follow ft86club on our blog, twitter or facebook.
FT86CLUB
Ft86Club
Delicious Tuning
Register Garage Members List Calendar Search Today's Posts Mark Forums Read

Go Back   Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community - FT86CLUB > 1st Gens: Scion FR-S / Toyota 86 / Subaru BRZ > BRZ First-Gen (2012+) -- General Topics

BRZ First-Gen (2012+) -- General Topics All discussions about the first-gen Subaru BRZ coupe


User Tag List

Reply
 
Thread Tools Search this Thread
Old 03-07-2016, 04:17 PM   #43
Ashikabi
Senior Member
 
Ashikabi's Avatar
 
Join Date: Aug 2014
Drives: 2013 FR-S
Location: Northwest Iowa
Posts: 7,354
Thanks: 454
Thanked 4,542 Times in 2,947 Posts
Mentioned: 59 Post(s)
Tagged: 5 Thread(s)
Quote:
Originally Posted by Stang70Fastback View Post
Sorry to harp on the same thing here, but this irks me. You are NOT paying twice. By your logic, someone with a Porsche, a more valuable car which costs more to insure is paying "twice." No, they are paying MORE because the car is worth more.

Maybe it's my inner English nerd thats freaking out, but I'm not paying twice.
I dunno it's really splitting hairs but I guess we expect to pay insurance on a car, you don't necessarily have to for wheels so with it being optional I vote it still counts
Ashikabi is offline   Reply With Quote
Old 03-07-2016, 04:32 PM   #44
justatroll
Senior Member
 
justatroll's Avatar
 
Join Date: Dec 2015
Drives: Full race 4cyl boxer
Location: CO, USA
Posts: 587
Thanks: 310
Thanked 510 Times in 269 Posts
Mentioned: 20 Post(s)
Tagged: 1 Thread(s)
Here is one thing that I am surprised has not been mentioned here:
I am fairly certain that somewhere in your policy it states that you must divulge modifications to the car to the insurance company.
Failure to do so "may result" in non-coverage in the case of an accident.


Simple case: You get in an accident with your new wheels, & $2k in cosmetic mods...Insurance will probably dismiss that and not complain (but they may not reimburse the difference from OEM parts)


Worst case: You get in an accident with your $10k Turbo setup, full race suspension and $5k in brake upgrades. They could argue that your mods are beyond what is acceptable for the rate you had been paying all along - "Violation of contract! NOT COVERED"
and you are SOL...


So if you make mods that would pique the interest of your agent, you had better divulge them in advance.


Cosmetic - don't sweat it.
Full blown race - might spell trouble.
justatroll is offline   Reply With Quote
Old 03-07-2016, 08:58 PM   #45
computeruser
Member
 
Join Date: Apr 2015
Drives: 2015 BRZ
Location: East Lansing MI
Posts: 75
Thanks: 16
Thanked 53 Times in 28 Posts
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
I'm more concerned about the personal injury/liability side of the insurance coin. I can always go buy another car.
computeruser is offline   Reply With Quote
Old 03-07-2016, 09:06 PM   #46
Kostamojen
Senior Member
 
Join Date: Oct 2011
Drives: 1993 Impreza w/ WRX Swap + FWD!
Location: Roseville, CA
Posts: 2,071
Thanks: 217
Thanked 949 Times in 499 Posts
Mentioned: 31 Post(s)
Tagged: 0 Thread(s)
Quote:
Originally Posted by justatroll View Post
Here is one thing that I am surprised has not been mentioned here:
I am fairly certain that somewhere in your policy it states that you must divulge modifications to the car to the insurance company.
Failure to do so "may result" in non-coverage in the case of an accident.


Simple case: You get in an accident with your new wheels, & $2k in cosmetic mods...Insurance will probably dismiss that and not complain (but they may not reimburse the difference from OEM parts)


Worst case: You get in an accident with your $10k Turbo setup, full race suspension and $5k in brake upgrades. They could argue that your mods are beyond what is acceptable for the rate you had been paying all along - "Violation of contract! NOT COVERED"
and you are SOL...


So if you make mods that would pique the interest of your agent, you had better divulge them in advance.


Cosmetic - don't sweat it.
Full blown race - might spell trouble.
As mentioned, you would be offered stock replacements in this case or the value of said stock replacements. If you insisted on having those extremely expensive parts that the car did not come with insured, then no you won't get covered for those parts (especially the turbo kit seeing as the car never came with a turbo).

There are insurance companies that offer specific plans for race cars and non-op vehicles, along with collectors cars and such... But a modified car is generally worth LESS than stock car in the used car market, even getting the full value back with said reported mods won't happen. In pretty much any case you are going to loose money.

The BEST scenario as mentioned, is when your aftermarket parts (wheels/suspension/seats/etc.) wind up being less expensive than the OEM replacements. Thats the scenario where the Insurance company loves you to death for saving them money, PLUS you get your aftermarket parts replaced. The same thing can happen with home owners insurance (I.E. replacing a fire damaged floor with carpet instead of expensive wood, or buying a less-expensive computer than the amount you were offered) and sometimes you can wind up with extra money in your pocket too.
Kostamojen is offline   Reply With Quote
Old 03-07-2016, 09:35 PM   #47
Xinshadow
Senior Member
 
Join Date: Dec 2012
Drives: 2013 Scion FR-S Ultramarine
Location: Northern Illinois
Posts: 132
Thanks: 68
Thanked 64 Times in 44 Posts
Mentioned: 0 Post(s)
Tagged: 2 Thread(s)
Quote:
Originally Posted by Kostamojen View Post
As mentioned, you would be offered stock replacements in this case or the value of said stock replacements. If you insisted on having those extremely expensive parts that the car did not come with insured, then no you won't get covered for those parts (especially the turbo kit seeing as the car never came with a turbo).

There are insurance companies that offer specific plans for race cars and non-op vehicles, along with collectors cars and such... But a modified car is generally worth LESS than stock car in the used car market, even getting the full value back with said reported mods won't happen. In pretty much any case you are going to loose money.

The BEST scenario as mentioned, is when your aftermarket parts (wheels/suspension/seats/etc.) wind up being less expensive than the OEM replacements. Thats the scenario where the Insurance company loves you to death for saving them money, PLUS you get your aftermarket parts replaced. The same thing can happen with home owners insurance (I.E. replacing a fire damaged floor with carpet instead of expensive wood, or buying a less-expensive computer than the amount you were offered) and sometimes you can wind up with extra money in your pocket too.
Just to add to this a bit, I've insured my car with Geico since I've had it, and their policy is you declare the extra value for the modification in question, and if it's damaged as a result of a claim, they cut you a check for the declared value.

When I had an accident with my FRS a few years back that destroyed a few aftermarket parts on the car, they just cut me a check to buy replacements. It did make repairs take a bit longer, but the shop was lovely and everyone did a great job.

For kicks, I did a check and the aftermarket parts were more expensive than OEM replacements at the time. Although this was pretty early in the cars life cycle ( March 2013 I think), so the aftermarket parts were probably easier to get.

Still, a 5% bump in my premium was worth the peace of mind. Your mileage will probably vary wildly based on your insurance though.

Sent from my LGLS990 using Tapatalk
__________________
Current mods: OFT Stage 2 (w/93 oct), OFH, Perrin Resonated catback, DSS Aluminum Driveshaft, Perrin drop-in filter, Avo silicone inlet, Mishimoto catch can, Grimmspeed MCB, Perrin crank pulley, Nameless overpipe/downpipe combo, DBA slotted rotors, Ferrodo brake pads, goodrich SS brake lines, DOT5 synthetic brake fluid.
Xinshadow is offline   Reply With Quote
Old 03-07-2016, 10:02 PM   #48
Stang70Fastback
A.K.A. Starlord
 
Stang70Fastback's Avatar
 
Join Date: Oct 2013
Drives: 2015 Series.Blue
Location: Illinois
Posts: 1,842
Thanks: 845
Thanked 2,099 Times in 834 Posts
Mentioned: 30 Post(s)
Tagged: 3 Thread(s)
Quote:
Originally Posted by Xinshadow View Post
Just to add to this a bit, I've insured my car with Geico since I've had it, and their policy is you declare the extra value for the modification in question, and if it's damaged as a result of a claim, they cut you a check for the declared value.

When I had an accident with my FRS a few years back that destroyed a few aftermarket parts on the car, they just cut me a check to buy replacements. It did make repairs take a bit longer, but the shop was lovely and everyone did a great job.

For kicks, I did a check and the aftermarket parts were more expensive than OEM replacements at the time. Although this was pretty early in the cars life cycle ( March 2013 I think), so the aftermarket parts were probably easier to get.

Still, a 5% bump in my premium was worth the peace of mind. Your mileage will probably vary wildly based on your insurance though.

Sent from my LGLS990 using Tapatalk
I have GEICO too, so I'm curious what parts you had listed with them...?
Stang70Fastback is offline   Reply With Quote
Old 03-07-2016, 10:29 PM   #49
Xinshadow
Senior Member
 
Join Date: Dec 2012
Drives: 2013 Scion FR-S Ultramarine
Location: Northern Illinois
Posts: 132
Thanks: 68
Thanked 64 Times in 44 Posts
Mentioned: 0 Post(s)
Tagged: 2 Thread(s)
Quote:
Originally Posted by Stang70Fastback View Post
I have GEICO too, so I'm curious what parts you had listed with them...?
At the time of the accident, radiator, hoses, intake tube. Since then I've also insured wheels/tires and brakes with them. Generally if upgrades to a given system cost over 1k, I'll insure them. I don't have the driveshaft, exhaust and the rest of it insured.



Sent from my LGLS990 using Tapatalk
__________________
Current mods: OFT Stage 2 (w/93 oct), OFH, Perrin Resonated catback, DSS Aluminum Driveshaft, Perrin drop-in filter, Avo silicone inlet, Mishimoto catch can, Grimmspeed MCB, Perrin crank pulley, Nameless overpipe/downpipe combo, DBA slotted rotors, Ferrodo brake pads, goodrich SS brake lines, DOT5 synthetic brake fluid.
Xinshadow is offline   Reply With Quote
Old 03-07-2016, 10:41 PM   #50
Stang70Fastback
A.K.A. Starlord
 
Stang70Fastback's Avatar
 
Join Date: Oct 2013
Drives: 2015 Series.Blue
Location: Illinois
Posts: 1,842
Thanks: 845
Thanked 2,099 Times in 834 Posts
Mentioned: 30 Post(s)
Tagged: 3 Thread(s)
Quote:
Originally Posted by Xinshadow View Post
At the time of the accident, radiator, hoses, intake tube. Since then I've also insured wheels/tires and brakes with them. Generally if upgrades to a given system cost over 1k, I'll insure them. I don't have the driveshaft, exhaust and the rest of it insured.

Sent from my LGLS990 using Tapatalk
So based on your experience, do you think it's worth insuring my coilovers with them? I've got KW V3s, Raceseng plates, and Velox LCAs which adds up to like $3-3500-ish.
Stang70Fastback is offline   Reply With Quote
Old 03-07-2016, 11:05 PM   #51
Xinshadow
Senior Member
 
Join Date: Dec 2012
Drives: 2013 Scion FR-S Ultramarine
Location: Northern Illinois
Posts: 132
Thanks: 68
Thanked 64 Times in 44 Posts
Mentioned: 0 Post(s)
Tagged: 2 Thread(s)
Quote:
Originally Posted by Stang70Fastback View Post
So based on your experience, do you think it's worth insuring my coilovers with them? I've got KW V3s, Raceseng plates, and Velox LCAs which adds up to like $3-3500-ish.
Depends on how easily you can afford to replace the stuff in the event of a major accident, and how likely you think damage is. Everyone's tolerance for risk is different, after all.

Sent from my LGLS990 using Tapatalk
__________________
Current mods: OFT Stage 2 (w/93 oct), OFH, Perrin Resonated catback, DSS Aluminum Driveshaft, Perrin drop-in filter, Avo silicone inlet, Mishimoto catch can, Grimmspeed MCB, Perrin crank pulley, Nameless overpipe/downpipe combo, DBA slotted rotors, Ferrodo brake pads, goodrich SS brake lines, DOT5 synthetic brake fluid.
Xinshadow is offline   Reply With Quote
Old 03-07-2016, 11:42 PM   #52
justatroll
Senior Member
 
justatroll's Avatar
 
Join Date: Dec 2015
Drives: Full race 4cyl boxer
Location: CO, USA
Posts: 587
Thanks: 310
Thanked 510 Times in 269 Posts
Mentioned: 20 Post(s)
Tagged: 1 Thread(s)
Quote:
Originally Posted by Kostamojen View Post
There are insurance companies that offer specific plans for race cars and non-op vehicles, along with collectors cars and such... But a modified car is generally worth LESS than stock car in the used car market, even getting the full value back with said reported mods won't happen. In pretty much any case you are going to loose money..
I think one of my points was missed.

IF the insurance company believes they were insuring a young kid in a mild-mannered $20k car with nannies when they were in fact insuring a wild-man boosted 500 hp track car to be driven on the street (exaggerating for effect), worth $50k then the insurance company can deny your loss claim entirely because you were misrepresenting your true "risk level" and should have been paying more all along.

So you might actually want to downplay all your mods in some cases with the claim.
justatroll is offline   Reply With Quote
Old 03-08-2016, 07:32 AM   #53
gdrider77
Senior Member
 
gdrider77's Avatar
 
Join Date: Oct 2012
Drives: Subaru BRZ Limited
Location: Denver, CO
Posts: 623
Thanks: 243
Thanked 263 Times in 157 Posts
Mentioned: 19 Post(s)
Tagged: 2 Thread(s)
I have been struggling to find an insurance carrier to cover my car with all the aftermarket. From what I have seen, read and spoken to reps at companies none if the big companies will cover much more than around $5k in aftermarket. I'm struggling to find any company that will go higher. I think I'm going to go with specialty insurance, just need to find some.

Most insurance reps are clueless and don't realize that people will put $10-30k in aftermarket into a car. So they just assume (incorrectly) that you have mild upgrades like stereo and wheels, and its covered. In actuality most anything over your specific policy limits will not be covered.

If anyone has recommendations, I'm all ears.

Thanks.

Sent from my Nexus 5 using Tapatalk
__________________
gdrider77 is offline   Reply With Quote
Old 03-08-2016, 08:18 AM   #54
extrashaky
Senior Member
 
Join Date: Mar 2014
Drives: 2014 BRZ Limited
Location: USA
Posts: 4,045
Thanks: 1,100
Thanked 5,618 Times in 2,266 Posts
Mentioned: 55 Post(s)
Tagged: 1 Thread(s)
Quote:
Originally Posted by gdrider77 View Post
Most insurance reps are clueless and don't realize that people will put $10-30k in aftermarket into a car.
It's not the reps. Reps are just salesmen. They don't make those decisions. The underwriters determine what will actually be covered.

And the underwriters do realize that people put tens of thousands of dollars into their cars. They simply choose not to insure highly modified vehicles because the actuaries tell them they're not profitable. Insurance companies are all about making money. The premium they charge you is revenue. Claims are a cost. If a particular situation produces more cost on average than revenue, they're not going to insure that situation. If they're not offering coverage on highly modified vehicles, it's because their research tells them those vehicles result in more claims and other costs than the revenue they bring in. Or it simply introduces too much uncertainty, since you no longer fit the actuarial models.

I can see how that might happen. Why mod your vehicle if you're not going to use the mods for more speed or more aggressive driving? That would make you a bigger risk.
extrashaky is offline   Reply With Quote
The Following User Says Thank You to extrashaky For This Useful Post:
justatroll (03-08-2016)
Old 03-08-2016, 08:29 AM   #55
Tcoat
Senior Member
 
Tcoat's Avatar
 
Join Date: Jul 2014
Drives: 2020 Hakone
Location: London, Ont
Posts: 69,845
Thanks: 61,656
Thanked 108,283 Times in 46,456 Posts
Mentioned: 2494 Post(s)
Tagged: 50 Thread(s)
Quote:
Originally Posted by gdrider77 View Post
I have been struggling to find an insurance carrier to cover my car with all the aftermarket. From what I have seen, read and spoken to reps at companies none if the big companies will cover much more than around $5k in aftermarket. I'm struggling to find any company that will go higher. I think I'm going to go with specialty insurance, just need to find some.

Most insurance reps are clueless and don't realize that people will put $10-30k in aftermarket into a car. So they just assume (incorrectly) that you have mild upgrades like stereo and wheels, and its covered. In actuality most anything over your specific policy limits will not be covered.

If anyone has recommendations, I'm all ears.

Thanks.

Sent from my Nexus 5 using Tapatalk

Don't know about the US but I had this issue with some classic cars in Canada. The problem with the classics is that one may be worth $2K and the exact same car in better or fully restored condition may be worth $75K. Both are drivable and on the road but the value difference can be massive. I had to get my 58 Chev appraised and then get special insurance on the set value. The policy didn't really cost me that much in comparison to the car's appraised value but and at least if something happened I would not have simply received the pittance that they would have given me without the appraisal.
__________________
Racecar spelled backwards is Racecar, because Racecar.
Tcoat is offline   Reply With Quote
Old 03-08-2016, 11:16 AM   #56
extrashaky
Senior Member
 
Join Date: Mar 2014
Drives: 2014 BRZ Limited
Location: USA
Posts: 4,045
Thanks: 1,100
Thanked 5,618 Times in 2,266 Posts
Mentioned: 55 Post(s)
Tagged: 1 Thread(s)
Quote:
Originally Posted by Tcoat View Post
Don't know about the US but I had this issue with some classic cars in Canada. The problem with the classics is that one may be worth $2K and the exact same car in better or fully restored condition may be worth $75K.
The solution down here is Hagerty, Grundy or a similar boutique insurer that offers Agreed Upon Value insurance, where you basically get an appraisal and insure for that value. Some of the mainstream insurance companies also offer "Stated Value" coverage for less money, but that's usually not any better than conventional insurance. You get what you pay for.

The boutique companies often specifically exclude mods or specific types of mods. It's pretty much impossible to get off-road mods insured. The attitude toward street mods seems to be relaxing, with so many people doing restomods of classics instead of restoring back to original condition. It really doesn't make sense to penalize someone for upgrading to a modern A/C system, disc brakes or throttle body injection to make an old car safer and more reliable.
extrashaky is offline   Reply With Quote
The Following User Says Thank You to extrashaky For This Useful Post:
Tcoat (03-08-2016)
 
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Various parts OEM and Aftermarket Bergen23 Canada Classifieds 31 03-28-2015 08:17 AM
OEM vs Aftermarket Parts kowasu.mono BRZ First-Gen (2012+) -- General Topics 6 04-07-2014 08:09 PM
Aftermarket Parts mxrider404 BRZ First-Gen (2012+) -- General Topics 4 02-04-2014 11:05 PM
WTB: Aftermarket Parts SalM NY / NJ / CT / PA 3 12-10-2013 05:53 AM
FS : All of my Aftermarket Parts! Brandon86 Canada Classifieds 17 05-30-2013 07:35 PM


All times are GMT -4. The time now is 02:21 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
User Alert System provided by Advanced User Tagging v3.3.0 (Lite) - vBulletin Mods & Addons Copyright © 2024 DragonByte Technologies Ltd.

Garage vBulletin Plugins by Drive Thru Online, Inc.