Insurance question

[TrackMustang]

Does anyone have any of their aftermarket stuff added to their insurance? If so, is the cost worth it, have you ever had to use it?

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[Cobra Jet]

Your premium will be increased to cover the "add on" (rider) and some policies may have a cap on the value of add-ons to the rider. Even then if mods are allowed as an add-on, some companies will also try to skimp on payout by using the "depreciation" argument.

Best advice to anyone, if you have a lot wrapped up in your ride - get an Agreed Value Insurance Policy. This means that you and the Insurance Company agree on the stipulated value of the car including any add-ons or modifications. If an event were to occur that totals out the car (or it's stolen), you will be paid the Agreed Value - no more and no less.

If the Policy is a true Agreed Value Policy, the Agreed Value amount will be clearly printed and documented within the Policy Declaration pages.

If you have any other policy than an Agreed Value, total loss payout is determined on ACV, period. Even with a rider to cover mods, the pay out for just the car is still ACV. To get a fair payout you would have to jump through hoops to provide values of similar vehicles in similar condition to "haggle" with the Insurance Conkany for a fair payout just for the car. With an Agreed Value policy, there's no haggling, bickering, trying to provide values, - the payout is that of the Agreed amount.

 

[Firsttexan]

Your premium will be increased to cover the "add on" (rider) and some policies may have a cap on the value of add-ons to the rider. Even then if mods are allowed as an add-on, some companies will also try to skimp on payout by using the "depreciation" argument.

Best advice to anyone, if you have a lot wrapped up in your ride - get an Agreed Value Insurance Policy. This means that you and the Insurance Company agree on the stipulated value of the car including any add-ons or modifications. If an event were to occur that totals out the car (or it's stolen), you will be paid the Agreed Value - no more and no less.

If the Policy is a true Agreed Value Policy, the Agreed Value amount will be clearly printed and documented within the Policy Declaration pages.

If you have any other policy than an Agreed Value, total loss payout is determined on ACV, period. Even with a rider to cover mods, the pay out for just the car is still ACV. To get a fair payout you would have to jump through hoops to provide values of similar vehicles in similar condition to "haggle" with the Insurance Conkany for a fair payout just for the car. With an Agreed Value policy, there's no haggling, bickering, trying to provide values, - the payout is that of the Agreed amount.

Do they have agreed value policies on cars used on a daily basis?

I have had my classics on Hagerty with an agreed policy. But they have lots of restrictions.

Never tried it on a daily driver.

 

[TrackMustang]

Your premium will be increased to cover the "add on" (rider) and some policies may have a cap on the value of add-ons to the rider. Even then if mods are allowed as an add-on, some companies will also try to skimp on payout by using the "depreciation" argument.

Best advice to anyone, if you have a lot wrapped up in your ride - get an Agreed Value Insurance Policy. This means that you and the Insurance Company agree on the stipulated value of the car including any add-ons or modifications. If an event were to occur that totals out the car (or it's stolen), you will be paid the Agreed Value - no more and no less.

If the Policy is a true Agreed Value Policy, the Agreed Value amount will be clearly printed and documented within the Policy Declaration pages.

If you have any other policy than an Agreed Value, total loss payout is determined on ACV, period. Even with a rider to cover mods, the pay out for just the car is still ACV. To get a fair payout you would have to jump through hoops to provide values of similar vehicles in similar condition to "haggle" with the Insurance Conkany for a fair payout just for the car. With an Agreed Value policy, there's no haggling, bickering, trying to provide values, - the payout is that of the Agreed amount.

Really good info, thank you!!!

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