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 Who are you using for aftermarket insurance coverage?

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rwheelz
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PostSubject: Who are you using for aftermarket insurance coverage?   January 27th 2011, 1:53 pm

I know some of you guys have serious money tied up in your cars. Are most of you insuring for aftermarket coverage? As an example, you have $10,000 in parts in a $5000 civic. If it gets stolen (I know that is unlikely in MT, but let's say you drove to Denver for the weekend), insurance says book value is $4000 and you get screwed on the remaining $11,000.

I am currently insured through Progressive, and basically they told me that they will cover an additional $1000 for a stereo or whatever, but they do not even have an option to buy greater coverage. Well, let me clarify- the agent told me that they DO offer additional coverage: for example, you could buy $5000 or $10000 extra in coverage for a set price, but a total loss payout STILL goes by whichever is LESS, meaning all you will get is book value. I don't know what kind of corporate catch-22 that is supposed to be, and even the Progressive agent told me a person would have to be crazy to buy into this. He told me that I should call Hagerty.

I know that years ago, Allstate used to offer a "replacement value" policy, whereby they would literally cover anything you had a receipt for, in addition to the value of the vehicle itself.

Does anyone have other suggestions or experience? Is anyone on MAEC an insurance agent? I didn't really worry about this much since my cars are only mildly modified, but totaling my previous S2000 brought up a lot of questions. As I sink more $ into my cars, I am beginning to think I should add extra coverage as well. I am hoping someone on here has a fancy hotrod, or some other vehicle that books for far less than it's actual value. I have a '95 MR2 Turbo that I hardly drive, partly because insurance values it at book ~$3000, while in reality it is worth more like $20-25k given it's original condition and rarity.

Any Supra TT, older NSX, or hotrod owners on here than can shed some light? Mike: your car is worth slightly more than book, isn't it? Exclamation
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Cyfun
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 2:57 pm

Yeah, Progressive is not the way to go. They fucked me over bad on my BMW 5-series with custom bodywork that got hail damage. Luckily, between their settlement and what I sold the car for, I broke even somehow. I would also be curious to see if anyone knows of decent insurance that covers custom shit. The main reasons I stay with Progressive are that (1) its cheap as hell for me, and (2) their website lets me add and remove and change coverage on all my cars quickly so that I don't have to keep them all insured at the same time. Very Happy
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BUZBYU
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 3:37 pm

I called Famers who we use for home/cars and they gave me $15,000 for my mods (about half) at $120 per year.
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Riptide
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 4:35 pm

Lloyd's of london?
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wile2k
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 6:31 pm

I use State Farm, and we just happen to have an insurance policy review this Saturday. I'll try to remember to ask about aftermarket parts on a car. It seems like the last time I asked about this they gave me the spiel about "if you have receipts for aftermarket parts, then they will be covered".

I'll reply again after Saturday.
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 7:26 pm

I'm insured with Allstate right now, and they do still offer that replacement policy, the catch is you have to have pictures and receipts for everything. In the event that something gets stolen you have to go buy the object that was stolen brand new and then Allstate will give you what they believe that thing was worth. So all in all you don't get ALL your money back, but shit some is better than none right?
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Riptide
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 8:26 pm

What if you bought some of your parts private party and not from some vendor? I didn't get a receipt for things I got from people on the forums or here in town.
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 8:41 pm

The way my policy(farmers) told me is that they will insure it for whatever I say it is worth, and charge me based on how much that is. Now, i don't have anything worth anything on my cars right now, but basically it would be like, I say it's worth $5000 at a total loss, they tell me it's an extra $15 a month. Something along those lines.
Obviously proof of ownership is needed, but they said I wouldn't need any proof of what it cost?

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Riptide
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 9:38 pm

I'm going to bring this up with my agent when I talk to her next.

The proof of ownership thing seems silly to me. If your car gets the shit smashed out of it and it has an aftermarket turbo on there why should you have to prove ownership? The thing is on your car FFS.
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 10:12 pm

You should have some form of receipt, unless you paid cash, for your mods. Even a paypal transaction, if printed out and you say it's for this part it should be covered, they can research it and see if it's a reasonable amount for that type of part. If you did pay cash you can probably get a hand written/signed thing from the person who sold it to you. Most decent cmpanies would pay for your mods if damaged under a policy that is designed to cover that particular damage. most of those obscure companies you'll ahve to take to court or have a lawyer write a letter.
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 27th 2011, 10:50 pm

What you might be after is collector car insurance. The way it works is you pick the amount its valued at and you sign a document stating that you will only use the vehicle for pleasure cruising and trips to and from car shows etc. You must also provide proof that you have additional daily use vehicles for each insured user in your household. Just this month i changed my insurance from Haggerty's to Grundy Worldwide. I insure my car for $35K and my payment went from $725 a year to $475. No mileage restrictions.

Both companys require detailed photos of the exterior and interior of the car. Haggerty's require pictures of where the vehicle is stored. They don't care if it's not perfect, they just want a picture to reference from.

Oh yeah....NO RACING!
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 28th 2011, 9:53 am

When I had the 240 I was insured through Farmer's. They will cover aftermarket parts if you have an appraisal by a Certified appraiser. There are a few appraiser's in town and your insurance company can usually tell you how to get in contact with them. Obviously having "Stated value" insurance cost more but not too bad.

I had the 240 appraised at $20,000 going off the going value and the $50,000 in receipts I had, now obviously they won't give you full retail as the parts depreciate as soon as they are installed but its much better than regular insurance. You'll also need to hold onto your receipts in case you end up in an accident. If you end up needing help finding an Appraiser let me know and I will see if I still have his number.

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rwheelz
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PostSubject: Re: Who are you using for aftermarket insurance coverage?   January 28th 2011, 4:00 pm

Thanks a ton for the info guys. I guess I need to contact several different companies and get their rate quotes and fine print. Hagerty should be getting back to me on Monday. Their online estimate was already cheaper than Progressive, and for better coverage, though it was based on limited mileage. Since I have several cars, a couple of them see very few miles anyway and this may work for me.
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