Curious about what options are out there for having my insurance cover the actual value of my 350z. I'm rebuilding the engine (NA) on my 350z and I'm sparing no expense. Fully built (overbuilt really) for NA power (or FI down the line) with longevity in mind. Upgrading everything from the internals, heads, and cams, to swapping in a low mile CD009 and all sorts of other goodies. However, insurance will still consider the car to be worth just a fraction of what I'm putting into it and it's basically going to be a new car with all the other work done. I'm scared that someone could rear end me on the street and I'll just be out a whole boatload of money. What are my insurance options for getting it properly insured for it's real value? Anyone have experience insuring very expensive builds on these? Any help is greatly appreciated.

 

You are in need of what's called "Agreed Value" insurance coverage. This type of coverage, you and the insurer, based on proof (documentation) agree to a value of the car and that's what you pay for and they pay on in case of a loss.This type of insurance policy is usually issued by specialty insurers, like Hagerty, Grundy.

There is something called "stated value" where a value is stated up front but.... Most insurance companies pay on "Actual cash value based on the value the day of the loss." even on "stated value" policies.

Not sure if the specialty companies even insure 350Zs but you might inquire with them as well as with the "regular" insurance companies to see what they offer. Beware (and this is obvious): You'll be paying a high premium if you opt for this type of policy. Keep all of your paperwork for the life of the car. Do the math and see if the payments you will pay over the time you intend to keep the car is worthwhile. My Shiro 300ZX, was covered for a very high amount when it was destroyed, fortunately, because it was backed up by its rarity and market rate to replace it but I'm not sure an insurance company paying out for a 350Z unless you've paid the specialty premiums as its not a classic nor rare.

 

I run Hagerty with agreed-upon value ...

My first year was $2500 for 12months of coverage for $25k worth of coverage. They would not let me go any higher. But each each year the policy has renewed for aroun $500 to $600. With Hagerty, you have to pay 12months at a time. No payments, no installments.

Im happy with them

 

What kind of deductible does your Haggerty policy specify? Does it cover comp and collision?

 

Hagerty definitely sounds like what I need. I'll check them out for sure. Thanks guys, for the explanation and the suggestions. I know people lime to **** on 350Zs because of what they've started to become, but I love mine to death and plan to keep it for a long time. And a good build is worth something in my opinion. Thanks for the help!

 

Let me know what you find out, i should do the same thing.

 

DK - I believe I have a $2k deductible ... I typically take a high deductible in exchange for lower premium ... I dont think I've had a recordable in 10 or 15years...

Yea, full coverage

 

Thanks, this is valuable comparative data for myself and I suspect, others..