!!Insurance Question!!

[m1949]

I've posted this before, but still need help. I'm having trouble finding any insurance company that will give me coverage for replacement cost for m daily driver, rebuilt/modified 06 Escalade. I've contacted all the Classic/antique car insurers I'm aware of and was turned down. They give various reasons including: 1. Too new, 2. We don't cover SUVs, 3. Not a classic or antique, 4. We don't cover daily driver cars. So far, the regular car insurers I've contacted are all unwilling to do an "agreed value" policy based on an independent appraisal of replacement cost. Do any of you have an "agreed value" policy on your ride? Any suggestions? Help me, please!

 

[OR VietVet]

What companies are you dealing with that give all these excuses?

 

[S33k3r]

I've heard you can buy a standard rider policy -- like any other Tahoe on the road, then buy additional insurance to cover whatever you want. Expensive, though.

 

[LordWayback]

TLDR:AAA covered full market value+ but made the car California unrebuildable and I think they crushed it highly modified 05 scion XA they gave me $8** more for my wheels and tires valued at $1,035 off the shelf and mounted+ more mods




, $1,*** in handling modifications including but not limited to steer kit, coilovers-more it had a full audiophile grade audio system JVC headunit full aftermarket sound staging speakers, amplifier, more, built 1nzfe for the “stock” road rally class forged everything internally still made less power than my stock LM7 LMAO , there was TONS of other little dumb stuff but basically AAA covered me the only thing that pissed me off was
1. Payout time IT TOOK ALMOST 3 MONTHS and I wasn’t working with my stepdad anymore because my back was absolutely destroyed I currently work for a portable toilet delivery and temporary fence company and it kills my back.

2. Amount was $500 lower than agreed upon value when settled

3. Them ruling me at fault for my brakes going out when the mechanic couldn’t figure out what was wrong with my brakes , only one wheel decided to try and stop, front passenger, unrelated but I had my brakes fully done besides rotors and it still had the issue they said it was ABS related but couldn’t find the source there was no ABS light or CEL for module failure.

4. No medical payout when my policy had clearly stated I would receive medical coverage up to 100k to treat ANY injuries I would’ve sue’d them over that because now my back may never heal properly but i believe I accidentally signed a settlement contract which means no more will come about this incident from the insurance company. Everything is on me financially my back still hurts because they failed to front payment for PT because my health insurance said it was “unnecessary” as a 18 year old at the time. It was like 284$? A month. Now I’m at over $300 a month with one accident at my record somehow declared my fault it was one of the few days I wasn’t speeding crazy when I still had that car.

 

[mountie]

Insurance covers what 'coverages' you add to the policy..... Cash value for the loss.
Current value of the vehicle. Any options you have installed not by factory) won't be covered.

if you have personal injury, and they balk at it, ..Claim BAD FAITH..... call a lawyer ?
Or...... what 'issue' is making your coverage problematic ?

 

[m1949]

Insurance covers what 'coverages' you add to the policy..... Cash value for the loss.
Current value of the vehicle. Any options you have installed not by factory) won't be covered.

if you have personal injury, and they balk at it, ..Claim BAD FAITH..... call a lawyer ?
Or...... what 'issue' is making your coverage problematic ?

The issue is I cannot insure the car for replacement or near replacement cost, even though I am willing to pay a commenserate higher premium. I've found no company willing to insure it as a classic with an agreed upon value; because, either: 1. Its a daily driver (some will insure it as a trailer queen), or 2. It's age and or model (SUV) automatically excludes it as a classic. Neither have I found an insurer who will just do an "agreed value" policy based on replacement cost as determined by an independent appraisal. Some companies allow riders for added features such as upgraded stereos and alarm systems, wheels, etc. But even then, they have a cap. The largest rider cap I've found is 5K. So here's the rub: Insurance companies will only insure it at market value for make, modle, year, mileage and condition; which at best might be about 1/3 of build cost. So even with a $5K upgrade rider I'm still insured for maybe 50% of cost. I can live with that if the car is totaled since I may be able to recoup a good bit by selling all the new parts. But if it's stolen.........

 

[mountie]

Pros and cons of putting money into your ride.....

If it's totaled, negotiate a cheap buy-back and remove the stuff you added to it.
Sell the engine & transmission.

 

[LordWayback]

Insurance covers what 'coverages' you add to the policy..... Cash value for the loss.
Current value of the vehicle. Any options you have installed not by factory) won't be covered.

if you have personal injury, and they balk at it, ..Claim BAD FAITH..... call a lawyer ?
Or...... what 'issue' is making your coverage problematic ?

Yeah just don’t sign settlement paperwork beforehand

 

[S33k3r]

Insurance like you describe, if you could get it, is expensive. Why not insure per normal, then double that payment and set it aside. Between the two, you should be able to cover any losses you face.

 

[mountie]

Yeah just don’t sign settlement paperwork beforehand

YUP.....

Some companies write settlements in a legalize - confusing way..... to their financial advantage.
I would let a lawyer read it.... That could be 'bad faith'..... Then you have a suit.
( bad faith : Insurers reneging on full coverage as per policy )
AllState was known for this tactic.

I have seen checks from insurers with a fine print on the back " signature releases us from future financial obligations". I have told the insured to tear it up. Get a clean check.

( I was an independent insurance adjuster / investigator for a while )

 

[m1949]

Given the apparent lack of a suitable insurance policy my plan is to not get collision coverage. If almost any damage occurs from a crash and I have collision coverage the insurer will likely total the car. Then I would be forced to negotiate a settlement to keep possession. Frankly, its not worth the added premium cost, then time spent and the hassel to get a few dollars from negotiating a settlement to keep the car. If the car is ever totaled I think I can recover some of my investment by selling parts. It has many new and rebuilt parts that could bring decent prices. With due precaution I will take my chances with theft. I am installing an anti-theft/alarm system and will take other measures to discourage would be thieves.

 

[LordWayback]

YUP.....

Some companies write settlements in a legalize - confusing way..... to their financial advantage.
I would let a lawyer read it.... That could be 'bad faith'..... Then you have a suit.
( bad faith : Insurers reneging on full coverage as per policy )
AllState was known for this tactic.

I have seen checks from insurers with a fine print on the back " signature releases us from future financial obligations". I have told the insured to tear it up. Get a clean check.

( I was an independent insurance adjuster / investigator for a while )

AAA did it to me just different

 

[LordWayback]

Given the apparent lack of a suitable insurance policy my plan is to not get collision coverage. If almost any damage occurs from a crash and I have collision coverage the insurer will likely total the car. Then I would be forced to negotiate a settlement to keep possession. Frankly, its not worth the hassel to get a few dollars from collision. If the car is ever totaled I think I can recover some of my investment by selling many parts. It has many new and rebuilt parts that could bring decent prices. With due precautions I will take my chance with theft. I am installing an anti-theft/alarm system and will take other measures to discourage would be thieves.

Wheel locks are great if you don’t lose the key tool it’ll discourage “being detroited”

 

[LordWayback]

“Being detroited” people steal your wheels and put your car on blocks.

 

[Doubeleive]

thought that was called gap insurance? (maybe that's only if you have a loan on it)
gotta be a way around this, put a lien holder on it and tell them you owe XXXXX for it?
at least regular full coverage is worth something, typically the only "extra" value you get above whatever it is worth bluebook is whatever drivetrain related work has been performed on it in the last 12 months (with receipts for said work)
so say they determine is is worth $4500.00 and you had $2000 in engine work done, then they add that value so $6500 but that only applies for the last 12 months

 

[mountie]

I think , if you have a truck, and you purchase a nice fiberglass shell, you can request additional coverage. You add to your premium a few dollars.. I don't think improving the engine can.
You used to be able to determine the current value of a damaged vehicle in 2 ways....
Blue Book and/or private used car sale adds. Then use the average price.
( But I have no clue, now days if you can negotiate $ )

Medical coverage should be constant with what your coverage amounts are.

 

[RST Dana]

YUP.....

Some companies write settlements in a legalize - confusing way..... to their financial advantage.
I would let a lawyer read it.... That could be 'bad faith'..... Then you have a suit.
( bad faith : Insurers reneging on full coverage as per policy )
AllState was known for this tactic.

I have seen checks from insurers with a fine print on the back " signature releases us from future financial obligations". I have told the insured to tear it up. Get a clean check.

( I was an independent insurance adjuster / investigator for a while )

My son had a total loss on his 16 Hyundai Genesis Ultimate coupe because of road debris causing oil loss during a late night storm. No engines or rebuilt parts available. Allstate actually paid him $3k more than he paid for ride 18 months ago. It had 29k miles on it when they totaled it.

 

[mountie]

Insurance offices are independently owned & operated..... As it goes.....
Some offices aren't as good as others.... most are good people.
Very helpful when one person is a 'car guy'.....

 

[ivin74]

Given the apparent lack of a suitable insurance policy my plan is to not get collision coverage. If almost any damage occurs from a crash and I have collision coverage the insurer will likely total the car. Then I would be forced to negotiate a settlement to keep possession. Frankly, its not worth the added premium cost, then time spent and the hassel to get a few dollars from negotiating a settlement to keep the car. If the car is ever totaled I think I can recover some of my investment by selling parts. It has many new and rebuilt parts that could bring decent prices. With due precaution I will take my chances with theft. I am installing an anti-theft/alarm system and will take other measures to discourage would be thieves.

I have had good success from getting my vehicles stolen with a kill switch and removing the guts from the door handles. On one of my trucks thiefs broke a window and got in the truck and damaged the steering column but over all could not take it. With that said you will still have damage that will cost you money and time to repair.