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Insurance/Book "value"

This is a discussion on Insurance/Book "value" within the General Help forums, part of the LSx Technical Help Section category; Just stopped by my insurance agent today to find out if I could up the insurance on the WS6 by ...

  1. #1
    Senior Member Whamhammer's Avatar
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    '02 Trans Am WS-6, 6M

    Insurance/Book "value"

    Just stopped by my insurance agent today to find out if I could up the insurance on the WS6 by $10k once I invest in the engine work/trans/axle/minor body work that I will want to do, so if the car gets totaled, I won't be out all of the money invested. I was told some interesting things.:

    1) According to their information, a mint condition WS6 is worth more than $18k (granted mine would not be considered mint"

    2) I could up the value, but it would have to be classified as a "classic car" and not used as a daily drive.

    3) They told me to hold on to the recipients, and I can use that to get reimbursed a portion of that expense in a case of total loss.

    Does any of this sound correct?

  2. #2
    Senior Member raynor139's Avatar
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    2002 Trans Am WS6 M6

    Yup fully I don't daily drive mine so I just went through the same thing a few months ago to get value upped on mine.
    Mods - Lid, Skip Shift Eliminator, MGW shifter, UMI SFCs, Founders Lower Control Arms, Founders Panhard Bar, Founders Adj. Torque Arm, UMI Torque arm mount, MWC Drive shaft safety loop, KONI Yellows, Strano Springs, Strano Sway bars, UMI Upper and lower A Arms, 160 thermostat, TSP headers and TSP true duals Monster stage 2 clutch, racetronix fuel pump, Strange S60 rear axle and tune by Frost.

  3. #3
    Senior Member Whamhammer's Avatar
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    '02 Trans Am WS-6, 6M

    Quote Originally Posted by raynor139 View Post
    Yup fully I don't daily drive mine so I just went through the same thing a few months ago to get value upped on mine.
    So, are you saying yes about all three?

  4. #4
    Former Mopar Man 2002ssslp's Avatar
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    02 Camaro SS, 04 GTO

    That's correct for full reimbursement on a loss with any insurance unless you have "Agreed upon value" insurance from companies like Haggerty.
    My ride is a 2002 Camaro SS SLP #3296 with 30k, LTH, 3" Y, CME, Frost tune, K&N, ported TB, Blackwing lid, Bellows, MSD, Denso Iridium, and 85mm MAF, Bilsteins, Eibach springs, SLP strut brace, Adj. Panhard, TA Girdle, UMI, Pro 5.0, Nitto NT555
    My wife has a 2004 GTO with the rare SAP, 18" wheels, K&N Cold Air System, MSD, Ported TB, Frost tune, Denso Iridium, Flowmaster cat-back, 3200 Yank, 75k

  5. #5
    Senior Member Naaman's Avatar
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    98 Z28 Vert M6

    Haggerty will actually let you daily drive yours (at a higher premium, of course), but I just went through something with my Z.

    I had GEICO at the time, and on the DAY that I got it back from the shop with $11K worth of work into the engine, I crashed it. I gave the adjuster the invoice and they fixed my car free and clear, though the "damage" was assessed at about $3500, which I don't think would have totaled it, even without the recent work. But they did say that they would consider the recent costs I had incurred. The car was otherwise in great shape, with the typical seat bolster wear and a little bit of paint imperfections, but nothing serious.

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