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Protect Your Mods

2K views 20 replies 11 participants last post by  nards444 
#1 · (Edited)
I have spent about $15K on my car ever since I bought it 4 years. Excluding labor. All work was done by me. Hard to believe but yeah they add up. About $8500 is just in suspension parts alone. The rest is cosmetic and misc. I'm going to add $13k in additional equipment. I called my insurance company to see what it'd cost to get additional coverage. $180 a year. I'd say it's very reasonable. Anything under $10K no receipts and no inspection needed. So I'll have to email them all my receipts and set up an appointment to have the car inspected. I'd hate to lose all that money in case of theft or total loss. You never know. They also said $1500 of additional equipment coverage is automatically included with my policy. I currently have full coverage with the highest limits available, $500 deductible, clean driving record, and I pay about $650 a year for my challenger. The insurance company is Wawanesa. Been with them for about 5 years now. Excellent company. Had a few minor claims with my wife's car over the course of the 5 years (2 non fault and 1 at fault accidents) and they handled them quickly and they never raised my premium. The premiums actually decreased over the years. Anyways, I just thought I'd share this with you guys.



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#3 ·
I have spent about $15K on my car ever since I bought it 4 years. Excluding labor. All work was done by me. Hard to believe but yeah they add up. About $8500 is just in suspension parts alone. The rest is cosmetic and misc. I'm going to add $13k in additional equipment. I called my insurance company to see what it'd cost to get additional coverage. $180 a year. I'd say it's very reasonable. Anything under $10K no receipts and no inspection needed. So I'll have to email them all my receipts and set up an appointment to have the car inspected. I'd hate to lose all that money in case of theft or total loss. You never know. They also said $1500 of additional equipment coverage is automatically included with my policy. I currently have full coverage with the highest limits available, $500 deductible, clean driving record, and I pay about $650 a year for my challenger. The insurance company is Wawanesa. Been with them for about 5 years now. Excellent company. Had a few minor claims with my wife's car over the course of the 5 years (2 non fault and 1 at fault accidents) and they handled them quickly and they never raised my premium. The premiums actually decreased over the years. Anyways, I just thought I'd share this with you guys.

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DO NOT EVER SEND ORIGINAL RECEIPTS ON MODS!
Keep those for when there is an accident and they try to "total" the car.
I learned that one, almost the hard way.
 
#11 ·
Following
 
#13 ·
Yes I aware of what stated value is. My commercial fleet insurance is like that. We pay about 3.5% of the stated value on each vehicle. But was not aware of being that way with personal auto policies. As far as I know my personal auto ins co does not offer that option. I could be wrong. Might be a good idea to call and check with them. As far as dropping customers, I don't think that's a good business practice.


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#14 ·
Stated Value can be adjusted and argued down by the insurance company based on market value, depreciation and other factors. Agreed Value is the only type of coverage that gives you 100% of the amount you say the car is worth, all the rest will be a fight if that time comes due to a total loss.

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#15 ·
Probably worth checking out, but believe me, when your car gets totaled, the FIGHT begins.


Insurance companies have two goals in mind: Get the most money from you on a policy, and settle for as little as possible if there is a total. Period.


Last year, it took me 7 weeks of "fighting" to get a fair settlement when my Challenger was flood totaled. My "Good Neighbors" used every trick in the book to delay the process, to try and get me to break down and fold for less money. I eventually got what I wanted from the start.


Needless to say, I kicked those "Stupid Stinking Humps" out of my neighborhood! LOL
 
#18 ·
Insurance companies have two goals in mind: Get the most money from you on a policy, and settle for as little as possible if there is a total. Period.
NOT true
They also need to be concerned with customer satisfaction or they won't be in business long. This is the thing that keeps them semi-honest. In today's world if you don't keep the customer happy you're going down.
 
#20 ·
Yeah, I went through this with a Fiero based kit car I bought in the late 90's. At that point an '87 Fiero, even in excellent condition, wasn't worth half what I'd paid for the car. I've had State Farm for over 35 years. They did an "agreed upon value" for me. I did have to bring it down the local agent for them to inspect.
 
#21 · (Edited)
Agreed value is typically used in boats a lot, I use it. You tell them whats its worth and they agree or don't. Sometimes if your number is higher than yours, you need to provide pictures of certain parts of the boat or even have an inspector look at it.


Might be easier or cheaper to check out covering these items under home owners.




The only issue is your paying more for it, and eventually your insuring something for more than its worth.
 
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