GT3 Insurance Question
03-15-2018, 07:38 PM
#76
My umbrella is for 1M. This not only covers my liability from auto accident, but also justified shooting, pool death on my property and many other crazy scenarios. The uninsured/ no insured is to protect me from injury thats not my fault, so I am ok with 250/500K
03-15-2018, 08:24 PM
#77
03-16-2018, 12:55 AM
#78
I have the answer to some of your questions.
Agreed Value: In the event of a total loss you receive the agreed amount. No less, no more. Specialty insurance companies, Hagerty, Grundy, etc., will offer Agreed Value but usually have special requirements that must be met. Check LelandWest if you want agreed value.
Stated Value: This typically is not used for new or newer vehicles. It's mainly for vehicles over 25 yrs old, antiques, collectible cars, etc. This just limits the insurance companies liability to the stated amount. If you insure for a stated amount of $100,000 and the insurance company can locate an almost exact replacement vehicle for $80,000 then you receive $80,000.
Actual Cash Value: You receive the actual cash value of the vehicle. If you purchase a vehicle for $100,000 and similar ones are now selling for $120,000 on dealer lots, you receive $120,000. They determine the value by recent sales and what's on dealer lots today. Not necessarily KBB, Edmunds, Nada, etc. Some companies do have a limit for material damage. But they shouldn't be insuring a vehicle that's over their limit.
New Car Replacement: Some, not many, have it built into their policy. Some, not many, offer it for extra premium. Typically up to 12,000-24,000 miles and/or 1-2 yrs old.
MSRP: Vehicles are given a symbol based on their MSRP. Then they deviate from that symbol based on loss experience, type of individual it's marketed towards, cost of parts, etc.
OEM: Some companies have OEM parts built into the policy. Some companies allow you to add for it.. Don't be too quick to frown on aftermarket parts. Sometimes they can be better quality for half the cost and other times they can be ****.
Homeowners insurance does not cover any motorized vehicle that can be registered for public hwy use. No matter if it's in the garage or your living room.
Umbrella insurance has nothing to do with your vehicle other than providing liability over and above your existing auto liability. $25,000 of U/M is sometimes included and you can add up to $1M U/M..
I hope this helps.
Agreed Value: In the event of a total loss you receive the agreed amount. No less, no more. Specialty insurance companies, Hagerty, Grundy, etc., will offer Agreed Value but usually have special requirements that must be met. Check LelandWest if you want agreed value.
Stated Value: This typically is not used for new or newer vehicles. It's mainly for vehicles over 25 yrs old, antiques, collectible cars, etc. This just limits the insurance companies liability to the stated amount. If you insure for a stated amount of $100,000 and the insurance company can locate an almost exact replacement vehicle for $80,000 then you receive $80,000.
Actual Cash Value: You receive the actual cash value of the vehicle. If you purchase a vehicle for $100,000 and similar ones are now selling for $120,000 on dealer lots, you receive $120,000. They determine the value by recent sales and what's on dealer lots today. Not necessarily KBB, Edmunds, Nada, etc. Some companies do have a limit for material damage. But they shouldn't be insuring a vehicle that's over their limit.
New Car Replacement: Some, not many, have it built into their policy. Some, not many, offer it for extra premium. Typically up to 12,000-24,000 miles and/or 1-2 yrs old.
MSRP: Vehicles are given a symbol based on their MSRP. Then they deviate from that symbol based on loss experience, type of individual it's marketed towards, cost of parts, etc.
OEM: Some companies have OEM parts built into the policy. Some companies allow you to add for it.. Don't be too quick to frown on aftermarket parts. Sometimes they can be better quality for half the cost and other times they can be ****.
Homeowners insurance does not cover any motorized vehicle that can be registered for public hwy use. No matter if it's in the garage or your living room.
Umbrella insurance has nothing to do with your vehicle other than providing liability over and above your existing auto liability. $25,000 of U/M is sometimes included and you can add up to $1M U/M..
I hope this helps.
03-16-2018, 02:29 AM
#79
Drifting
Thread Starter
I have the answer to some of your questions.
Agreed Value: In the event of a total loss you receive the agreed amount. No less, no more. Specialty insurance companies, Hagerty, Grundy, etc., will offer Agreed Value but usually have special requirements that must be met. Check LelandWest if you want agreed value.
Stated Value: This typically is not used for new or newer vehicles. It's mainly for vehicles over 25 yrs old, antiques, collectible cars, etc. This just limits the insurance companies liability to the stated amount. If you insure for a stated amount of $100,000 and the insurance company can locate an almost exact replacement vehicle for $80,000 then you receive $80,000.
Actual Cash Value: You receive the actual cash value of the vehicle. If you purchase a vehicle for $100,000 and similar ones are now selling for $120,000 on dealer lots, you receive $120,000. They determine the value by recent sales and what's on dealer lots today. Not necessarily KBB, Edmunds, Nada, etc. Some companies do have a limit for material damage. But they shouldn't be insuring a vehicle that's over their limit.
New Car Replacement: Some, not many, have it built into their policy. Some, not many, offer it for extra premium. Typically up to 12,000-24,000 miles and/or 1-2 yrs old.
MSRP: Vehicles are given a symbol based on their MSRP. Then they deviate from that symbol based on loss experience, type of individual it's marketed towards, cost of parts, etc.
OEM: Some companies have OEM parts built into the policy. Some companies allow you to add for it.. Don't be too quick to frown on aftermarket parts. Sometimes they can be better quality for half the cost and other times they can be ****.
Homeowners insurance does not cover any motorized vehicle that can be registered for public hwy use. No matter if it's in the garage or your living room.
Umbrella insurance has nothing to do with your vehicle other than providing liability over and above your existing auto liability. $25,000 of U/M is sometimes included and you can add up to $1M U/M..
I hope this helps.
Agreed Value: In the event of a total loss you receive the agreed amount. No less, no more. Specialty insurance companies, Hagerty, Grundy, etc., will offer Agreed Value but usually have special requirements that must be met. Check LelandWest if you want agreed value.
Stated Value: This typically is not used for new or newer vehicles. It's mainly for vehicles over 25 yrs old, antiques, collectible cars, etc. This just limits the insurance companies liability to the stated amount. If you insure for a stated amount of $100,000 and the insurance company can locate an almost exact replacement vehicle for $80,000 then you receive $80,000.
Actual Cash Value: You receive the actual cash value of the vehicle. If you purchase a vehicle for $100,000 and similar ones are now selling for $120,000 on dealer lots, you receive $120,000. They determine the value by recent sales and what's on dealer lots today. Not necessarily KBB, Edmunds, Nada, etc. Some companies do have a limit for material damage. But they shouldn't be insuring a vehicle that's over their limit.
New Car Replacement: Some, not many, have it built into their policy. Some, not many, offer it for extra premium. Typically up to 12,000-24,000 miles and/or 1-2 yrs old.
MSRP: Vehicles are given a symbol based on their MSRP. Then they deviate from that symbol based on loss experience, type of individual it's marketed towards, cost of parts, etc.
OEM: Some companies have OEM parts built into the policy. Some companies allow you to add for it.. Don't be too quick to frown on aftermarket parts. Sometimes they can be better quality for half the cost and other times they can be ****.
Homeowners insurance does not cover any motorized vehicle that can be registered for public hwy use. No matter if it's in the garage or your living room.
Umbrella insurance has nothing to do with your vehicle other than providing liability over and above your existing auto liability. $25,000 of U/M is sometimes included and you can add up to $1M U/M..
I hope this helps.
My predicament right now is trying to decide if I need an Agreed Value policy or if I'm fine with Actual Cash Value for the GT3. Paying an ADM + $17,000 in sales tax brings the price of my car up to $223K. So if the market value of the car with depreciation is like $160K in a year and something happens where the thing gets totaled, I'm out not just the price of depreciation, but the huge ADM and the excessive California tax. So maybe an Agreed Value policy is worth it.
I haven't found an Agreed Value policy that will cover my car yet. So far I don't qualify either due to the age of the car or because I don't have a dedicated daily driver, just the GT3. I'll know more in a few days once I hear back from the broker I spoke with. Maybe they can find me something that works.
03-16-2018, 01:12 PM
#80
Going Agreed Value will be difficult without having another car as your DD. I think you'd be fine just going regular. Opt for new car replacement and OEM parts if wanted. On a total loss you'll receive sales tax on current value and any unused registration fees.
If you're adamant about Agreed Value pick up a clunker to meet qualifications and use unlimited miles on the GT3
If you're adamant about Agreed Value pick up a clunker to meet qualifications and use unlimited miles on the GT3
03-16-2018, 01:30 PM
#81
Drifting
Thread Starter
Going Agreed Value will be difficult without having another car as your DD. I think you'd be fine just going regular. Opt for new car replacement and OEM parts if wanted. On a total loss you'll receive sales tax on current value and any unused registration fees.
If you're adamant about Agreed Value pick up a clunker to meet qualifications and use unlimited miles on the GT3
If you're adamant about Agreed Value pick up a clunker to meet qualifications and use unlimited miles on the GT3
03-19-2018, 06:11 PM
#83
So far with good coverage best I am getting is $250/mo with State Farm ($2k deductible, $1500/6 mo. premium) bundled with other car discounts for an actual cash value insurance policy
Geico was $50 more per month
Amica's phone routing system won't even get me to an agent to get a quote...
Might just go with State Farm since I've used them for so long and they get the job done
Geico was $50 more per month
Amica's phone routing system won't even get me to an agent to get a quote...
Might just go with State Farm since I've used them for so long and they get the job done
03-19-2018, 06:55 PM
#84
So far with good coverage best I am getting is $250/mo with State Farm ($2k deductible, $1500/6 mo. premium) bundled with other car discounts for an actual cash value insurance policy
Geico was $50 more per month
Amica's phone routing system won't even get me to an agent to get a quote...
Might just go with State Farm since I've used them for so long and they get the job done
Geico was $50 more per month
Amica's phone routing system won't even get me to an agent to get a quote...
Might just go with State Farm since I've used them for so long and they get the job done
03-19-2018, 08:00 PM
#85
Also my State Farm agent noted for California that no insurance company offers specific coverage for OEM parts in an auto policy when I asked specifically about OEM part replacement? Just relaying what he told me when I spoke with him earlier today
03-19-2018, 08:16 PM
#86
Drifting
Thread Starter
Ok cool I'll give him a call when I get the chance, thanks for the referral
Also my State Farm agent noted for California that no insurance company offers specific coverage for OEM parts in an auto policy when I asked specifically about OEM part replacement? Just relaying what he told me when I spoke with him earlier today
Also my State Farm agent noted for California that no insurance company offers specific coverage for OEM parts in an auto policy when I asked specifically about OEM part replacement? Just relaying what he told me when I spoke with him earlier today
03-19-2018, 11:47 PM
#87
I don't think I've seen it mentioned here, but another factor to think about is diminished value. For example, you get in a relatively minor accident, maybe it's 5K to repair. But that accident also radically reduces the resale value of the car, even if the repairs are perfect. I have/had State Farm and have known my agent forever, and they (and as far as I know Allstate, Farmers, etc.) do not provide coverage for this. So the 5K accident might end up costing you 40K in resale value on your car. Hagerty offers diminished value coverage, though it's expensive. They also do agreed value policies. I've had a Hagerty policy (comp only) for race cars, but last year moved some street cars to them as well (full coverage). Like I said it's expensive, but I hated the idea of driving my car, getting a fender dented, and having it kill the resale value of the car. The only difficulty is that Hagerty really specializes in classic and "collectible" cars, so they won't cover everything. I think they might cover a GT3, though I haven't checked (mine is with SF for now). Not sure if all of this is anything you care about, but maybe worth checking into.
03-20-2018, 11:46 AM
#88
Rennlist Member
I wouldn’t be worried about OEM parts coverage for the GT3. Its not like a Nissan or Toyota. For most, if not all parts, OEM is the only thing you will be able to find. So I think paying more for OEM parts coverage for a GT3 is a waste of money, IMO.
03-20-2018, 03:42 PM
#90
Drifting
Thread Starter