Tag Archives: insurance

    • Classic ’68 Camaro Gets A "Split Personality" To Train Insurance Agents

      Half modified, half restored...
      ...even under the hood.

      When it comes to insuring your restored or modified car, you hope your insurance agent knows what he's doing...after all, that's not a typical used car sitting there in your garage.

      That's why insurance giant State Farm refurbished this 1968 Chevy Camaro in a unique way. Though it doesn't run, they're using it to train their agents on the difference between “fully restored” and “modified” collector cars.

      The left side, painted Butternut Yellow, is typical of a full restoration, as if it just left the factory. The right side, however, is what a heavily modified 1968 Camaro might look like: plumbed nitrous system, single aluminum cylinder head, modified intake manifold and hood, aftermarket wheels, tubular control arms, big brakes and shaved badges (door handles, too). The refurbished side features the two examples of wheels and tires a Chevy dealer would have sold in 1968.

      This unusual classic car was recently featured on "Jay Leno's Garage", where State Farm’s Earl Hyser spoke with Jay about the car, and recommended insuring a car for its real market value, not the total amount of money you invested in it over the years. Hyser suggested documenting the restoration with photos for easier insurance verification.

      Watch the video of that "Jay Leno's Garage" segment here.

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    • Now that it's almost a classic, insure it!


      You may not have spent a lot of money to get that old rust heap of a clunker in the first place, but once you finally turn it into a classic restoration masterpiece, you'll definitely want to insure it properly.

      Problem is, adding it to your regular car insurance policy isn’t going to cut it, assuming you want to get its actual value back should something untoward happen to that baby.

      If you surf the web you'll find several companies offering coverage for your antique or collector car, street rod, or other modified vehicle. And now the third-largest private passenger auto insurer in the U.S., GEICO, is bringing back an insurance product that specializes in coverage for classic and vintage cars.

      Collector car insurance coverage is different than a regular automotive policy. Since classic cars don't depreciate, coverage is based on "agreed value", not "actual cash value". You and the insurance company agree on a value at the time the policy is purchased, taking into account everything you've invested in your classic car. Also, classic car insurance rates are generally lower than standard auto insurance rates since these painstakingly restored cars are well-maintained, and driven less than everyday cars.

      You can see this is something to seriously consider, before you leave that garage for the first time.

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    • Restoration Rule #1: Be careful where you park your project car

      Car crushed beneath tree limb

      Courtesy

      In the Northeast, where our Eastwood headquarters are located, the weather has been pretty stormy this summer, but it was one particular July 2012 storm in the Southeast that brought a tear to our restorer's heart.

      Thankfully, no one was physically hurt, but there was an emotional and financial toll taken after that storm knocked down a massive oak tree, sending it crashing into several classic cars being restored at JLP Motorsports in Dade City, Florida. The list included a ’77 Ford LTD and ’67 Buick Skylark, as well as a ’68 Ford Pickup that belonged to one of the shop workers. That pickup's restoration was almost complete, and its owners had even taken it for a ride earlier that day. Now they have to start again at square one.

      Up north, few people keep project cars outside because of the weather, but down south it's generally more common to leave cars outside. But of course an indoor storage area doesn't guarantee protection against a storm either. A ’54 Chevrolet Bel Air was crushed when one of the tree's main branches crashed down on the shed in which it was stored.

      "We got lucky," the owner said. "We had several other vehicles right next to the lifts and on the lifts, and it just missed them. It could have been worse."

      Our hearts go out to all affected by the storms.

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