Gap Insurance help

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bditty50

Member

Jun 20, 2005

170

0

16

Tampa, Florida

Feb 7, 2007

#1

• Feb 7, 2007

• #1

I have my 1989 coupe in storage and it will stay there for another year most likely. I was wondering if there is any companies that people know of that sell gap insurance for a non driving insurance for my car while its in storage? I tried Grundy and they said because it wasn't old enough or part of a collection they wouldn't cover it.

 

GearHd6

Member

Jul 19, 2005

459

0

18

Ashford, CT

Feb 7, 2007

#2

• Feb 7, 2007

• #2

When my cars in storage I drop my coverage down to comprehensive only. Which means it covers anything that happens to the car other than a collision. So basically fire, theft, a tree falling on it, things like that. It costs me about $100 a year through Allstate. If you want it to cover what the car is actually WORTH then you'd have to get it appraised otherwise you'll get book value only if its considered totalled.

 

Modular2v

Founding Member

Jun 30, 2002

3,222

23

99

oklahoma

Feb 7, 2007

#3

• Feb 7, 2007

• #3

you wont need gap insurance on a 89 vehicle.....im an insurance salesmen and the primary purpose for gap insurance is to be able to pay the lein holder back incase the car is totalled and the blue book value of the car is less than what is owed! If it IS NOT GOING TO BE DRIVEN then you will have to keep liability on it along with comprhensive coverage

 

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bditty50

Member

Jun 20, 2005

170

0

16

Tampa, Florida

Feb 7, 2007

#4

• Feb 7, 2007

• #4

Well if the car is damaged I'm only going to get the blue book value and the littliest things will total the car. How do I fix it so I can get better value for the car and not pay alot of money for the insurance itself? Also, do you have any companies you can reccomend for this?

 

sweet88gt

Member

Jun 25, 2005

334

0

16

Venice FL

Feb 7, 2007

#5

• Feb 7, 2007

• #5

I called Hagerty and they wouldnt cover my car as of yet. The car had to either be 20 yrs old or over $10,000 in value. The value is based off of their books or you could pay $300 for an apprasial. They will insure your car for what you value it. Of course it has to be reasonable. I just hope for no accidents until then.

 

Shakerhood

20+ Year Stangneter

Oct 28, 2004

3,355

207

114

Ohio

Feb 7, 2007

#6

• Feb 7, 2007

• #6

Try American Hobbyist Insurance

 

trav_19

New Member

Oct 29, 2006

810

0

0

Jackson, MI

Feb 8, 2007

#7

• Feb 8, 2007

• #7

i use comprehensive only insureance for my cars in the winter...why would you need anything else....gap insureance is only to cover the difference off blue book value and the amount of your loan...if you have a 5k loan ...and blue book is 3k then gap picks up the 2k so you dont have to pay on a loan for a car you no longer have...

 

trav_19

New Member

Oct 29, 2006

810

0

0

Jackson, MI

Feb 8, 2007

#8

• Feb 8, 2007

• #8

forgot to mention you get your comp coverage from who ever you use for your normal insurance.

 

Prime Lord

Crappy Default Title

Founding Member

Sep 19, 2000

2,137

199

114

Denver-ish

Feb 8, 2007

#9

• Feb 8, 2007

• #9

If you want to insure it for more than blue book, an appraisal and an insured value policy is what you're after. I know as soon as I get mine back together and on the road, I'm getting an insured value policy. I got burned on my last Mustang after an accident. Had 10k in the car and only got $2700 for it.

 

B

bditty50

Member

Jun 20, 2005

170

0

16

Tampa, Florida

Feb 8, 2007

#10

• Feb 8, 2007

• #10

I'm trying American Hobbyist Insurance it seems like a good place and they don't have very strict rules.

 

Shakerhood

20+ Year Stangneter

Oct 28, 2004

3,355

207

114

Ohio

Feb 8, 2007

#11

• Feb 8, 2007

• #11

I am going to sign up with American Hobbyist this Spring when I am ready to get the car out.

 

Prime Lord

Crappy Default Title

Founding Member

Sep 19, 2000

2,137

199

114

Denver-ish

Feb 9, 2007

#12

• Feb 9, 2007

• #12

Awww....American Hobbyist dosen't cover Virginia.

 

ryan218

In just 10 years, I'll be old enough to drive!!!!

Dec 28, 2005

0

1

38

columbus ohio

Feb 9, 2007

#13

• Feb 9, 2007

• #13

GearHd6 said:

When my cars in storage I drop my coverage down to comprehensive only. Which means it covers anything that happens to the car other than a collision. So basically fire, theft, a tree falling on it, things like that. It costs me about $100 a year through Allstate. If you want it to cover what the car is actually WORTH then you'd have to get it appraised otherwise you'll get book value only if its considered totalled.

Click to expand...

thats what we have on our 2 mustangs right now for winter.....