adizon

iTrader: (25)

Hey all,

I just met with my insurance guy with Farmers (I'm happy with them). I Asked him about additional coverage. Automatically I get $1000 to cover any extra stuff/mods I add on. If I want additional insurance, say up to $5000 additional claims for aftermarket mods it'll add another $500 a year.

I know many of you have several thousands of dollars in mods. Some more than others. Do you guys have coverage for those mods, or are you all like "screw it"? What's your experience/take?

OneManArmy

iTrader: (7)

No but you can do it.

I think as long as it's bolted on to the car and you have receipts its covered.

Another thought is that if you have home owners or renters insurance it covers things in your car.

I'd ask some serious questions before I paid extra and the coverage would have to be super good for me to pay extra.

adizon

iTrader: (25)

Thanks Ray,

I do have an umbrella policy, that adds coverage to my home and vehicles. I will have to look into what exactly it covers regarding the vehicles besides large law suits. I know insurance companies in general are big on covering things that are not OEM to that specific car.

I have more homework to do!

akdmx

iTrader: (6)

I called my insurance company about this (geico) and they told me that they do offer insurance for aftermarket parts, however if the car were to be stolen or totaled, they wouldn't pay out more than the value of the car (stock) anyway. In other words it would only help me if I got in to an accident where my aftermarket parts were damaged and the car didn't get totaled, which is an unlikely situation.

I guess if I were worried about people stealing parts off of my car as opposed to stealing the whole thing then this insurance coverage would offer me something.

Concillian

iTrader: (2)

Most of the aftermarket parts you put on your car are worth LESS than a stock item in that location. Because if something is damaged in an accident, they'd normally replace it with a stock item.

Example:
stock wheel at subaruparts.com (cheaper than retailer) = $250
set of 4 Rotas = $600

There aren't many places where stock parts are cheaper than aftermarket parts.

They can't ever pay more than total vehicle value, as that would effectively be encouraging insurance fraud.

Lowend

iTrader: (5)

If you want to be insured for aftermarket equipment, than you need to have a specialty policy http://www.hagerty.com/ is the most respected company out there.
One Man Army is wrong; just because an item is bolted to your car, does not mean that it is part of the insured property

VRT MBasile

iTrader: (17)

Geico doesn't cover "engine modifications" so the exhaust is out, and I'm sure the transmission would be too. All that I have besides that is the morettes, wheels, and a rear swaybar so it doesn't seem worth it to me.

adizon

iTrader: (25)

Thanks guys, interesting the different policies of the diff insurance co! Like I said my insurance will insure a $1k up to $10k additional for a fee of course! IE. to insure $5k more (say you had some nice Volks, and KW's, Stoptechs whatever . . .) my insurance would charge an additional $500 a year or $40/month.

I'm feeling like any mod that I put on, I put it on knowing that I will lose it in an accident or even theft, but I sure wouldn't want my RPF1's to be replaced with the stock 16's. I'd rather take the money, and get my own rims.

adrian

iTrader: (1)

most insurance company's will play games when it comes to payouts. With State Farm they paid for my after market parts when the car was totaled and it raised the amount of the payout by almost the amount of the parts about 70% of the after market value. I do not pay anymore a year.

international B

iTrader: (5)

I have specialized insurance through farmers. I pay based on an "agreed upon value" for the car. You tell them what you want it covered for, and they will give you a price. The nice thing is that by doing it this way, the value is locked in, id does not depreciate with milage or age.

wrexr

iTrader: (6)

I had the same thing. You set the value and pay the price.

adizon

iTrader: (25)

Thanks Aaron and Kev!

I'll have to inquire about that! So is it like this: Say the stock value of my car as is with current mileage is $8k then say I have $5k in mods, then say I want to cover $2k in labor. That said I want to cover $15k, then I would ask how much that would cost/year?

gottaWRX

iTrader: (17)

Make sure you keep your reciepts!

STiForFun

iTrader: (6)

Farmers covered my aftermarket stereo setup being stolen from my jacked Focus, just had to show them my paypal receipts. I also have $1k of special equipment coverage in case my wheels, AP,etc get jacked. Doesn't really cost me extra since I already get discounts for homeowner/good driver/professional membership status.

Overbear

On the truck I have a overrider that covers the extra stuff. Because there is over 20k in mods on it, I had to get coverage for all that. The winch, bumpers and rock bars are all covered by my homeowners insurance, the motor swap, transmission swap, transfer case, cross member, OBA and axles are covered by the overrider.