How many of you folks insure your car for full replacement value? I assume it would be wise for anyone who has done significant modifications to their pcar to make sure it's fully insured. Any advice on the best insurance company to use?

 

Full replacement cost might not cover modifications....you DEF want to disclose ALL mods to you agent and get (iin writing) something that states your car is covered the 'way it sits'......some places will call this "Agreed Value"....meaning that the KBB value or street value might say 75 grand on your 996 Turbo, but if you have tons of parts on it (wheels, bodykit, turbos, etc) you might want it insured for 100 grand....so you and your agent "agree" on a value and you pay your premium based upon that amount.

Something to think about.....hit me up if you have any specific questions.

 

Thanks I really appreciate the feedback.

M

 

Watch out for limitations on these kinds of policies. They often have fine print or a disclaimer that limits coverage to the "actual value" of the vehicle. That means even if you insure it for $100k, they are only going to pay you for what you can prove the car is worth. That means having all the receipts or the testimony of an expert to prove the car is worth what you say it is worth. The best idea is to get a written appraisal of the car and use that as the basis for the policy. Even that might not protect you if the insurance company can go out and find cars for sale with similar modifications to your car for less than you are claiming the car is worth.

Some states have laws that prohibit you from obtaining insurance on something for more than that item is worth, and virtually all insurance companies have policies not to allow people to insure something for more than it is worth for obvious reasons.

A couple of years ago I had a Saturn that was totaled in an accident. I had upgraded the stereo with an aftermarket stereo and had satellite radio installed also. In all I had about $600 or so of upgrades on the car. My insurance policy included $1,000 of "aftermarket upgrades", so I asked them to reimburse me for the stereo equipment. They claimed that replacing the radio with an aftermarket radio is not considered an upgrade, as the car came with a radio in the first place. I had merely installed a better radio, which was not covered. I felt they were full of ****, but it wasn't worth arguing over since they gave me a decent value on the car regardless of the stereo. My point is that your insurance could make a similar claim if you have upgraded parts of the car such as the turbos, intake, exhaust, etc. They could say the car came with all those things to begin with, so you haven't added to the value of the car by replacing them.

There are all kinds of ways insurance companies can screw you, and when it comes to a $70k car they have lots of reasons to come up with more ways to screw you.