Insuring Performance Mods

[JUSTIFIED]

I am going to do some significant performance mods to my Z and, based on what I've read, I believe it's best to disclose the mods to my insurer. If not, I run the risk of them denying the entire claim.

I'll call my agent tomorrow, but would like to know if anyone has obtained coverage for performance mods via a "stated cash value" policy and, if so, which insurer and whether or not they placed restrictions on miles driven. For example, Hagerty will insure mods, but the car can't be driven daily (I do so...).

Am also interested in knowing if premiums were significantly impacted. Have read that, on average, the annual increase is $10 per $1000 in mods, which seems reasonable.

Thanks in advance for the information and insight!

[j o n]

I've had "agreed value" or "state cash coverage" on vehicles.

It's not necessarily "mods" that they insure. You just give them the info on your car: VIN, miles, condition, modifications, picture,etc... then state the amount you want it insured for. If they approve it, then it's "agreed value" for the car. Both you and the insurer say you'll get x-amount for it.

I had a car through Grundy that way. 2/3 the cost of Hagerty. Looked into for my '15 z too. But just still on my current normal Travelers policy for now. Again, grundy was 2/3 the price Hagerty gave me.

Yes, I think any agreed value coverage will limit the driving you do with going to work or errands.

Talk to your agent maybe they can tack on some coverage for you existing normal insurance policy.

[frenchsquared]

Hagerties. I have a 1989 Mazda B2200 insured for $12,000. My driving is not limited. Yours might be. If I had a place of work to go to, I could only take it so many times a year. As I work from home I am not limited in anyway.

They will ask for pictures of the mods and cover the car for whatever amount you want.

Be ready for your current company to drop you. Progressive dropped me when they found out I had a tool box in my truck.

[MrRaZ28]

Grundy. You submit pictures (if you have them) and a list of what you did and what you think the value is and they either approve or not. So far, I've not been denied. They gave me $25k in coverage for my 92 Camaro I LS swapped without batting an eye, and my Z is declared value of $43k as a daily, and they will go up when I do performance mods myself. They are fantastic. $200 a month for both my wife and I.

We have both the truck and the Z insured through them as dailies. $373 a month for both of us. And both vehicles are declared at a much higher value than we paid.

[MonroeZ28]

I will agree too Grundy is the best. I shopped them all first and settled on Grundy for collector car insurance and the agreed value is whatever you think it is. They're charging your premium as per whatever you say the agreed value is. Its similiar to boat insurance agreed value policies.

[j o n]

Grundy quote process is quick and simple $679 for $45k, errands and work driving included, under 5k mi. yr

[Jeff71]

Another vote for Grundy. The wife and I have the MVP policy and it covers our dailies as well as the other classics/collectables.

[JUSTIFIED]

Thanks, all.

Checked w/ Grundy. Great price, but highly restricted use. I daily mine (or close to it..) so that was out of the question.

I found out that Travelers (current insurance carrier) would've voided my coverage entirely. That meant no liability either. I wound up switching to Progressive and now have a Stated Cash Value policy. As mentioned above, they didn't insure mods, per se, we just agreed on a value that included cost of mods. Premium increased by quite a bit, but I'll reduce the coverage on mods over time.

Here's another ridiculous piece of info... both Progressive and Travelers valued my car at $20k (before mods). I have no clue where that # came from given that KBB and NADA value it at $35-$38K (and believe that was trade in). Am trying to find out why only $20k. Am not too concerned right now as I have GAP insurance, but am still curious. Insurance companies...what a PITA.

[hammdo]

Originally Posted by JUSTIFIED

Thanks, all.

Checked w/ Grundy. Great price, but highly restricted use. I daily mine (or close to it..) so that was out of the question.

I found out that Travelers (current insurance carrier) would've voided my coverage entirely. That meant no liability either. I wound up switching to Progressive and now have a Stated Cash Value policy. As mentioned above, they didn't insure mods, per se, we just agreed on a value that included cost of mods. Premium increased by quite a bit, but I'll reduce the coverage on mods over time.

Here's another ridiculous piece of info... both Progressive and Travelers valued my car at $20k (before mods). I have no clue where that # came from given that KBB and NADA value it at $35-$38K (and believe that was trade in). Am trying to find out why only $20k. Am not too concerned right now as I have GAP insurance, but am still curious. Insurance companies...what a PITA.

20k for a Z28? I’m game...

Insurance companies, really...

Can’t wait to see how see does!

-Don

[JUSTIFIED]

Originally Posted by hammdo

20k for a Z28? I’m game...

Insurance companies, really...

Can’t wait to see how see does!

-Don

With your monster power you may have to look in rearview mirror to see how she does. Ha!

[68camaroz28]

Several of my friends including myself utilize the NCM (corvette museum) for our classics plus our newer hot rods. They have our 2015 corvette and Z/28 and you claim the mileage per year and amount to be insured for. Previous was Hagerty but NCM was cheaper.

[JUSTIFIED]

Originally Posted by 68camaroz28

Several of my friends including myself utilize the NCM (corvette museum) for our classics plus our newer hot rods. They have our 2015 corvette and Z/28 and you claim the mileage per year and amount to be insured for. Previous was Hagerty but NCM was cheaper.

Interesting....when I spoke w/ them they didn't inform me that I could set the mileage. They only mentioned restrictions on use. I'll check w/ them again. Thanks!

[j o n]

NCM is priced same as Grundy it looks like