Insurance for Performance Mods

[DRLane]

Hi everyone,

Currently insured by USAA, been their customer for the better part of 17 years. That said, I've read they don't insure to an agreed upon value and before I broach the conversation on my M3 mods I'd like to have some backups.

Anyone have good experience with a Colorado provider that insurers heavily performance modded cars?

I'm 35, no tickets, use various track day insurance while there. Just don't want to lose ~$25k in mods should the car get totaled on the street.

PMs our open forum would be appreciated.

[Bpark1977]

My wife is with Allstate (here in WA). AFAIK all the big brands are pretty much the same. You're right to be searching out a local underwriter. That being said, the general population looks at owner modified cars as less valuable than pure oem ones.

[DRLane]

Originally Posted by Bpark1977

My wife is with Allstate (here in WA). AFAIK all the big brands are pretty much the same. You're right to be searching out a local underwriter. That being said, the general population looks at owner modified cars as less valuable than pure oem ones.

My fear is they deny coverage after the fact.

I don't really mind if they believe it's less valuable. It's not a rare exotic, but it would be nice to get some % on the Harrop, Coilovers, BBK, wheels, seats, cooling. Or at least the right to remove and replace with stock.

[Bpark1977]

Call USAA and ask what their "optional aftermarket equipment" coverage limit is. Allstate currently only allows a $1000 additional but they are working on a program to allow up to $24,000 but it isn't active.
USAA may have something similar, better, or worse. Either way, you should call and ask.
That's from the Mrs.

Good luck!

[DRLane]

For those curious, I called USAA yesterday. There is an included $5k of aftermarket parts standard (save receipts).

No additional riders are available, nor would they insure to an agreed upon value.

Spoke with agents, claims, and adjuster. Best advice was post an accident tow to a shop of your choosing and swap parts back to OEM before having the car appraised.

Clearly I should've rented a storage locker instead of trashing all the OEM bits... Oh well.

Going to call some other providers and check on agreed to value options as that would be a lesser headache.

[Shiza]

You could checkout Hagerty, they specialize in insurance for heavily modified cars.

[DRLane]

Originally Posted by Shiza

You could checkout Hagerty, they specialize in insurance for heavily modified cars.

Yeah, one of those guys are really restrictive with mileage / use. Only available for "show cars ".

I don't daily because I live 1 mile from the office, but I put about 10k miles on a year. So I need regular insurance.

Good to know the fall back method now.

[Johnr3524]

Some experience here. State Farm covered exterior mods pretty easily, Wheels, tires, splitters, etc. Just had to show them receipts. Power mods were harder and a bit up to the agent. In the end they got me the number I needed, but it took some discussion. If I recall, it was a rider on the policy that carried some extra coverage. I thought it was up to $20k.

[DRLane]

Good to know - Thx! If you're willing, PM me you State Farm agent.

[jamba]

I've got an agreed value policy with Cincinnati Financial. It covers all of my mods including supercharger, brakes, suspension, wheels, etc.

They work on an agent-only basis so easiest way to get a quote would prob use their agent locator then reaching out to a couple that are near you

[SAMM3Y]

One of my concerns in California is having a supercharged car that isn't CARB compliant. I would hate them to void my policy if I wrecked and a savvy adjuster spotted it. If I was at fault I could be also held liable for other person/property damage. It has me so concerned in fact I'm gonna go Montana LLC route to avoid this type of scenario here shortly before I reinstall sc.

[DRLane]

Originally Posted by SAMM3Y

One of my concerns in California is having a supercharged car that isn't CARB compliant. I would hate them to void my policy if I wrecked and a savvy adjuster spotted it. If I was at fault I could be also held liable for other person/property damage. It has me so concerned in fact I'm gonna go Montana LLC route to avoid this type of scenario here shortly before I reinstall sc.

Love the LLC route. Smart! I'll look into this as would eliminate emissions hassle as well.

I was super psyched to get my registration reminder without emission testing required. Huge relief as I cut those cats off a year ago.

In CO we have these rapid testing systems that move around daily but are set up on the on ramps to highways. They test your emissions as you go by and record your license. If you go through two in certain period and it passes, then your registration notes it and you're not required to do the onsite dyno style emissions test.

My theory was, feather the throttle it through the scanners. And success!!

[SAMM3Y]

Nice 👍.. yes to avoid future emissions testing and potential state ref tickets will be an added bonus too.

[MilehighM3]

As one other stated Hagerty is an option and also Grundy. They usually insure for declared value or replacement value including modifications for classic cars. I believe they should offer it for newer cars as well. I haven't checked that for my car but I'm about as deep into my car as you are. It would be brutal to lose it in a collision or trapped in some random pop up Colorado hail storm. Since the weather guys are never right...

Edit: I did a quote online for Grundy with an agreed upon value for my M3 at 45k. Seems unrealistic since it's only $660/year. There's no place for marking the mileage driven and I don't carry the standard 50/100k coverage so that would change the policy. We carry an umbrella policy also so perhaps I'm carrying too much coverage. I carry 250/500k coverage on our 3 cars. I only average around 3k miles a year on the M3 so I would recommend checking with an agent. If that's the range of pricing, I'll switch to them right away since that's less than half of what I pay currently, and I'm shipping insurance for the house and cars this week anyway.

[DRLane]

Originally Posted by MilehighM3

As one other stated Hagerty is an option and also Grundy. They usually insure for declared value or replacement value including modifications for classic cars. I believe they should offer it for newer cars as well. I haven't checked that for my car but I'm about as deep into my car as you are. It would be brutal to lose it in a collision or trapped in some random pop up Colorado hail storm. Since the weather guys are never right...

Edit: I did a quote online for Grundy with an agreed upon value for my M3 at 45k. Seems unrealistic since it's only $660/year. There's no place for marking the mileage driven and I don't carry the standard 50/100k coverage so that would change the policy. We carry an umbrella policy also so perhaps I'm carrying too much coverage. I carry 250/500k coverage on our 3 cars. I only average around 3k miles a year on the M3 so I would recommend checking with an agent. If that's the range of pricing, I'll switch to them right away since that's less than half of what I pay currently, and I'm shipping insurance for the house and cars this week anyway.

Interesting! Thanks man I'll check out Grundy.

[MilehighM3]

I looked into Grundy a bit. Seems like it's not available for daily driving at all. Mostly just show or collector cars. Let me know if you find anything else. I believe there's a way, but through another agent with Grundy as the underwriter and it's a bit of muddy water unless you really know what you're looking at.

[DRLane]

Originally Posted by MilehighM3

I looked into Grundy a bit. Seems like it's not available for daily driving at all. Mostly just show or collector cars. Let me know if you find anything else. I believe there's a way, but through another agent with Grundy as the underwriter and it's a bit of muddy water unless you really know what you're looking at.

Yeah, also have to have 3 cars which we don't have. I'm going to call some agents at the standard companies and ask around about an "agreed to amount policy". Otherwise if I'm ever in a wreck (and I'm not in the hospital or worse) I'll have the car brought home and I'll swap as much as possible to OEM. Then proceed the claim appraisal. That was USAAs guidance.

[MilehighM3]

Originally Posted by DRLane

Yeah, also have to have 3 cars which we don't have. I'm going to call some agents at the standard companies and ask around about an "agreed to amount policy". Otherwise if I'm ever in a wreck (and I'm not in the hospital or worse) I'll have the car brought home and I'll swap as much as possible to OEM. Then proceed the claim appraisal. That was USAAs guidance.

The other thing you can do in the event of an accident where you're not at fault, is to pursue the responsible insurance company for replacement value of a car equal in age or one year newer. I know several people who haven't sued for damages, but used the threat of it to show market value on their car was higher and eventually collected the money for their car close to the desired number.