Insuring Modifications?

[David Allen]

I was curious if anyone who has modified their NSX has filed their modifications with their car insurance carrier, and if so, how much the extra cost has been. Of course if any modifications are destroyed in the process of an accident, I'd dare to say the whole car is probably at a loss as well, but the question is are the mods (especially a SC) worth insuring for the price insurance companies would charge? Also, do you get 'nerfed' for even telling them you modified your car?

Thanks!

Dave
'00 Silverstone-T

 

[David]

It varies by company and is something you should ask them. I spoke with USAA and they told me that my modifications would not change my rates, even if they increased the value of the car. They just told me to document them through reciepts and photos. They would be included in the 'replacement cost' if I were to lose the car.

 

[Arnis]

Generally, personal auto insurance does cover the mods that are attached to the car. The loose items (i.e. the CD's mentioned in the earlier replies or the suspension parts in trunk) are covered under your homeowners insurance as personal property. In the case of a vehicle theft, the auto deductible would apply to the vehicle including the attached mods and the homeowners deductible would apply to the "loose" items.

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'95 Green NSX-T

 

[Khuang]

David:

I know this subject front and back. The insurance policy states to replace the actual cash value of the car or a value that would replace the car with an equal value car. So if you have a supercharger and it cost you $90,000 to replace it (total loss claim), they should pay you $90K. I just totalled my CT supercharged NSX. Of course, if you and the insurance do not agree on the price, you get an appraisal on your car, they get an appraisal and get a mediator to decide. It is all stated in your policy. One can get a replacement coverage, it replaces your parts without depreciation.

Kerry

Originally posted by David Allen:
I was curious if anyone who has modified their NSX has filed their modifications with their car insurance carrier, and if so, how much the extra cost has been. Of course if any modifications are destroyed in the process of an accident, I'd dare to say the whole car is probably at a loss as well, but the question is are the mods (especially a SC) worth insuring for the price insurance companies would charge? Also, do you get 'nerfed' for even telling them you modified your car?

Thanks!

Dave
'00 Silverstone-T

 

[Electro]

Originally posted by David:
It varies by company and is something you should ask them. I spoke with USAA and they told me that my modifications would not change my rates, even if they increased the value of the car. They just told me to document them through reciepts and photos. They would be included in the 'replacement cost' if I were to lose the car.

Uhhh whaat!? I guess I'm getting reamed by progressive... paying about $3300 per year and thats including $2000 worht of "extra equipment".... i wanted to get my rims insured but i'm still unsure of what the limitations on how I can make claims on scraped rims or what not... either way my rates go up....

Wiskey Tango Foxtrot!?!

Why can't I find better insurance than profriggengressive? I'm 23 years old and I've had a few speeding tickets... nothing too extreme...

So I guess I'll have to wait till i'm 25 for the rates to go down and join State Farm or something....... ???

-Electro

 

[bartonkt]

Electro - take a look @ lowestpremium.com

They take your specs, and shop around to a couple of different insurance companies. I know Mercury gives me a discount on my insurnace because I have no tickets & no accidents, been insured since I was 16, and I'm now 22. So, I'm not at the magic 25 age yet, but they give me a savings of $300 a year for proving to be a good driver thus far.

Good deal if you don't have any tickets...

 

[bartonkt]

Oh, and I checked w/ them to see the price for insuring a '92 NSX - around $1000 - $1100 a year, a little bit more compared to my Mitsu Eclipse. Again, that price drops by $200 - $400 if you can prove continuous insurance and you have no marks on your record from tickets & accidents.



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'98 Eclipse Spyder GS-T

 

[Electro]

OMG $1100!? GEEZUS! I would love to pay that amount... compared to $3200 per year.... *sigh* I can't win...

My agent supposedly found the lowest rate for me in the Atlanta area... I get a little discount for having my brother on the same policy... Insurance is out of control...

I don't understand why we pay them so much money and when we have no accidents or tickets, they just decide it's their money now and don't offer any rebates or anything like that! WTF is that?! I'm sure someone will post something on this thread and skool me on insurance... but most insurance companies are crooks anyways....

-Electro

 

[nsxtasy]

I don't understand why we pay them so much money and when we have no accidents or tickets, they just decide it's their money now and don't offer any rebates or anything like that!

I thought you said you had a few speeding tickets...?

Many of the major insurance companies actually DO offer rebates. They typically have one company that's a "mutual company", which means that it's owned by its policyholders. They only provide policies through the mutual company to people with clean driving records. And at the end of the year, they send out a dividend check, representing a share of the company's profits for the year.

These companies also have a company that's a separate division, called a "casualty company". If you have a bad driving record - a few speeding tickets, for example - they will only offer you a policy with the casualty company, not with the mutual company. And the casualty company does not send out dividend checks.

If you are insured with the casualty company for a few years and you don't have any accidents or tickets during that period, they usually then provide the ability to transfer your coverage to the mutual company.

So the insurance industry does provide rebates - but only to its "premium" customers, the ones with clean records.