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Old 09-07-2006, 11:06 PM   #1
RChampion
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Default Question for those that have increased their car's value via swapping...

How are you insuring your car?

Currently, if my outback sport gets stolen or wrecked, I'll get another outback sport..... rather than an obs with a full 04 USDM STi drivetrain and more. Sketchy. Thoughts? I've increased my car's value by 4 times in my mind ($4k car) and don't think it should be insured like one.
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Old 09-08-2006, 12:13 PM   #2
83Rabbit
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thats why you have an appraiser come out to value your car and spend the extra 4 times in insurance costs since your car is increased in value by '4 times'
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Old 09-12-2006, 06:37 AM   #3
John2.5RS
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I talked to my insurance company(USAA) they said as long as it's permanatly attached and You have receipts, that full coverage is enough for all mods.
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Old 10-09-2006, 01:41 PM   #4
Kraziken
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Quote:
Originally Posted by John2.5RS View Post
I talked to my insurance company(USAA) they said as long as it's permanatly attached and You have receipts, that full coverage is enough for all mods.
I think this is definately not the norm in regards to coverage, but USAA is better than normal insurance company when it comes to loss.

Are you saying that with no increase to premiums they'll cover anything with a receipt? That is darn good and makes me happy, since that is my insurance company.
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Old 10-09-2006, 03:09 PM   #5
John2.5RS
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Me too, I'm paying less that $100/mo for full coverage!(with a $1k deductable) But I moved into a better neighborhood and I had my 25th B-day.
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Old 10-10-2006, 09:19 AM   #6
kheff46
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$440/year full coverage w/250 ded.

but my car is still a 1.8l 95 L sedan. right?!?

it cost $1400 to buy, so full coverage is to recoup some of the hidden value. i do have all reciepts, so i may try that with my company if something happens!

--keith
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Old 10-13-2006, 03:47 PM   #7
swappedGF
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I never understood this. My friends Galant VR4 just caught on fire and obviously trashed much of what he put into it - about 22k (not including the car itself). He's battling with the insurance agency, and ALSO said that if you've got receipts you're fully covered. (he said this was many companies policy.)

What i don't get is that how can you go paying cheap insurance for a car they think is worth $5k and then when it gets screwed up, you have an extra $22k in receipts and they cover it. Would they not charge you more (monthly/yearly) if they knew you dumped over $20k into the car? It makes no sense that if you don't tell them about your mods, they will cover them in an event of loss.

That's why i'd call your agent, or go for a custom appraisal.
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Old 10-13-2006, 04:15 PM   #8
Matt Monson
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SwappedGF,
I think that's why your buddy is battling with them. I don't understand that thinking either. If one wants to cover their mods, they need to pay the extra premiums for it.

I currently only have the legal minimum on my '91 SS. But you can bet that after this weekend, once I've got a WRX engine in there with aftermarket exhaust, etc. etc I will be bumping it up to full coverage. I have always been of the mindset that you've got to pay to play...

It's just like when a part brakes at the track. I wouldn't ever try and 'warranty' and item I broke while racing. But you'd be surprised how often it happens. My shop makes race gears for Porsches and we clearly state there is no warranty on race parts. But time and time again people try to cover them with us. Of course, we work with them and make them a good deal on replacement parts, and if, upon inspection, we feel it was a product failure we do warranty it. But that's not quaranteed as there are many other variables at play there.

Sorry for the OT rambling. I am bored at work today and my mind is running off at the mouth...
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Old 10-13-2006, 05:37 PM   #9
swappedGF
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I kinda view ANY claim with the insurance company a "battle." Poor choice of verbage on my part. But I believe he's winning this "battle." I'll talk to him tonight to see what's going on.
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Old 10-16-2006, 02:26 PM   #10
rSti1
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hey,

I posted this up as a thread...if you do an engine swap, will the insurance still cover you if you are in an accident where somebody is injured or will they most likely hold you liable b/c you altered the car soo far beyond...

I would be mad at myself if i got in an accident, but I would be scared to death (and sad) if i hurt someone (hope it never happens and try to make sure of it....not that i drive dangerously etc, but accidents happen) and the insurance said that i was liable...
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Old 10-16-2006, 02:28 PM   #11
RChampion
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I highly doubt added horsepower would ever be used as a cause of an accident. Cars don't kill people, bad drivers do (or unlucky ones, I guess).
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Old 10-16-2006, 02:34 PM   #12
rSti1
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Quote:
Originally Posted by bigbobchamp View Post
I highly doubt added horsepower would ever be used as a cause of an accident. Cars don't kill people, bad drivers do (or unlucky ones, I guess).
Yea, that is nice to throw out and say that it is the driver fault...i would even agree most of the time, but i have seen enough fatal accidents that were just that accidents (firefighter)...

I see your point though...I am just always paranoid about some company screwing me over (and i can really see it happening when the amount of money is not trivial..as it rarely is when people get hurt and go to court)

Anyone else have a line from an agent or someone with some insight to the industry?
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Old 10-31-2006, 11:40 PM   #13
John2.5RS
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Now I have to deal with this, I will let you all know what REALLY happens.
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Old 11-01-2006, 12:11 AM   #14
shikataganai
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Quote:
Originally Posted by John2.5RS View Post
Now I have to deal with this, I will let you all know what REALLY happens.


my car isn't (wasn't) a swap, but i'm going through this, too. what i have to add:

a) i had my extensive mods explicitly covered through my insurer, liberty mutual. $68/yr for $4k in additional coverage. i chose that figure because the ~$18k MSRP in mods wouldn't be worth more than that, imo, in adding to resale

http://toshiclark.com/forsale/modlist.png if curious.

b) now that i'm making a total loss claim i suddenly had to come up with receipts for these extra parts. i ended up emailing my adjuster a whole boatload of stuff:

1) an excel spreadsheet (see the screenshot "modlist.png" linked above) with a list of the parts, description (since they're not obvious to those outside the community), MSRP, source where i found the MSRP, and what i actually paid for it, where applicable (used parts, discounts, stuff that came on the car).

2) receipts themselves: local tuner shop receipts; paypal receipts; even a couple of NASIOC threads that i printed to pdf. for example, the only documentation of my wheel purchase was me posting a thread looking for wheels, and then posting later that i'd found a set to buy.

as it turns out the insurance company is basically going to end up paying what i could have recouped on NASIOC on a very good day. the conventional wisdom that mods don't add value to resale only holds true if you didn't insure them...



please PM me if you have any questions about the above.
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