Car Insurance & Mods
09-07-2007, 06:07 PM
#5
4th Gear Member
Thread Starter
Join Date: Jul 2007
Location: CA
Posts: 1,914
RE: Car Insurance & Mods
Actually I just called them for the hell of it, and told them I was considering a blower and NOS, they told me to keep the receipts and photos, if anything happens it will be covered and not change my rates! Could not believe it! Damn I love State Farm!
09-08-2007, 08:49 AM
#6
5th Gear Member
Join Date: Jun 2005
Location:
Posts: 3,319
RE: Car Insurance & Mods
Years ago I had a '97 GT vert with a couple of thousand in mods. I was hit by a hillbilly in a gravel truck and his ins. company totaled it. After they made the settlement offer, I presented all my receipts for the modsand asked for compensation for them. We argued about it for a week or so, and they ended up giving me half of the amount. I felt it was the best I could do. Half was better than nothing. May all insurance companies burn in hell!
09-08-2007, 09:40 AM
#7
Join Date: Nov 2006
Location:
Posts: 8
RE: Car Insurance & Mods
I work for an insurance company as a claims adjuster - we're not all bad and I doubt I'll "burn in hell."
There's a couple things to be aware of. If you're filing a claim on your own policy under the Collision coverage, mods aren't always covered. You need to look in the Collision section of your policy to see if there are any Exclusions to mods. If there are, then you have to tell your insurance company about them if you want to have them covered. It's not a matter of the insurance company trying to be cheap or sleazy. It's a contract they hold with you. If you pay them premium's for a stock GT, then that's all they owe you in return. If you pay them premium's for a GT with $5000 in mods, then that's what they owe you. It's simple contract law. As far as raising your rates, it likely won't be that bad. I would happily pay the extra $5 a month to cover a $5000 SC in case I accidentally loose control and smack into a wall going 100.
As far as being struck by someone else and filing a 3rd party Property Damage claim, that's different. That insurance company owes you indemnity. They have to make you whole, or put you back in the same condition as before the accident. A little secret about total losses. As far as my company goes, they want to close out and settle your total loss as quick as possible. If you provide evidence of the value of your car and the mods, they might or might not offer the total value. They can take depreciation, but that's only fair. They aren't going to pay you full value for a mod that's got 10,000 miles on it. But, sometimes it really helps to argue. Try not to be a pain in the **** though, or the adjuster will just say screw it and keep playing hardball with you. If you can't get anywere with the adjuster you're talking to, talk with their manager. Managers always have the power to throw extra $$ at you to resolve the claim and make you go away. It's all about closing files in the insurance business.
There's a couple things to be aware of. If you're filing a claim on your own policy under the Collision coverage, mods aren't always covered. You need to look in the Collision section of your policy to see if there are any Exclusions to mods. If there are, then you have to tell your insurance company about them if you want to have them covered. It's not a matter of the insurance company trying to be cheap or sleazy. It's a contract they hold with you. If you pay them premium's for a stock GT, then that's all they owe you in return. If you pay them premium's for a GT with $5000 in mods, then that's what they owe you. It's simple contract law. As far as raising your rates, it likely won't be that bad. I would happily pay the extra $5 a month to cover a $5000 SC in case I accidentally loose control and smack into a wall going 100.
As far as being struck by someone else and filing a 3rd party Property Damage claim, that's different. That insurance company owes you indemnity. They have to make you whole, or put you back in the same condition as before the accident. A little secret about total losses. As far as my company goes, they want to close out and settle your total loss as quick as possible. If you provide evidence of the value of your car and the mods, they might or might not offer the total value. They can take depreciation, but that's only fair. They aren't going to pay you full value for a mod that's got 10,000 miles on it. But, sometimes it really helps to argue. Try not to be a pain in the **** though, or the adjuster will just say screw it and keep playing hardball with you. If you can't get anywere with the adjuster you're talking to, talk with their manager. Managers always have the power to throw extra $$ at you to resolve the claim and make you go away. It's all about closing files in the insurance business.
09-08-2007, 09:57 AM
#8
2nd Gear Member
Join Date: Jun 2005
Location: Denver, CO.
Posts: 281
RE: Car Insurance & Mods
ditto...
i also do insurance work and what he said is right on.
What annoys me most is when people, insureds or claimants or attorneys or bodyshops think they're entitled to something they are not entitled to. Everyone thinks their claim is worth more than it is, but the worst thing you can do is lose your cool and get nasty.
What he said is right, you get nasty with me and I'm just going to push back. I'll go out of my way to helpsome who is nice and calm and treats me with respect. Start cursing at me on the phone, telling me I'm a crook or telling me, and I quote: "your mom makes nachos at 7-11" is no way to get me to want to help you out. Everyone has a job to do, and dealing with Aholes does not make that job easier. Just stay calm and nice and present tons and tons of documentation, the more the merrier. Go to the manager if you have to. 9 out of 10 times the manager will pay you more just to get you off his/her back, they have so much more to deal with and another couple hundred bucks to cover mods is not a priority.
i also do insurance work and what he said is right on.
What annoys me most is when people, insureds or claimants or attorneys or bodyshops think they're entitled to something they are not entitled to. Everyone thinks their claim is worth more than it is, but the worst thing you can do is lose your cool and get nasty.
What he said is right, you get nasty with me and I'm just going to push back. I'll go out of my way to helpsome who is nice and calm and treats me with respect. Start cursing at me on the phone, telling me I'm a crook or telling me, and I quote: "your mom makes nachos at 7-11" is no way to get me to want to help you out. Everyone has a job to do, and dealing with Aholes does not make that job easier. Just stay calm and nice and present tons and tons of documentation, the more the merrier. Go to the manager if you have to. 9 out of 10 times the manager will pay you more just to get you off his/her back, they have so much more to deal with and another couple hundred bucks to cover mods is not a priority.
ORIGINAL: Texas
I work for an insurance company as a claims adjuster - we're not all bad and I doubt I'll "burn in hell."
There's a couple things to be aware of. If you're filing a claim on your own policy under the Collision coverage, mods aren't always covered. You need to look in the Collision section of your policy to see if there are any Exclusions to mods. If there are, then you have to tell your insurance company about them if you want to have them covered. It's not a matter of the insurance company trying to be cheap or sleazy. It's a contract they hold with you. If you pay them premium's for a stock GT, then that's all they owe you in return. If you pay them premium's for a GT with $5000 in mods, then that's what they owe you. It's simple contract law. As far as raising your rates, it likely won't be that bad. I would happily pay the extra $5 a month to cover a $5000 SC in case I accidentally loose control and smack into a wall going 100.
As far as being struck by someone else and filing a 3rd party Property Damage claim, that's different. That insurance company owes you indemnity. They have to make you whole, or put you back in the same condition as before the accident. A little secret about total losses. As far as my company goes, they want to close out and settle your total loss as quick as possible. If you provide evidence of the value of your car and the mods, they might or might not offer the total value. They can take depreciation, but that's only fair. They aren't going to pay you full value for a mod that's got 10,000 miles on it. But, sometimes it really helps to argue. Try not to be a pain in the **** though, or the adjuster will just say screw it and keep playing hardball with you. If you can't get anywere with the adjuster you're talking to, talk with their manager. Managers always have the power to throw extra $$ at you to resolve the claim and make you go away. It's all about closing files in the insurance business.
I work for an insurance company as a claims adjuster - we're not all bad and I doubt I'll "burn in hell."
There's a couple things to be aware of. If you're filing a claim on your own policy under the Collision coverage, mods aren't always covered. You need to look in the Collision section of your policy to see if there are any Exclusions to mods. If there are, then you have to tell your insurance company about them if you want to have them covered. It's not a matter of the insurance company trying to be cheap or sleazy. It's a contract they hold with you. If you pay them premium's for a stock GT, then that's all they owe you in return. If you pay them premium's for a GT with $5000 in mods, then that's what they owe you. It's simple contract law. As far as raising your rates, it likely won't be that bad. I would happily pay the extra $5 a month to cover a $5000 SC in case I accidentally loose control and smack into a wall going 100.
As far as being struck by someone else and filing a 3rd party Property Damage claim, that's different. That insurance company owes you indemnity. They have to make you whole, or put you back in the same condition as before the accident. A little secret about total losses. As far as my company goes, they want to close out and settle your total loss as quick as possible. If you provide evidence of the value of your car and the mods, they might or might not offer the total value. They can take depreciation, but that's only fair. They aren't going to pay you full value for a mod that's got 10,000 miles on it. But, sometimes it really helps to argue. Try not to be a pain in the **** though, or the adjuster will just say screw it and keep playing hardball with you. If you can't get anywere with the adjuster you're talking to, talk with their manager. Managers always have the power to throw extra $$ at you to resolve the claim and make you go away. It's all about closing files in the insurance business.
09-08-2007, 11:38 AM
#9
2nd Gear Member
Join Date: Jun 2007
Location:
Posts: 264
RE: Car Insurance & Mods
I am an insurance agent at USAA and I can tell you from our end, we don't increase your premium because of mods. We will however, cover them if you have receipts. In all honesty our computer system has no way of taking mods into consideration, (that's a good thing) at least not yet. Considering we are using the most advanced system of all the major insurance companies, I doubt any other company would charge you extra. If they do they are winging it, or adding a charge manually. Also, a reputable company is gonna send an adjuster that isn't a total tool. Beware if you have a female adjuster! She's likely to go with the book value of the vehicle because she doesn't know any better. I've seen female adjusters total out a vehicle that wasn't totalled because of a lack of automotive knowhow. Most don't know a supercharger from an alternator, much less if it is aftermarket of not!
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09-08-2007, 04:02 PM
#10
4th Gear Member
Thread Starter
Join Date: Jul 2007
Location: CA
Posts: 1,914
RE: Car Insurance & Mods
Well hopefully being that my insurance agent is a friend of my step fathers he won't jack me if I plow into a wall. Plus I have been with SF for over 20yrs, so maybe that would help also. Never had a claim aganist me either.