goforwand

Has anyone that has done basic modifications (cosmetic, exhaust, wheels, suspension, etc.) updated their insurance to reflect the additonal "value"?

I spoke with my insurance company, and they said that they it's not a problem to add modifications (as long as it's not "racing related.") They also said it will "significantly" increase the collison premium, and that modifications are reimbursed on a different scale than the actualy vehicle. According to them, depreciation is higher on the aftermarket parts than on the car itself.

I asked about a "stated value" policy and although they don't write them, other companies do, but it can be quite expensive.

They couldn't quote me on price until I submit the list of items that have been added to the vehicle, so I have no idea what the "significant" increase will be. The collision portion on my car is $172/year with a $500 deductable, so even a 50% increase wouldn't be hard to swallow.

Anyone else go through this process?

My concern is that if my car gets totalled or stolen, that I'm SOL when it comes to getting any part of the ~ $5000.00 (soon to be $7000.00 when the wheels get here) that has gone into the car if I don't do something....

BlueGrimRX8

Well after my old car I have two thoughts on this:
One it depends on your insurance. I had a 2000 Cougar with over $12000 in modifications, a lot of cosmetic and some lady ran a stop sign and totaled it. When I put in the claim my insurance offered to pay me for everything I had reciepts for minus the depreciated value. I amnot sure how much depreciation there would have been because I didn't go that route, I salvaged everything I could and sold it all. I have statefarm and they will pay even if you don't have them claimed on your policy.

My second thought is just get it and take the increase it will probably save you some headace in the long run and like you said even a 50-75% increase will still not be that bad, plus if you have a fender bender or mess up a rim then the other insurance company will have to replace the aftermarket part because you have it claimed already.