Insurance above MSRP - ModernCamaro.com - 5th Generation Camaro Enthusiasts
5th Generation Camaro News & General Discussion News Articles & General Discussion about the 5th Generation Camaro.

Reply
 
LinkBack Thread Tools
post #1 of 16 Old 05-12-2009, 09:15 AM Thread Starter
Member
 
hddan's Avatar
 
Join Date: Oct 2008
Location: Boston
Posts: 338
 
Insurance above MSRP

Let me start by saying that I am not paying above MSRP. To those of you that are willing to do this I have a question; Does your insurance cover your extra money above MSRP? Because here in Massachusetts the insurance companies will not let you get insurance that would make them pay you over MSRP. I discovered this a few years ago with a Harley. I got an extra $2,000.00 for my trade in and they were charging $2,000.00 over MSRP for the motorcycles. I got my insurance at the higher valuation and a week later I got a refund in the mail because the motorcycle was not valued at the inflated price. So, if you are paying $5,000.00 over list you had better ask your insurance agent this question.
hddan is offline  
Sponsored Links
Advertisement
 
post #2 of 16 Old 05-12-2009, 11:25 AM
Junior Member
 
Join Date: Nov 2008
Posts: 13
 
Ins

Those willing to be silly and pay over MSRP, probably don't care how much they pay for insurance premiums either.
alftinc is offline  
post #3 of 16 Old 05-12-2009, 11:35 AM
Supporter of common sense
 
OverAnxious's Avatar
 
Join Date: Mar 2006
Location: Detroit, Michigan
Posts: 9,152
  
Usually what you pay for a new car does not reflect the insured amount. If you want it insured for anyting above what the insurance company has on the books, you have to work that out another way.

Joe :: Over Anxious 67 Camaro RS/SS L78
5thgenblog.com // Michigan Classics
Chevrolet Camaro in Transformers // My ebaY auctions

Hot Rod Search Google searches for gearheads!
OverAnxious is offline  
 
post #4 of 16 Old 05-12-2009, 11:38 AM
Junior Member
 
1969 LSZ's Avatar
 
Join Date: Nov 2008
Location: Terre Haute, In
Posts: 66
 
Standard auto insurance will only cover what book value is on the vehicle. You can get declared value insurance that will pay what ever value you set the vehicle for & pay the premium for. Because I already have a 1969 show car covered with declared value insurance, my carrier has agreed to cover my 2010 with $40,000 coverage & is only $560.00 a year for me. This is full coverage & unlimited mileage, no deductable. Standard insurance for me was going to be $460.00 every 6 months.
Also a note about financing, the bank will only loan up to MSRP under a standard auto loan. Above that you would have to do a unsecured personal loan or your home equity line of credit.
1969 LSZ is offline  
post #5 of 16 Old 05-12-2009, 11:41 AM
Veteran Member
 
Join Date: Jan 2008
Location: Texas
Posts: 4,818
  
Quote:
Originally Posted by 1969 LSZ View Post
Standard auto insurance will only cover what book value is on the vehicle. You can get declared value insurance that will pay what ever value you set the vehicle for & pay the premium for. Because I already have a 1969 show car covered with declared value insurance, my carrier has agreed to cover my 2010 with $40,000 coverage & is only $560.00 a year for me. This is full coverage & unlimited mileage, no deductable. Standard insurance for me was going to be $460.00 every 6 months.
Also a note about financing, the bank will only loan up to MSRP under a standard auto loan. Above that you would have to do a unsecured personal loan or your home equity line of credit.

what he said
Jekyll-N-Hyde is offline  
post #6 of 16 Old 05-12-2009, 12:15 PM
Veteran Member
 
weland's Avatar
 
Join Date: Jul 2008
Location: S.F. Bay Area
Posts: 3,900
  
Quote:
Originally Posted by hddan View Post
Let me start by saying that I am not paying above MSRP. To those of you that are willing to do this I have a question; Does your insurance cover your extra money above MSRP? Because here in Massachusetts the insurance companies will not let you get insurance that would make them pay you over MSRP. I discovered this a few years ago with a Harley. I got an extra $2,000.00 for my trade in and they were charging $2,000.00 over MSRP for the motorcycles. I got my insurance at the higher valuation and a week later I got a refund in the mail because the motorcycle was not valued at the inflated price. So, if you are paying $5,000.00 over list you had better ask your insurance agent this question.
For replacement value, avg resale price for your market is usually considered. There is still no way that's going to be better than MSRP once you drive it off the lot. What you paid on your invoice over MSRP is not a factor.

Still legal in 16 states. It's happy. It's fun. It's Happy Fun Car.
Do not taunt Happy Fun Car.
weland is offline  
post #7 of 16 Old 05-12-2009, 12:19 PM
Veteran Member
 
demonspeed's Avatar
 
Join Date: Apr 2008
Location: Pittsburgh, PA
Posts: 4,544
 
This is what GAP is for.

www.fquick.com/demonspeed
Present: '02 SS #7146
Past: '89 IROC-Z|'91 Z28|'00 SS #0795|'01 Z28
demonspeed is offline  
post #8 of 16 Old 05-12-2009, 12:28 PM
Banned
 
Join Date: Jun 2007
Posts: 4,153
  
Quote:
Originally Posted by demonspeed View Post
This is what GAP is for.
Yup.
Devryn is offline  
post #9 of 16 Old 05-12-2009, 01:20 PM
Veteran Member
 
el ess X's Avatar
 
Join Date: May 2007
Location: Aiken, SC
Posts: 3,055
  

2010 2SS/RS Auto, Sunroof, Engine Cover. Transformer Edition package.
2013 ZL1 ragtop #5478. 1 of 54 CRT M6 'verts.
el ess X is offline  
post #10 of 16 Old 05-12-2009, 01:22 PM
Veteran Member
 
el ess X's Avatar
 
Join Date: May 2007
Location: Aiken, SC
Posts: 3,055
  
Just kidding.

Actually, the insurance company goes by their lists as compiled by the manufacturer list prices, and sets the rates based on their own risk analysis protocol. The rate is then set.

Only other alternative is to get a collector type insurance with agreed value.

2010 2SS/RS Auto, Sunroof, Engine Cover. Transformer Edition package.
2013 ZL1 ragtop #5478. 1 of 54 CRT M6 'verts.
el ess X is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the ModernCamaro.com - 5th Generation Camaro Enthusiasts forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome