I need to register my Jeep but....

[blm]

That makes complete sense. I never even thought about it like that. :doh:

[Lethal]

Originally posted by Timber
You absolutely can A custom motorcycle is valued at over 70 grand. nobody in the right mind would ride one without the proper coverage. and those conversion vans you buy at the dealer you have got to make sure they are appraised even with 0 miles on them because more than likely you insurance company only recognizes a stock van and you can be bumming big time if it is stolen and not recovered

The insurance company doesn’t care how much coverage you put on something, the more the merrier for them. Don’t get me wrong its not free, your premiums will go up along with your coverage. If you never have the value appraised then you will get book on a motor vehicle but it has nothing to do with what you pay for it. clearly if you are running with the barest coverage you’ll get nothing if you damage it yourself. Insurance is a service and you get what ever coverage you want to pay for

I am in complete agreement with everything you are saying here man...... EXCEPT lets throw in the point of this thread. You just went to your local governemental office to pay taxes. They say, "What is the value?" you say "$1." So now insurance company comes around and says "how much is the value?" you say "$30K", they say, "thats not what you told the government!"

Do you see my side?

[Lethal]

[QUOTE]Originally posted by Timber
[B], If your taking insurance out on anything it is to protect the value of as it is and has nothing to do with what you pay for it. It is to protect you if it is damaged or totaled. conversion vans are a perfect example. You have to have the value apprised because the are sold as a stock van and don’t take into account of the custom work done to them. There is no such thing as a stock conversion van. Say you buy a pick up truck for 30 grand and then you do 20 grand worth of upgrades to it, does this mean you can only get 30 grand for it if it is stolen. You have the value appraised so your covered for the 50 grand.[B]


Right and you also paid tax on $50K? Am i missing something?

[Timber]

Tax has nothing to do with insurance its apples and tomato's. Insurance is about value, and on your other point it has nothing to do with what you say something is worth it is either book or appraised value. You pay tax on what you put out in cash, if you can’t produce a receipt then your taxed on book. Your tax is based on what you spend but is still has nothing to do with what the value of something is or how much coverage you want to put on it

Say you gona trick out a pickup you pay 20 grand for the truck now your gona pay say 10 grand for motor and body part and paint now your in for 30 grand and you have a 20 thousand dollar pickup and 10 grand worth of parts in your garage and it doesn’t mean anything but you have now paid sales tax on 30 grand and your gona do all the work yourself. Lets just take paint alone, you have put everything together and your ready for paint well the total cost for material for a really bitchen paint job is probaly under $400 including sandpaper, plastic, tape, thinners, colors, the whole deal. the paint job is worth no less than 4 grand and more depending on how many colors you use. so lets just say all you labor is worth 20 grand now you have a pickup truck worth 50 grand but it book values for 20 or less what are you gona do. your gona have it appraised so if it comes up missing your covered. there is no tax on your labor but you have paid tax on your 30 grand but still tax has nothing to do with your insurance coverage.

[Timber]

Originally posted by Lethal
I am in complete agreement with everything you are saying here man...... EXCEPT lets throw in the point of this thread. You just went to your local governemental office to pay taxes. They say, "What is the value?" you say "$1." So now insurance company comes around and says "how much is the value?" you say "$30K", they say, "thats not what you told the government!"

Do you see my side?

Let me just pull this point aside, When you say $1 this is what he paid for the Jeep and what he wants to pay tax on and because its within the family there are some exemptions depending on your state. without a receipt and the exemption he would pay tax on the book. Now he is gona insure this jeep and the insurance company is gona pull the book on it regardless of the $1 he paid for it and charge him accordingly. Now lets say he feels the value is a lot greater than book, its tricked out with wheels and chrome and plastic with bitchen paint and he wants it appraised. No problem he has it appraised and then has the premiums adjusted to cover the value but he paid sales tax on $1 because that is what he paid for it with a legal document. The $1 is not the value of the jeep just what he paid

[Lethal]

Originally posted by Lethal
Just a word of advice... if you put down $100 and you total the car, dont be surprised if you get a check from your insurance company for $100. I have heard of this happening, but not that bad... the example I heard was real value paid 18.5K and they wrote 12K on the bill of sale... 2 months later the insurance company paid 12k on a total loss sale.

Although if you have some other receipts for the "fixed engine"
laying around then you might be all set.

Just confirmed this story with the person it happened to... The check came from the other guys insurance company, since it was not his fault. As a matter of fact he didnt even have any comp & collision so his premiums were simply liability. Hope this clearifys a little, I am pretty much done... just understand that this happens.