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Insurance question regarding swap

Discussion in 'Members' Lounge' started by totalburnout, Aug 11, 2004.

  1. totalburnout

    totalburnout Well-Known Member VIP

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    Alright, I was just wondering if you guys reported your swap to insurance. I'm thinking about getting a swapped car, its a 95 HB si w/ a jdm sir II motor in it but didnt really want to have to report that shit to insurance and go through all the BS plus have raised insurance rates when they're already fcking me.

    I dont plan on putting collision on the car, but do plan on putting comprehensive on it.

    Did you guys report that you had a swap or should I?
     
  2. adnoh

    adnoh Senior Member

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    Hey man,
    I personally didnt report the swap to my insurance because I couldn't afford the extra cost.

    Pro's and con's to telling your insurance company:

    Pro- If you tell your insurance, you will be covered for the value of your car with the swapped engine.

    Con- If cops pull you over and pop your hood, they can report it to your insurance company and you get busted for insurance frod. They do that here in Ontario, Canada all the time.....wayyyy worse than any kind of ticket.

    Pro- if your engine was stolen, you'll get back the swapped engine, not the stock one.

    Con- Insurance frod.

    Con- Insurance frod.....

    Thats pretty much the only con.

    By the way....Wrong Forum....
     
  3. totalburnout

    totalburnout Well-Known Member VIP

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    This is just a general swap question, IDK where the fuck i would put it
     
  4. adnoh

    adnoh Senior Member

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    Probably the Members lounge.....just my guess. Whatever though....no big deal.
     
  5. dohcvtec_accord

    dohcvtec_accord WRX Sellout

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    I don't know if your rates would necessarily go up. You'd have to talk to your insurance agent.

    But yeah, when my car got totalled, my insurance company wouldn't pay for the new engine, even though I could visually prove that it wasn't the engine that came with the car.

    I don't know about the whole insurance fraud thing. If you install new springs on your car, is that insurance fraud? Once again, it's best to talk to an agent if you're really concerned.
     
  6. ef9civicgen4

    ef9civicgen4 Senior Member

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    i asked my insurence agent if i swapped an ls engine if it would increase the overall value of my car if i were to ever get in a wreck. and he said no, there is no direct way of calculating the kind of increase it would have on the value of the car.

    in other word, there is no way they would know how much money you spent, or how much it would cost to get replaced or fixed.

    now maybe its a little different if you are only converting your car to another recongnized spec(exc. DX to Si).
     
  7. allbottledup

    allbottledup Senior Member

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    i didnt report mine. But like the other people said it might be worth it. I know down here in NC they dont care what the fuck you have they will only give you book value of the car. In NY you can tell them what amount of insurance you want on it. I told them I wanted 8000 covereage on my hatch and they said it was going to be 250 a month. If you not going to put collision on it dont bother..save yourself the money
     
  8. adnoh

    adnoh Senior Member

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    Wow...I feel pretty stoopid for not spelling "fraud" correctly. Oh well....work is havok on the mind.

    Anyways, I think the only time you'll have a problem with your insurance company is when you go to make a claim. If the bill of sale for your car was written for $4000, and you say "I had an engine in there that was worth another $3000", they will say "Here is your $4000".

    When you all signed your insurance policies, you signed a part that said you can be charged for making any sort of false claims about the make/model/year/engine ect..... of your car. TECHNICALLY.....yes, if you put springs on your car you are in breach of that contract....you are raising the value of your car and not telling the insurance company. Does anyone really abide by those rules? No...not really.
     
  9. pissedoffsol

    pissedoffsol RETIRED

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    i didn't and won't report mine.

    the "coverage" is a joke. a 20k build, they would laugh at me if i told them i wanted to cover that. that, or raise my rates to 10k a year.

    so, its a risk.

    if shit gets stolen, im out.
    if it gets wrecked, and its my fault, im out
    but if some dipshit hits me.... he would be better off hitting a BMW :)
     
  10. totalburnout

    totalburnout Well-Known Member VIP

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    LOL why would he be better off hitting a bimmer, you're only covered for like 5-6grand, so it would be cheap to hit you :(
     
  11. tab

    tab Super Moderator

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    because someone elses insurance would have to fix whatever is there........


    My buddy did this: He had a very custom truck, magazine worthy, that booked at about $2500. Like pissedoffsol, his shit was worth 20k. So, he had the truck appraised professionally, and covered for that amount. I don't think it cost that much more, but it wasn't quite as cheap.

    My .02
     
  12. pissedoffsol

    pissedoffsol RETIRED

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    my insurance won't cover me...

    but joe schmoe hits me, hes gotta hit me for the value of whatever the evaluator dude ajusts it to.

    a $100 goes a long way :)
     
  13. totalburnout

    totalburnout Well-Known Member VIP

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    It would be his adjuster, not your adjuster. So he'd be trying to save his company money, it would be hard to explain a claim for $20k on a del sol. I wouldnt count on that kind of shit happening.
     
  14. pissedoffsol

    pissedoffsol RETIRED

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    receipts are your friend :)
     
  15. Airjockie

    Airjockie Watanabe Whore!!!

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    This one kid down here has all his recepts, and has all the money into the car noted and signed, and the insurance people know that he has it, so if his car got snatched, he would get everything back in dollars....and when you have over $25K into a $3000 car...if he wrecks, gets hit, ar the car yanked...then he get $25K...and that will go for a down payment on his Porche that he wants....just an FYI.

    I still only have my cars listed at book value...but once the claims adjuster came and looked at my Z for the time the soccermom hit it..I got more than enough money to cover the damage...I bought the car for $1400...I get hit, and I got $1500 back from the other person claims adjuster...just because I went and had the damage appraised at a restoration shop for old classic cars, and they quated $3800 in damage, and the Kelly Blue Book Value was only $4000, so I was just bearly able to scrape by on their adjustment because I said I would do the labor, and they saw a smaller dollar amount that was reasonable, so they cut the check.

    But if you spend lots of money into an engine....get all receipts and be smart, and pay the extra insurance to get full coverage, and the small amount for haveing that swap done and installed with all the labor fee's, and just report everything...if something happens, and you feel you can just say Fawk it...and lose all that hard earned money to the wind...then don't claim it.

    B...you should claim it...if anything...do it for security reasons. Since the cars rebuild post has over 1,334,456,235 veiws...someone out there might be wanting to just take it to NJ for a stripping party....and they prolly know by now that you don't care to much since the 240sx window bashing post....and your address is pretty easy to find...due to your post on your resume a while back...at least change the url for your old job resume...it had your address IIRC...
     
  16. ahedau

    ahedau Senior Member

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    mmmmmm. not exactly.

    new/replacement engines do not "typically" increase a vehicle's value. Classic/collector vehicle or "stated amount" coverage is good but they normally have restrictions on the car's use. That's why they are inexpensive.

    If my insured hits your vehicle hard enough to total it, I hope you're not hurt. When adjusting your claim because of my insured's fault I do owe you for what you had. However, what everyone forgets is that a car and it's parts depreciate. ESPECIALLY wear and tear parts like tires, transmissions, engines, etc. Even with your receipts you're not gonna get a dollar for dollar value for what you paid.

    Your rates shouldn't increase from your own company by more than a few dollars by increasing your coverage to insure that they'll also pay you above the retail value (less depriciation) for a Del Sol should anything happen to yours. However, since this is an insurance company and you did double or triple your stock HP, you might get canned. All I did was add a Z6 to my VX and I didn't tell MY insurance company. And I'm a claims adjuster!!
     
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