Insuring your vehicle

[Iggle]

Just curious what you guys do for insurance whether it's a race truck or a sand car or a highly modified street rig that you play with on the weekends. What companies will do a stated value policy? Anybody have any experience with them actually paying out on said policy? Did they inspect the vehicle before writing the policy? And what kind of premium did you pay?

Thanks!
Iggy


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[johndjmix]

Love to know more about this myself. Add to this, do they pay if the vehicle is outside the US (Mexico)

--John


Dunarri LLC
wildscooterparts.com
coolermods.com

 

[GBRACER]

For crossing into Mexico for ALL Baja races we use Baja Bound they are extremly helpfull and profesional, we had our Van stolen this year the claim was started right away, but luckly we did not need to go further we got the van back 2 days later, they caught the guy!!!!!

(and then they let him go on a $150 bond lol) like he is ever showing up to court.

 

[ICR Racing 1044]

We looked into a policy on our car. It was a joke they wanted so much we could build a new car every 2 years. However the car is insured while on the trailer.

 

[ggglen]

I'm actually an Insurance Broker and wanted to weigh in on this just so you have some insight from the industry...

Anytime you are behind the wheel of a motorized vehicle (or Bars if you are an ATV or moto guy guy like me) you are exposed to liability the same way you are when you drive your car out of your driveway at home.

That being said, contrary to a popular miss conception that I have heard over the years, your Auto insurance doesn't cover you on something that you own that isn't part of the contract for insurance you signed with them. Now there are exceptions like someone else's car may have coverage on it which entitles you to coverage but this is typically the state minimum as a "Permissive driver" (This means your name isn't expressly written on the policy) but that doesn't put you in a good spot when you are looking state minimums of 15K/30K and 5K.

The other miss conception is that OHV's are covered under your home owner's insurance policy. Every policy in the state of California excludes these vehicles from the policy. As a matter of fact they also exclude boats with motors over 50 horsepower!

You can insure buggies, quads, dirt bikes, etc with any Broker although many of the carriers won't touch them at all and others will only insure these items if they have your auto insurance as well (By the way, if you are insuring everything through one company they are more apt to give you a substantial discount on your auto and home too!) so if you are dealing with a "Single line" insurer you may have to look elsewhere.

Most policies will exclude any vehicle during "Sanctioned racing events" but that doesn't mean you are excluded when testing or out trail riding or spectating during an event in a race car that is not competing.

Feel free to ask me anything you have concerns about via inbox or on this thread if you want.

I'd be more than willing to go over your needs and give you real numbers if you want to take a few minutes to talk. I write business in California but can help you out in AZ, NV or Oregon as well.

 

[DeRaRa]

My brother-in-law has used Geico in the past to cover his prerunner for liability, and theft, I remember him saying it was reasonable. I believed its called Powersports coverage. Covered him for recreational use only, not during any kind of sanctioned event.

 

[Shred918]

Great information here so thank you for that.

How should we setup our coverage as some of the guys on here have some high end cars that are $100k+ which isn't a problem for me personally but still equates to what I own. Also how does this all work when you include Mexico? I have heard many times of issues with things taken right off the cars or the entire car growing legs and walking off in the night.

I know most people that enjoy off-roading at any level are great people and when there is an accident things are handled between the two parties fairly and that is the end of it. It only takes one bad egg and someone doesn't have a house anymore do to something is really no ones fault.

 

[ggglen]

Shred918 – “it only takes one bad egg...” You are absolutely right, and that is why having at a least Liability is so important! What if you are at fault and someone is going to miss work for a few weeks or worse. In that case the “Bad Egg” is the guy at fault who can’t financially cover the legitimate expenses of the person they hurt.


You can carry uninsured motorist on these policies too, which covers your expenses if the “Bad Egg” didn’t have the forethought to get insurance before running into you wide open in his beat up $1500 buggy in the middle of the lakebed.

Insuring a car that is a high value asset is a tricky subject. You need to insure it for what is called “Agreed value” which in really simple terms means that you and the insurance carrier have to agree to pre-determined dollar amount that your car is worth and what you will be paid if it is stolen or destroyed.

This sounds simple enough but you have to look at a few additional things like what “Perils” (Causes of loss) you want the car covered for, where are you going to store the car when it is not being driven, are you going to trailer the car or is it going to be driven to the OHV area and who is going to be doing repairs of the vehicle if it is damaged.

These are all unique to every situation and what it all comes down to is “Premium” or what does the insurance carrier feel this coverage is worth?

If you have ever been to Mexico you know it is a different ball game all together. Basically, the guys who specialize in that write you a policy that is specific to the time when you are on the other side of the border. Most domestic policies offer very little if any coverage while driving your tow/chase rig, passenger car or a rental car in Mexico. CALL YOUR AGENT BEFORE YOU CROSS THE BOARDER TO CHECK YOUR COVERAGE.

If you don’t have an agent who can handle your needs please call me.
Glen Williams 714.465.4526 License #OK34486

 

[Shred918]

Thanks Glen I will give you a call to discuss this further to out figure something that fits my needs. I appreciate all the information and will talk to you soon.

I always like to give business to fellow off-roaders where it makes sense.

 

[Dirtracer 619]

A stated policy to cover damage while driving is expensive.

What i would like for my green sticker truck is

to have a liability and Theft coverage

Anything else is on me


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[ggglen]

A stated policy to cover damage while driving is expensive.

What i would like for my green sticker truck is

to have a liability and Theft coverage

Anything else is on me


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That is a simple thing to do! call me and let's talk about setting it up... Glen 714.465.4526 or email me at gwilliams@siainc.net

 

[ggglen]

Just curious what you guys do for insurance whether it's a race truck or a sand car or a highly modified street rig that you play with on the weekends. What companies will do a stated value policy? Anybody have any experience with them actually paying out on said policy? Did they inspect the vehicle before writing the policy? And what kind of premium did you pay?

Thanks!
Iggy


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Iggy,

I am just up the 15 minutes up the 405 from you if you want to run numbers so that you have real world feedback on these questions and how they relate to you specifically. We can run the numbers and you can report back here to the Forum. reach out to me on Monday if that works for you. Glen 714.465.4526 or email me at gwilliams@siainc.net