STP Insurance

M

monsterbronco

New member
Ok i didnt want to bogart anyone elses thread.

How does everyone go about valueing their race cars for stp?
market value for what it would take to replace it?
amount you have invested in it?

does it work like normal insurance if it were to get totaled is their a buy back cost?

im young still trying to wrap my head around insurance for my daily driver... let alone STP insurance. im jsut wondering how it works i guess.

thanks for the help.

Wes
 
http://www.heacockclassic.com/passion/racing-cars

You set an agreed-upon value, they charge you the premium appropriately:

"Valuing a race car can be challenging. We will ask to see photographs of the car and work with you to arrive at an appropriate “Agreed Value” for insurance, so you’ll know exactly what you’ll be paid in the event of a total loss."

There are caveats: if you set it too low (to save money on the premiums) you don't get what you've lost; on the other hand, set it too high and they won't total it, forcing you to repair a car that isn't worth it (and costing you too much in premiums.) Of course, they won't let you set it so high where you get its true value in cash and keep the car...

I'd suggest as a starting point, setting it for what it would cost you to replicate it, in both parts and a reasonable labor rate. We set ours at $25k because it was a nice round number, they agreed to the value, the premium wasn't atrocious, and if we paid someone to build it that's about what it would cost.

GA

P.S. This discussion would have fit fine in the other topic. I can merge them if you want...
 
Heacock here.

I think the minimum premium is $250/yr and they seem to be okay with a $25-30K car at that premium amount.
 
thanks for the help guys. i was working on filling out a request quote form on heacock but had no idea where to start with value.

jsut added stuff up... wow didnt think we spent that much
 
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