QueenCity911

I just purchased my GT3RS and insured it through Nationwide. I have read thru previous threads but NOT seeing what my issue OR concern is.

I have one other vehicle with them, a 2008 CAN AM Spyder. My other cars are insured through my company policy, so it just the RS and Spyder on this policy so not a lot of leverage.

I was quoted and signed up for an annual premium of only $1100 for under 4K miles a year driving and a car that lets say I paid $110K for.

It dawned on me today when looking at the policy that it ONLY said GT3, not RS. I am guessing/ hoping that the VIN will show them if and when necessary that it is an RS and not just the GT3. My concern was and is, what if the car was totalled TODAY, what would they pay me for another car?? I understand GAP insurance for leases, but what about a $110K car at total? She came back with a new quote, if I wanted to insure it for $110 and not just "book", that was double, $2200 per year for a part time driver......

When I asked what the current value was in her Blue or Black Book, she said it really didnt matter because the adjuster at the time could use whatever source they want to to valuate the car. Also, if the accident was caused by the other party, their insurance could use a whole other method of valuing the car. So as of today, I have no idea if I would be made whole or if I am already way upside down based on their method of determining value?

My question and concern is; Do I insure for what I paid and adjust down each year as the car depreciates or do I just wing it and see where the values wind up? I paid a premium for a low mileage, highly optioned car and feel I will get SCREWED if the damn thing gets totalled.

Thanks in advance since I know there are a lot of insurance guys on the forum and others that have insured LOTS of cars and had the same concern.

jmachul

The Devil is in the details of your particular insurer's policy language or any company that you are looking to go with and also varies by the state you garage the vehicle in. In other words, based on the data you provided, it is impossible to give you a clear path to a solution. For example, in the contemplation of an accident being caused by another party (their fault), it is unlikely that their Property Damage Coverage would be adequate to cover a 120k loss, to which your Collision coverage would kick in.

You must read the provisions in the section usually titled "Your Covered Auto" and note what they cover (OEM options and aftermarket equipt) and what they exclude. Next you would need to know the dimished value rules and what is resonable and necessary based on the statutes in your state.

A customer of mine in Akron has an insurance agency and would know more about the specific issues in Ohio and possible options for you.......if you are interested, PM me.

brim

My policy states "GT3 / GT3RS" in association to my VIN. I would assume that the VIN you provided them gives them enough information to insure the vehicle for the replacement value, but it's worth asking.