Auto Insurance for Modified 6G Celicas, How to get paid what a car is worth if in an accident. Options

[Langing]

Has anyone on this site found a good place to purchase insurance on a performance enhanced and significantly upgraded 6G Celica that will pay an agreed VALUE rather than KBB evaluation if a car is totaled in an accident?

[Box]

Some places use NADA to determine value, I know State Farm does. Documentation, and lots of it, in order to prove what the car is potentially worth. Just have to call around and see which will insure for a certain value versus off the books. Another thing to consider, is what you'll be paying for full coverage really make it worthwhile over just paying liability? Not to mention the deductible as well should anything happen. Just have to take risk assessment into consideration. You can easily end up paying more in insurance than what it'd cost to repair a car.

[sandusky1977]

I'm getting ready to switch over to classic car insurance through hagerty.com on my Celica's they will basically have you send photos to support your value, but you pay for the amount of coverage that you want,. with them, you have to have a limited production car, or a 20+ year old car.

For example, I'm planning to insure my 95 for around $8k,. and my 99 for $4,500,. and I've already discussed the planned mods, purchased parts from around the country and globe and they are used to it.

My wife's 72 Super Beetle is insured for 6k, we go with what it would cost to replace in the same condition with the same parts,. they also include ridiculous coverages like part allowances and towing.

[Langing]

Some places use NADA to determine value, I know State Farm does. Documentation, and lots of it, in order to prove what the car is potentially worth. Just have to call around and see which will insure for a certain value versus off the books. Another thing to consider, is what you'll be paying for full coverage really make it worthwhile over just paying liability? Not to mention the deductible as well should anything happen. Just have to take risk assessment into consideration. You can easily end up paying more in insurance than what it'd cost to repair a car.

Isn't NADA like KBB, in that they have reams of information that forms the insurance valuation of a particular year, make and model of any car, aka 'book value'?

My intent was to purchase AGREED VALUE insurance on the car, which in the case of a severe accident pays off up to the AGREED VALUE, which is quite different than 'book value' Normal insurance, in case an accident that totals the car, by insurance company claim estimates, means they give me the 'book value' which can't come close to replacing the value of what was put into the car.

I would think that guys on this website are faced with this conundrum all the time, since they are constantly putting expensive additions onto their Celicas, constantly increasing the actual value of their cars.

Are you suggesting that I 'self insure'?

[Langing]

I'm getting ready to switch over to classic car insurance through hagerty.com on my Celica's they will basically have you send photos to support your value, but you pay for the amount of coverage that you want,. with them, you have to have a limited production car, or a 20+ year old car.

For example, I'm planning to insure my 95 for around $8k,. and my 99 for $4,500,. and I've already discussed the planned mods, purchased parts from around the country and globe and they are used to it.

My wife's 72 Super Beetle is insured for 6k, we go with what it would cost to replace in the same condition with the same parts,. they also include ridiculous coverages like part allowances and towing.

This morning I contacted Hagerty and this afternoon it was Grundy. At Grundy they allowed me to submit photos, as you said, but came back saying they do not consider it 'classic'. Both declined to cover any 1990s models of Toyota Celica as 'classic' or any other special category, like antique, collector, modified, or vintage. They won't even consider my 20+ year old 1994 Celica. Said the Celica had to be from sometime in the 70s. I'm not sure if they might still insure them in an AGREED VALUE manner, but with an enormous premium. Please let me know how it goes for you. I'd hate to have a total loss and end up getting NADAd.

Maybe you can tell me more about what you discussed with them and how I should approach them to get insurance the way you are describing.

BTW: I am very new to buying auto insurance from this perspective, so could easily say something that is incorrect. I was hoping to find somebody that had been around the block and could just give me a solution. Now that seems like an almost ridiculous expectation, since, as I should have known before starting out on this 'windmill chase' that the insurance companies are just like gambling establishments; they always win.

[1994Celica]

Weird because my dad got collector insurance on his 90 celica when he had it.

This post has been edited by 1994Celica: Oct 28, 2014 - 4:05 PM

[Langing]

Weird because my dad got collector insurance on his 90 celica when he had it.

Can you ask him which insurance company sold him that policy?

[1994Celica]

Weird because my dad got collector insurance on his 90 celica when he had it.

Can you ask him which insurance company sold him that policy?

I believe it was Grundy.

[Box]

NADA is also from the books, but their values are much higher than KBB. I.E. here recently my Miata was totaled, KBB said it would've been around $2,200 but NADA had it as $5,300 which is what I ended up receiving.

[Box]

Also this is why I don't dump money into non-classic cars past book value. It's a pain to insure a classic car too, they pretty much have to be fully restored in order to get it. My brother with an '80 Trans Am and my step-dad with a '69 Corvair convertible can't get Hagerty or Grundy to insure them because they need cosmetic work...perfectly running and driving cars though.

[sandusky1977]

Still have my quote for the 99 and 94 I did it all online with hagerty. It may have been because of the lower production numbers on the 99 when I tried a quote with just my 94 it was declined.

[Box]

Most states classify a car as being a classic at 25-30 years old, so I'd imagine that's probably how these insurance companies look at it too.

[richee3]

It may be the disparity in value but both Hagerty and Grundy both insure mkIV's, so the age isn't the issue for now. However, both companies limit the annual mileage on the car so I'm still looking around (at a leisurely pace) for an agreed value policy that doesn't limit mileage.

[Box]

Limited mileage policies suck, kind of defies the point of having the car. Depending on the mileage NADA has your car at $27,000+ so perhaps it won't be too hard to find someone to insure for its real world value.

[Langing]

I'm getting ready to switch over to classic car insurance through hagerty.com on my Celica's they will basically have you send photos to support your value, but you pay for the amount of coverage that you want,. with them, you have to have a limited production car, or a 20+ year old car.

For example, I'm planning to insure my 95 for around $8k,. and my 99 for $4,500,. and I've already discussed the planned mods, purchased parts from around the country and globe and they are used to it.

My wife's 72 Super Beetle is insured for 6k, we go with what it would cost to replace in the same condition with the same parts,. they also include ridiculous coverages like part allowances and towing.

Not sure I understand. You are working with Hagerty to AGREED value insure a 99 and a 95 Celica. They told me yesterday that they would not insure either my 94 or 99 Celica, and said no 1990 model fits their underwriting guidelines.

What mistake did I make when interacting with Hagerty? What did you tell them that allowed them to characterize your cars as 'classic' when they disallowed mine?