Customized Vehicles

[InsuranceGuy913]

Some companies, well the majority of companies, do not cover any aftermarket items purchased and installed on vehicles. The way to get these things covered is to ask your agent to see if there is such coverage on your policy and what you need to provide for these items to be covered in case of theft vandalism, fire, etc. Also check the limit that these companies have for such endorsement. I get asked if alterations to engines can be covered the answer is yes. The companies that carry this coverage are hard to find. Farmers bought a company called Bristol West.

Bristol West policy under the CUSTOMIZING EQUIPMENT COVERAGE states as follows:

If you pay us the premium for Customizing Equipment Coverage for your covered auto when due, we will provide comprehesive and collision coverage to permanently installed custom parts or equipment, devices, accesories, enhancements, and changes which alter the apperance or performance of your covered auto. This includes permanently installed stereo equipment, custom paint, custom wheels and tires, equipment to modify vehicleheight on both raised and lowered vehicles, custom seats, and safety or alarm devices.

FARMERS just added similiar coverage. My policy went up $32 a year for 3k in customized equipment.

[ase2]

nnnice

[mileslong]

:confused:i have this issue right now...


book value on a 92 honda civic si hatchback is garbage... and full coverage is $70 per month... the same as my 2000 toyota camry!!! how and why... i have no idea, but its garbage.

id end up paying the book value of the car within the first year just on full coverage..


however, there is a lot of custom parts on this car that is worth $10k plus...

i want to find a insurance company that will insure the car for what its ACTUALLY worth instead of the lowball KBB value or whatever it is that insurance companies use..... and i can assure you, i would never pay $70 per month full coverage if my only payoff would be book value on a 92 civic.

anyone know of any companies that can insure my car for PROPERTY value rather than book value?! :confused:

[InsuranceGuy913]

I do that is why I started this thread

[mileslong]

I do that is why I started this thread


so how does the insurance cover it? do you need receipts for every part? or would i be insuring it for replacement value if the whole thing was totalled... like sayi wanted to insure for $10k.

[InsuranceGuy913]

Policy states:
"You are requires to maintain and, upon demand from us, pomptly present proof of purchase and proper installation for any parts, equipment, devices, accessories, enhancements, and other changes to which this coverage applies. No coverage will be provided that duplicates payment for the same element of loss paid under another coverage or any oth insurance"

[mileslong]

that could get tricky, seeing as i have no receipts of any of the work done. i bought the car with most of the work done to it...

[InsuranceGuy913]

You can always get receipts from previous owner or ask which shop did the work, they should have the records.
I just gave you the ability to insure your mods, because I have the same concern with my car. I keep all my receipts on my car, how else do you prove what modifications have been done to the vehicle and if it was done correctly.

[mileslong]

You can always get receipts from previous owner or ask which shop did the work, they should have the records.
I just gave you the ability to insure your mods, because I have the same concern with my car. I keep all my receipts on my car, how else do you prove what modifications have been done to the vehicle and if it was done correctly.

thats why i was wanting more of a property value type of insurance...

i wouldnt claim somthing if a part fucked up... but if the car was totalled or was stolen, etc. etc.

[nosup4u97]

thats why i was wanting more of a property value type of insurance...

i wouldnt claim somthing if a part fucked up... but if the car was totalled or was stolen, etc. etc.

Replacement Cost is always the best form of coverage when it comes to insurance however most companies have their forms written as Actual Cash Value which is a depreciated amount and then you can add a endorsement for specialty products but then it can become a real pain in proving everything and coming up with the receipts at the time of the loss. Therefore when it comes to a customized car of any sorts really the best type of policy to put it on is a collector's policy with either it being on agreed value form or stated value form. I write insurance through a couple of different carriers that offer this option however the difference is that in the event of a loss with the agreed value form the value of the property would then be determined and settled between the claims adjuster and the insured. On a stated value policy the insurer will pay out either the stated value amount or the actual cash value, whichever is the lowest is what is paid, of the vehicle in the event of a loss. Therefore it is my opinion that agreed value can be a better form of coverage because it there is no opportunity for the actual cash value to come in and depreciate the amount of the vehicle. Lord knows how much we can get tied up in them! LOL!

Chad Hollins