Is your FI installation insured?
 

I've been doing a lot of research on the forums about FI lately, but there is one thing that still leaves me hesitant. Insurance. If I put $5000 into my car, then I want it to be covered by insurance in the event of an accident. I currently have state farm and will be contacting them in the event that I purchase a supercharger.

Just wanted to see what everyone else was doing or had planned for insurance, if you told your company about it, if you were just hoping you weren't going to wreck.. :iono:

i need to get insured, considering how much i've put into the car, but i don't know what the company would charge me.

in short:

not insured, but want to be

I plan I'm some insurance but not for the full value as it gets quite expensive after you break 5k with my insurance. On previous cars I never bothered.

No

So why not get insurance? If you bought a $5k jetski, would you not insure it?

USAA would insure, but you pay the increase of premium.

A couple things:

1- If you do not tell the Ins. company that you increased the value of the car, then they will not insure it for more than the value they believed it was worth since you began the policy.

2 - If you tell them that you are making performance mods, they will assume you are a more aggressive (higher risk) driver and you will have a higher premium IN ADDITION to the higher premium because the car is worth more.

3 - If you DONT tell them and total the car, they can be ****s and deny your claim entirely because you made performance modifications (see above) without informing them.

Check your current policy. You will see wording to that effect.

Amount of money spent is around 20K. Insurance for that is stupid...

i doubt any insurance company will insure our modifications...

Yes, my insurance policy includes supplemental coverage for "aftermarket additions". Had the same policy other modified cars in the past, which was well worth it.


...

Progressive will. I did this on a motorcycle I built. And I called for a quote on my FRS with I think 15k coverage over their value. They consider it a "custom value" coverage in which you provide proof of value of each component. The rate however is substantially higher. IIRC 5k is the cap before you go to custom value coverage.

So they'll cover your $2JZ$ and all you have in it if it blows? Unlimited "aftermarket additions'?

Exactly!

LOL... No, not that type of coverage and it is not unlimited.

Unfortunately the policy does not cover blown engines but it does cover typical comp/collision. So if you throw a piston through the side of your block, no, that will not be covered. On the other hand, if someone decides to steal your turbo/supercharger or another part off your car in the middle of the night, yes that part will be covered/replaced.

I need to give these guys a call to see what they're about:

http://www.htrinsure.com/services/hi...insurance.html


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Insurance for $20k is stupid? Did you insure your car at all in the first place, if it is worth $20k?

No matter what you meant by stupid (expensive), I just don't see how you can have something worth $20k that isn't insured. I understand people make certain choices, but there is someone out there willing to insure it, I promise you. Yes, you will likely pay a higher premium, but I just wouldn't be willing to risk that.

-edit- I'm sure your $20k includes fabrication, tuning, etc. But I know places like hagerty will insure that for you, and at a reasonable cost. They will insure the labor as well

Hm, idk that I have a problem with this.
If you increase the cost of your car by let's say $10k, wouldn't you expect to pay a higher premium anyways? I don't have a problem having a higher premium if it means I'm going to get coverage. I have a problem with the possibility of losing $10k in the blink of an eye.

Meant stupid expensive :cheers:

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Most insurance companies operate this way. Some already have a set dollar amount built into the normal collision/comprehensive coverage for aftermarket additions. I would not expect that to be any more than $5000. If you wish to have more coverage added on, then contact your company and tell them you wish to have x amount of money for aftermarket additions added on to your policy. They will happily take your additional premium each month. For guys with really expensive builds you could switch to a non standard collector car type insurance company where they charge based purely on your perceived value of the car.

Damn forum database error made me double post.

Well said! :D

IMO people need to approach modifying a car as a hobby; i.e. somewhere they spend their disposable income where they have no intention of recouping any part of it.

Quick question, I have over $20k in mods, haven't told insurance. But what if you get in an accident where you are not at fault and the other party claims 100% at-fault. Then does their insurance cover all your mods?

No.

Yes.

Go through your insurance and they will get the amount required to repair your car to previous condition from the other party's insurance. If you go through the other party's insurance this may not be the care.

Ah thank you @King Tut, always informative and helpful :)

Adding coverage for mods/customizations isn't as expensive as you may think. I work in the industry, with my co it's about $10-$12 per $1,000 of coverage, per year, in the northeast.

I will insure every mod. I wish I'd done this prior to my integra gsr getting stolen and stripped 10 years ago.

But there's a law saying the insurance must return your car to its previous state before the accident

Called my Allstate agent to look into adding some additional coverage, and she said they don't offer anything like that for cars. Looks like I'm going to be shopping for different car insurance again, suck because I just did it like 6 months ago.

I hope that is every 6 months as $20k in coverage would be an extra $200 to $400 a month if you are talking monthly.

Oh sorry, those numbers are for 1 year of coverage. We are one of the few that write only one year policies.

I edited my original post. So yes 20 (for $20k) x $12 = $240/year.

My car is completely covered, with parts included. Of course you need to keep your receipts and you will deal with depreciation on the cost of parts as well. You pretty much need to ask your insurance provider how they deal with modifications. I have State farm and it's pretty much implied by their policy. Their rates don't really have any basis on the value of the car, it's completely based on the frequency of claims for a particular car. I'm selling my FR-S for a 2015 Corvette stingray and due to the fact that it's mostly geezers driving around in them my insurance actually is staying the same...even with the $50k price difference.

I know some insurance companies have a maximum insurable limit for modifications, while others require you to claim them against the car and readjust their rates to cover those. If i were looking for insurance and planned on modding a car I would look at State Farm, the only problem with Stae farm is they are really picky about who they insure, but if you have a clean driving record they'll pick you up in a heartbeat.

it would take me a lot of years of golf to rack up $20k in course fees.

Yes, not all hobbies are cheap. A lot of people don't realize it because you can finance a lot of things when it comes to cars, cars are an expensive hobby. Hell to some they are an expensive necessity.

Interesting that you cannot get insured for a (new) mod'd car - at least not for exorbitant rates.

I could't get State Farm to write an "accessories rider" on my '05 Corvette. When it got stolen (in '08), I stood firm and wouldn't accept the $19K they offered me - and I sent them 100+ pages of invoices on my mods. I ended up settling for $30K. WAY LESS than I had into it - but WAY MORE than their initial settlement offer.

FUNNIER STILL - I have $30K in additional coverage on my '10 Harley V-Rod. I pay an additional $394 a year for it. But with $30K IN MODS on the bike (not counting 100's of hours of PERSONAL LABOR), it's worth it. Hell, my BST Carbon Fiber Wheels go for almost $5K.

Then again - motorcycles - HD's in PARTICULAR, do get thousands dumped into them in mods. Likewise for cars - but insurance companies LOATHE to give you a rider for mods, that they don't want you to have on your car in the first place.

What company, based on statistical risk of accident/loss - wants US riding around with another 100HP?

Huh?

Rick

I have my wheels covered on my insurance.... If the car ended up being totaled id just yank the supercharger off..... It's not that many bolts....

hm but what about a front end collision? could easily destroy the SC

At that point I wouldn't care about a used supercharger that cost me 3,200. Also It would be hard to destroy a twin screw supercharger in a front end accident. If your going fast enough to do that it was ment to be.

Is your FI installation insured?
 

Yep, insured for everything all the time.

"We received your message regarding your auto policy.

Your auto policy automatically covers your custom parts and equipment under comprehensive and collision coverage. It is best to keep receipts for customization work on your vehicle in case you have to file a claim."

Getting insurance coverage for extra parts and labor should follow the answer to "can I afford loss" and somewhat to "how likely I think I may have loss", regardless if it is $5k, $10k or $25k in upgrades...no?

You should see how much some people spend on country club memberships.

not true. Mine does. yes you pay more, duhh you are insuring more. But it can be worth it considering. You can't expect to raise the value and the risk of the car and not pay for it in some way.

I did not have my mods insured at the time I totaled. The max they will cover is 1k in aftermarket unless otherwise notified. My insurance company did the best they could for me and in my situation I was able to buy back my car and strip my parts so I broke even.

I just bought a new one this week. When I called to add it to the policy they asked me if I plan on putting my parts back in and insuring them and I said yes I do and I will call you as soon as this happens but as of now it is stock.

In my case it is worth it to me for piece of mind that if something were to happen to this one I would be covered. That whole experience was messy and painful. I would rather have a big fat check and walk away from it all. I will gladly give them a chance to recoup this loss through my future premiums. They treated me that well.