Thread: Serious question about insurance

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Hey Everyone,
I am serioulsy looking in to a 71 vette at the moment. When I inquired about an insurance quote for the vehicle I got a response saying that most people dont get comprehensive/collision when the premium dosent meet the value of the car. I live in Louisiana and have Geico as my carrier. Would it be considered illegal to take a personal loan out for the amount of the car to buy it outright from the seller, and put just liability on the vehicle? I was told from word of mouth that your only supposed to do that if your vehicle is totally paid off, but all my previous loans have been used car loans through banks. This would be a personal loan. Please Help

Much Appreciation, Paul

Been my experiance that if'n they know its for a car they're gonna require the insurance, I know of no laws that say you gotta have anything except liability, I did get into a bind a couple years ago with the credit union saying they where gonna call a loan cuzz I had $1000 deduct and they wanted $500 deduct, cured that problem by handing them a check for the balance and then handed em a withdrawal slip.
Far as a personel loan I agree with Techinspector, cept that even with a personel loan they are gonna want some kind of collateral ...

Usually any loan will require collateral. Is the car the collateral? If so, they will require that it's insured with comp & collision. How many miles are you going to drive the car? If the car is a toy and will not be driven that much, get collector insurance. Even with comp/collision (these are usually $0 deductible policies) the cost is minimal (as insurance goes). Check with Haggerty, Grundy and other companies like these. These are usually stated value policies (some have mileage limits of 3000 or 5000 miles a year).

Originally posted by Swifster
Check with Haggerty, Grundy and other companies like these. These are usually stated value policies (some have mileage limits of 3000 or 5000 miles a year).

Just for the sake of clarity for anyone else reading this, Hagerty is an AGREED Value policy, not Stated value. You could get screwed with a Stated value policy depending on the depreciation schedule. But then the guy that started this thread is getting screwed by insuring with Geico anyway.

Bob , dont tell me all that Geico Insurance policy money is going towards those extra stupid commercials?
They make me NEVER want to use them because of the stupidity of them.

We cringe every time we have a Geico job come in our shop !
CHEAP< CHEAP < CHEAP

Originally posted by SprayTech
Bob , dont tell me all that Geico Insurance policy money is going towards those extra stupid commercials?
They make me NEVER want to use them because of the stupidity of them.

We cringe every time we have a Geico job come in our shop !
CHEAP< CHEAP < CHEAP

I bet the computer generated images of that Geko arn't CHEAP.

Originally posted by Matt167
I bet the computer generated images of that Geko arn't CHEAP.

computer generated image ......... oh man? All this time I thought
that wuz' a trained lizard......




AFLAC

Originally posted by SprayTech

We cringe every time we have a Geico job come in our shop !
CHEAP< CHEAP < CHEAP

You got it DW, and I'd bet Progressive is next on your list for customer cheating companies. (How he know dat stuff??)

The biggest complaints, by insurance company, I get traveling to the shops are;

1) Progressive

2) Allstate

3) Everyone else

Originally posted by Swifster

2) Allstate

You're close.............that would be Allsnake!!

Getting all you guys input is making me feel much better. So, bottom line is I suppose is asking the bank I plan on borrowing from if they would require collision/comp and if they do, simply then apply for a personal loan?

Is the car drivable as is? Will you be driving the car as is? What is the value of the car (what are you paying for it)?

Bob , they all run a close second...LOL

Its what is making the job harder to do any more as they have cut every operation you do down to nothing, no feather edge and prime time , no Block time ,no mix time , no cut and buff time , they even are trying to get more of a chunk taken off for blend time.
I look at an estimate today and it goes body time , paint time , i ought to just blow color right over the bondo one of these days and have the Insurance company come sell the job , and see what the customer says when I tell them this is exactly how your Insurance company estimated your repair !!!!!
around here the insurance companys are trying to say that all that what I just mentioned is included in the paint time ..........LOL
They are making it to where you cant make any money anymore.
And they wounder where all the good tech's are going , we are leaving the business !!!!

SprayTech

Originally posted by Streets
[B]Iz dat AFLAC duck a real "qwacker" then too??
[/font]

I don't think there'z ever been any doubt about it.
My buddie "BILL" found em' on the "WEB"

Originally posted by SprayTech
Bob , they all run a close second...LOL

Its what is making the job harder to do any more as they have cut every operation you do down to nothing, no feather edge and prime time , no Block time ,no mix time , no cut and buff time , they even are trying to get more of a chunk taken off for blend time.
I look at an estimate today and it goes body time , paint time , i ought to just blow color right over the bondo one of these days and have the Insurance company come sell the job , and see what the customer says when I tell them this is exactly how your Insurance company estimated your repair !!!!!
around here the insurance companys are trying to say that all that what I just mentioned is included in the paint time ..........LOL
They are making it to where you cant make any money anymore.
And they wounder where all the good tech's are going , we are leaving the business !!!!

SprayTech

Well, it could be worse. You could be getting $34 an hour like the tri-county area of Detroit. Seriously, did you ever get additional time for all that stuff? I've been an appraiser for almost 20 years and never paid any of that. And I've never had a complaint until last week (1 shop). Now, I have been paying anywhere from 1.0 to 3.0 hours to rub & nub, but nothing else. I have never paid to cover a car, hazardous waste, etc. Still no complaints.

Now having said that, I also believe in being fair with the shop. I pay to detrim all panels painted (except urethaned quarter glass on blends), replace one time use mouldings, etc. I wrote my estimates this way the year I lived in St. Louis (wrote my repair time tighter due to higher labor rates) and still no complaints. And I've never heard of any good painters to be starving (for work or otherwise). Seriously, at $40 something an hour, is life really that bad?