle. Once you have the appraisal, you can submit that to Progressive and they can convert your policy to an "agreed value" policy.

An "agreed value" policy is simply you and your insurance company agreeing how much your vehicle is worth BEFORE a loss occurs, that way when/if a loss occurs down the road; you'll be sure to get the amount that your vehicle is really worth, as you and your insurance company agreed to that value before hand.

Good luck, and if you have any questions, give their customer service department a call. After all, that's what they're there (and you're paying them) for.

 

[OneJArpus]

i have progressive and i love them. i asked out this and they told me the same thing. They said my car would be covered for 5+ stuff done to the car if i have all the reciepts for it. anything over thay and i have to get it appraised for a true vale for the car. keeping all the reciepts helps alot too so dont throw them away... ever

 

[Poodles]

Make sure to make photocopies and scan in all reciepts as well (this goes for anything important). Most receipts are printed on thermal paper now which is not stable for long periods of time.

 

[OneJArpus]

Make sure to make photocopies and scan in all reciepts as well (this goes for anything important). Most receipts are printed on thermal paper now which is not stable for long periods of time.

YES forgot to note that! I hate it when it rubs away and you save a paper that has nothing on it lolol

 

[tbcmorris]

i have the agreed upon value policy with progressive, i kept all of my receipts and pictures of the build process and sat down with them and did just that agreed upon a value

 

[OneJArpus]

i have the agreed upon value policy with progressive, i kept all of my receipts and pictures of the build process and sat down with them and did just that agreed upon a value

If you don't mind me asking, what was your value?

 

[Who]

Is your car a daily driver? If you get agreed value insurance make sure you don't have any mileage restrictions or limits on how you use your car.

 

[nuggets]

Thanks for the responses and info. I'll give Progressive a call tomorrow. In regards to searching, I did search for the keyword "insurance" but didn't see any threads that discussed the topic but obviously I didn't look well enough. In regards to my car being a daily driver, it isn't but I do expect to drive it a bunch this summer and fall. I'll definitely inquire about mileage restrictions, etc. I'll update this thread if I find out any info that hasn't already been mentioned.

 

[nuggets]

Well, got off the phone with Progressive and as others have stated, they do indeed offer an agreed value policy. They also offer a custom parts policy. One thing to note is that although they will insure you to a stated value, she said that they don't guarantee that they would indeed pay it out 100% in case of a total loss. Apparently you are still at the whim of the adjuster. However, she said that if I have all of my receipts and get the car appraised by a reputable appraiser, it will help greatly. They also recommended a specialty insurer by the name of Haggerty Insurance. They specialize in antique, custom, and specialty car insurance policies. Their pricing was quite affordable and it comes with flatbed towing service. The only issue for me was that they require the car to be garaged at all times (well, except when you are driving it) and I don't currently have a garage. They apparently send an adjuster out to check the car and it's storage. Anyway, I'll be going with Progressive's stated value policy.

 

[deabionni]

...They also recommended a specialty insurer by the name of Haggerty Insurance. They specialize in antique, custom, and specialty car insurance policies. Their pricing was quite affordable and it comes with flatbed towing service. The only issue for me was that they require the car to be garaged at all times (well, except when you are driving it) and I don't currently have a garage.

Haggerty also requires that you have another car listed as your daily driver. That's why their rates are so low on your specialized vehicle.