Insurance
 

Anyone here ever told their insurance they modified their car?
Should I do it too? Or best leave it?

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It depends. You might spend a little more on insurance but if you wreck your car and aftermarket stuff gets damaged you might get the money to replace that stuff. It’s up to you. But some insurance companies don’t even pay for that. It’s best to call and ask if they insure aftermarket stuff on a vehicle.


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You have Progressive? They cover up to 6k in upgrades automatically.

Im with aviva

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I have my wheels covered, just called them told them I had aftermarket wheels and sent them a invoice of how much I paid for them

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I had geico. When someone rear ended me insurance looked over my vehicle and did an estimate (looking up tail lights). Took it to a shop and they had to replace the exact same aftermarket light or cut me a check for what the amount it would be if they couldn't replace it.

I don't tell them.

If you want them to replace your parts or assess the value of your car appropriately then tell them.

I do not tell them, but it is up to you and your financial tolerance for loss. Generally for smaller items you will better off putting your money into a savings account.

OP is in Canada and the rules are a bit different here.
Undeclared modifications will NOT be covered under most policies. They will only cover repairing/paying for the stock vehicle value.
If you want to have the value of mods covered you need to tell them so they can adjust your premium to reflect the value. You would need to speak to your company to find out how much that would cost but it is usually peanuts. My exhaust, tint (it is a mod) spoiler and lowering springs cost me a whole $4 a year above the stock premiums.
There are no penalties to not telling them beyond not having the mods covered.

Chances of lowering springs getting totaled .01%
However covering window tint and exhaust for $4 a year is a good deal. It will take you not having a loss for 250 years to lose money.

Agreed 100%

Well if the car gets totaled the springs go with it. No single item is a huge value but it all adds up.

👍

My wife sells insurance. She says if it's bolted onto the car at the time of the accident, it becomes part of the car, therefore you can be reimbursed. That said, I have never openly reported "hey, I'm adding 500 whp to my car, please insure me for the parts, but don't raise my rates because I'm "potentially" inexperienced with those power gains."

your wife sells global insurance policies?

most insurance companies only cover cosmetic modifications. Adding turbos and superchargers (this is the FI forum after all) is usually a no-go unless you have a specialty carrier for a collector car. It's generally an eligibility thing that would only be considered with underwriter approval. The vast majority of insurance companies are looking to insure regular vehicles, not a frs/brz that has an extra 300whp.

On the flip side, if you get into an accident and you have $20k in mods to your car, it's not reasonable to expect your own insurance company to cover the extra $20k in mods. They've been charging you premiums based on an estimated total loss of $18k or whatever, not $18k + $20k in mods. Nothing is free!

Now... if someone else hits you and they're liable, then you should absolutely expect to be made whole again, and their insurance company should cover your car as-is (up to their policy limits).

Going back on this. If it is gonna be written off, my insurance would pay me for the value of the car?

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They will give you the book value of the car. They do not give you replacement value or what you still owe unless your policy covers that.

it ends up being the market value of the car, typically unmodified unless you purchased coverage for that (if you don't pay for additional coverage, you don't get additional coverage, as the carrier didn't collect premium to cover those parts).

If you owe more than the car is worth, you're still responsible from the balance on the loan, unless you have gap coverage through the insurance company (can also be on the loan / lease).

This. Plus you really should just read your policy. Every one can be different. For example, my policy with USAA includes a 20% bump if the car is totaled under coverage.

In the end though, the policy should spell it out.

Best answer. :burnrubber:

As a licensed agent for Progressive I have to clarify, we cover up to 1k automatically when you have comprehensive and collision. You can buy up to 5k additionally without having to insure the vehicle for a stated value. You can insure the car for more based off of stated value but be ready to have receipts.

Though if you buy insurance from an independent agent they may include a higher value of coverage. But from Progressive direct you have to let us know you need more than the 1k coverage.

If you have questions about the coverages of your policy you should reach out to your own insurance company. Coverages very from state to state and this is due to each states regulations and needs. Don't assume you have aftermarket parts coverage. And don't assume someone else's insurance will cover your aftermarket parts. Some insurance companies will not pay out for aftermarket parts coverage even if their client was at fault unless you have that coverage on your own policy.

Yes everyone wants cheap insurance, but you always get what you pay for. So keep in mind just because the rates are low doesn't mean that quality of service is high, or done right, or efficiently. But if you don't tell your agent that you need the extra parts covered your claim could be denied because you misrepresented the value of the vehicle which means the premiums were calculated and collected for the wrong level of risk. So, its worth paying what can be as little as $10 a month on top of your policy to protect your $30k total investment.

THIS GOES FOR ENGINES AND TRANSMISSIONS TOO!

I'm confused, is it a threat or an assurance?