INSURANCE
S197 Section Modder-ator
Joined: Sep 2007
Posts: 13,373
From: Orlando FL
RE: INSURANCE
You have to tell them aboutall the goodies that you added and insure the car with the extra value now.
More likely, they'll raise your premium if you have more than a couple of Grand in the car. Witch is your caseand plenty more of us.
I have been looking into going with classic car ins. and put my 06 in,as an exotic but I don't want to be limited on mileage or anything like that.
I hate to get hammered in the event of a crash cause my $900 hood will get trashed for sure.
More likely, they'll raise your premium if you have more than a couple of Grand in the car. Witch is your caseand plenty more of us.
I have been looking into going with classic car ins. and put my 06 in,as an exotic but I don't want to be limited on mileage or anything like that.
I hate to get hammered in the event of a crash cause my $900 hood will get trashed for sure.
2nd Gear Member
Joined: Jun 2007
Posts: 264
From:
RE: INSURANCE
You have to keep reciepts and records of your mods. Anything "permanently fixed to the vehicle" like rims, after market spoilers, or body kits will be covered by your insurance company. Underhood is a different story, that's where you cross your fingers and hope your insurance adjuster doesn't suck. Having a list of all mods and informing your insurance company goes a long way. Even the most advanced insurance companies don't have the ability to include mods in their quotes, but they should be able to note the mods you have. As far as getting some kind of classic car insurance you are right, most have a 2000-3000 mile per year limit on mileage but I wouldn't recommend because they will check mileage unlike your typical insurance company. They tend to void coverage even if you go a few miles over the set limit. Also they tend to look down on those with a practically new vehicle wanting it covered as a classic car.
2nd Gear Member
Joined: Jun 2007
Posts: 242
From: new york
RE: INSURANCE
OK so two weeks after I fininshed my first car, the service department took a test ride with two mechanics (or JOY rode) and totalled my car. Insurance company gave me 35,000 even though I had 45-50 in the car. I think Chubb will insure for stated value, but not travellers, so beware. In the end, I moved over what parts I could on a new car, with options I wished I had (ie Shaker 1000), and the dealer ordered all the new body parts and did the labor and paint for free. If I had wrecked the car then I would have been out 15 grand.
5th Gear Member
Joined: Nov 2006
Posts: 4,132
From: California
RE: INSURANCE
I just called my insurance and they will cover aftermarket parts up to $5,000... anything over is covered as a stated amount... basically you're saying that the vehicle is worth more then what a stock vehicle of that year would be. You give them the amount you have in modifications combined with the vehicle value and then they'll quote you (this includes engine & appearance mods). NOW -- just cause you have the stated amount and you end up having a total loss that doesn't mean that they'll pay you for your stated amount. You will then have to prove the stated amount by showing receipts... you have the receipts then they'll pay out... if you go over the stated amount then it's between you and the adjuster.
J
J
S197 Section Modder-ator
Joined: Sep 2007
Posts: 13,373
From: Orlando FL
RE: INSURANCE
ORIGINAL: poohflingr
You have to keep reciepts and records of your mods. Anything "permanently fixed to the vehicle" like rims, after market spoilers, or body kits will be covered by your insurance company. Underhood is a different story, that's where you cross your fingers and hope your insurance adjuster doesn't suck. Having a list of all mods and informing your insurance company goes a long way. Even the most advanced insurance companies don't have the ability to include mods in their quotes, but they should be able to note the mods you have. As far as getting some kind of classic car insurance you are right, most have a 2000-3000 mile per year limit on mileage but I wouldn't recommend because they will check mileage unlike your typical insurance company. They tend to void coverage even if you go a few miles over the set limit. Also they tend to look down on those with a practically new vehicle wanting it covered as a classic car.
You have to keep reciepts and records of your mods. Anything "permanently fixed to the vehicle" like rims, after market spoilers, or body kits will be covered by your insurance company. Underhood is a different story, that's where you cross your fingers and hope your insurance adjuster doesn't suck. Having a list of all mods and informing your insurance company goes a long way. Even the most advanced insurance companies don't have the ability to include mods in their quotes, but they should be able to note the mods you have. As far as getting some kind of classic car insurance you are right, most have a 2000-3000 mile per year limit on mileage but I wouldn't recommend because they will check mileage unlike your typical insurance company. They tend to void coverage even if you go a few miles over the set limit. Also they tend to look down on those with a practically new vehicle wanting it covered as a classic car.
Thanks again for sharing your knowledge.
Keep posting man, as you are a valuable asset to the forum.
Lots of people have hard time understanding and trusting the insurance business in general.
As a shop owner, I've been challenged more than once to explain customers how to deal with different insurance companies when their cars get wacked.
Some morons eventhink the shop is responsible for their deductible
. Riiiiiiiiiiiiiiight.
2nd Gear Member
Joined: Jun 2007
Posts: 264
From:
RE: INSURANCE
The more the insurance company knows the better. If you don't tell us, we don't know. Something you have to take into consideration is this, if you have the best go fast parts on your car and you crash because of excessive speed, your insurance company will tell you you are lucky to get what the car is worth. And if you think the other guys insurance company is gonna pay for your car and go fast parts you are crazy. They are gonna give you bare bones for your ride, and cut as many corners as possible. That means generic parts that may not quite fit your car. I have seen this. The best insurance companies take care of all their customers needs, and pay to at least put the third party back on their feet and not get sued. The worst companies don't even take care of their customers.
5th Gear Member
Joined: Nov 2006
Posts: 4,132
From: California
RE: INSURANCE
You're right... they will swapp in parts that are generic... thats why you pick a shop that you can trust to get you the right parts that belong ...
ORIGINAL: poohflingr
The more the insurance company knows the better. If you don't tell us, we don't know. Something you have to take into consideration is this, if you have the best go fast parts on your car and you crash because of excessive speed, your insurance company will tell you you are lucky to get what the car is worth. And if you think the other guys insurance company is gonna pay for your car and go fast parts you are crazy. They are gonna give you bare bones for your ride, and cut as many corners as possible. That means generic parts that may not quite fit your car. I have seen this. The best insurance companies take care of all their customers needs, and pay to at least put the third party back on their feet and not get sued. The worst companies don't even take care of their customers.
The more the insurance company knows the better. If you don't tell us, we don't know. Something you have to take into consideration is this, if you have the best go fast parts on your car and you crash because of excessive speed, your insurance company will tell you you are lucky to get what the car is worth. And if you think the other guys insurance company is gonna pay for your car and go fast parts you are crazy. They are gonna give you bare bones for your ride, and cut as many corners as possible. That means generic parts that may not quite fit your car. I have seen this. The best insurance companies take care of all their customers needs, and pay to at least put the third party back on their feet and not get sued. The worst companies don't even take care of their customers.