Camarozone.com banner

1 - 19 of 19 Posts

·
Registered
Joined
·
61 Posts
Discussion Starter #1
Hi Everyone,

I am not sure where to ask this. I have full coverage insurance on my car, but if I got into an accident they would just take the book value of the car. I am pretty sure my car is worth more than just the book value. So, what does everyone do with their cars? Where can I go to get a true value of what it may be worth so I am not guessing?

Thank you, in advance, for your response.

JuliAnna
 

·
Registered
Joined
·
11,489 Posts
Hi Everyone,

I am not sure where to ask this. I have full coverage insurance on my car, but if I got into an accident they would just take the book value of the car. I am pretty sure my car is worth more than just the book value. So, what does everyone do with their cars? Where can I go to get a true value of what it may be worth so I am not guessing?

Thank you, in advance, for your response.

JuliAnna
Unfortunately, you really can't beat the insurance system on this one. These cars are not a collectors car yet. Whatever book value is at the time of a wreck, is what the insurance is going to pay.

If the car is "totaled" by the insurance company, Most insurance companies allow you to "buy back" the car if you want to keep.

Example: when I totaled my '92 Camaro (v6), the insurance company's payable amount was $2,200 (this was in 2007). When they offer this and you except, the insurance company then "owns" the vehicle. They offered to sell it back to me for $400. I refused. If I would have excepted their offer, then they would have given me $1,800, then I would have kept the car. I could have turned around and sold the car for parts. But I was not in a situation that would allow me to do that, so I just took the $2,200 (minus a $500 deductible = actually $1,700) and went on my merry way.

Sent from my iPhone 7 Plus using Camaro Zone
 

·
Registered
Joined
·
61 Posts
Discussion Starter #3
Unfortunately, you really can't beat the insurance system on this one. These cars are not a collectors car yet. Whatever book value is at the time of a wreck, is what the insurance is going to pay.

If the car is "totaled" by the insurance company, Most insurance companies allow you to "buy back" the car if you want to keep.

Example: when I totaled my '92 Camaro (v6), the insurance company's payable amount was $2,200 (this was in 2007). When they offer this and you except, the insurance company then "owns" the vehicle. They offered to sell it back to me for $400. I refused. If I would have excepted their offer, then they would have given me $1,800, then I would have kept the car. I could have turned around and sold the car for parts. But I was not in a situation that would allow me to do that, so I just took the $2,200 (minus a $500 deductible = actually $1,700) and went on my merry way.

Sent from my iPhone 7 Plus using Camaro Zone
Thank you for your response, anyway. So, 5 more years depending upon my insurance company and state. Again, thank you, for your time.
JuliAnna
 

·
Slow'erAss
Joined
·
10,393 Posts
I am curious as to why you think yours is worth more.
 

·
Registered
Joined
·
6,674 Posts
If you've got some aftermarket parts, most insurance policies have a rider on that, but you need receipts in most cases.
I am curious as to why you think yours is worth more.
Modifications or exceptional condition?
 

·
Registered
Joined
·
61 Posts
Discussion Starter #6 (Edited)
I am curious as to why you think yours is worth more.
I am guessing it is because of the upgrades that I have noticed that have been done on it. I know for sure the upgrades alone are more than the blue book value. Thank you for responding to my question.

JuliAnna
 

·
Registered
Joined
·
61 Posts
Discussion Starter #7 (Edited)
If you've got some aftermarket parts, most insurance policies have a rider on that, but you need receipts in most cases.

Modifications or exceptional condition?
The condition is overall good. I think it needs some work on the hood, otherwise will be nice when I get the interior detailed. It does have aftermarket parts and I have all of the receipts that the previous owner invested in it. I laughed when I looked through some of the receipts and it even had a birth certificate. I know I couldn't replace all of these things with the blue book value by itself. I will check with my insurance company. Thank you for your response.

JuliAnna
 

·
Slow'erAss
Joined
·
10,393 Posts
You have to have a declared value on the car. Which will likely raise your premium.
Otherwise they will not care.
My old WS.6 had double the book value in modifications and was mint, but I did not have declared value on it, so it would have straight up been book value if something happened to it.
Just how it goes when you mod a car.

Good luck
 

·
Registered
Joined
·
61 Posts
Discussion Starter #9
You have to have a declared value on the car. Which will likely raise your premium.
Otherwise they will not care.
My old WS.6 had double the book value in modifications and was mint, but I did not have declared value on it, so it would have straight up been book value if something happened to it.
Just how it goes when you mod a car.

Good luck
Thank you for your response. I appreciate everyone's willingness to answer my questions.
JuliAnna
 

·
The "Senior" Member
Joined
·
18,266 Posts
After I had all the work done on mine I went to my agent and asked about insuring it for proper value.
The answer: "make sure you keep all of your receipts."
He also went out and examined the car.
 

·
The "Senior" Member
Joined
·
18,266 Posts
You have to have a declared value on the car. Which will likely raise your premium.
Otherwise they will not care.
My old WS.6 had double the book value in modifications and was mint, but I did not have declared value on it, so it would have straight up been book value if something happened to it.
Just how it goes when you mod a car.

Good luck
Hello Stranger
 

·
Registered
Joined
·
61 Posts
Discussion Starter #12
After I had all the work done on mine I went to my agent and asked about insuring it for proper value.
The answer: "make sure you keep all of your receipts."
He also went out and examined the car.
Thank you. I definitely keep all of my receipts and I am thankful the owner before me had the same thoughts. I appreciate you sharing your experience.

JuliAnna
 

·
Registered
Joined
·
368 Posts
Good advice from all of the above. Wanted to add this, I was going to type it out myself but this article puts it a little better:

Understand your options for a totaled car

How does the claim adjuster decide how much my car is worth?

Your adjuster will make note of your mileage, the condition of the body, interior and tires, and any additional parts or equipment you've added. (Receipts are always helpful.) Based on the pre-accident condition of your car, your adjuster will find similar models that are for sale in your area and will base the total loss estimate on these comparable cars. This is called the Actual Cash Value (ACV) of your car.
 

·
Registered
Joined
·
61 Posts
Discussion Starter #14
Good advice from all of the above. Wanted to add this, I was going to type it out myself but this article puts it a little better:

Understand your options for a totaled car

How does the claim adjuster decide how much my car is worth?

Your adjuster will make note of your mileage, the condition of the body, interior and tires, and any additional parts or equipment you've added. (Receipts are always helpful.) Based on the pre-accident condition of your car, your adjuster will find similar models that are for sale in your area and will base the total loss estimate on these comparable cars. This is called the Actual Cash Value (ACV) of your car.
Thank you, this is very helpful. I appreciate your response.
JuliAnna
 

·
Registered
Joined
·
368 Posts
ACV is sometimes a field they enter an amount into on your policy if the car has already been appraised by the underwriter, though I believe that's usually for things like collector cars. They use it to calculate the premium versus an agreed/book value for newer cars.
 

·
Registered
Joined
·
15 Posts
Keep your receipts. I was hit once and the car was totalled out. I showed up with all my receipts and inspected the car with the body shop guy. After some small talk and a few laughs, he valued my car for $1,400 more then it was worth. I also got to pull the aftermarket parts off it.

Sent from my Pixel 2 XL using Camaro Zone mobile app
 

·
Registered
Joined
·
1 Posts
Hi man, insurance companies are very tricky and take a lot of money, you need not an expensive company and with good conditions, there are few of them, but you do not need to hurry! I am now in England for work and I bought a BMW for myself with an age of 10 years, and now I am going to get insurance from them because I need to spend 2 years in England. I found a company here with very accessible prices and good conditions, which suggest the cheap motor trader insurance, try to contact them. Perhaps they have a department in the USA.
 
1 - 19 of 19 Posts
Top