VespaGTS Posted July 26, 2022 Share Posted July 26, 2022 Hi everyone, I am doing a rebuild due to low compression. Cylinder 4 is at 105psi. I have the cash to do the repair, but I am worried that if I spend $6500+ on a rebuild and the car gets totaled I am out the money plus the car. Is it possible to get a loan on the car and get GAP insurance to cover my potential loss in the future. I know what the car is worth on blue book, so its hard to sink $6500+ into a rebuild only to lose the car if an accident occurs. I will check with my credit union in the AM once they are open, I'm just curious if this has been done before? Link to comment Share on other sites More sharing options...
NORULZleggy Posted July 26, 2022 Share Posted July 26, 2022 No, your taking a chance on this. I have put over what your about to spend on your car. I know if I get totaled i will pull this motor and parts and put it into another car. You can get in an accident anytime. I think you could get it but you need to call your insurance company. Also for 6500 that better be out the door and ready to go. Link to comment Share on other sites More sharing options...
Pleides Posted July 26, 2022 Share Posted July 26, 2022 If you get a loan on the car then the title has to be owned by the bank. I don't know that you wanna go through with this. I know sinking money into an engine doesn't sound appetizing, especially when a crash might occur, but it's life with these old turbo cars. People have done far more expensive things. This guy, for example. Link to comment Share on other sites More sharing options...
seanyb505 Posted July 26, 2022 Share Posted July 26, 2022 Call your current insurance company and see what they say about declared value or something similar? Link to comment Share on other sites More sharing options...
VespaGTS Posted July 26, 2022 Author Share Posted July 26, 2022 Sadly, I am going to sell it. Damn its clean. Just lower compression in cylinder 4. Its still at 105psi so I will sell with disclosure. Link to comment Share on other sites More sharing options...
NORULZleggy Posted July 27, 2022 Share Posted July 27, 2022 That video of that comet had so many things wrong. 1st a lap belt for a 1300 hp car Ha, I would have had 5 point on and it would have been a tube chassis car. But when he said the brakes were 17 years old, that is a read flag. Link to comment Share on other sites More sharing options...
RyanShort Posted August 26, 2022 Share Posted August 26, 2022 (edited) Well, rebuilds like this are always risky, and you don't really know what's the right thing to do. I think that deciding to sell it was the right thing to do. If you hadn't decided to sell the car, the right thing would be to call your insurance company and see what they have to tell you about your situation. If you didn't like their opinion, you could've tried different insurance companies. The easiest way to find an insurance company is by comparing auto insurance quotes online. Edited August 29, 2022 by RyanShort Link to comment Share on other sites More sharing options...
silverton Posted August 26, 2022 Share Posted August 26, 2022 On 7/27/2022 at 8:43 AM, NORULZleggy said: That video of that comet had so many things wrong. 1st a lap belt for a 1300 hp car Ha, I would have had 5 point on and it would have been a tube chassis car. But when he said the brakes were 17 years old, that is a read flag. Not only that but the brakes failed because he had to ride them to keep the car from going too fast. Dude was stupid through and through and deserves whatever happens. I only feel sorry for the people that he hit, but hopefully bros pockets are deep enough they get a nice settlement. If the car is clean and you want to keep it, do the work. You can get in to an accident at any time in anything. If you have comprehensive coverage on your car you're good. When/If it gets totalled you can fight for the value of your car with your receipts. "Just put 6500 in to it three weeks ago, here's proof" Link to comment Share on other sites More sharing options...
SoobyDoobyDoo Posted August 27, 2022 Share Posted August 27, 2022 Thing that sucks is banks will only go by KBB/NADA value, not current market or recent BaT auctions….unfortunately that’s just how it goes. You might try hagerty if it’s not going to be a daily, but that’s just the risk. I daily mine, but I’m also always conscience of an accident, cause I know the party’ll be over… Link to comment Share on other sites More sharing options...
whitexc Posted August 27, 2022 Share Posted August 27, 2022 (edited) Everyone acts different in a situation such as the Comet faced.....but that could have been different in so many ways....starting with him not driving the car after noticing the throttle hanging up. He freaked out and made multiple mistakes. It sounds like he threw it in park. I feel bad for his buddy and the others involved. I just sunk the boatload into my 2009. I would still do ok if it was wrecked I think. I agree, a rebuild or ynansb is cheaper than a new ride if the rest of the car is good. Edited August 27, 2022 by whitexc Link to comment Share on other sites More sharing options...
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