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Old 07-12-2011, 11:22 AM   #1
Kyle.Gilmour
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Michigan Auto Insurance -- HELP

Ok... let me try make a long story short and get to the point so you guys can help me out.

I have around $40k in modifications to my 2010. Last year I had an appraisal completed on my car so I could get a Stated Value Policy. At this time I was living in Austin Texas. It took me many weeks to get this straighted out. But eventually I was satisfied with a policy with Progressive. They assured me that I was covered in all aspects and it only set me back $1800 a year, much more than I was paying, but it gave me the peace of mind I needed.

Flash forward a year... I now live in Michigan...

I called Progressive and told them I moved and they requoted me.... for.... wait for it...


$3800 for one year.
I feel this is way too much. I understand that Michigan insurance laws are different and they really stick it too their residents, unlike Texas were it was surprisingly cheap. (Michigan residents should really get all the breaks they can in my opinion, we need them up here, but thats another story)

I have called Geico, AllState, 21st Century, and a few others. They all have the same story... either No, we cannot help you at all, or let us get you over to our specialty coverage partner.

In all cases this specialty coverage partner is Haggerty Insurance, they specialize in classic/custom cars and boats. I tell them that will not work for me, as I have already talked to them on a separate occasion.

Haggerty is a decent option, they still wanted to charge me almost $2800 a year, BUT they were limiting me to only 3500 miles a summer. Since this is my daily driver in the summer, that milage total was not going to work.

If I could get my car covered for $2000 a year I would be ecstatic right now... that should not be too hard should it??

Michiganders... please help me out!
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Old 07-12-2011, 11:37 AM   #2
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Wow I wish I knew more about the whole insurance thing??? Since the car sits in your garage all winter dosen't that give you a little break on insurance or do you only keep it insured in the summer months??? Seems extremely exspensive but at the end of the day I think your Camaro is worth it!!!
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Old 07-12-2011, 12:01 PM   #3
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Michiganders???

What about Michigonians?

Or Michiganitians?

Or Michiganonianites?




Ok, but for real. LOL

The rate you were paying in Texas was actully damn good imo.

Me and Bonnie are paying 4300.00 per year with Geico for the Jeep, Lexus, and Camaro. AND a teenage son. So the rate your getting in Michigan is kinda crazy. IMO.

But I never told my insurance company that I have added nearly 300 bhp.
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Old 07-12-2011, 12:06 PM   #4
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Sounds like your gonna have to insure it as a stock Camaro and hope nothing happens, which more than likely won't. I don't really see any other choice other than to pay the Modified Camaro rate. The money you can save in premiums, maybe you can put a little of that in the bank in case something happens.
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Old 07-12-2011, 12:11 PM   #5
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Quote:
Originally Posted by Gotthat02fire View Post
Wow I wish I knew more about the whole insurance thing??? Since the car sits in your garage all winter dosen't that give you a little break on insurance or do you only keep it insured in the summer months??? Seems extremely exspensive but at the end of the day I think your Camaro is worth it!!!
well, since I am still paying the loan on it... it needs full coverage all winter long as well as summer.

It is worth it... but damn.... 4k a year... (yes.. now it is 4k, just got a new quote) haha

Quote:
Originally Posted by PQ View Post
Michiganders???
What about Michigonians?
Or Michiganitians?
Or Michiganonianites?


Ok, but for real. LOL
The rate you were paying in Texas was actully damn good imo.
Me and Bonnie are paying 4300.00 per year with Geico for the Jeep, Lexus, and Camaro. AND a teenage son. So the rate your getting in Michigan is kinda crazy. IMO.
But I never told my insurance company that I have added nearly 300 bhp.
Here is one for you PQ... Michiganian

So I just got off the phone with AllState again... they said they cannot insure me for 75k, but they would insure me (knowing I have mods) for the cash value..... for $4000 a year. Regular insurance. Are you effing kidding me.

The agent said Michigan has one of the highest insurance rates in the country because they protect the drivers that much more.

I think one way to keep people in the State (since we are losing so many) would be to offer a competitve insurance... dang. Almost makes me want to move back to Texas... almost.
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Old 07-12-2011, 12:19 PM   #6
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BackinBlackSS/RS might have the best answer here. I haven't told them about my power and mods. If I totaled my car, more than likely the blower most of the rest of the high dollat mods would be salvageable.
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Old 07-12-2011, 12:21 PM   #7
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Hi Kyle, you're screwed. I'm screwed. We're all screwed. My stock SS costs 1400 driving less than 6k miles a year. Simply put the Insurance Industry exists to run their business and make money.

Your car is one of a kind: in the event of a wreck where it might be Totaled the Insurance Company knows that besides replacing a $40K Camaro (depreciated of course) , there will be an additional $40K payout to you for your mods. They would likely depreciate your $80K investment and base the rates on that number, hence the very high quotes.

What would it cost to insure a new Porsche911? Probably about the same.

The only way to get them to lower your rates is reduce their exposure or risk in the event of theft or total loss.
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Old 07-12-2011, 12:26 PM   #8
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Quote:
well, since I am still paying the loan on it... it needs full coverage all winter long as well as summer.
Actually if you can store it Winters, you only need Theft and Fire, maybe Comprehensive. Crank up your deductible to lower the rate. If it isn't being driven you can turn off the other coverages.

Of course then you have to have another vehicle and insure it, but you can choose the type of vehicle and the level of expnse you are willing to incur.

The 'winter beater' is a Michigan tradition.
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Old 07-12-2011, 12:30 PM   #9
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Quote:
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BackinBlackSS/RS might have the best answer here. I haven't told them about my power and mods. If I totaled my car, more than likely the blower most of the rest of the high dollat mods would be salvageable.
Kyle's powertrain has practically been replaced. Insurance company would not total a car without being able to collect on the sale of powertrain parts, that's part of their equation on dciding to fix or replace. They also would not fix the car if the costs exceeded a percentage of its depreciated blue book value.
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Old 07-12-2011, 12:35 PM   #10
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Quote:
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Kyle's powertrain has practically been replaced. Insurance company would not total a car without being able to collect on the sale of powertrain parts, that's part of their equation on dciding to fix or replace. They also would not fix the car if the costs exceeded a percentage of its depreciated blue book value.
So on a more simpler scale, knowing Kyle has a different tranny and engine, yada yada yada, they would recoupe some of their money selling the longblock and transmision etc, ....... I guess it's the same with me? They'd keep my blower, coilovers etc etc etc........???

Shit. Maybe I better have all of that assesed.
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Old 07-12-2011, 12:36 PM   #11
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Welcome to Michigan!! My only suggestion is to bundle
everything you can, homeowners all your cars and keep
shopping. I have all mine through AAA, but just have
reg full coverage, no crazy mods like yours. Good luck!
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Old 07-12-2011, 12:40 PM   #12
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When you talked to Allstate and explained your mods your risk factor kept climbing (I'm guessing) as well.... risk = $$$ sucks, cause that's expensive!
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Old 07-12-2011, 01:33 PM   #13
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Quote:
Originally Posted by BackinBlackSS/RS View Post
Sounds like your gonna have to insure it as a stock Camaro and hope nothing happens, which more than likely won't. I don't really see any other choice other than to pay the Modified Camaro rate. The money you can save in premiums, maybe you can put a little of that in the bank in case something happens.
I thought about that... for an extra 2k a year... that'd be 20 years of savings to make up what I have in it already.

Quote:
Originally Posted by BackinBlack View Post
Hi Kyle, you're screwed. I'm screwed. We're all screwed. My stock SS costs 1400 driving less than 6k miles a year. Simply put the Insurance Industry exists to run their business and make money.
The only way to get them to lower your rates is reduce their exposure or risk in the event of theft or total loss.
I just wish that Michigan was competitve to other states. Progressive in Texas should be the same as Progressive in Michigan. I would think. Or less... dang... my car is WAY safer in BFE Michigan than Austin Texas... thats a fact.

Quote:
Originally Posted by BackinBlack View Post
Actually if you can store it Winters, you only need Theft and Fire, maybe Comprehensive. Crank up your deductible to lower the rate. If it isn't being driven you can turn off the other coverages.
Of course then you have to have another vehicle and insure it, but you can choose the type of vehicle and the level of expnse you are willing to incur.
The 'winter beater' is a Michigan tradition.
I am not sure if my loan institution would allow my car to not have full coverage in the winter... but it would be worth looking into.

the other issue is... my second vehicle is not a winter beater.. haha. Its a summer only truck. I still need to pick up my winter beater

Quote:
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So on a more simpler scale, knowing Kyle has a different tranny and engine, yada yada yada, they would recoupe some of their money selling the longblock and transmision etc,
ok... so thats why I decided to keep my blown LS3 and manual trans!
if I get into a wreck... I hurry up, pull the motor, pull the trans and just toss the old parts on the pile. hahaha. Perfect.

How in the hell do all our other Camaro brothern manage to get full reimburstment after the fact with regular coverage, or full coverage when at the track... some guys got all the luck.

Quote:
Originally Posted by BeckyD@RodgersChevrolet View Post
Welcome to Michigan!! My only suggestion is to bundle
everything you can, homeowners all your cars and keep
shopping. I have all mine through AAA, but just have
reg full coverage, no crazy mods like yours. Good luck!
BECKY... NOOOOO... you are suppose to have all the answers for me! Cmon!
I will look into some bundling. Now if I do that... damn Progress is going to get 6k a year from me!

side note.. my car should be back on the road this weekend... I hope to get down south to one of your meets soon!

Quote:
Originally Posted by garcmol View Post
When you talked to Allstate and explained your mods your risk factor kept climbing (I'm guessing) as well.... risk = $$$ sucks, cause that's expensive!
Allstate told me that she based her last quote on it being a regular car, they were not dingying me at all for having mods. But I know what you are saying
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Old 07-12-2011, 08:55 PM   #14
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Quote:
Originally Posted by BeckyD@RodgersChevrolet View Post
Welcome to Michigan!! My only suggestion is to bundle
everything you can, homeowners all your cars and keep
shopping. I have all mine through AAA, but just have
reg full coverage, no crazy mods like yours. Good luck!
purty much what i'm doing = 222.00 a month icl. 2010 Camaro, 2007 Pacifica, 2008 Civic; and i'm 46 years old which i guess helps.

Liberty Mutual btw
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Old 07-12-2011, 09:06 PM   #15
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Check with Auto owners insurance company of michigan. Don't have the crazy mods etc you have, but they have always been way lower than the big guys and their claims adjusters/process is second to none. Unfortunately Insurance rates in MI are very high. Good luck. I use Al Bordeau insurance agency. They are in Clarkston MI if you want to look them up..

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Old 07-12-2011, 09:31 PM   #16
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Well as you know Chris just totalled his car at the track and State Farm paid for the stock value and he kept it for salvage.

Now, he buys a new car and using the mods that didn't get damaged one by one off of the old one. Bent headers, bent roll cage and some low dollar external mods is about all he can't use. Whipple will move right over to the new engine.

Your case is a little more extreme (no pun intended) but I would think your insurance is to protect the loan value remaining and you would just eat the rest and salvage what you can. At those prices you would end up paying for it anyway.

Besides in an accident, how many times is the engine and tranny really affected. Mostly body work and suspension takes the hit. JMO
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Old 07-13-2011, 01:45 AM   #17
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Kyle, sell that summer truck and see if Becky can get you into a 3 or 4 yr old used truck. Depreciation slows way down so you can stretch the loan term to fit your monthly payment budget if you don't mind the relatively higher interest on the longer term loan.


I have auto-owners and they say I'm fully covered if my garage falls down on the Camaro during the storage period with just theft and fire, and I'm pretty sure from Nov-May when the car is permanently parked for storage my Homeowners policy covers the Camaro just like it covers anything inside the house.
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Old 07-13-2011, 08:25 AM   #18
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Quote:
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Besides in an accident, how many times is the engine and tranny really affected. Mostly body work and suspension takes the hit. JMO
lol... yea, at that rate i would be paying for it. haha

Quote:
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Kyle, sell that summer truck and see if Becky can get you into a 3 or 4 yr old used truck. Depreciation slows way down so you can stretch the loan term to fit your monthly payment budget if you don't mind the relatively higher interest on the longer term loan.
I may have to reach out to Becky... I would really like a 2009 Silverado... or that new concept GMC Terrain HD, hehehehe.

but selling the truck is out of the question... bought it when i was 15... long paid off... always going to keep that guy. But a good thought... thanks!
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Old 07-13-2011, 08:28 AM   #19
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thanks for the suggestions guys.

I think I have it somewhat figured out. After Progressive told me that EVEN if I am paying for a stated value policy and have an appraisal, Michigan rules state that it is up to the adjuster to pay the stated value or the cash value. Michigan has this system so messed up... I am going to just get the standard insurance and go from there. Still outrageous, but thats what I get for living in God's Country



thanks all
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Old 07-13-2011, 12:14 PM   #20
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Pretty cool you still have your first ride. If I hadn't put mine in a ditch 26 yrs ago being stoopid...
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Old 07-13-2011, 02:19 PM   #21
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Quote:
Originally Posted by Kyle.Gilmour View Post
thanks for the suggestions guys.

I think I have it somewhat figured out. After Progressive told me that EVEN if I am paying for a stated value policy and have an appraisal, Michigan rules state that it is up to the adjuster to pay the stated value or the cash value. Michigan has this system so messed up... I am going to just get the standard insurance and go from there. Still outrageous, but thats what I get for living in God's Country



thanks all
What part of MI are you in? If you haven't done anything yet I highly recommend you contact my agent. I have shopped many times and NOBODY even comes close to these rates.

PM me if you want his contact info. He's an independent agent and writes for many different companies.
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Old 07-13-2011, 03:32 PM   #22
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Pretty cool you still have your first ride. If I hadn't put mine in a ditch 26 yrs ago being stoopid...
yea.. its pretty cool to have it still. Not sure if it is like the old days.. but my dad complains he doent have his 70 cutless, or 69 chevelle or 78 trans am... so i figured.. if i can have a place to store it.. why not keep them all.

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What part of MI are you in? If you haven't done anything yet I highly recommend you contact my agent. I have shopped many times and NOBODY even comes close to these rates.
PM me if you want his contact info. He's an independent agent and writes for many different companies.
I have narrowed it down somewhat... still not happy, but have another week before I have to commit. Will you PM his info... thanks Anna!!
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