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The official Hybrid car insurance thread

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  • The official Hybrid car insurance thread

    Lets face it................................

    Us Hybridz have uber built showcars with thousands invested, well beyond the bluebook values. Aside from the minor stuff like part thefts, small accidents, etc., how would your insurance company cover the total loss or total theft of your Hybrid quality showcar?

    I did a bit of research on this in the past and what I found with most "regular" insurance companies like Allstate, Geico, State Farm, etc., is that they will cover the bluebook value and only a certain amount past bluebook. State Farm in particular will only cover up to $5000 in extras beyond the bluebook value.

    I found that Hagerty insurance..................yes those are the guys who insure classic muscle cars as advertised on Spike TV......................will insure cars like ours. You give them pics, a complete list of mods, and a stated value, and they will insure a modern import showcar. They have stipulations that the car is driven only so many miles a year and such. I am well into my 30's with an overall clean driving record and I was quoted $1300 a year. So I went to sign up with them. They ran my driving record and spotted my last speeding ticket way back in September 2002 and jacked the quote up to $3700 a year. They apparently go back 7 years unlike other insurance companies that only go back 3-5 years. So I ended up backing out. I then tried a company called Infinity Custom car insurance. The price was good, I thought everything was good to go to only find out 3 months later that the car was rejected.

    So in summary, I have full coverage, but I still am not fully covered for all that is invested in the car as I still have "regular" insurance.

    I hope there can be some good information here as to how certain insurance companies handle Hybrid quality showcars. What are some good insurance companies? What other specialty or custom car insurance agencies are out there that will fairly cover our Hybrid cars in the event of a total loss or grand theft???

  • #2
    You might also want to discuss the difference between "stated value" and "agreed upon value" when talking to these companies. An "agreed upon value" policy won't be subject to things like yearly depreciation. At least that is my understanding.

    I will be shopping for a new insurance company as soon as I get my car back. I am having $36,000 worth of repairs done to my Pantera. I think I was lucky Allstate didn't know how to handle my car, because they could have screwed me, but didn't. I will check with them first to see if they do the agreed upon value policies since I owe them some level of loyalty for not making my car repairs a nightmare.

    - Robert

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    • #3
      Sorry to revive an old thread, but Craig, do you have USAA? I used to work at Geico before joining the Navy, and I was multi-state licensed. Most of the larger companies will offer a show-car-type of insurance, which will cover your car's worth provided you have receipts (naturally) to show the purchase price...at that date. They will balance that out over current fair market value, and wala. Expect the premiums to be a little higher though. And the tickets they brought up are from a system called the MVR--Motor Vehicle Report, although it is strange they would go back 7 years. I can only touch on this subject, as I was in 'regular' vehicle insurance sales (different dept for that), but I hope this little bit of info can help someone out there...in this cruel, lonely world...get away from Oprah!

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      • #4
        I'll be the second person to revive this old thread.. But you should check out this new site that I'm sharing for State Farm, http://whyagent.com/ gives endless reasons to get a State Farm agent, I believe the company is more helpful when you have one, there is also a lot of helpful information on there.

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