Insurance On Late Models

[J.Bart]

i am wondering what late model owners are doing for insurance?
my agent says the value of the car at the time of the accident.
whose value ????? i asked about the loan amount and they said no
keep in mind this is the very first new(brand new) car i have ever purchased.
it is the only thing i own that was built after 1980.
ford finally built a car that i couldn't say no to
i will have a consideral amount of $$$ in mine over sticker and am looking for advice in protecting my investment. if there is no 09 gt/cs the late model values should climb fast. they will be difficult to replace.
thoughts???????

 

[@Holmes]

Shop around. You can have a declaired value in your policy but it will cost u.

 

[miller511]

jbart,

Also keep in mind this thing called "gap insurance" that covers the difference between what you owe on the vehicle and the value of the vehicle. The value can very easily be less that what is owed... pretty much from driving it off the lot. If the car is totalled right away, the insurance will pay the used car value. But you might otherwise be on the hook to pay the remainder of the loan on the car if you don't have gap insurance.

 

[joedls]

You bring up a good point about the mods. I'm going to call my insurance agent and figure out how to protect myself in case of loss. Right now I'm sure I'm only covered for the "book" value of the car when stock.

 

[CougarCJ]

You bring up a good point about the mods. I'm going to call my insurance agent and figure out how to protect myself in case of loss. Right now I'm sure I'm only covered for the "book" value of the car when stock.

Yes, you should talk to your agent. Extra items are called 'endorcements'.

Obvious things such as camper shells, trailers, murals, Compton kits, things of significant value that were not factory installed. Lift kits, air bag/hydraulic lowering systems, electronics, etc.

Definition of a Compton kit. < Ground effects packages added to vehicles.