Quote:
Originally Posted by Canehda
Most companies are smart enough to have FSCO filing to not insure modifications, the large companies all have it... as per one of your statements comparing swapping a Cummins into an impala vs swapping a motor into an FRS, an underwriter won’t look at the modification on its own but rather the person who would do this modification. The demographic that swaps the former is different from the latter. Just like big brake kits, the BBK objectively make the car safer but the underwriter will ask why does this person need a big brake kit? At the end of the day there simply isn’t enough data to take the risk and most companies won’t do it even if there is a market. From my experience the only way I’ve ever seen modified cars get on policies is when they are snuck in with large commercial policies.
But I before you all send the mob after me, exterior asthetic mods and mods unrelated to performance a lot of companies are okay with. Over the winter I helped the auto adjusters who were getting smoked with claims and I actually replaced a guys voltex type 2 wing and velox diffuser... insurance is a good faith industry and I can tell you that a lot of stuff gets by... just don’t be that guy who gets your broker to escalate that the adjuster didn’t pay for a Cobb Accessport in your 997 turbo when you said no modifications on your Ontario Application Form because you would be the reason why insurance companies start hating mods...
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Everyone is very well read on insurance. Yes companies have to file their rules with the government and the government agency FSCO is what approves or denies all things in terms of auto insurance. So a company wants to take a rate increase to cover losses, then they have to define the increase and the justification and FSCO has the final say on if they can increase the rates as per the stated plan or not, as an example.
This is the sticking point here. Companies cannot just make exceptions here or there, based on their filed rules. So if they have filed their auto rules stating no performance mods, then that is the rule and they have to follow it.
The point of my survey is to try and give a company incentive to go to FSCO and apply for permission to run a specialty program and apply for whatever coverage's.
If I were to go to my companies and say hey I was at a car show and say 50 modded cars and they have a hard time with coverage, the company said well tough for them.
Whereas, if I can go to them and say hey I have 500 responses to a survey of modified car owners, all of whom want coverage for their modified cars. For easy numbers lets say the average policy turns out to be $1000/year. That right there would say, there is a potential $500,000 in business there for you, assuming we only get the car. Also potential say for their home, renters insurance, other toys etc.
On top of this if I can say, from my findings 85% of these drivers have over 7 years of experience with 80% having no tickets or accidents.
All of a sudden I have a much larger case on my hand. With some provable numbers, and what not can give the company incentive to go through the work the create the rules and file the program with FSCO.
This is why I need your help.
Also I do not think that you guys modding your FRS are really that much different to the modding community of classic car owners. It is just a love of different vehicles. I mean is my insured who put a 596 Crate motor in the Factor Five Cobra, or the one who has a 69 Camaro ex drag car, with full cage, tuned big block, and 14" wide tires, etc, really any different than any of you. Again we sell it as they are going for a specific look etc, and the clients have to confirm that they do not use it for speed tests etc. But still are they really that different from those of you with swaps, or lowering, big brakes etc. I don't think so. If it was really down to a NEED, a lot of those cars should just have the inline 6's the cars came off the line with.