Insurance for engine swaps?

[Jrgunn5150]

And here I visit Windrock with minimum coverage

I really feel like, whenever I visit this forum, I just don't have enough anxiety to be a Jeep owner.

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[Rcoe]

And here I visit Windrock with minimum coverage

I really feel like, whenever I visit this forum, I just don't have enough anxiety to be a Jeep owner.

Not so much worried about it at Windrock, more so on the 600 mile trip there on a trailer. And we are headed to Sand Hollow/Moab next Spring.

I worry more about something happening on the highway vs. the trail.

 

[Minty JL]

I'm looking to do a 505 AMW swap on my jeep. I have state farm and they say they don't cover added items like engine swap. I have called numerous companies and the max i have seen was 25K towards aftermarket mods. progressive said they can insure a stated value, but there is an Asterix that says they will pay the lesser of actual cash value or stated value, so basically actual cash value.

This is where specialty insurance comes into play, but it can be pricy..........you'll have to leverage your ROI on the numbers.

 

[Minty JL]

Give Grundy a try. I ended up with my house, a '99 Porsche 996 C4, an Aston Martin Vantage V8 and my '20 JT all insured with them. Good so far, finger crossed.

Interesting review. I have USAA for everything but they keep jacking their rates to pay for TV commercials with Gronk.

Zero claims on the house or cars and zero moving violations......like to the tune of 30% over the last 2 renewal cycles.

When we build our house in 2022, HOs insurance was $1200 a year, now its almost $1800. Auto has got from $290 to almost $350 a month now.

 

[Sweetums]

Gotta pay for all those legal settlements for screwing over service members and data breaches because your password can only be 12 characters long and agents let scammers into your account for you.

It's a full service company, no more inconvenience of dealing with scammers they send your money straight to Nigeria without the hassle of phishing emails!

 

[ShadowsPapa]

check your policy, they were going to insure the amount i said just like you. but if you look at the asterick in your policy, it states in the event of a total loss they will pay out the maximum of either the LESSER ACV or stated value amount. the ACV would be the going rate of the same jeep that you have. did is not your stated value. if your policy doesnt say this, who is your insurance agent, cause I'm in Florida as well.

Also, progressive said they cannot insure higher than 4.5" lift

There's stated value and AGREED value.

You have to be careful choosing between the two.

One will actually pay the agreed upon amount in even of a total.

With agreed value, If you insure it for 40K, you will get 40K.
Agreed on value usually requires an appraisal and is for antiques, classics and collector vehicles.

Stated value is as you say - ACV or stated amount, whichever is lower.
Agreed value you get that full amount, period.

You can come out ok with stated value as long as you have receipts and pictures. My agent has said with my documentation over the years, and the many photos for my Eagle - I'd come out ok.

 

[ShadowsPapa]

All this talk of insurance - READ YOUR DAMNED POLICY and don't go by what someone here is telling you as unless they have the same company, the same coverages and so on, and live in the same state - they can't possibly tell you "it's a waste of money to cover for $xxx". That's their company, their experience.
Ask your agent, research the company, READ the policy. It's a legal document - read it.

 

[ltdodge]

There's stated value and AGREED value.

You have to be careful choosing between the two.

One will actually pay the agreed upon amount in even of a total.

With agreed value, If you insure it for 40K, you will get 40K.
Agreed on value usually requires an appraisal and is for antiques, classics and collector vehicles.

Stated value is as you say - ACV or stated amount, whichever is lower.
Agreed value you get that full amount, period.

You can come out ok with stated value as long as you have receipts and pictures. My agent has said with my documentation over the years, and the many photos for my Eagle - I'd come out ok.

the policy says actual cash value, not agreed. if it said agreed i would be fine with it.

 

[Mr Miami]

Yes, mine says the same. I think we will be hard pressed to find coverage for full replacement value. I accept I will not get out of it what I spent, certainly the risk I am willing to take for all the fun I have driving mine. I think I will justify it, if the total loss happens, by subtracting what they pay out from what a replacement cost will be and divide that by the miles I have driven and caulk it up to the entertainment cost per mile.

Well, you can reduce the entertainment cost per mile by driving it more miles! It's similar to the moonroof in my wife's prior BMW (318i, the "cheap" one). We ordered it and only added red paint, navigation and a moonroof (which was still an option in 2015). The moonroof listed for about $1,000. Anyway, in the 8 years we had it, I think she opened it about 4 times, which calculates to about $250 per opening. I then told her to open it a few minutes every day for a month to lower the cost of opening it to less than $30 per opening ($1000/34).

It made me feel better since we got more use out of the moonroof while lowering the cost each time she opened it.

I still don't think she understood what I meant.

 

[ShadowsPapa]

the policy says actual cash value, not agreed. if it said agreed i would be fine with it.

Yes, that's my point. People need to know of both types, and choose carefully, and READ the policy.
Having had classics and collectable cars for years - insurance was one thing I tried to learn about early on..

 

[Mr Miami]

Yes, that's my point. People need to know of both types, and choose carefully, and READ the policy.
Having had classics and collectable cars for years - insurance was one thing I tried to learn about early on..

I totally agree with what you are saying about what "should" be done and what "should" be read but in all honesty, do most people who have little or no experience with this stuff have a snowballs chance in understanding it? These documents are written with one obvious purpose: maximize profit which translates into minimizing risk. It's no secret that these are written by lawyers. Yes, some of the stuff can be understood, but when the fine print begins referencing "as stated in subsection 9a below", "as stated above", or asterisks pointing to inclusions or exclusions of what you already read, then ... well .... most people get lost.

"READ the policy" as you say, is important. But whether or not a person understands what they read is a totally different issue. Unfortunately, many, if not most, treat these things like the fine print on a piece of software that asks "Do you agree with the terms and conditions" of the blah, blah, blah or whatever you just bought. Most just click the agree box and move on.

You have to realize, for a lot of people with little or no experience with this stuff, it can be a challenge.

 

[ShadowsPapa]

I totally agree with what you are saying about what "should" be done and what "should" be read but in all honesty, do most people who have little or no experience with this stuff have a snowballs chance in understanding it? These documents are written with one obvious purpose: maximize profit which translates into minimizing risk. It's no secret that these are written by lawyers. Yes, some of the stuff can be understood, but when the fine print begins referencing "as stated in subsection 9a below", "as stated above", or asterisks pointing to inclusions or exclusions of what you already read, then ... well .... most people get lost.

"READ the policy" as you say, is important. But whether or not a person understands what they read is a totally different issue. Unfortunately, many, if not most, treat these things like the fine print on a piece of software that asks "Do you agree with the terms and conditions" of the blah, blah, blah or whatever you just bought. Most just click the agree box and move on.

You have to realize, for a lot of people with little or no experience with this stuff, it can be a challenge.

That part is really easy to understand - as someone else pointed out - it's very clear "shall be the lesser of.........."

On the other hand - people not understanding an insurance policy is one reason things are as they are, and our asses are being whipped by other countries on global markets. We can't even generate workers who can read a bloody tape measure! When over half of the people applying for grunt jobs making tires fail basic math tests, can't read a tape measure and can't tell you if .0025 is larger than or smaller than .0023 - this country is in big trouble.

Look at recent tests scores for U.S. students - it's appalling.
People can't pass simple testing to get a job in a factory? Wow.

 

[Mr Miami]

That part is really easy to understand - as someone else pointed out - it's very clear "shall be the lesser of.........."

On the other hand - people not understanding an insurance policy is one reason things are as they are, and our asses are being whipped by other countries on global markets. We can't even generate workers who can read a bloody tape measure! When over half of the people applying for grunt jobs making tires fail basic math tests, can't read a tape measure and can't tell you if .0025 is larger than or smaller than .0023 - this country is in big trouble.

Look at recent tests scores for U.S. students - it's appalling.
People can't pass simple testing to get a job in a factory? Wow.

It really is sad. Maybe worse than sad, appalling like you say. Try to get people to give basic change when you are shopping at a store.

I go into my local convenience store, pick up a cold beverage (ok, ok, an oil can of Fosters) which was about $3.85 and with tax came to $4.07. I give the guy a $10 bill and pull 7 cents out of my pocket and hand it to the guy. Talk about a deer in the headlights! He slides the 7 cents back to me and says the beer is only $4.07. The guy looks at me and says he has already rung it up and he points to the register and it says $5.93 change. I said but here is 7 cents to made up the dollar. He looks at me like I was trying to rob the store or something and says "the register knows how to calculate the change."

I shook my head, took the $5 bill and put the 93 cents in my pocket. What can you say????

 

[Kindafearless]

Someone else mentioned it, but I also have Grundy. I called just about every insurance company a couple years ago trying to insure my Jeep and race car (everything but while on track). Several companies, including Hagerty will do the race car, but the Jeep being newer, having a lift, and larger tires seemed to be the killer. Grundy does an agreed value policy, and I haven’t had to use them yet, but they have been good to work with over the phone.

 

[ShadowsPapa]

It really is sad. Maybe worse than sad, appalling like you say. Try to get people to give basic change when you are shopping at a store.

I go into my local convenience store, pick up a cold beverage (ok, ok, an oil can of Fosters) which was about $3.85 and with tax came to $4.07. I give the guy a $10 bill and pull 7 cents out of my pocket and hand it to the guy. Talk about a deer in the headlights! He slides the 7 cents back to me and says the beer is only $4.07. The guy looks at me and says he has already rung it up and he points to the register and it says $5.93 change. I said but here is 7 cents to made up the dollar. He looks at me like I was trying to rob the store or something and says "the register knows how to calculate the change."

I shook my head, took the $5 bill and put the 93 cents in my pocket. What can you say????

Yeah, I tried to do the same and it confused the gal at the register for such a long time, and all the back and forth, my wife finally said forget it, let them do it their way. I did NOT want the change, I was trying to get rid of it, but ended up with more.
When we had our store - my wife totally ignored the register display, she already had it all figured in her head and counted out by the time she hit that register button.
People online ask "how much fabric/how many yards do i need for the back of a queen size quilt" and my wife has it all worked out in her head and responded before anyone else has a chance to get out a chart or calculator.

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