Insurance Value Question

[magic robots]

So I pay an annual excise tax of around 12 dollars or something. My insurance is very low, because according to them the car is old and isn't worth much.

Now that I've put like 15k into upgrades, how do I deal with that? Should I inform my insurance company that I've put 15k of upgrades into it? Or should I leave it and save on insurance and if something happens I might still get reimbursed properly, or is that a pipe dream?

I have no idea how this stuff works and I figured I'd ask you guys before talking to my insurance folks and potentially doing something stupid.

Thanks!

HH

[Quickcarnut]

get classic car ins they ask the value

[N. J.]

Quick is on it. With regular insurance they'd look at reimbursing a total loss at whatever they could find as the value of a Mini, period. With a specialty "Agreed value" policy, they pay the agreed-upon amount. Each specialty car insurer has it's own rules and limitations (mileage, how it's used, etc.) so surf'em up and pick the one that best suits you.

N J

[pjku79]

I currently have classic car insurance (hagerty) on my speedster replica which I don't drive too often. I was considering making my vtec mini a daily driver. Does anyone know of a specialty car insurance that will let me put 10k miles a year?

[N. J.]

10K? Not offhand, but I know of none that will insure as a daily driver. At least one that I talked to (of four or five) didn't even want me to run to the mall on a weekend.

Google the topic and start checking them out one by one.

N J

[LAMINI]

Declared value with take care of that.
Farmers, State fArm, AAA

[jimfai]

you have to be very clear, the terminology is "agreed value" not "declared value". agreed means you and the underwriter agree that this is the minimum value of the car you would be paid in a loss, an insurance firm could care less about what you "declare" the value of your car to be.

[pjku79]

I currently have AAA on my mini and they would not go to an "agreed value" unless you have an appraisel to back it up, so currently I am not getting squat if mine gets smashed. I plan to switch to a classic car insurance. I found one a month ago that would let you drive up to 6000 miles a year and would let you drive it to work twice a week. I might put my odo on a switch, so I can drive around more then alloted.

[steve]

pjku, that sounds like a dandy idea, Let me know how you get around the ECU.

[N. J.]

Steve -
Neat response. A question for you...
How did you keep from biting your tongue with it that far into your cheek? LOL!!

N J

[jimfai]

most classic companies have simple parameters for valuation, unless the amount you want them to "agree" with you on is outside that no appraisal is needed. example: my mini speedster did not need one at $24k however when i increased my old v8 mgb to $30k a few years back they had me go get one, cost $100 at one of their approved classic cars dealers. just get a second gauge pod? or drive in reverse a lot? ferris bueller????