Insurance on a heavily modified Mustang

esacteksab

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I did a search, most posts seemed focused on "what's your insurance cost?". This thread essentially said "why would you tell them?" http://www.mustang6g.com/forums/showthread.php?t=26518&highlight=Insurance

But I'm curious for those who have $15k-$25k+ into their cars, are you seriously driving around with coverage for a $30k-$40k car instead of a $45k-$65k+ car? I mean, I know you're not going to get the full value back out of those parts, but isn't something better than nothing?

And what happens if your insurance finds out you're heavily modified? Tell you to pound sand as far as coverage goes?

Has anyone insured through something like Hagerty's or something similar? Though Hagerty's doesn't insure if you race (last I checked). Not looking for track insurance, but also don't want a company who cares if I race the car.

I am the type to over think the shit out of things, but I'm also looking to see what my options are (if any) to protect some of my "investment".

Thanks!





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jasonstang

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You can always tell them to cover the modifications. Your premium is gonna go up because of the added value obviously.
 

Weather Man

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I had Farmers add a rider policy.
 

SpaceGhost

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No off the shelf insurance company will cover accidents that occur while racing. You can buy track day insurance though. Check your policy for limitations on added "accessories".
 

Weather Man

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If you wreck on the track you are SOL, even with a rider. As stated above, track insurance is completely separate.
 
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esacteksab

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Not looking for track insurance. I'm looking for some asshole with a cell phone comes into my lane or some drunk asshole side swipes the car, or someone backs into it in a parking lot. That sort of crap.
 

stoli

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I have $10k in coverage for 'mods' as an addition to my regular policy for about $15 extra per month. If it comes time for a claim I just have to show receipts for the parts.
 

GTP

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My insurance covers $1500 extra on my car for accessories. In my case, I am already just over that figure with my first-year appearance mods (stripes & clear film).

I can purchase more coverage, such as when I put on $2500 wheels, or coilovers, etc.

To the OP, I think you should ask yourself just which mods are subject to damage in an accident. Most of the time the damage would be to the body or wheels, but I think the go-fast parts under the hood (for example) would likely not be hurt, unless you rear-ended someone really hard. (And in that case, your car insurance claim might be the least of your problems.)

IOW, the damage to ALL of your mods could total a lot, but the probability of ALL of them being damaged in a single accident might still be quite low.

I have read another thread wherein the owner was allowed to retrieve the mod parts off of his totaled car, but his window of opportunity was brief. THAT would be a phone call worth placing, and if you do ask about this situation, please let us know what you found out.

If I may, I would suggest that the real question that should be posed is "what happens to my undamaged mod parts in the case that my car is totaled?"

Good post, OP, thanks.
 

ScottsGT

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Being on the receiving end of having my car and my son's car totaled (his policy, not mine) the insurance company didn't give two shits what was bolted to your car and you paid extra for.
My situation was an uninsured driver and my company paid up. They looked at comp sales for the same car in your area. I had to tell the woman I couldn't find my car I wanted in my area, I had to fly to VA to buy it. I got her to come up a couple grand on the value and bought it back to strip.
I got right at $7K for my '95 GT convertible and I had documented about $9K in parts added.

My son was hit, and the kids company paid him, But again, they didn't care and he needed a car and didn't have time to lawyer up to fight over a grand or two. Lawyers will only step in on medical claims.
I've read you can get an "agreed value" with your company. Best to talk to your agent.
 
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esacteksab

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I noticed when shopping for new auto insurance that I could (on some providers) elect up to $4k in modifications (they didn't say what these were, but I was under the impression, stereos, wheels, and the like). I'm apprehensive to call my auto insurance and say "I have $X amount of modifications on my car, how do I ensure them?" -- perhaps illogical, they may flag me or something. I'd rather not open that box.

FWIW, I jumped through the hoops on Hagerty's site last night and they said the car was not eligible.

Top of the list today is Grundy Insurance (which does agreed value policies). I found them via Google search that resulted in a thread of $50k-$70k+ Supras who wanted agreed value for their cars (appraisals, receipts required) and no mileage restrictions.

Because I'm E-85 only and limited supply of E-85 my pleasure driving drops substantially so mileage is less of a concern today.
 

Weather Man

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I noticed when shopping for new auto insurance that I could (on some providers) elect up to $4k in modifications (they didn't say what these were, but I was under the impression, stereos, wheels, and the like). I'm apprehensive to call my auto insurance and say "I have $X amount of modifications on my car, how do I ensure them?" -- perhaps illogical, they may flag me or something. I'd rather not open that box.

FWIW, I jumped through the hoops on Hagerty's site last night and they said the car was not eligible.

Top of the list today is Grundy Insurance (which does agreed value policies). I found them via Google search that resulted in a thread of $50k-$70k+ Supras who wanted agreed value for their cars (appraisals, receipts required) and no mileage restrictions.

Because I'm E-85 only and limited supply of E-85 my pleasure driving drops substantially so mileage is less of a concern today.
My Farmers agent knows exactly what is on my car, including a 6 point roll bar. I have a $20,000 rider on my car and provided receipts up front to prove it. It wasn't a problem. He was just very clear about what would happen if I wrecked on the strip (no coverage).
 
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esacteksab

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My Farmers agent knows exactly what is on my car, including a 6 point roll bar. I have a $20,000 rider on my car and provided receipts up front to prove it. It wasn't a problem. He was just very clear about what would happen if I wrecked on the strip (no coverage).
This is exactly what I'm looking for. Also, let me be very clear. I am not looking for coverage at the strip.
 

wildcatgoal

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I have a rider for the replacement cost w/installation of aftermarket rims if said aftermarket rims are stolen. So that rider is about $4,000 in "aftermarket parts and equipment coverage" as they call it. Any other modification, excepting maybe a S/C, I would not pay to insure. I install it knowing it'd effectively be a total loss in resale or theft.
 

GTP

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This is exactly what I'm looking for. Also, let me be very clear. I am not looking for coverage at the strip.
Yes, okay. But my post was about considering the probability for actual monetary loss if you don't carry a rider.

But at the +$20k mark, then yes, I too would be considering paying for a rider.
 

Hurricane

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My car is a DD and never raced. Our Progressive policy includes $1,000 worth of "Custom Equipment Coverage" and I got an additional $2,000 at a cost of just $37 every 6-months. For now, that will take care of my CAI, exhaust, shifter and a few other small things. I'll be bumping the coverage up to a total of $5000 this fall after I add new wheels and tires, which will then cost me $68 per 6-months. Still not bad IMO at about $11/month.

Any coverage higher than $5k, and Progressive says the car must be rated as a "market value vehicle" and they ask me to enter in the total value of the car, which would be the base value + any custom parts. So for example if I supercharge it in a year, I would enter in a total value somewhere around $40 to 45k most likely, with $28 or 30k being base value and everything else as custom parts.
 

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