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Thread: Insuring Kit Cars

  1. #1
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    Insuring Kit Cars

    The registration question below go me thinking about insurance scenarios involving kit cars.

    If you keep the original donor registration and plates, do you add insurance to the car, as it certainly has gone up in value (at least to you), or do you keep it as-is?

    Has anyone got into any accidents and run into any problems using the method above?

    If you decided to re-register your kit car as a kit, have you run into any insurance problems?

    Thanks!

  2. #2
    Senior Member dratts1's Avatar
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    My insurance company had me get it appraised. I eventually dropped them after they jacked my rates over a cracked windshield. I'm pretty sure that ALL insurance companies are crooked. I now just go for the lowest premium. So far that has been 21st century.

  3. #3
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    Ugh.. Don't even get me started on insurance companies. I once had a dream about opening a flight school, but when it came down to dollars and cents, I couldn't make the numbers work out due to the ridiculous insurance requirements and rates.

  4. #4
    Senior Member murcie-me's Avatar
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    I have my car registered as a Fiero, and insured as one as well. I had to have the car appraised by a legit appraiser (@ $300), and they appraised the car at $85K. Through my insurance (State Farm), I could register it as a "classic" car for that value, and have it on limited miles. My premiums are $202 for 6 months, and the car is is fully insured for $81K. If the car is ever wrecked and considered a total loss, I get the full payout and get to keep the car as well.
    Without talent experience is worthless

  5. #5
    Senior Member LP640's Avatar
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    yea my insurance is like $15 a month. After its done ill get it fully covered.

  6. #6
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    What Murcie-me is describing is something called a "Stated Value" policy. It is the only way to go on a classis or exotic car. Full coverage on my AC Cobra and SS396 are each just over $200 for 6 months with State Farm as well. Only liability, the state minimum requirement, on my 92 Dodge van runs way more than that for 6 months.

  7. #7
    Senior Member murcie-me's Avatar
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    I dont know if you guys remember Raj (Meerraj) who use to be on this forum. He was having a car built by Inland Exotics (Joe), and like all of the builds Joe was doing it went sour and the buyer ended up loosing all their money they paid him. Raj was smart though, he had his car insured the entire time, and every time Joe would send him an updated picture of his car, Raj would copy it and send it to his insurance as a progress photo. In the end, when Raj's doors, hood hatch and so on were all mounted on the car, he insured his car for around $50K. When Joe kept blowing him off about finishing the car and never returning his emails or calls, Raj was able to get a court order to have the car impounded from Joe's possession and shipped to him. When the car arrived though, it was totally stripped. There were no doors on it (even though Joe posted videos on youtube of Rajs' car with the doors opening and closing), no hood or rear hatch (like shown in another video Joe posted), no batwings and no interior. The taillights were gone, there were no headlights, The electrical had been cut away from the chassis, and the cooling system was gone. This was the same condition Joe shipped another of his builds to one of his customers, and I posted a video on youtube of its condition.
    Joe denied any and all responsibility for the missing parts, saying they were all on the car when it was loaded at his house (of course he had no pictures to prove it). He blamed the shippin company saying they stole the parts lol.
    Anyway, when the car arrived Raj called his insurance and they wrote the car off as a total loss. Since Raj had the car fully insured, and had sent the insurance pictures of its progress, they paid him the full amount he had the car insured for. Its the only happy ending to an Inland Exotics build i've heard of lol!
    The moral of the story is this. Insure your car as you progress so all the work and parts you've put into it are not lost if the car gets stolen, catches fire or stripped. Like LP640 said, his insurance is less than $20/month. Fully insured it would probably be around $30, which is a small price to pay for the peace of mind of not worrying about losing all you have invested.
    Without talent experience is worthless

  8. #8
    Senior Member murcie-me's Avatar
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    Yup, I hear that! And, your dodge van probably isnt insured for as much as your other cars lol! My agent told me its the way to go, and as long as you have a legitimate appraisal for the underwriter to base the policy on, its not a problem. My car has full coverage, even flood insurance lol. They do have me on limited miles, so I had to put an odometer in the car. The base my miles on the honor system though, they never check it and just take my word for it. Luckily when I hooked up the odometer, I made it detachable (for cleaning purposes) so I can always keep the little window clean and easily viewable
    Without talent experience is worthless

  9. #9
    If you insure it as a fiero wouldn't the cops pull you over and over when they check your tags and it says fiero? There are many cops in my area.

  10. #10
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    Quote Originally Posted by pookgai View Post
    If you insure it as a fiero wouldn't the cops pull you over and over when they check your tags and it says fiero? There are many cops in my area.
    I was pulled over in my diablo kit twice for that reason. The cop said he ran the plate to make sure it wasn't stolen, and it came back as a Pontiac. I kept the photo album of the build with the registration, and explained that it was a kit. He was very pleasant during the whole stop, and sent me on my way.

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