Insuring A Car With Mods?
07-08-2009, 07:02 PM
#1
Insuring A Car With Mods? I have my 2002 Trans Am. Obviosuly it is modded. It is not my DD either.
Lets say if it were to ever get stolen or totalled, could i get my ins. co. to pay for my mods? I have State Farm right now. And it is on FULL COVERAGE as we speak b/c it is 'summer'
But i was jsut thinking about that jsut now. I would not want to be out of any money..
Thanks
Lets say if it were to ever get stolen or totalled, could i get my ins. co. to pay for my mods? I have State Farm right now. And it is on FULL COVERAGE as we speak b/c it is 'summer'
But i was jsut thinking about that jsut now. I would not want to be out of any money..
Thanks
07-08-2009, 11:18 PM
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Very good thread, I just put alot of money into my car as well, and I was wondering about this just the other day! 
Hope some people chime in on whats the best thing to do.
Good Luck
James
Hope some people chime in on whats the best thing to do.
Good Luck
James
07-09-2009, 12:22 AM
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Regular insurance won't cover anything extra. All they would be willing to pay is the blue book value of the car. My friend got burned badly when his bike was stolen, he only got about 1/4 of what it was worth. You're looking for agreed value insurance like Grundy Worldwide and others offer. There are some stipulations but they say it very reasonable.
07-09-2009, 02:23 AM
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I'm a Grundy customer. The only major stipulations are that the car be garage kept when not in use, and that it can't be your daily driver (must have another car for work commuting, etc.). The car is only supposed to be used for pleasure driving, but mileage is unlimited.
I have my '71 Nova and '98 Z28 covered through them. The rates are VERY reasonable compared to normal insurance. I was paying about $700 per year for full coverage on my '98 Z with State Farm, and with Grundy I pay only $300 per year. They have different pay scales for antique cars vs. newer cars, so I actually pay even less for my '71 Nova even though the agreed value is higher than the '98 Z.
I checked Grundy out before I signed up with them. They had no complaints filed against them with the BBB, and I know some others that have used them without complaints so I felt comfortable.
07-09-2009, 08:04 AM
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Stated Value is what I have. After I hit a deer in my car they only wanted to give me 3k and take the car. Of course I fought it and got a little more and keep the car but to insure that didnt happen again I talked to my agent and switched it over to stated value. You need to have it apparised and a list of ever modification.
Though according to my agent if your car was totaled I should have been compensated for all the usable parts.
Though according to my agent if your car was totaled I should have been compensated for all the usable parts.
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07-09-2009, 08:12 AM
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I took some pictures and listed some of the more $$ mods + receipts i have made and took them to my insurance agent. Just to cover my a$$ if something did happen.
Hopefully it never comes to the point i have to see if that is enough to get the extra money i have invested. But he told me he would go to bat for me....
To get Show car insurance my agent said your car would have to be professionally appraised. Guess there aren't alot of places that do that?? I dont think my car is at the point i need to go that far.
Hopefully it never comes to the point i have to see if that is enough to get the extra money i have invested. But he told me he would go to bat for me....
To get Show car insurance my agent said your car would have to be professionally appraised. Guess there aren't alot of places that do that?? I dont think my car is at the point i need to go that far.
07-09-2009, 09:48 AM
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No appraisal is necessary for agreed value coverage through Grundy. All you have to do is send in pics to show that the car is completed and in mint/excellent condition. You also have to submit a form that answers some basic questions about the car, including major modifications.
Premiums are paid annually, and they mail/e-mail you a proof of insurance card just like any other insurance company.
Premiums are paid annually, and they mail/e-mail you a proof of insurance card just like any other insurance company.
07-09-2009, 10:47 AM
#11
I'm a Grundy customer. The only major stipulations are that the car be garage kept when not in use, and that it can't be your daily driver (must have another car for work commuting, etc.). The car is only supposed to be used for pleasure driving, but mileage is unlimited.
I have my '71 Nova and '98 Z28 covered through them. The rates are VERY reasonable compared to normal insurance. I was paying about $700 per year for full coverage on my '98 Z with State Farm, and with Grundy I pay only $300 per year. They have different pay scales for antique cars vs. newer cars, so I actually pay even less for my '71 Nova even though the agreed value is higher than the '98 Z.
I checked Grundy out before I signed up with them. They had no complaints filed against them with the BBB, and I know some others that have used them without complaints so I felt comfortable.
07-09-2009, 10:57 AM
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Jonas, go to grundy.com and check out the website (which also has a quote estimate program that was very accurate in my case). If you want to call them, the main numer is right on the homepage.
Hope that helps.
Hope that helps.
07-09-2009, 11:39 AM
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I used to work for State Farm for years, before that Amica Insurance. Long story short you need to get either show car insurance or a stated value policy.
Now here’s the long story. The insurance company will always try to replace the value of what you have the problem is agreeing on that value after an accident. Mods or not they will use any comparable car they can find. If your car is fully tricked out and you can find other cars with similar mods they will take that into consideration.
But here is the problem and I will use my own daily driver as an example (1999 SS, 140k miles, new clutch, brakes etc.) my car is old but has been very well maintained with a book value of perhaps $5k. I have been to several dealers to look at 02 Firebirds with half the miles and found that I wouldn’t even trade strait up for most of them. So even if my insurance company gave me $10k for a loss I can’t find another car in the same condition as mine and I would probably have to do the clutch and brakes all over again.
This is all with a stock (mostly) Camaro. It’s just not possible after an accident to convince anyone (let alone an insurance company) that your car was worth more then another comparable car.
And here is another problem; there is a difference between add-on mods and replacement mods. If for example you added sub-frame connectors (a part the car did not have originally) it’s easy for the insurance company (add on price-minus depreciation=$$$) but when I changed my clutch I went with an upgrade to the LS7 clutch. But the insurance views that as something I had to replace anyway so it doesn’t add any substantial value to the vehicle, same with the brakes.
Anyway I could go on and on, best bet get a stated value policy. If you can’t document everything you can, keep sales adds for cars that closely match yours, record offers you have had for your own car etc.
Feel free to PM me if you have other questions.
Now here’s the long story. The insurance company will always try to replace the value of what you have the problem is agreeing on that value after an accident. Mods or not they will use any comparable car they can find. If your car is fully tricked out and you can find other cars with similar mods they will take that into consideration.
But here is the problem and I will use my own daily driver as an example (1999 SS, 140k miles, new clutch, brakes etc.) my car is old but has been very well maintained with a book value of perhaps $5k. I have been to several dealers to look at 02 Firebirds with half the miles and found that I wouldn’t even trade strait up for most of them. So even if my insurance company gave me $10k for a loss I can’t find another car in the same condition as mine and I would probably have to do the clutch and brakes all over again.
This is all with a stock (mostly) Camaro. It’s just not possible after an accident to convince anyone (let alone an insurance company) that your car was worth more then another comparable car.
And here is another problem; there is a difference between add-on mods and replacement mods. If for example you added sub-frame connectors (a part the car did not have originally) it’s easy for the insurance company (add on price-minus depreciation=$$$) but when I changed my clutch I went with an upgrade to the LS7 clutch. But the insurance views that as something I had to replace anyway so it doesn’t add any substantial value to the vehicle, same with the brakes.
Anyway I could go on and on, best bet get a stated value policy. If you can’t document everything you can, keep sales adds for cars that closely match yours, record offers you have had for your own car etc.
Feel free to PM me if you have other questions.
07-09-2009, 02:19 PM
#16
I asked the lady at state farm about this very same thing and she said that if i had receipts for everything that it would be covered...as much as i'd like to believe that.... i am still going to get something in writing from them or go with another company
07-09-2009, 09:27 PM
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07-09-2009, 09:58 PM
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From my understanding his premiums did not go up because this was a no fault incident. My stepfather had rims on his old suburban and the truck was stolen with the rims on it. I just called and asked him did his premium go up and he said no.
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