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.