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Insuring a modded k5...

J

jfman

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I found this 1990 k5 for $6500. It's got 38's with 10 inches of lift. If I get it, do I have to tell my insurance company that it's heavely lifted? What if it gets stolen or totaled.. will they pay me book value or true value? It's probably worth nothing on paper.

Anybody with good experience dealing with the insurance company and a heavely modded truck?

Thank you for any help.


Also if you could give some pointers in what to look for on these trucks. I'm mechanicaly inclined but sometimes it's good to get the perspective of people who have owned what you are shopping for.

Anyway here is the ad.

1990 CHEVROLET BLAZER, 165K mi, abs, ac, ps, cc, tilt, p/windows, tint, 10" liftkit, 5.7 V8, Cold air, 38" TSL bogger tires on 15X14 wheels 5.13 gears. trades poss, $6,500

k5.jpg
 
I would think if you had it insured, photos of the vehicle and receipts for the mods that you would be reimbursed for some of it. :thinking:

I told my insurance company that it was restored and that I had 3times it value in the truck and they said if I had photos and receipts I would a % of the receipts along with blue book.

I would avoid mentioning, engine mods and lifts unless they want a statment of mods, othewise your insurance premiums would go up... Just say new motor, replaced suspention, the word Restored goes a long way...
 
well I would be buying it already modded.. dunno if I would get any receipts..

BTW that truck seems like a really good deal to me... Am I missing something?
 
Hard to tell from a photo, check the tailgate make sure everything functions, crawl under it check for rust, drive it in 4wd, look for leaks...
 
First of all, I like the truck!

I have been going over this with Progressive. They do not provide collision/comprehensive on any truck with more than 3" of lift. "Lift" meaning anything that raises the body of the vehicle, so tires, susp. and body all count. Now when you are covered, receipts do count, but custom fabrication or stuff you bought from buddies doesn't.

I'm interested to hear if anybody knows of a company that offers full insurance on lifted trucks for sure. I think a lot of people buy policies and never realize until they get in a wreck that the adjuster will not approve the claim. A lot of policies actually have fine print saying that you can't have modified engine, suspension, etc.
 
well guess theres no point in me mentioning anything, all my purchases dont have a record (bought on here DOH) guess ill just have to avoid an accident :)
 
I wouldn't buy a truck with 10" of lift. As far as the mods are concerned, you can get a rider from your insurance to cover the extra stuff, but it isnt worth it. I paid an extra hundred a month just for my stereo equipment. When my truck was broke into, they gave me 700 for the 4K worth of equipment because it had depreciated:mad: :confused: . Over 1900 extra paid on insurance to get 700 back. BS!!!

The only reason for full coverage/collision is if you wreck your own truck. I do that every time I drive it on purpose. If you filed on it your rates would go through the roof.
 
I can tell you first hand that USA will insure the truck, but does not take mods into consideration when calculating value.
 
I dont know what kind of ins the street rod crowd carries,but Im sure they are insured for the real value of their cars.All I currently have on my M1009 is liability,but have been what to get something like this myself in case of theft.
 
This is very similar to the major questions I have about my 10.90 sec camaro. I only have comp on in case of hail, tornado, fire and theft. There is nothing "Stock" about my camaro. I have alot of recipets but it is still hard to prove value. Besides my insurance has a statement if it is used drag racing they don't cover me and willl drop me. The high value of my car is 15k and that would be almost enough.
 
jfman said:
I found this 1990 k5 for $6500. It's got 38's with 10 inches of lift. If I get it, do I have to tell my insurance company that it's heavely lifted? What if it gets stolen or totaled.. will they pay me book value or true value? It's probably worth nothing on paper.

Anybody with good experience dealing with the insurance company and a heavely modded truck?

Thank you for any help.


Also if you could give some pointers in what to look for on these trucks. I'm mechanicaly inclined but sometimes it's good to get the perspective of people who have owned what you are shopping for.

Anyway here is the ad.

1990 CHEVROLET BLAZER, 165K mi, abs, ac, ps, cc, tilt, p/windows, tint, 10" liftkit, 5.7 V8, Cold air, 38" TSL bogger tires on 15X14 wheels 5.13 gears. trades poss, $6,500

k5.jpg
Click to expand...

I might be weary of that truck . He has 5.13's in it and when I zoomed in they are 6 lug. Those bogger's will give you problem's real fast if you arn't super careful.
 
Ask your insurance agent if the company offers "stated value comprehensive" coverage.
If they do, you will have to provide them with photos and what you believe the truck to be worth. If it's totaled or stolen, they will have to pay you the "stated value" . I had this insurance on a truck a while back, and it was only about 25% higher than regular collision/comprehensive.
Jimbo
 
I have State Farm and my agent told me to get an appraisal done by someone knowledgeable about modified vehicles and to also keep detailed records, receipts and lots of pictures. I have done all this but realize that I'm still screwed if the truck got stolen. But all the records will help you if someone else hits you. You should be able to get more out of them then just blue book value.
 
Forgot about that. I had my 71 Duster appraised before I put insurance on it. If you pay to have it insured for 15K you will get 15K if it is a total loss. Don't expect it to be cheap though.
 
I was told stated amount means that is what you think it is worth. For example I could tell them my camaro is worth 50K (its not). Then when I go to claim they still get to decide how much of the 50K they pay based on the value of the car. It like a savings account that in the end they get to decide how much you get.
 
80' 427 said:
This is very similar to the major questions I have about my 10.90 sec camaro. I only have comp on in case of hail, tornado, fire and theft. There is nothing "Stock" about my camaro. I have alot of recipets but it is still hard to prove value. Besides my insurance has a statement if it is used drag racing they don't cover me and willl drop me. The high value of my car is 15k and that would be almost enough.
Click to expand...

Have the car appraised and you can insure it for that value, a lot of the drag racers around here do that. I have a buddy that took his original 68 396 RS/SS to Goodguys got it appraised for $26,500 after the restore, 3 months later his brother backed it out of the garage the carb was leaking and the motor backfired causing a fire to start and it melted the fiberglass over the top of the motor and caught the windsheild and firewall on fire, gutted the car behind the dash! :doah: The insurance comapny took the appraised value of the car.
 
Big91RustyBucket said:
I might be weary of that truck . He has 5.13's in it and when I zoomed in they are 6 lug. Those bogger's will give you problem's real fast if you arn't super careful.
Click to expand...

What's wrong with 5.13's and 6 lug ?

And I would not be doing any extreme off roading with it, no mud bodding either. The truck would be used 90% on the road and 10% doing light to medium offroading.
 
geico is pretty cool about that stuff. they don't care what i've done or plan to do, within reason.

imho, less lift is better. 6" maybe. steeper driveline angles of tall lifts put a lot of extra strain on bearings, etc. check the pinion seals. also, there's the obvious issue of COG offroad.

i'm not one of those "everything but 14bff is crap" guys, but i think 38s and deep gears will be pretty hard on those 10bolts (the axle shafts, mostly).

make sure to check the engine for the usual. pull a plug or two and read it. look for excessive oil leaks. is the oil on the dipstick burned (bad rings, etc), is it milky (bad head gasket). shove a paperclip in the ALDL to check for codes, both before and after you test drive it. obd1 codes are easy to clear (disconnect battery), so just checking before won't catch what he's erased prior to you driving it.
 
vortec said:
imho, less lift is better. 6" maybe. steeper driveline angles of tall lifts put a lot of extra strain on bearings, etc. check the pinion seals. also, there's the obvious issue of COG offroad.
Click to expand...

Right now I have an explorer with 3+3 but I am looking foe something more radical in looks.

What is COG ?
 
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