High Risk / Extensivly modified Car Insurance

[Ben]

Anyone got some great brokers/insurance companies that will insure a vehicle for its appraised value versus its Black Book Value?

[hjr]

there was a place in calgary (nice for you) that my dad has all his appraised stuff under. Granted it is mostly older cars (64 impala ss and such) they may still consider a newer car. i dont really know but ill find the number and post it later. its probably worth at phone call at least.

[rice_eater]

so if i were to just get an apraisal on my own and heaven forbid one day my car gets jacked and insurance says ok it's worth $3000 and i walk up to them and tell them fuck you it's worth 10000, they may not have to pay the appraised value?

[Ben]

Originally posted by rice_eater
so if i were to just get an apraisal on my own and heaven forbid one day my car gets jacked and insurance says ok it's worth $3000 and i walk up to them and tell them fuck you it's worth 10000, they may not have to pay the appraised value?


no, the car would be listed as appraised for 10000, so blackbook has nothing to do with it. you are at that point insuraing a dollar amount, and your premiums are adjusted accordingly.

[bart]

well if you have mods on your car, and rims, body kit, etc, and you're a in car accident say and its not your fault, the other insurance company has to bring your car back to the original state before the accident, thats means, putting back on all aftermarket stuff you had. you dont need to go to them and tell them you had done this previously. even if you roll your car or something of your fault, they should cover mods too.

now its probably a different story if the car gets jacked, because you have nothing to prove you had all that stuff on it.

[hjr]

Originally posted by bart
well if you have mods on your car, and rims, body kit, etc, and you're a in car accident say and its not your fault, the other insurance company has to bring your car back to the original state before the accident, thats means, putting back on all aftermarket stuff you had. you dont need to go to them and tell them you had done this previously. even if you roll your car or something of your fault, they should cover mods too. i dont know, i think you may still need to tell them. They will only cover the car to black book prices. It doesnt matter what you had on it. thats why you would need to get it appraised, so that you can register the value of your mods with the insurance company. For example, the blackbook on my 59 VW microbus is about 300 bucks, and until i get it appraised as a restored vehicle it doesnt matter that i dumped a bunch of money into it. I know thats slightly different, but im pretty sure the insurance has the same effect on both of us.

[THREE40SEVEN]

meloche monnex (td) 269-1112
My car is insured for its appraised value.

[rice_eater]

meloche monex is only for profesional people with good records...by far the cheapest but again you have to be a proffesional

[shadowz]

Originally posted by THREE40SEVEN
meloche monnex (td) 269-1112
My car is insured for its appraised value.

Same here just had the car appraised on Wednesday, covered for appraised value

[Boostn]

Are the premiums significantly higher if they cover your car for full appraised value?

[shadowz]

No not at all a few hundred dollars a year more

[CRX crazy]

Originally posted by bart
well if you have mods on your car, and rims, body kit, etc, and you're a in car accident say and its not your fault, the other insurance company has to bring your car back to the original state before the accident, thats means, putting back on all aftermarket stuff you had. you dont need to go to them and tell them you had done this previously. even if you roll your car or something of your fault, they should cover mods too.



this isn't true, if you don't have your car apraised, they will bring the car back to it's FACTORY state not any of the mods you had done. It happened to a friend of mine he got t-boned and his insurance company pretty muched just laughed at him when he asked for the money for his mods. They told him no apraisal no money.

[Redlyne_mr2]

Originally posted by rice_eater
meloche monex is only for profesional people with good records...by far the cheapest but again you have to be a proffesional
I had appraisal insurance on the mr2 but my insurance company cut that off last year, i tried giving meloche a call they wouldnt touch me and I only have 1 ticket..any others?

[T5Bird]

http://www.bakerinsurance.com/vvip2000.htm

By far the best specialty vehicle insurer around. Very cheap, and great coverage, if you meet the guidelines.:thumbsup:

[hjr]

ya, baker is who my dad is with.

[hjr]

the only problem with baker is you have to be 25 or older.

[THREE40SEVEN]

Originally posted by rice_eater
meloche monex is only for profesional people with good records...by far the cheapest but again you have to be a proffesional
Buhahahahahahaha!! "professional"???? We obviously havent met;) On another note, i have the most professional looking jeans and t shirts....
I have been with monnex since i was 16...

[T5Bird]

Originally posted by THREE40SEVEN

Buhahahahahahaha!! "professional"???? We obviously havent met;) On another note, i have the most professional looking jeans and t shirts....
I have been with monnex since i was 16...

:werd: BTW get me a price on those damn wheels!:poosie:

[4wheeldrift]

Originally posted by rice_eater
so if i were to just get an apraisal on my own and heaven forbid one day my car gets jacked and insurance says ok it's worth $3000 and i walk up to them and tell them fuck you it's worth 10000, they may not have to pay the appraised value? You have to have your car insured for the appraised value for this to work. If your car is appraised at ten but only insured at $3k value, the insurance company is not terribly likely to give you full value (you're going to have a hell of a fight on your hands getting your money even with an appraisal), since you haven't been paying premiums on the full value. You have to get a rider put on your policy for the full appraised value of the car.

[max_boost]

Originally posted by Redlyne_mr2

I had appraisal insurance on the mr2 but my insurance company cut that off last year, i tried giving meloche a call they wouldnt touch me and I only have 1 ticket..any others? :rofl: Your car is like stock man!

[RC-Cola]

When I renewed with Meloche a couple of weeks ago they ask what I had in mods if any. I told her that I had some minor engine mods (CAI) and she said it would make a difference to my premuims. I asked her if things like this are covered and she told me they would be as long as I reported what extra mods I placed into my car.

[bart]

Originally posted by CRX crazy


this isn't true, if you don't have your car apraised, they will bring the car back to it's FACTORY state not any of the mods you had done. It happened to a friend of mine he got t-boned and his insurance company pretty muched just laughed at him when he asked for the money for his mods. They told him no apraisal no money.

umm, noooo. especially if it wasnt his fault, he should get reimbursed for everything. i'm still not 100% positive on this, but i might call TD and ask them. i thought of getting an appraisal, but i talked to the guy at automation body shop who deals with insurance companies and thats what he told me.

[AaronS13]

When my S13 was written off in a T-bone collision (other driver's fault) I got replacement value on the car, however without a certain clause on my insurance for aftermarket parts, i got hosed on the parts.... I was getting anywhere from 20%-50% on the aftermarket parts (suspension/engine parts/exhaust @ 20%, stereo/rims @50%)... If you don't like the settlement, you can get an appraisal (at your own cost) and then go into an arbitration with your insurance company (i had collision on my insurance so it all went thru my insurance company) and determine the "actual" value of the car.... lots of hassle...

And i'm with Primmum (td)

[bart]

ok, say you do get an appraisal, how to they determine depreciation of parts? exactly the same as for the car? or does the insured value always stay constant? what about parts that went up? for example, my rims you cant buy anymore, and they're classics, so i figure they're worth more now than what i padi for them, especially since everyone wants them.

please explain all that.

[Si1ent_A5sa5sin]

Yea, and also... when your car is written off... can u go and salvage anything still usefull?

Steve

[Ben]

Originally posted by Si1ent_A5sa5sin
Yea, and also... when your car is written off... can u go and salvage anything still usefull?

Steve

no, you have to buy the car back from the insurance company.

[moose_8]

i think any place will insure it for its appriased value as long as you tell them and have the documention

[Ben]

Ok, need some more into. All you people with heavily modified cars, (turbos, massive body work), what do you do for insurance, specifically the ones who have turbo hondas or something? Or swapping in a motor that wasn't available in that body style? Any help would be appreciated.

I'm contemplating on just not telling my insurance company, as they wont insure a car that is overly modifed (they were apprehensive about the current swap I have) If it gets in an accident or something, well, such is life.


P+T :)

[max_boost]

You know what bro, at one point I think I had $25K in mods on my Prelude way back in the day and not one moment did I ever thought about telling my insurance company:dunno:

Guys like rage2, sccab, buh_buh are probably pushing $50K so maybe they will respond:D

[buh_buh]

just buy PLPD and call it a day.:D

[ScCab]

Originally posted by buh_buh
just buy PLPD and call it a day.:D
:werd: :rofl:

[1badPT]

If you can get classified as a sub-standard risk instead of high risk, you can catch a break through Kingsway Financial if you ask your broker.

If you truly are considered high risk, sell your car, buy a beater and insure it for PLPD. And stop driving like an asshole :tongue: Skip ahead 3 years and you'll be ready for ok insurance rates again.

[1badPT]

Originally posted by Ben
Ok, need some more into. All you people with heavily modified cars, (turbos, massive body work), what do you do for insurance, specifically the ones who have turbo hondas or something? Or swapping in a motor that wasn't available in that body style? Any help would be appreciated.

I'm contemplating on just not telling my insurance company, as they wont insure a car that is overly modifed (they were apprehensive about the current swap I have) If it gets in an accident or something, well, such is life.


P+T :)
If you don't tell your insurance company about the mods, you can get screwed on a claim. While that may not be a concern now, you'll be kicking yourself sometime in the future if you total your car and your insurer just hands you your year's premium back and terminates you for non-disclosure (which btw will put you into a high risk category for not 1 not 3 not 6 but 10 years :eek: ). That will still leave you without a car, and possibly liability for damages that you'll have to pay out of pocket.