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.... so when they go for insurance and they give the company the vin number the company thinks it is either a 2.8 v-6 or a 4.3 v-6.
And then when they need that insurance they get a payoff for a truck with a 2.8 or 4.3, which is probably a few thousand less than what they have in the truck.
Here (and most places from what I have heard) there is no retitling a vehicle unless it is changed to a salvage title. Once a vehicle is assigned a VIN it can't be changed. Street rods are different because many of them don't have a VIN to begin with.
A v8 S-10 could easily pass an emmissions test if it was just a sniffer test. It would never pass a visual unless the inspector didn't have a clue what he was looking at. The small block looks so much like a 4.3 it might not be that hard to sneak it through anyway.