Insurance rates on your blown car

[Rocky918]

So obviously we wouldnt be telling our insurance companies about performance stuff like this since no one wants to pay a higher premium. So has anyone here had an accidental fender bender or something similar, had to bring it to get repaired where an insurance adjuster was present and BAM ... they saw your performance upgrades and either raised your rates or dropped you flat...

Is so, what was your rate before and after they saw the mods, and what mods did they see

[Z_Rocks]

Since I've gone down this road several times (adding F/I to my N/A Car) and had asked my Insurance agency the question of, What if someone adds high performance parts to the car and doesn't tell the insurance company. She said:
a) Any additional parts (either high performance or luxury or Sound system or whatever) added to the car and were not accounted in your insurance, your policy will not cover it.

b) If the adjuster determines that the added parts had contributed to the accident (more power or suspension problem or poor tiers and etc.), he/she has the right to deny you flat out. I know someone who had turbo on his car and caught on fire and Insurance blamed the heat from the turbo to cause the electric wires to melt and touch and cause the fire. He had $80K in the car and they gave him 15K after 9 months of legal fight which he ended up paying his lawyer 12K and left with 3K.

If you buy for example a ZL1, then all of the parts and power is already counted in.
Just food for thought.

[PQ]

I'd be curious of the formula they would use to determine how much to charge extra.

How do they know how much power my blower adds?

I'm not worried about them not covering the parts, but the accident as a whole, due the the fact that they could try and say that the extra power contributed.

And, fine, so you'd win in court. It's the hassle and lost money in attorneys fees that I'd want to avoid.

Fo this reason, I called Geico and told them I added almost 200 horse power to my car. This way I'm covered.

And after I got abducted by the lizard men from the next galaxy, I was able to escape and change my name and move away from Oklahoma.

But for real. I do wonder what the rates would be if I called.

[Z_Rocks]

Originally Posted by PQ

I'd be curious of the formula they would use to determine how much to charge extra.

But for real. I do wonder what the rates would be if I called.

I had asked that too and she said, since the insurance doesn't have any specs from the manufacture (in case of ZL1, they know the power, they know the stopping power of the breaks, they know how good the suspension is), she said they underwriter basically throws the negative points at you (for example as if you had accidents before or speeding tickets or under 25 years old). The negative points will the raise your premium. You can tell them my car is worth 100K and they say no problem and insure it for you, but man-o-man, I don't want to see the premium.
You see if you make a regular Corvette up to a $100K, the insurance is a lot higher than if you bought a new ZR1 for $100K. Just to show you how insurance sees moding.

[PQ]

Originally Posted by Z_Rocks

I had asked that too and she said, since the insurance doesn't have any specs from the manufacture (in case of ZL1, they know the power, they know the stopping power of the breaks, they know how good the suspension is), she said they underwriter basically throws the negative points at you (for example as if you had accidents before or speeding tickets or under 25 years old). The negative points will the raise your premium. You can tell them my car is worth 100K and they say no problem and insure it for you, but man-o-man, I don't want to see the premium.
You see if you make a regular Corvette up to a $100K, the insurance is a lot higher than if you bought a new ZR1 for $100K. Just to show you how insurance sees moding.

Damn.

My son just turned 17 and my daughter is next up.

[Z_Rocks]

Originally Posted by PQ

Damn.

My son just turned 17 and my daughter is next up.

Don't let them drive your car.

[Rocky918]

Originally Posted by PQ

Fo this reason, I called Geico and told them I added almost 200 horse power to my car. This way I'm covered.

.

how much extra did they charge you?

[Warhead]

Originally Posted by PQ

Fo this reason, I called Geico and told them I added almost 200 horse power to my car. This way I'm covered.

And what did Geico say, how much did your rates go up?

I ask cause they are who I am insured thru.

[JETG]

I asked SF, and got confirmation from my agent. That all my stuff is covered, but the motor, if I build a motor it is on me. Other than that my rims and stuff is covered, I called to make sure, and anything attached to the motor is covered. This was not any additional cost, already part of my policy. I would have thought that I needed to do additional coverage for modifications, but they said no. I have it in writting/emails with my agent stating it also.

[Crowley]

Originally Posted by Warhead

And what did Geico say, how much did your rates go up?

I ask cause they are who I am insured thru.

BUMP .. same here ..

Crowley

[fcu678]

I also have SF and I was told pretty much the same as JETG mentioned. Any "add ons" are covered in case of an accident or theft as long as you can provide a receipt from the purchase.

[Rocky918]

Originally Posted by fcu678

I also have SF and I was told pretty much the same as JETG mentioned. Any "add ons" are covered in case of an accident or theft as long as you can provide a receipt from the purchase.

I have SF as well... I thought only bold ons like headers and an exhaust were covered.... so your saying that a blower and cams would be covered as well? Should I call them and tell them Im blowing my car (hehe) ... since im putting a little over $10k into my car including blower + exhaust + hood etc... they wont raise my insurance being my car is now gonna be worth 10k more than what they are covering?

[JETG]

Originally Posted by Rocky918

I have SF as well... I thought only bold ons like headers and an exhaust were covered.... so your saying that a blower and cams would be covered as well? Should I call them and tell them Im blowing my car (hehe) ... since im putting a little over $10k into my car including blower + exhaust + hood etc... they wont raise my insurance being my car is now gonna be worth 10k more than what they are covering?

As I understood it was the only upgrade they wouldnt cover is the motor, ie if you got say a 416 or 427. The cam would be considered the motor, or heads ect, but anything that bolts to it would be covered. So from my understanding the blower would be covered, just not head,cam or shortblock if you upgraded them.

There is other insurance companys that you say the price of the car and they cover you, but there is stipulation to it also. How many miles, and cant drive to work ect, if memory serves me correct one of them is Hagerty or something like that covers specialty cars, not 100% sure as I have no called Hagerty yet. I would assume once all said and done, just in mods when I am done with the car would be 25-30K not including the price of the car.

J

[2L82RUN]

Originally Posted by PQ

Damn.

My son just turned 17 and my daughter is next up.

I've been living what you're about to go through. My daughter is 19 now and my son will be 17 next month....Just let me tell ya, my SS is less expensive to insure with me listed on it than it is to insure her on a Saturn ION and him on a Civic. I've shopped everywhere trying to find better rates but State Farm can't be beat when insuring teens. Once they're gone......I can beat their rates. Lots of mod $$ flying out the window for kids insurance premiums!!