Insurance for modified vehicles

Couldn't find if this has been a topic before but I'm trying to find some intel on if its worthwhile to report my modifications to my insurance company. What has people's experience been with increased rates and coverage for replacing something in the event of an accident or theft? Or is it better to just keep paying for insurance with the company assuming everything is still stock? I have pretty run of the mill add ons to most tacoma owners - more armor, winch, suspension etc.

 

I suggest you call your insurance and ask. My insurance covers up to 10k in modifications or add ons without any additional to the premium. That said 10k doesn’t go to terribly far on a “expo” rig so I’m curious to know what else is out there too.

 

When I used to daily drive my track car I never notified my insurance of any modifications I had to it. At one point the car was hit when I was about a mile from my house and a little tap to the front wheel at full lock from someone driving by destroyed my fairly expensive suspension setup. I brought it to be repaired at a shop that specialized in race cars and they took care of me/insurance and I had everything replaced to my modified specifications without any issues. Not sure if it was dumb luck or not, but it all worked out for me without ever saying much of anything about my modifications.

 

What insurance have you got because that does not sound normal at all...

 

The car was insured with Allstate at the time. It was about 8 years ago if that matters at all.

 

There is agreed upon value insurance.

 

Most insurance will only pay depreciated value of the aftermarket items. Keep your receipts. Some will let you add a rider to the policy for the items and as mentioned there is also “agreed upon value” policies. Sometimes your lucky and the insurance will pay replacement value. Call and ask your agent it never hurts to ask.

 

It’s best to look into it if you want any custom items covered. If your not sure I’d tell them what you’re “planning” on doing and see what they say and what type of records you may need to keep. Some companies won’t cover anything they’re not aware of, others will cover a limited amount as a courtesy, such as $1000 or more. It will depend on the company and any state and sometimes county law.

 

My buddies brother owned a body shop and said that Allstate was the worst of all of them to deal with.

 

What about the Jeep that went off Bear pass? The one that rolled down with wife and dog. I was wondering if it would be covered?

 

They all suck, my buddy says Geico is the worst. Sometimes its the adjuster who is the issue.

 

I have Progressive. I insured my truck for a flat total. They said they dont need receipts, but I have them anyways. If anything were to happen, I would just need to pay my deductible, and they'd cut a check for the rest.

 

Be careful with this. In many states, insurance companies can raise your rates simply because you asked certain questions. Keep in mind, the insurance industry isn't set up to help the consumer, it's set up to help the insurer. They are for-profit companies. They don't make money helping people and replacing parts.

It really depends on the specific person/agent you're taking to, but calling them "just for info" could help you, or it could hurt you.

Just an FYI.

 

This is what I have with Hagerty for my 49. I set the value for it. My insurance is obviously relative to the value I set. So it's a bit of a balancing act hahaha.

 

Today I spoke to a Geico rep whom my policy is under. I asked about everything as hypothetical. She explained that any modifications must be reported for them to be covered in the event of damage or theft. If unreported they would only cover assumed OEM value of the vehicle. She then stated that ballpark around $2500 worth of add-ons will usually raise rates $50-$100 per six month premium. However, she then stated that certain mods raise red flags as they do not cover off road vehicles. I mentioned sliders as a potential add on and she said that would be a big red flag and they would seriously consider advising me to go with a off-road specific insurance company/policy. The rep I spoke to was very helpful on the matter as she mentioned she is currently upgrading her jeep and insures it with another company that is off-road specific. Although she would not mention who.

 

@cromag27

This guy knows his stuff.

 

This can be so different between states and Insurance Companies .

It is really rough to try and figure the worth of your vehicle after the fact when the other company is fighting for a smaller payout.

I know of two cases that went to Court the sad part the vehicles sat in Limbo out in the weather for over a year.

 

there's no such thing as 'run of the mill add-ons' when it comes to insurance. most of that stuff is considered 'customer parts and equipment.' you need to make sure it's covered by your current policy and up to what amount. in the even of a claim, are they going to want proof? most likely, yes.

 

this. all of it. lol.