Can some members here comment on the pro's and con's of insuring modifications? Is it worth the additional cost, and have people noticed a higher premium rate because it makes a high risk auto into an even higher risk car?

 

I attempted to get replacement or stated value insurance and was told it was unavailable. With the huge drop in value of used hi line cars, the car you drive off the floor new for 150,000.00 is worth 30,000.00 less in a day. If totaled, the insurance company pays the 120,000.00 and we have to pay the extra 30,000.00 to replace the car. With most leases there is gap insurance to cover the difference but if you write the check for the full amount you are SOL. Add mods to the equation and the difference can grow quickly.

 

I have heard Chubb Insurance will do an agreed value policy. You might check with them.

 

I am not concerned as much with replacement as I am with liability . They can squibble over the replacement of the mods ( and I could even place stock parts on) BUT in a highly modified Porsche I feel it is necessary to notify in writing every single part placed on that car . As for the premium .. thats the price of the toy.

 

Iam not sure I understand what you are saying here...

Are you saying that if you mod the car without telling them and an accident occurs, they could walk away from a liability claim against you?

I dont think they could do that without specifically stating it in the policy.

 

If they are not informed about the parts on the car then they have a very nice loophole to deny a claim . It's one thing to insure a stock Turbo and quite another to insure a rocket ship Turbo. A little ding or dent and no one will care but if one is in a more serious accident it's best to be sure of complete coverage for every aspect of that car.

 

This is an important topic. I don't mind the extra premium but I've also heard (on this forum I think) that even raising the issue can result in your insurance being voided. Has anyone on this forum had this mod conversation with their insurance company and can offer some tips as well as the outcome?
K.

 

I always get atleast my wheels covered for an extra 20 a month or something like that

 

Lucky you. Nobody will write a wheel policy here in New York. Of course, given the state of our roads, you can imagine why that would be.

Nothing caps an expensive night on the town like bending a BBS rim in a four foot deep pothole.

 

It depends on the carrier. The Big 2, Allstate, StateFarm are not going to ask you a thing and will not offer you any coverage for modifications. They will also not cover wheels, aftermarket audio systems, GPS, or anything in the car that gets stolen. If the car is street legal, SMOG compliant, registered, tagged, and your premiums are paid you are covered.

Fireman and Chubb are the 2 best insurance companies in business. They will offer extra coverage, but your premium will go through the roof.


There are numerous 3rd party insurance companies that offer wheel and tire coverage. Those are super popular and you can obtain the policy direct from the dealer, there is a huge mark up, so beat them up.

On all my previous modded cars, my insurance company did not cover the replacement of the modded part. They did pay for the cost of the new stock part, which was traded in before install for a new aftermarket part. I had a very good repair guy that did all the swapping for me and I actually came out ahead.

Best advice, don't wreck your car

 

Woah this is news for me, I have allstate... are you sure they don't cover rims? What if my wheels get stolen or I crash them to the point of no return? I was under the impression that they cover anything and everything (stock)
I was thinking as long as the damage/ need for a new part is from an accident of some sort then I would be covered?
I am going to call allstate and see whats the deal, it's actually a pretty big deal for me - curbs love me for some reason, every car I owned eventually got curbed.

 

He means aftermarket wheels.

 

I would assume he is referring to aftermarket rims but yea most big companies won't cover aftermarket stuff...you best bet are 3rd parties to get coverage for that...

 

You're driving a Porsche and you have Allstate insurance? Might I suggest you go with another insurance carrier? Any other carrier.

 

Who told you this?