Hey everyone, I'm shopping for insurance that will also cover theft of the vehicle. I am trying to get an idea of how this works and how much money the value of the car is at. Kelly Blue Book only goes to 1994 so I couldn't look up my car. I only have liability right now and the fear that someone will take my money pit and I be screwed is to much.
Any recommendations on how to go about this? The car is a 84 Turbo Coupe with a 5.0L H/C/I and a T5. I have replaced thousands of dollars of parts so I want to know how I can recoupe that if it is stolen. How do insurance companies determine replacement. I am not worried about covering the mods, If I can get coverage that will get me another 83-86 with a 2.3 Turbo I would be happy.
Anyway, tips would help me so much. This is a big subject with a lot of confusing wording.
Just an fyi, no one in the auto industry uses Kelly blue book.
So do I just need to have my car appraised? And take that to an insurance company before I buy a policy?
If its not a daily driver,I would purchase classic car insurance !!
If you drive the car to work, school, etc., you can't get specialty insurance as Hagerty and such. IF the vehicle is a weekend cruiser, you can get an appraisal and apply for that coverage BUT there are some exclusions which vary from company to company. Here are a few. The car must be in a locked garage. NO driver under 25. Car not to be used for shopping. No competitive or timed events. On a positive note, the insured value is paid in full in case of a total loss. You can chose to retain the car and the salvage value is deducted from your pay out. Spare parts are covered to approx 10% the value of the car. These are just a few.
I'm of the opinion that you are better off with liability and then rely on being cautious with it.
I have full coverage on mine even though it's not on the road yet. Just in case something happens...........
Personally, i see insurance as a huge waste of money. these cars aren't that rare, and they are not hard to find. a junkyard h.o. motor can be picked up for a few hundred dollars, as well as a t-5, and even another car.
if you are going to insure it, you need a specialist to appraise it, copies of the receipts and all work done to it if you ever want ro re-coupe your money. collectors or classic insurance are likely your only affordable options if you don't daily drive it, and if you do, you'd be better off paying liability and pocketing to differance imho.
Thank you for all the replies. It is a daily driver. I just don't have 5k to build another T-Bird if this one get stolen. I have to park it outside because I don't own a garage. I will continue to research this subject and let you all know what I end up doing.