Insurance concern

[illirep]

I was wondering if anyone else has worried about the insurance value of their ZHP?

As you all know, our cars are worth substantially more than what KBB or NADA would value them at. Depending on when one bought their ZHP, most of us have also likely paid more for our cars than what KBB or NADA values them at. Then you add the cost of the maintenance, mods, upgrades, etc. that we all do.

In an event of total loss, theft, etc., is it safe to assume that we'd be screwed on the settlement amount?

For new car leases or purchases, most people have GAP insurance. I have Allstate insurance, which as new car replacement for the first 3 years, a very nice feature on our quickly depreciating 2013 Honda Odyssey. But on used cars, there is no assurance of the value gap.

I know you can't worry about every little risk factor in life, but this has always been a small concern to me throughout my ZHP ownership. The cars 'insurance value' continues to depreciate, while the 'true replacement value' continues to appreciate.

Is that just part of the price to play? I welcome other opinions on this.

[jgt_zhp]

If I had YOUR ZHP, I'd be more worried about it than I am with mine :-)

There was a thread not too long ago about "agreed value" insurance, where you can declare what you want to be covered for, and pay accordingly. Or pay, pay, pay, depending on the level of extravagance. No different than the brain surgeon insuring his hands, or the running back wanting to live a comfortable life after his knee blows out for the last time.

In your case, you'd probably need to cover that beautiful Imola masterpiece, and the secret skills you use to find them.

[UdubBadger]

I believe you can up your insurance on it pertaining to aftermarket parts and such for specified values. I'm sure you obviously pay a hefty premium to do so but depending on what you value your car at, might be worth it. If you had $3500 rims or a blower it might not be a bad idea to add something like that in to your policy.

[danewilson77]

My ZHP has TLP. I get this on every car I can...for the reasons you state.

[UdubBadger]

Yeah but TLP only covers what the car is worth stock correct? What if you've got $10000 in specialty parts that you could easily sell for say, $6k market value? Your car gets totaled or stolen and youre out that money.

[johnrando]

I commented in the that other thread with basically the same thoughts here. There are "riders" you can add to regular insurance such as TLP (total loss protection) or companies that specialize in "classics" insurance who would know how to ensure things that are worth more than blue book value. I used Hagerty for my Triumph TR8.

[danewilson77]

Yeah but TLP only covers what the car is worth stock correct? What if you've got $10000 in specialty parts that you could easily sell for say, $6k market value? Your car gets totaled or stolen and youre out that money.

Right......you won't get mod money out of TLP, but value of car wise it helps.

[UdubBadger]

Very true and every little bit helps. I'm pretty sure you can add on extras you'd like covered to any normal insurance policy as well (I've seen the option to do so before).

[Dave_B]

Look into Stated Value with your insurance company.

You agree to a value, you pay and in the event of a loss they pay you the agree'd value.

Also, I've had several friends who run into this with the Integra Type R. Same scenario where KBB has a MUCH lower value. This is where you politely decline the first offer from the insurance company, then you personally seek out FS ad's of similar cars with similar miles/condition in your area to prove the worth and/or value.

It's an uphill battle, I will assure you of that.

[illirep]

Thanks everyone - very helpful feedback.

Funny you mention the Integra Type R. I had a 2000 2 owner with 30k miles two years ago - paid $17k for it and the KBB was $8k. Since they are so incredibly sought after by thieves, I was afraid to drive the damn thing.

[Dave_B]

That sir, is exactly why I'm out of that game. I owned 4 of them. Absolutely sucks owning a car you can't take to the movies or mall in fear of it being stolen when you return.

I had 25k stated value on mine when I still lived in Orlando. Luckily I never had to use it, but it was the best insurance policy I could use. That was with State Farm. Just something to consider/look into with cars that are under value'd by the KBB which most insurance companies use.

[SoCalZman]

That sir, is exactly why I'm out of that game. I owned 4 of them. Absolutely sucks owning a car you can't take to the movies or mall in fear of it being stolen when you return.

I had 25k stated value on mine when I still lived in Orlando. Luckily I never had to use it, but it was the best insurance policy I could use. That was with State Farm. Just something to consider/look into with cars that are under value'd by the KBB which most insurance companies use.

How much did that amount of coverage cost you?

[Dave_B]

That might scare you... LOL

I was pre-25, not married and in Orlando, FL which has a HUGE theft rate. It's also a NO-Fault state, so insurance is always higher.

I paid $210 a month to sleep at night. My driving record was clear too, no accidents or tickets.

[BavarianZHP]

Hmmmm. I vote we start installing Blasters on our cars... There's nothing like the smell of napalm in the morning.

[328ioc]

That might scare you... LOL

I was pre-25, not married and in Orlando, FL which has a HUGE theft rate. It's also a NO-Fault state, so insurance is always higher.

I paid $210 a month to sleep at night. My driving record was clear too, no accidents or tickets.

That's insane. I'm an hour from Orlando I'm 23 and I only pay 89 per month.

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[BavarianZHP]

That's insane. I'm an hour from Orlando I'm 23 and I only pay 89 per month.

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Apples to oranges. Coverage is most likely completely different. I know some people who brag about how little they pay, but they have little in terms of coverage. We really have to get into all in the details to make a comparison.

[Dave_B]

Yep, really hard to compare. I just tried to throw some things out there.

Coverage, age, folks in the house driving age, driving record, county/state and the list goes on and on.

Also, keep in mind that was STATED VALUE. That policy automatically comes with a premium over a car worth 25k. Then throw in that I specified OEM parts only and yadda yadda.

Prime example now, I have my ZHP and my wifes Odyssey. For BOTH, full coverage, 100/300/100 coverage, rental car, towing and all that, we pay $75 for both. I now live in SC, over 25, married with no children at driving age, clean record.

[BavarianZHP]

Yeah, price varies considerably with all of the variables. Even simply choosing to pay month-to-month makes a significant difference (who pays month-to-month though!?). It's really important to shop around to get the best price and coverage you need/want. With that said, it is good to know the spread of insurance costs - but more details the better!

[328ioc]

Apples to oranges. Coverage is most likely completely different. I know some people who brag about how little they pay, but they have little in terms of coverage. We really have to get into all in the details to make a comparison.

Wasn't trying to brag. Just surprised. If I was still in NJ it would be at least double if not more.

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[BavarianZHP]

Sorry that came out like that. Made myself look like an ahole. :facepalm

I only meant other people, not you in particular.

[328ioc]

Sorry that came out like that. Made myself look like an ahole. :facepalm

I only meant other people, not you in particular.

No worries. Just wanted to clarify mine as well.

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[3ZHP]

My Son had a car stolen some years ago. He had done some extensive mods to the car and had just finished a substantial engine rebuild with all kinds of goodies. He was able to recapture most of the part costs that he had receipts for but, got nothing for any of the labor.

[illirep]

I'd be happy with that ^ - I would assume the mod money is gone completely.

[JupiterBMW]

Wow, just ran across this thread, and thought I'd add what little info I have. When my last ZHP was totaled, they came back with a "value" of around $12K. After a very detailed and informationally backed (is that a legit phrase?) email, they agreed to give me over $14K for the car, and that was knowing that I paid $15K for it only 6 months prior. That was all just because of the ZHP package and how hard to find the cars are, mods not included.

So, I think if anyone is ever faced with this, and I hope nobody is, all you have to do is be polite, provide documentation, receipts, etc etc and write logical, adult emails/letters. You'll get what the car's worth...

[illirep]

Good to know. I didn't realize you challenge their appraisal and support a better value.