At what point do you tell your insurance company...
 

...about all the modifications you've done.

I'm all about getting the cheapest insurance possible, but I've now invested about 5 grand over and above the purchase price of the car, I live in an apartment complex, and I'm getting to the point that I would like to insure as much of the value of the upgrades as possible.

I have a good driver history, so hopefully I woudn't get slammed too high with a rate increase. What have you guys done?

There should be no connection between your mods and your driving record. Your liability insurance rate is based on your driving record alone, and your car's insurance rate is based on a combination of your deductible and the value of the car and how available replacement parts are.

So a $2000 FC could have a more expensive insurance cost than a $20,000 brand new car - just because of the cost of readily available/liquid parts.

Talk with your insurance provider, they sometimes work with you on the things you do to your car. Mine personally goes by most of my aftermarket pieces being stock, because thats the easiest way for them to be quoted as far as prices are concerned (i.e the car gets stolen, and when they find it with the pulleys are removed-- the stock pullys would cover the cost of the greddy ones) ... But on other things they raised the value of the car for me, like proof of my engine build with receipts and what was replaced, and they raised the value of the car up half of what i spent on the engine... just talk with your carrier, theyll either help you out or tell you to go shit on bricks because they dont care about whats on your car, but it never hurts to ask

You must consider this carefully. If you inform your insurance company about performance mods, they made decide not to cover your car. Insurance companies don't want to insure cars that are "hopped up". They represent an increased risk, that they may not be willing to take. If you have spent a bunch of money on maintenance, consider it money well spent. Also consider it "uninsurable". Keep maintenance records, as it may increase the value of the car should it be totalled.

If you want to insure other mods, like special paint, body kits, stereos, etc. You may be able to get a rider for special equipment. You will pay extra for this, but it may be worth it.

I know geico doesnt, if you have them and mention upgrades they'll want a list, and as soon as they get the list they'll drop your car = ).

Good to know, that's who I'm insured with.

Let me ask this, then - can I call them and tell them I want my car insured for a certain, minimum amount? Like 24k or so? I'd obviously be prepared to pay a higher premium. Maybe this would take care of my problem?

Thanks

What about people who have had thier cars appraised and then insurred for that amount. I remember reading about people years ago who had there modded FDs appraised in the $40-50K range. Then they paid a premium so that if anything happened to the car they would in theory get a check for that amount. I am not sure if this was all bullshit or if it would actually work. Althought I dont think any fd out there could realistically be worth that much, if the appraiser is taking into account what it cost to build a car the value would be alot higher.

I know ive spend more than the cars worth in mods over time. If my car were to get stolen i'd prolly get a check for like 10k.

I think factors such as age, gender, and other demographics also influence liability rates....not just driving history.

In addition: Annual mileage, marital status, number of vehicles in the household, membership in certain associations, grades (for students), years of driving experience, claims history, type of vehicle .............etc

There are insurance companies that specialize in insuring classic and racecars. Parish-Heacock is one. I have my SCCA Formula Continental racecar insured for off track damage/theft with them. They may be able to do something regarding insurance on a modified car.

http://www.parishheacock.com/

I think that the simple fact of the matter is this: when an insurer hears that an already fast vehicle has had thousands of dollars dumped into it for the sole purpose of making it faster - and that person clearly wants to drive more aggressively to enjoy these benefits - that liability concerns increase exponentially.

Look at all the old farts driving Porsche's and Corvettes. How many times have you seen either of these cars driven with anger? Almost never. So the rates are not too horrific on these cars, as many are just cruised. Accident rates for these cars (overall) are probably not much worse than for a BMW 5 series. Start modding though and it's a sure clue to the fact that you're a performance junkie, and will drive accordingly.

On a similar topic..
 

Last year I probed my insurance company (USAA) about hypothetical coverage at a "high speed driver's school" on a closed track. They asked a lot of pointed questions to try to determine if they could consider it racing, or if I had modified the car for racing. At every oportunity I had to inject that these track events are not <technically> competitive, they are not timed and in no way are they considered racing. It's educational and a hobby.

They asked if I had added parts to the car "for racing." Not exactly.. but it's a 13 year old car with high maintenence and has needed a variety of replacement parts, some of which are prohibitive to obtain from Mazda.. The only aftermarket for some of these parts crosses paths with racing vendors..

All in all, they were very professional about the whole topic and finally came back with "Yep, I would be covered" but the situation would be evaluated after it happened and future coverage would be in question.

I'd take a lot of pics and document what you have in the car though. The comprehensive premium that you pay is calculated against how the car left the showroom. It'll probably be covered if it's a valid replacement part but you'll have a hard time getting paid on performance parts.

I had the same experience last year when I asked my agent (Am. Family) about doing an open track day. Basically it boiled down to "Is it a timed event?". When I told them no, they said "OK".
In an "off the record" sort of way, I was also told the same thing.....almost verbatim

You raise a good point. But as one of those old farts you might want to include FDs. And you might be surprised....maybe we just drive angrily when no one is around. We're a sneaky breed. ;)

my agent for allstate once advised me to bolt down a subwoofer in my car when it was getting inspected. it was held in place with straps.

his reason was that anything that is physically mounted to the car using bolts or screws through/into the item is AUTOMATICALLY covered. that may just be allstate.

Watch out for progressive, my Escort GT which had a bunch of modifications was in a total loss accident. When I tried to claim for damages to performance parts/stereo that was SUPPOSED to be covered on a rider they informed me that the rider is limited to actual market value of the CAR. IE, you have a total loss accident, you get the price of the car and not a penny more. I ended up buying the car back and having it repaired and repainted completely for about a grand more than insurance settled with me for. The only reason it got totalled is because the adjuster saw "transmission fluid" on the ground, yet the trans was undamaged and full of fluid when I got the car back...

Hehe! No offence intended!

I would not be surprized to find that that actuarys looking at crash stats for FD's are seeing an increase in the number of accidents. This would be because the the original buyers were probably 40 + years old, and sensible drivers. Now the average owner age of an FD is probably 15yrs younger. Most of the owners now are true enthusiasts. Just like some cars are more likely to be stolen than others, and hence have higher premiums, some cars are more likely to be in accidents than others, and I'm sure that FD's are climbing up the ranks.

I would be careful of this since I just over 3 grand in audio equipment stolen out of my excursion and it was all bolted down into the truck. That was on Thanksgiving of this past year. My insurance appraiser was really good but he told me that although anything "built-in" to the truck even before the inspection would be covered. Audio/Video equipment has a limit with most companies of $1,000 unless you buy a seperate rider. I have Metropolitian Insurance here in the Northeast.

My insurance company(Geico) will cover anything as long as you can prove it's value. I recently hydroplaned my car and hit a curb breaking the rear end of my car as well as the rear wheel. Insurance covered everything. They bought me everything I had before.

Kaaz Lsd
New ADR Wheel
New BFGoodwritch Drag Radial
New Aftermarket trailing arms
New aftermarket toe links
New Apexi side skirt

On the other hand my brother hit a cynder block in the middle of a highway one night. Caused over 17000$ damage to his BMW. Insurance payed for everything, then found out that it was a 1000hp fully built and supercharged motor......Dropped his ass.

So ya never really know