MODS and INSURANCE

05-25-2007, 07:54 PM

Does anyone notify their insurance company when they make HI Porformance Mods,,I know this sounds crazy,,, My insurance company told me I should call them if I make mods in excess of 2,000.00 and get added coverage, so I did. I am wondering who else does,, and another reason why I asked this is because a few days ago a guy from a local car club totaled his 2005 GTO,, this car had a lot of items, Super Charger, Methonal injection, full exhaust and others,, at least 10,000.00 in mods,, his insurance company told him that they will issue a check to him for 22,500.00.. he has full coverage with a 500.00 deductable on collision..

Route 66 · 05-25-2007, 10:12 PM

Its kind of a double edged sword. Yes, I'd sure like to be reimbursed for the extra money I spent on my car. On the other hand, you can bet the rates will go up because they already know its a high hp car...now its even more and the % just doubled that they will eventually be paying out a claim.
But then again..........arent modded cars actually worth less in the resale department? Which in turn should make insurance premiums less? Oh no, Ive gone crosseyed again.........

05-26-2007, 07:44 AM

My insurance covers REPLACEMENT value not Book value, This includes everything I do to it.. all my add on's,, everything. my insurace went up 100.00 per year,,

SloTymer · 05-26-2007, 07:51 AM

Quote:

Originally Posted by Route 66

Its kind of a double edged sword. Yes, I'd sure like to be reimbursed for the extra money I spent on my car. On the other hand, you can bet the rates will go up because they already know its a high hp car...now its even more and the % just doubled that they will eventually be paying out a claim.
But then again..........arent modded cars actually worth less in the resale department? Which in turn should make insurance premiums less? Oh no, Ive gone crosseyed again.........

You got that right. Tell em about your $5000.00 wheels, but keep your mouth shut about your engine mods. Also, trade-in value goes to pot on engine modified cars, as the dealer needs to put it back to stock inorder to sell it. Most people won't buy an engine modded car. They know it's had the s#!t run out of it (in most cases).

05-26-2007, 07:59 AM

they told me if this car gets stolen, totaled. or whatever,, save all of my receipts for everything I have done to it.. my insurace rate are not bad, mostly because of my age [ 58 ] and the fact that I have been with the same insurance CO for over 30 years. plus a great driving record, NO INSURANCE Claims except for a bike crash in 1999 that was not my fault and I have 6 vehicles insured with them

02MillenniumVette · 05-26-2007, 08:10 AM

Quote:

Originally Posted by Route 66

Its kind of a double edged sword. Yes, I'd sure like to be reimbursed for the extra money I spent on my car. On the other hand, you can bet the rates will go up because they already know its a high hp car...now its even more and the % just doubled that they will eventually be paying out a claim.
But then again..........arent modded cars actually worth less in the resale department? Which in turn should make insurance premiums less? Oh no, Ive gone crosseyed again.........

Im only 26 so Im too afraid they would jack my insurance way up. I will just have to take my chances for the time being.

05-26-2007, 08:31 AM

at 26, if you have a good record,, EVEN with a GTO,,your insurance should not be too bad,, go out and buy a junker, your rate will drop a lot if you have more then one car,, put the lowest amount of insurance that you can on the junker, tell them it is your primary driver and the GTO is for pleasure use only

02MillenniumVette · 05-26-2007, 09:30 AM

Quote:

Originally Posted by dizzy1

at 26, if you have a good record,, EVEN with a GTO,,your insurance should not be too bad,, go out and buy a junker, your rate will drop a lot if you have more then one car,, put the lowest amount of insurance that you can on the junker, tell them it is your primary driver and the GTO is for pleasure use only

I dont have a GTO though, I have a '02 Vette and Im paying $730 every six months. I only have one ticket that is on my record, all the others were taken off cause I went to driving school. I might ask them just to see what they say. Right now the Vette is my only car but once its paid off I plan on getting another car for a daily driver.

Joey R · 05-26-2007, 11:37 AM

I'm in New Jersey... The insurance here is RIDICULOUS to start with... Before my accident I was paying $2200.00 a year for both vehicles (for Jersey, that's not bad at all!!!). Now due to a weather related mishap, I'm paying $3888.00! Keep in mind, I had a clean record until the accident... as far as mods... They wont even talk to me about extras! (by the way, I'm shopping around for a new insurance company... any suggestions for my area?)

oh, Welcome back Dizz! How are you feeling since the surgery?

Lapres_3 · 05-26-2007, 01:30 PM

Lets say you do put in 5k in mods, i don't know what that would include, but lets suppose some engine work. Now, you get tboned in a traffic accident. Cant you just pull all of your mods off, then sell them?