Financial pitfalls of older or modified cars - like ours! - Third Generation F-Body Message Boards

MurcoRS · 03-07-2007, 02:25 PM

Like many of you on this board I have invested a lot of money in the restoration, modification, and upkeep of my Camaro and since I have owned it for 18 years I thought I might share some helpful lessons for protecting yourself legally and financially
1 - Insurance - If you have invested a great deal of money in your car, protect yourself with proper insurance. Our cars do not have very high value in the eyes of insurance companies so if your car is 20+ years old you need to get a special policy to cover the replacment / damage repair value. These policies specifically limit the amount of driving you do per year so it cannot be a daily driver and many ban specific modifications such as nitrous kits. If your car is a daily driver or less than 20 years old you are limited in coverage available to you so keep every reciept for all work or parts added to your car.
2 - Liability - Do not turn your car into a racing machine and expect to get much sympathy if you are involved in an accident with another car from either the police or (God forbid) a lawyer, especially if you are speeding. If you should hit anybody doing a burnout, drag racing, or any exhibition of speed you can kiss you butt and your car goodbye. Keep your brakes, lights and suspension in perfect condition and if you do the work yourself be realistic about your capability, and be sure it is done right.
3 - Safety - This goes along the lines of the point above but it needs to be stressed, be safe and smart. If your car is capable of 0-60 in less than 4 seconds make sure your car is also capable of scrubbing off that speed just as quickly. When you add subframe connectors, strut tower braces, or anything that adds structure to a street driven car look at the design carefully before buying and installing. Will it comprimise the cars ability to absorb impact forces (so that you don't)? Make sure you suspension and brake system is in perfect condition and capable of handling whatever power level you are shooting forbefore investing a penny in power parts. Remember, most race cars aren't capable of driving in bumper to bumper traffic, sometimes in rain, and dealing with poor road surface conditions so many of us drive on each day. The cars driving around us are more often equipped with ABS and other advanced safety features that allow them to stop and drive in conditions that are not the forte of the 3rd gen cars. The worse part is the mindset of those we drive with in traffic, thinking that those safety features make them safer, driving worse than ever as if they were immortal. The best safety feature a new car could come with is a big 8" stainless steel spike sticking out of the center of the steering wheel!
I hope this has helped some of you.
Be safe and enjoy your cars!

Xophertony · 03-07-2007, 04:17 PM

i think i am going to go bleed my brakes