Another insurance question

paheff

paheff

Member
At what point (if ever) does it make sense to notify your auto insurance company of the modifications that you make to your car? In the event of a total loss, you could stand to lose thousands if they are not aware, but if they are, will they jack up your rates because of preformance enhancing mods? :confused:
 

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Lemme share my recent total loss experience.

I had a difficult to find (in the secondary market) 1999 Ford Crown Vic LX with the Handling and Performance Package.

To keep it simple, the insurance company devalued all the extras on the car to zero due to age and gave me market value on a standard Vic.

I also had aftermarket items on the car such as:

Alarm
Cd Changer
Mud flaps
window tint
etc.

Have all receipts and they devauled these by 80-100% of original price.

I got hosed.

You will too, so mod away, but know that if you expereince a total loss, you will not be fully, if at all, covered for mod items.

There is agreed value insurance available. It's expensive and varies greatly depending upon how often you drive it. If it's a parade car, it's affordable, but for daily drivers it's probably not very attractive.
 
How about this:

get your car appraised by a 3rd party. Then call your insurance company and insure the car that value. I guess it would be rated as a specilaty or collector car at that point. I'm not sure if that'll work for a daily driver.

Tom
 
paheff said:
At what point (if ever) does it make sense to notify your auto insurance company of the modifications that you make to your car? In the event of a total loss, you could stand to lose thousands if they are not aware, but if they are, will they jack up your rates because of preformance enhancing mods? :confused:
Click to expand...

I don't know if this will help you or not, but here goes.

Contact Sneed Insurance at:
http://www.sneedcompanies.com/index.htm or
1-800-619-7827

This issue came up on the NAISSO forum (www.impalaclub.com) awhile back and is addressed on their home page. You guys with the MM's may want to check it out and do what NAISSO did and see of you guys can get your cars classified as a collectible to get them insured better and to get a good rate. There are certain stipulations, cannot be a daily driver I think. You might want to see if they have other plans to see what they can do.

Also, my own experience with this issue with my insurance carrier (State Farm) is that they will follow the norms, ie., what the NADA book says +/-, and what has been being paid out, etc., etc.
Not what you think it is worth or what you can show that you have in it. I believe they said the car has to be 25 years old to be considered a collectiable/antique.

Hope this helps. ;)
 
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Most insurance companies go by their book which only lists some of the extras. As far as MODS go I think you will have a problem collecting. IMHO.:(
 
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