What's the deal, nobody will cover the car. I want to pay extra money on top, like 20K on top of the vaule, no insurance will take a modified car. I told some it's a imported motor, some i said it's just modified, but still they say no. They said they won't insure a car that is used for racing, even though i told them it's not for racing, they say we know, it would be used for racing at the track or on the street. Which is a big NO.

 

call bbb on all of them!!!!!!!!!!!!!! they can refuse you coverage but they cant assume its for racing.........

 

uh, why did you tell them that it has a 20b in the first place?
They insure the car, not the motor.
If a guy swaps a camry motor into his mr2, he doesn't tell them its a camry.

When I called my insurance, I just told them its a modified show car (even though its not really used for that) and wanted them to insure it for $50k. They didn't care, its just more money for them every month.

If you really want, call Hagerty, or some other Specialty Insurance company, they'll do it.

 

If he wants replacement value of the 20B, as well as all the custom fabrication, he has to disclose that information up front. Otherwise, all the insurors that I know of will pay only the value of a stock 2nd gen...about $1.75.

What insurance company do you use? They sound astonishingly reasonable.

Hagerty and the other specialty companies are a good alternative, BUT all of them that I have talked to set a mileage limit (usually 2500 or 3000 miles per year), since they are insuring the cars as limited-use show cars. If you want to use your car as a daily driver, it's a whole different set of requirements.

 

Thanks Paximus,

Your right, i'll have to see what company does modified show coverage, this will be my third car,so it won't be a daily driver, mileage will be low. Just want to be covered,incase it was involved in a accident on the street.

Haven't tried hagerty. thanks

 

You do need to disclose all information about your vehicle. Take documented pictures of the build up stages. If you want it replaced the same if something were to happen.

Most companies will find ways to pay less if they can in these situations. Ask for a stated value policy and read what perils (destructive forces) they cover and how they pay out. All policies must disclose this information.

Many of the big companies will not take the vehicle. I know State Farm won'tand Farmers more than likely will not will not. There are some more companies out there that will take them. You might try Bristol West they are more relaxed on some things.

When I get to the office in the morning I will look and see what companies we use in this situation. I have my own agency by the way. If I can provide any useful info I will. Good luck.

Brad

 

Wow, this has been covered in detail in the past. Do a search and you should find a lot of info.

I did a lot of research on this and it's very difficult to get an agreed upon value policy on a 20B FD. An agreed upon value policy (as opposed to a stated value) will pay you the value you've insured without any hassles. With a stated policy, you'll get either the stated value, or the actual value, whichever is LESS. You'll have to haggle with the insurance company because their starting position will be the value of a 13B FD, or around $18,000.

When I did the 20B conversion 3 years ago, I was immediately dropped by State Farm although I insure 2 other cars with them. Once you've modified the car with the 20B engine, that's it for most companies. They don't want to touch specialty vehicles, even though curiously they insure American muscle car conversions. Sucks to be a ricer right? And don't think about not telling them. If you get in a wreck then they'll not pay the claim anyway because you didn't disclose the information about the conversion.

So, I then went to Hagerty, Grundys, and others only to find out they wouldn't insure the car because it was too new. They're used to dealing with older cars. I also made the mistake of saying the car I would occasionally drive the car to work and this eliminated me immediately. I'm going to revisit these companies again. This time I'll tell them the conversion is like replacing a small block with a big block, I drive about 3,000 miles per year mainly to events and shows or maybe for some pleasure driving but that's it. No driving to work and not big miles.

Anyway, I currently have a $60,000 stated value policy from Progressive that costs me about $900 per year. I just got off the phone with Progressive yesterday to do an annual review and to discuss what would happen if I had a claim. It's as I've stated above. What I'm going to do if I stay with Progressive is to take my pics and receipts (plus I have the Pettit 3 rotor car sale info from the Barrett Jackson auction about a year ago as a comp) to Progressive to see if we can come to some understanding on the ACTUAL value of the car. In this way I'm hoping to eliminate the hassle on the back end if something happens.

Wow, I talk too much Hope this helps though.

 

David is exactly correct. One thing he did not mention is to ask for a copy of the policy and look to see how they pay out. Remember this is a contract you are signing w/ a company. They have to honor it unless you misrepresent yourself. Many will try to underpay as this is their way of making more money. Your dillegence will pay off.

I am still going to look and see if there are any other companies that will insure them.

Brad