Mods and insurance - how is it where you are?
#1
Mods and insurance - how is it where you are?
I'm in Ontario, Canada, and the way insurance here is, if you do any major modifications to your car, you will render it uninsurable*. Is this a problem elsewhere as well? I figure it must be, insurance companies everywhere get very skittish about fast cars, so making them even faster must cause problems.
* there are still lots of modded cars, but I suspect the owners just haven't told their insurance about it. They will get a nasty surprise if they have an accident and find out they have voided their insurance with the mods!
* there are still lots of modded cars, but I suspect the owners just haven't told their insurance about it. They will get a nasty surprise if they have an accident and find out they have voided their insurance with the mods!
#3
RE: Mods and insurance - how is it where you are?
I'm in Ontario Canada too, and am not sure what the issue is with modded cars & insurance.
You can certainly do litttle things like swap rims/rubber and maybe bodypanels, and minor stuff under the hood. But if you stick a blower/turbo on your stang then they might get nervous. I don't know if you had an accident and the investigator sees you wreck has a big blower sticking out of the hood & tubbed slicks in the back, would they void your policy?
If you spend $10K in mods & don't tell the insurance company, and your car gets stolen,,, then they obviously aren't liable to recoupe that extra money.. My last Jeep was lifted with big mudders on oversized rims, etc.. I bought it used that way, and was surprised when insuring the thing, the inspector gave it a visual inspection & didn't seem concerned at all the thing was modded..
You can certainly do litttle things like swap rims/rubber and maybe bodypanels, and minor stuff under the hood. But if you stick a blower/turbo on your stang then they might get nervous. I don't know if you had an accident and the investigator sees you wreck has a big blower sticking out of the hood & tubbed slicks in the back, would they void your policy?
If you spend $10K in mods & don't tell the insurance company, and your car gets stolen,,, then they obviously aren't liable to recoupe that extra money.. My last Jeep was lifted with big mudders on oversized rims, etc.. I bought it used that way, and was surprised when insuring the thing, the inspector gave it a visual inspection & didn't seem concerned at all the thing was modded..
#4
RE: Mods and insurance - how is it where you are?
I figured the U.S would be worse, if anything, so I'm surprised to see it's not.
Greymustang - Most insurance companies are now requiring inspections by their mechanics on older vehicles, the agent I spoke to last week said they were looking for things like superchargers and suspension lowering. He said they would not insure such a car.
Greymustang - Most insurance companies are now requiring inspections by their mechanics on older vehicles, the agent I spoke to last week said they were looking for things like superchargers and suspension lowering. He said they would not insure such a car.
#5
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RE: Mods and insurance - how is it where you are?
If I wreck my car, I just get a stock car back....unless it's someone else's fault, I have a better chance at getting my mods back.
You can get insurance for each of your mods but that really adds up, it's such a rip off but if you can afford it, it might save your tail someday!
You can get insurance for each of your mods but that really adds up, it's such a rip off but if you can afford it, it might save your tail someday!
#6
RE: Mods and insurance - how is it where you are?
Most of the time the insurance companys will not cover your mods, unless you find a way to work it out with them. In reality if the company knows nothing of your mods and you are not paying more in premiums then they should not cover the mods. You can also check into whats called an agreed value policy, basicly you and your agent come to an agreement on what the car is worth, and your premium is then based off that number, there are somtimes restrictions on how much the car can be drivin though. Check out Hagerty, and I also know Allstate does this.
#7
RE: Mods and insurance - how is it where you are?
I think the issue is more with the liability insurance...they base rates on a cars power and 'sportiness', surely, we all know a 5.0 costs more to insure than a 4cyl. If you boost that power, you make your car, in the eyes of the insurer, more likely to be involved in an accident.
#8
RE: Mods and insurance - how is it where you are?
I live in New Jersey a friend of mine that got in a wreck with his show car, didnt get anything but what the car was worth and were talking 15 grand of modding and the accident couldnt of been any less of his fault.
#9
RE: Mods and insurance - how is it where you are?
ORIGINAL: jaykav99
I live in New Jersey a friend of mine that got in a wreck with his show car, didnt get anything but what the car was worth and were talking 15 grand of modding and the accident couldnt of been any less of his fault.
I live in New Jersey a friend of mine that got in a wreck with his show car, didnt get anything but what the car was worth and were talking 15 grand of modding and the accident couldnt of been any less of his fault.
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