Modded Car Insurance?
01-10-10, 11:27 AM
#16
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I have no tickets, no accidents, only a couple of windshield claims from flying rocks. Actually on three cars. About 2 months after calling State Farm and inquiring about changing my policy only on my Lexus to a stated value policy, they sent me a Dear John letter with a 30 notice of dropping my Lexus only from coverage. They had all of my insurance, including Home Owners. I was quite ticked with them, so I dropped them, but kept the Homeowners, as they want to drop all of their Homeowners insurance coverage in Florida. No way. They can keep on providing me with that insurance. I switched my cars to another major carrier. Haven't decided to ask them about stated or not on the Lexus. I do know that if you keep your receipts, you can generally enter into arbitration with the insurance company to get a better settlement.
a gf of mine did the same thing 2 in under 2 years the same thing happened to her…
(I KNOW, HARD LUCK INDIVIDUALS), but both had policies for over 5 to 6 years.
… anyway I told her to get geico I have never had an issue of any kind with them
wouldn’t you know it she was hit in her new (to her) car with the 30 day tags still on and get this, the license plate she just picked up from DMV in the car.
Some fool test driving a Nissan pathfinder with dealer tags hits a ford explorer behind her at the light so hard that the explorer knocks her car into the middle of the intersection and pushed the trunk all the way up to the back seat… he then runs for it… 3 vehicles destroyed. They do catch him later.
Anyway with the ink still drying on the policy, geico pays her 9k plus for everything… and I went I told you so…
Last edited by gunyvw; 01-10-10 at 11:32 AM.
01-10-10, 12:44 PM
#18
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yea thanks for all the info everyone. my policy ends this weekend so im goin go shopping to see which one is going be the best rates. ill keep everyone posted on what i get for coverage and price!
02-03-10, 10:29 AM
#21
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okay so i finally get my insurance agent to call me back.
Heres the deal they are doing for me
AAA Insurance
Full coverage Fire/theft/vandalizing/comprehensive/collision/liability.
Market value of car at time of claim
+ 100% value of car entertainment system (2k headunit + subs + amps)
+ Depreciation value of Engine modifications/car modifications (10k motor/tran, 2k suspension, 1k brakes, $500 exhaust, etc.)
I showed receipts for everything so they will do full coverage and if anything happens will give me depreciation value of $15,000 dollars in mods + market car value (which is 5k on kbb)
so right now im covered for about $20,000 which is fair for me minus depreication which they said is like $1000 per year of ownership of car/mods.
$1200 a year. (im 24; no crashes; zero tickets)
I think thats fair. As my 08 Honda Fit is $800 a year for full coverage
Heres the deal they are doing for me
AAA Insurance
Full coverage Fire/theft/vandalizing/comprehensive/collision/liability.
Market value of car at time of claim
+ 100% value of car entertainment system (2k headunit + subs + amps)
+ Depreciation value of Engine modifications/car modifications (10k motor/tran, 2k suspension, 1k brakes, $500 exhaust, etc.)
I showed receipts for everything so they will do full coverage and if anything happens will give me depreciation value of $15,000 dollars in mods + market car value (which is 5k on kbb)
so right now im covered for about $20,000 which is fair for me minus depreication which they said is like $1000 per year of ownership of car/mods.
$1200 a year. (im 24; no crashes; zero tickets)
I think thats fair. As my 08 Honda Fit is $800 a year for full coverage
Last edited by eliteskill; 02-03-10 at 11:28 AM.
02-03-10, 10:58 AM
#22
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I have $52k agreed value coverage on my SC400 and pay $1,600 for both my 97 SC's with 250/500/200 and 100/300 uninsured motorists.
I've been with multiple insurance companies in the past including Rally, Hagerty, CHUBB, Farmers, State Farm and American National. Most companies didn't want to insure my car because it's too much of a liability. My advice is to shop around and compare.
I wouldn't settle on a stated value policy. If my car gets in an accident, it's not like I can go find another one just like it. It's a car that has to be built. Agreed value insurance works for me.
I've been with multiple insurance companies in the past including Rally, Hagerty, CHUBB, Farmers, State Farm and American National. Most companies didn't want to insure my car because it's too much of a liability. My advice is to shop around and compare.
I wouldn't settle on a stated value policy. If my car gets in an accident, it's not like I can go find another one just like it. It's a car that has to be built. Agreed value insurance works for me.
02-03-10, 11:16 AM
#23
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they will cover all my mods minus depreciation if it ever gets total lost *KNOCK ON WOOD* (15k+ in mods with receipts) + car market value (5k) currently kbb
they told me my car is not old enuff to go under their classic car insurance for agreed value. 25 years or older for that policy
whos your insurance company lexusFTW?
they told me my car is not old enuff to go under their classic car insurance for agreed value. 25 years or older for that policy
whos your insurance company lexusFTW?
Last edited by eliteskill; 02-03-10 at 11:28 AM.
02-03-10, 11:30 AM
#24
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I was also refused by a few classic car insurers because my car was not old enough. I ended up having it insured as an exotic but they dropped me after my policy expired because they didn't feel "comfortable" insuring it.
Allstate insured my car after 2 weeks of back and forth with the underwriter. I sent the the appraisal and showed them the car. They wanted a breakdown of every modification.
I realize some members of the board are getting their aftermarket items insured without an agreed value policy and with no appraisal but I'd like to see what happens when their car gets in an accident...
Allstate insured my car after 2 weeks of back and forth with the underwriter. I sent the the appraisal and showed them the car. They wanted a breakdown of every modification.
I realize some members of the board are getting their aftermarket items insured without an agreed value policy and with no appraisal but I'd like to see what happens when their car gets in an accident...
02-03-10, 01:30 PM
#25
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Yea same thing for me ...AAA after a week of discussing with them. I showed them the car they took pictures and sent it to the underwriter with all my receipts and breakdown of everything. They agreed to insure it for what I stated in my last post. about 15k of mods + market value of the car; minus depreciation of mods/car
I think this is the only way to do it. If any insurance company is telling anyone no pictures no receipts and say your mods are insured.. i hope you get your money if you get into an accident.
I feel its a decent deal. Im pretty much for sure to get around $20k back if i have a total lost. The only piece of mind I have with old modded cars. All state wanted 800 for 6months only! and then i would have to go through the whole process of pictures/showing receipts... o_O so im sticking with AAA
I think this is the only way to do it. If any insurance company is telling anyone no pictures no receipts and say your mods are insured.. i hope you get your money if you get into an accident.
I feel its a decent deal. Im pretty much for sure to get around $20k back if i have a total lost. The only piece of mind I have with old modded cars. All state wanted 800 for 6months only! and then i would have to go through the whole process of pictures/showing receipts... o_O so im sticking with AAA
Last edited by eliteskill; 02-03-10 at 01:34 PM.
02-03-10, 03:54 PM
#26
AAA is good.
The rest not so sure about. Others will say yes they will cover but knock on wood when the time comes if you have to make a claim, they'll make you run all over the place so make sure you guys read the policy.... I was with AAA for many years but I just can't afford them anymore so i went with Mercury. I don't have that much mods like you do tho Johnny. I'm currently on just liability coverage with my SC
The rest not so sure about. Others will say yes they will cover but knock on wood when the time comes if you have to make a claim, they'll make you run all over the place so make sure you guys read the policy.... I was with AAA for many years but I just can't afford them anymore so i went with Mercury. I don't have that much mods like you do tho Johnny. I'm currently on just liability coverage with my SC
02-03-10, 07:27 PM
#27
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Also Check Hagerty, you can get a online quote in about 2 minutes. Under modification type select Exotic/Special Intrest, it will then let you pull a quote on your SC. Very resonable insurance for stated vaule.
02-04-10, 07:36 AM
#29
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It gets cheaper as you get older, and always shop around for better prices just ask other companys what they have comparable.
