All About Automotive Insurance....FAQ
Thread Starter
formerly 'RiceRocket'
Joined: Jun 2000
Posts: 5,691
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Diminished Value and Taxes HAVE NOT always been included, but they may be now. Several large carriers (State Farm and Nationwide come to mind) have had class actions suits against them for such issues (I have been included in both class action suits). So, it's probably standard now, but it wasn't.
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1953 Cadillac Coupe De Ville (Fuel Injected, Drive-by-wire, DoD)
2009 Pontiac G8 GT (6.0l V8 Sleeper)
2011 Toyota Sequoia Sport 4x4 (Tow Rig)
My Blog: www.HotRodCaddy.com
1953 Cadillac Coupe De Ville (Fuel Injected, Drive-by-wire, DoD)
2009 Pontiac G8 GT (6.0l V8 Sleeper)
2011 Toyota Sequoia Sport 4x4 (Tow Rig)
My Blog: www.HotRodCaddy.com
Registered User
Joined: Jun 2003
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Originally Posted by Alan
What do you mean? Did they suggest saving money so you could insure these parts yourself? I'm not understanding the question.
drives euro trash
Joined: Jun 2000
Posts: 7,036
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Originally Posted by type-j-spec
basicly thats what she said,it would be better to just save my own money then to pay a extra amount every month to cover modified parts.
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USMC
Joined: Sep 2002
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Originally Posted by RiceRocket
What about my mods? Aren't they covered?
Typically, NO. If you add a modification to your vehicle on a "standard policy" (not an agreed value policy), you MUST submit the reciepts to your insurance agent so that they can add an endorsement for the new item. Expect your rates to go up with each endorsement that you add, but not that much.
Won't my insurance company cancel me if they know what I am doing to my car? (or I add a performance item?)
Yes and No. Most insurance companies write "Standard" policies. These policies are for the masses, not for automotive enthusiasts. Places like Allstate, Progressive, State Farm, Geico, etc, DO NOT offer policies that will fit you. They MAY offer you a few endorsments, but beyond that, your car doesn't fall within the scope of their policies. They're not canceling you becuase you modified yor car, but rather becuase your car no longer falls within the limits of the policy (there is a difference).
progressive only writes ACV and stated amount policies for personal auto.
about mods: every policy we write with full coverage automatically has $1k in additional custom parts and equipment coverage, for free, provided you have the reciepts. you can have a maximum of $5k in custom parts, if you have more than that and want them covered you have to take out a stated amount policy.
i do not cover any of my mods because i purchased almost all of them used from TR or ebay. the only way to have my parts covered is to get an apprasial and a stated value policy(which is considerably higher than a regular policy). i protect my investment the best i can with a killer anti-theft system and pray if i total my car that the engine isnt harmed.
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TR happily married crew-member #2
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This is the internet. You're just supposed to talk up whatever you do know as if you're a salesman for it. i.e. I drive a Supra and a Corolla therefore 2JZ is the greatest and so is the 4A and I don't care about anything else because it's all crap since I don't have it. I also have a stack of $20 bills in front of me, therefore 20>50 and 20>100 and 20>1000. $20 bill FTW.
