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BRZ First-Gen (2012+) -- General Topics All discussions about the first-gen Subaru BRZ coupe |
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03-07-2016, 04:17 PM | #43 | |
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03-07-2016, 04:32 PM | #44 |
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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. |
03-07-2016, 08:58 PM | #45 |
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I'm more concerned about the personal injury/liability side of the insurance coin. I can always go buy another car.
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03-07-2016, 09:06 PM | #46 | |
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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. |
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03-07-2016, 09:35 PM | #47 | |
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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
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03-07-2016, 10:02 PM | #48 | |
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03-07-2016, 10:29 PM | #49 | |
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Sent from my LGLS990 using Tapatalk
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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.
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03-07-2016, 10:41 PM | #50 | |
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03-07-2016, 11:05 PM | #51 | |
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Sent from my LGLS990 using Tapatalk
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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.
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03-07-2016, 11:42 PM | #52 | |
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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. |
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03-08-2016, 07:32 AM | #53 |
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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 |
03-08-2016, 08:18 AM | #54 | |
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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. |
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03-08-2016, 08:29 AM | #55 | |
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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.
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03-08-2016, 11:16 AM | #56 | |
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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. |
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The Following User Says Thank You to extrashaky For This Useful Post: | Tcoat (03-08-2016) |
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