Poll - Protecting Your Investment (2nd Try)

[slvre34]

OK, here's the poll.

[Alexlind123]

= ( try again

[Montreal525]

It's missing one possible answer. I'm not going for it, this poll is a fake.... ;)

Jeff

[Jehu]

I don't get it... who doesn't insure their car whatever it costs. I happen to have somehow managed to get two cars and my condo with the Bimmer fully covered and liability on the other for around $600.00 /yr. Admittedly that equals one set of rotors/Akebono pads and two Fuzion H rated tires or it equals maybe a front strut r & r at the Indy or almost a new pair of Interconnects for my Stereo at home. but what's the motivation for the poll? Am i wrong in assuming if i get hit the insurance won't pay enough to fix it and they'll insist i total it?If i thought i was taking what is now up around $14,000.00 i have in this car in my hands when i drive and i;d only ever recover a small fraction of that if it was by the Ins Co. call, totaled, I'd probably never drive it,lol... or dump the collision coverage and just carry the liability. I keep the car at about 95% "in repair".It should get shocks and will. It may need a motor mount as i notice some vibration on cold mornings at low RMPs on first revs. It may need a wheel trued and instead of replacing the heater core i added stop leak which has 99% kept the coolant where it belongs and i don't smell it.The passenger seat back twists and my headrest cable is off. The drivers seat rocks ever so slightly and there is a small power steering fluid leak i think from the hose under the reservoir.None of these issues interfere with my driving the car long and hard but i fully intend on getting to all of them which i guess means i will put whatever it takes into it to keep it as near 100 % as a 12 year old car can be...

[slvre34]

is that, of course, we all insure our cars. The problem is keeping the car from getting declared a total loss if you're in an accident. Like you, I have $14K into mine and they're valuing it at $4500. I had to cut corners to get the repair cost down below $4500 so they wouldn't declare it a total loss. Knowing how they valued it, I have to wonder if it's a good idea to put money back into it above the amount of the check they'll give me. I want to, of course, because I would like to keep the car indefinitely. I just want to find a way to narrow the gap between what I have into it and the value they place on it - in case this happens again.

Here's where I'm going: with your $600/yr insurance policy, do you feel your insurance company would value the car at $14,000, meaning you could take damage up to nearly that amount and still get it covered? What if you spent $6K on a paint job - would the car be valued $6K more than it is now? If not, then you're by definition willing to take the risk that if you get hit, you'll lose that recent $6K investment.



I don't get it... who doesn't insure their car whatever it costs. I happen to have somehow managed to get two cars and my condo with the Bimmer fully covered and liability on the other for around $600.00 /yr. Admittedly that equals one set of rotors/Akebono pads and two Fuzion H rated tires or it equals maybe a front strut r & r at the Indy or almost a new pair of Interconnects for my Stereo at home. but what's the motivation for the poll? Am i wrong in assuming if i get hit the insurance won't pay enough to fix it and they'll insist i total it?If i thought i was taking what is now up around $14,000.00 i have in this car in my hands when i drive and i;d only ever recover a small fraction of that if it was by the Ins Co. call, totaled, I'd probably never drive it,lol... or dump the collision coverage and just carry the liability. I keep the car at about 95% "in repair".It should get shocks and will. It may need a motor mount as i notice some vibration on cold mornings at low RMPs on first revs. It may need a wheel trued and instead of replacing the heater core i added stop leak which has 99% kept the coolant where it belongs and i don't smell it.The passenger seat back twists and my headrest cable is off. The drivers seat rocks ever so slightly and there is a small power steering fluid leak i think from the hose under the reservoir.None of these issues interfere with my driving the car long and hard but i fully intend on getting to all of them which i guess means i will put whatever it takes into it to keep it as near 100 % as a 12 year old car can be...

[liquidtiger720]

It really depends on your personal financial situation.

For me, in highschool...I had no bills to worry about, cept saving a little for college. I spent a **** load on the car at that time...Now, its quite the opposite. Only what needs to be done gets done, any extra's come from extra cash flow from side jobs (I.E...detailing cars, selling crack, etc...). Those extra's have to be had a attractive prices too.

At this point. Maintnence and repair is cheaper than buying a new car.

[Jehu]

is that, of course, we all insure our cars. The problem is keeping the car from getting declared a total loss if you're in an accident. Like you, I have $14K into mine and they're valuing it at $4500. I had to cut corners to get the repair cost down below $4500 so they wouldn't declare it a total loss. Knowing how they valued it, I have to wonder if it's a good idea to put money back into it above the amount of the check they'll give me. I want to, of course, because I would like to keep the car indefinitely. I just want to find a way to narrow the gap between what I have into it and the value they place on it - in case this happens again.

Here's where I'm going: with your $600/yr insurance policy, do you feel your insurance company would value the car at $14,000, meaning you could take damage up to nearly that amount and still get it covered? What if you spent $6K on a paint job - would the car be valued $6K more than it is now? If not, then you're by definition willing to take the risk that if you get hit, you'll lose that recent $6K investment.

I'll contact the Ins.Co. and ask what the case is. Money is money weather you spend it recreating your beloved 535 or buy something to replace it.If you feel like recycling the old girl is silly what would you get in its place assuming you let it go?
I tend to doubt the coverage will be a 1 for 1 kind of thing..It would definitely not be an investment but rather an expense... I am actually at this time providing i don't total it planning on driving it till I'm too old and blind to drive ..I have no plans to replace it.If it winds up a heap of twisted smoking metal tomorrow under a jackknifed truck I expect to eat more than half of what i've spent on it but I'll find out where i stand.The collision damage premium is rather small anyway.

[Dave M]

I expect to eat more than half of what i've spent on it but I'll find out where i stand.

Yep, unless your ins. company is generous, expect to eat some of that 14, 000. Most of us will take a loss if we've sunken $. I had to fight hard to get a $6500 Can. repair bill covered. It took some work and I had to have a third party appraiser (paid for by ins.) asses the cars condition. He said most cars with that mileage would have been a total.

Good on ya for driving it till you/it dies :D

Dave

[mattyb]

missing - i dont **** wth it, just leave it stock and insure it without any hassle for what its worth

[mattyb]

do you guys have the option of market value and agreed value in your policies?

[Dave M]

do you guys have the option of market value and agreed value in your policies?

Hasven't pursued that one (agreed value). assuming your rates get jacked significantly higher when you agree on 1.5 to 2 times the market value.

[Ross]

Look into stated value coverage. You can insure it for all you want if you are willing to pay the premium. If your car exceeds average value that's the only way you can have peace of mind.
As far as investment goes, cars are usually poor ones. Mine gets no mods but proper care even if it gets expensive sometimes.

[Blitzkrieg Bob]

And if it gets wrecked, I'll resurrect it.

[RallyD]

all my cars are disposable.
I only have full coverage on the PT.
Bimmers get basic liability. I'm in about $5300 for the two e34's I own.
I don't mind spending the $ on mods, it is hard to restrain myself from doing so and i'll probably give in and dump a few g's into the 525.

Anything happens to the e34 I'll just buy another and swap the good stuff over.