pimpin' ain't easy

[rone]

So, if those people on "Pimp My Ride" can't afford to get a decent car to replace their piece-of-shit junkheap, what makes MTV think they can afford the insurance on the pimped-up vehicle?

Comments

[ratphooey.livejournal.com]

Insurance? We don't need no stinkin' insurance.

[therobbergirl.livejournal.com]

I'm not sure that they have to report much to the insurance company. Many years ago, a friend of mine dropped a very cool engine into a Toy Corolla. The insurance company didn't care and charged him the same rate as though he had the regular engine for that model.

[ptomblin-lj.livejournal.com]

AOPA Pilot Magazine, Sporty's Pilot Shop, the EAA, and several other organizations have annual give-aways where they take some clapped out airplane, do a whole hell of a lot of upgrading prominently featuring products that are advertised or sold by them, and then give it away. They'll often put $250,000 worth of work (which of course they don't pay full retail for) into a $75,000 airplane. And of course the "gift" is considered taxable income, at the full inflated price, not at their real resale value. Not surprisingly, most of the people who get these planes end up selling them to pay the taxes, and they sure as hell don't get $250K+$75 for it.

[glitter-ninja.livejournal.com]

Pretty much every option for insurance of a car like that will be cheap. Insurance for a restored car that's 20 years old or more, only driven on a few Sundays during the dry summer months, or in parades, costs like .008 cents per year.

If you have a restored car you drive regularly, most likely the insurance company won't let you take anything more than liability on it. A car over 9 years old or so will have really low rates, especially without comprehensive or collision coverage.

Some places will occasionally insure an older vehicle based on the stated amount and allow comp/collision coverage, but the value of the car is based on resale value, which is low. You can put $25,000 into a car but stated value is only $10,000 because that's all you can sell it for. With the value based on such a low amount, you get cheap insurance that way, but if you total your car you only get the stated amount, which sucks.

You shouldn't have asked this. I can hear you snoring already.

[frosch.livejournal.com]

you haven't been around very much TV production, have you?

[andrewhime.livejournal.com]

I wondered that after watching the early Daihatsu Hijet episode, since I work in car insurance all day. But the truth is, those people probably only carry liability since the vehicles are essentially worthless before and even after.

[littleamerica.livejournal.com]

You watch Pimp My Ride?

[crankysysadmin.livejournal.com]

http://www.boingboing.net/2005/07/15/pimp_my_fahrrad.html