whoismiked

CPE = Custom parts and equipment (Basically additional coverage for non-OEM aftermarket and custom parts).

Most insurance companies will only cover to replace parts on your car back to OEM state with the normal comprehensive coverage.

I've reached the point now where I have so much invested in aftermarkets parts, accessories and sound system that I plan to call my agent when they open on Monday to discuss adding additional coverage to my plan in case something happens and my car is damaged. Reality is accidents and theft can happen to anyone at any time and I want to be able to have my upgrades / aftermarket parts covered. Obviously the terms of this type of coverage will vary from different insurers, but I'm just wanting to know if anyone else on here with a heavily modified car has added any additional coverage?

After speaking to my agent next week I'll report back to this thread with what I find out. But curious to hear from any CL members who may have this coverage and their experience.

Toys4RJill

Wow. You are a real enthusiast. I guess the pitfalls of modifying your car are what happens if something happens to your car. I also thought modifications were not covered, I now have learned they are not. Never knew there were such things as CPE coverage.

whoismiked

Indeed.

For a little more info about CPE coverage see this article: https://www.carinsurance.com/coverag...equipment.aspx

Depends on the insurance company and depends on the size of the claim also. I've had claims in the past where they covered some add on I had, but typically there is a limit to how much they will pay out with normal comprehensive coverage. As an example, if your car is totaled or stolen, there is no chance they will pay out more than what they deem the car is worth in an OEM state, if you have A LOT of aftermarket parts equaling many thousands they will not cover past the limit, getting CPE coverage will extend that payout limit to be what your car is worth PLUS all your aftermarket parts.

I'm well over $10k+ worth of upgrades and parts at this point and if something catastrophic were to happen to my car I'd be devastated, so I wanna get the extra coverage. I'll be calling tomorrow to inquire about details / prices. I'll let you all know how that goes.

msgs350

iTrader: (2)

I have coverage on my aftermarket wheels, carbon fiber parts and stereo on my IS-F, GX460 and soon Tacoma. My insurance company will cover these as an additional “endorsement”. However, they won’t cover modification parts to the engine and suspension.

whoismiked

Interesting, but that makes sense from the insurers perspective, thanks for sharing that, I was not expecting that to be the case, but I won't be so surprised now If I find out the same thing tomorrow when I call.

whoismiked

Alright CL friends, I have my update as I just spoke to my agent, had them send the the stipulations in writing to me, after reading them, I agreed to add the endorsements to my policy.

Note: I am with Allstate, other insurers may be different, but this is what I was provided with.

Custom parts and sound system were two different endorsements. I chose and additional $10,000 in aftermarket parts coverage and $2500 in Stereo System coverage ($2500 was their max on stereo).

This additional $12,500 in coverage will only cost me and extra $20.16 a month, worth it to me. As mentioned this will likely vary from different insurance companies, your age, driving record, ect is likely all part of the equation. I am considered low risk due to my age, perfect driving record, and my Lexus not being my daily and being garage kept, ect. I'm sure all these factors affect the cost.

The only thing stated in my endorsement contract that is NOT covered is parts designed for racing, which a large majority of mine are not.

All I have to do is provide a list of all my parts, pictures of them help, and receipts help even more, all of which I have. This is not required upfront, can be done in the event of a claim but they suggested to start adding the list now rather than during a claim to make it faster if this was ever to be used.