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Insurance Questions - Modifications etc.

F

Fiddler's Gold

Guest
I am picking up my 1986 Vette that has received a plethora of racing modifications. (2001 SCCA Divisional Solo II Champion)
Less than 10K on new 90 L98 roller cam block, (blued, ported, polished and stroked to 383) Lucati cams etc, Camfield Aluminum Heads, Aluminum Racing Radiator with Oil Cooler, MSD Ignition system and wires, etc, Weiland Stealth Low-Profile Intake (match ported) Holley 750 Carb, Hooker Super-Comp Headers with brand new pipes and Flow-Master Exhaust with custom tips, Borg Warner 6-speed with BM Ripper Shifter, Dragon Tach instrumentation panels, etc. - Budnik custom 17" rims on new Pirelli 275s/17s on front and 315/35/17s on rear 11x17s. Plus rollcage & 5-point harness, basically the works ---- Car has all new suspension, brakes, lines, hoses, everything. Paint is one year old. I am trading for a high percentage of its value (with my jet boat etc).

My question is this - How should I estimate the value of this car or the value to replace this car to my insurance? I don't want to get into a wreck and have them give me the book value for a stock 96 if I can help it. On the other hand, I don't want to lay down the facts that I have a greatly modified racer and have them charge me $1000 a month to insure. Cake and eating it too? Should I have it appraised and base my insurance on that? I will only be using this Vette on the weekends (very sparingly since we have a new baby & of course I am not going to be carrying him around in this) :)

Just curious as to how the rest of you guys do your insurance.
I am 28 years old with no traffic tickets, accidents, etc - plus I have 3 other vehicles on the same policy with the same insurance company (GIECO - I have had them for at least 5-6 years)

- I was actually thinking about liability for a while if you can believe that! hehehe :crazy

Thanks for any and all help,
Andy
-Fiddler-
 
Joined
Jun 20, 2002
Messages
2,509
Location
Tallahassee, FL
Corvette
none right now :(
I assume you don't plan on driving this car every day, so under 5k miles/year?? if so, get collector car insurance, you usually have an agreed upon value of the car, and since you also agree on low miles, the price is much lower.
 
F

Fiddler's Gold

Guest
Any ideas on the value?

Anyone have any real-life opinions on the average replacement value for this car and the modifications that I have listed? I just don't know how much all of this would be to replace in case of a total loss on this Vette. I am guessing that the mods based upon my initial calculations minus labor would be in the neighborhood of $20K easily. But, I really don't know the insured value since I have never insured a modified car.

Thanks for the info,
Andy
-=Fiddler=-
 
Joined
Jun 20, 2002
Messages
2,509
Location
Tallahassee, FL
Corvette
none right now :(
When you figure your insurance, it is really what you want to get out of the car (reasonably of course) ... The car is really only worth what someone else will pay for it... You say there is only 10k on the new engine, but how many miles are on the car? you have to realize the values of all C4's in general... most people would buy a ZR1 or Callaway over your vette, so you are looking at a price range less than those cars... Also, cars are worth far less than their equivalent parts. even if there is 20 grand in the engine doesn't even mean the car is worth that much. IMHO, a pristine, 10k mile stock '86 is worth around 12,000 at most. With your mods, and I assume higher miles overall, i would guess $15 - 18k, assuming you can find someone that wants that type of car
 

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