Insuring modifications

[Bossxr8]

What is the deal with insuring mods? Say if I spend 5k on mods, and I list those mods in my policy, and the car is written off, how are those mods covered?

Do they pay out the value of those mods? I'm assuming they probably don't?

And do I need to alter the insured value of my vehicle to cover replacement of those mods?

I really have no idea how this works.

[Yellow_Festiva]

Originally Posted by Bossxr8

What is the deal with insuring mods? Say if I spend 5k on mods, and I list those mods in my policy, and the car is written off, how are those mods covered?



Do they pay out the value of those mods? I'm assuming they probably don't?



And do I need to alter the insured value of my vehicle to cover replacement of those mods?



I really have no idea how this works.

It's better to declare mods not for financial return come claim time but to not give them a reason to deny your claim should the untoward happen.

I guess you can try for a higher agreed value to cover mods??

Sent from my SM-G973F using Tapatalk

[FPV+fteT3]

Firstly mods must be legal. That being said the idea behind notifying the insurance company is 2 fold.

1 they list the mods and value change to your policy if they accept the risk
If they say its ok and you bingle your carbon fibre bonnet they will replace with same. If you don't advise, have a bingle and they decide to fix, even though they didn't know about the bonnet your getting a steel replacement.
Which brings me to part 2

2 If you don't advise of the fully sic 671 hanging through your bonnet and damage your carbon fibre bonnet on a parked car and wall they wont give you the time of day as they had not accepted the risk... no bonnet, no blower, no car.

When you advise of mods and insurance accepts, a new agreed value is negotiated and the premium will go up. Be careful though some daily driver cookie cutter insurers don't want to know about mods.

[Blue Dog]

It will depend on which insurance company you're dealing with.
Shannon's are pretty good.

[T3rminator]

For go fast mods, AAMI only asked if it was fitted with non factory forced induction. Everything else was accepted as long as it was road worthy. This was when I took the policy out 3 to 4 years ago.

[BENT_8]

Originally Posted by Bossxr8

I really have no idea

There you go, that wasn't so hard after all..

[Bossxr8]

Originally Posted by Blue Dog

It will depend on which insurance company you're dealing with.
Shannon's are pretty good.

Yeah i'm with Shannons. Already have my mods listed on their policy.

[Fordman1]

Originally Posted by Bossxr8

Yeah i'm with Shannons. Already have my mods listed on their policy.

Same here, every little mod is listed on the policy with them.

[Dr Terry]

Getting back to the OP's question. Don't believe for a second that spending $5K on mods will increase the value of the car by $5K.

That wasn't part of the question was it ?

Just sayin'.

Dr Terry

[T3rminator]

Originally Posted by Dr Terry

Getting back to the OP's question. Don't believe for a second that spending $5K on mods will increase the value of the car by $5K.

That wasn't part of the question was it ?

Just sayin'.

Dr Terry

I missed that bit. Yeh, no chance getting the value of mods back on a claim unless you upped the agreed value at the time.

[deesun]

Originally Posted by Bossxr8

What is the deal with insuring mods? Say if I spend 5k on mods, and I list those mods in my policy, and the car is written off, how are those mods covered?

Do they pay out the value of those mods? I'm assuming they probably don't?

And do I need to alter the insured value of my vehicle to cover replacement of those mods?

I really have no idea how this works.

Geez, u been around these forums for yonks, I would think you would know the answer.

[JasonACT]

Haha, logged in to thank that post! It was my first thought too.

Then again, every mod I've done to my car, I've bought spare parts to do them...

Flappy paddles are bolted to a "spare" steering wheel cowl.
Heavily modified ICC unit, from a 2014 donor (mine's sitting in the pool room).
Instrument Cluster with FPV gauges - from another 2014 XR6 donor (mine ditto above).
Driver's base leather seat - from a 2010 - mine has been repaired, you know where it is... I'll be keeping that one,
Pod air filter, all my original factory filter bits are in the shed.
Limited Edition 19" spare wheel, space saver in the shed..
Full-size spare boot mat..
Indicator side mirrors..

Come crisis day, I've got a bit of work to do, but I'm keeping all the good bits. The car will be "factory" if that day ever comes, I really hope it doesn't.

Edit: I may actually be a bit ruthless, the ICC that goes back may be missing the Blue-Tooth chip (Might be an inside joke, sorry, it's a long thread.)

[73 4V XB]

Originally Posted by JasonACT

Haha, logged in to thank that post! It was my first thought too.

Then again, every mod I've done to my car, I've bought spare parts to do them...

Flappy paddles are bolted to a "spare" steering wheel cowl.
Heavily modified ICC unit, from a 2014 donor (mine's sitting in the pool room).
Instrument Cluster with FPV gauges - from another 2014 XR6 donor (mine ditto above).
Driver's base leather seat - from a 2010 - mine has been repaired, you know where it is... I'll be keeping that one,
Pod air filter, all my original factory filter bits are in the shed.
Limited Edition 19" spare wheel, space saver in the shed..
Full-size spare boot mat..
Indicator side mirrors..

Come crisis day, I've got a bit of work to do, but I'm keeping all the good bits. The car will be "factory" if that day ever comes, I really hope it doesn't.

Edit: I may actually be a bit ruthless, the ICC that goes back may be missing the Blue-Tooth chip (Might be an inside joke, sorry, it's a long thread.)

That’s all fine and we’ll but your forgetting one little thing. If the car is damaged and needs a tow, it will go to a shop that won’t let you work on your car to change parts over. A lot of the time an assessor will get there before you have a chance to do anything and there goes your insurance claim due to modifications not noted on the policy.
Insurance companies are not your friend, and Shannon’s DO NOT share your passion, their there to make money not hand it out. They can and will deny any claim they can to keep that money.
Having said that, there are assossor’s that turn a blind eye to small mods but it’s a risk your taking to have that kind of assessor to deal with. If you love your car list the mods and pay the extra small amount to cover your car. It will save all the pain and suffering down the track.

[Bolly47]

What about my Ford AWD Turbo Territory as got engine modify including dump pipe and aftermarket mag wheel and my insurance saw the territory after I accidentally reverse and hit the my parking ute. No damage,to my ute but wreck territory rear tailgate so insurance never said a word, however been repaired 3 years ago.Any common

[JasonACT]

Originally Posted by 73 4V XB

That’s all fine and we’ll but your forgetting one little thing. If the car is damaged and needs a tow, it will go to a shop that won’t let you work on your car to change parts over.
<snip>
Having said that, there are assossor’s that turn a blind eye to small mods but it’s a risk your taking to have that kind of assessor to deal with. If you love your car list the mods and pay the extra small amount to cover your car. It will save all the pain and suffering down the track.

Are you sure about that?

Maybe there's some loophole people I know are using, because plenty of undriveable cars have been towed to the owners home first. My brother-in-law's car spent months in our carport while stuff was sorted out. Not to mention, pity the fool who lets the tow truck driver decide who your repairer ends up being.

A mate at work had his written off, was told to leave it, he said "No, I've been driving it for a week before you could fit me in and I need to buy another car before you take this one." and they let him drive it around for another week.

[slowsnake]

Insurers are very strange critters, when you phone em to get a price to insure your car or vehicle, who do you get? well by the cute soft dulcet tones on the other end of the phone line you imagine a very sexy girl, maybe Miss World or whoever your imagination conjures up!

She was especially hand picked by her employer to elicit as much information about you and your car let's say, and your willingness tell her how great it is, lowered, wide wide wheels, how fast it is at blowing other cars away from the lights, etc, etc, etc.

Then she wakes you up from la-la land with some outrageous premium and an even more outrageous excessively excess fee.

All good so far until you have an accident, your fault of course, that tree jumped in front of your car!
So in the morning you phone your insurer, luckily no cops come so you hitch a ride home, still ****ed as a newt, lol, but, you don't get Miss World on the other end of the phoneline, you get the sourest mouth bitch that God ever created and put on earth, questions questions and more questions, and you are hungover like a mongrel dog, and you ask could you please speak to the nice lady who sold you your policy? of course the answer is no, she tells you that " Miss World " works in another department and you are stuck with me bitch! Whoa who is this thing I'm talking to, she won't give you a break from the questions, you are bombarded by facts about your car with its illegal wide-wide wheels and every other illegal mods you told Miss World about!......its a true story, and I got away with it


Cheers Billy

[73 4V XB]

Originally Posted by JasonACT

Are you sure about that?

Maybe there's some loophole people I know are using, because plenty of undriveable cars have been towed to the owners home first. My brother-in-law's car spent months in our carport while stuff was sorted out. Not to mention, pity the fool who lets the tow truck driver decide who your repairer ends up being.

A mate at work had his written off, was told to leave it, he said "No, I've been driving it for a week before you could fit me in and I need to buy another car before you take this one." and they let him drive it around for another week.

I’m not saying it will be towed to a shop, I should’ve made that a bit clearer. Different states have different rules on towing. I’ve never had a car towed but that seems to be normal procedure. It goes to the tow yard, an approved repairer or else where. It also depends on the state of the car, written off, involved in a fatality or some other crimes because it was stolen. Some will let you tow it at your instructions some won’t.
There’s hundreds of different scenarios that will bring different outcomes.

[JasonACT]

Well, from experience, I can tell you in Canberra a tow truck driver without specific instruction will take it to his mates shop where "work will have started on it" and you can't then move it to another shop. They get first bite from the insurer.

[Ross 1]

Originally Posted by slowsnake

Insurers are very strange critters, when you phone em to get a price to insure your car or vehicle, who do you get? well by the cute soft dulcet tones on the other end of the phone line you imagine a very sexy girl, maybe Miss World or whoever your imagination conjures up!

She was especially hand picked by her employer to elicit as much information about you and your car let's say, and your willingness tell her how great it is, lowered, wide wide wheels, how fast it is at blowing other cars away from the lights, etc, etc, etc.

Then she wakes you up from la-la land with some outrageous premium and an even more outrageous excessively excess fee.

All good so far until you have an accident, your fault of course, that tree jumped in front of your car!
So in the morning you phone your insurer, luckily no cops come so you hitch a ride home, still ****ed as a newt, lol, but, you don't get Miss World on the other end of the phoneline, you get the sourest mouth bitch that God ever created and put on earth, questions questions and more questions, and you are hungover like a mongrel dog, and you ask could you please speak to the nice lady who sold you your policy? of course the answer is no, she tells you that " Miss World " works in another department and you are stuck with me bitch! Whoa who is this thing I'm talking to, she won't give you a break from the questions, you are bombarded by facts about your car with its illegal wide-wide wheels and every other illegal mods you told Miss World about!......its a true story, and I got away with it


Cheers Billy

Perhaps the sour mouthed ones are sick of dealing with people that think drink driving and getting away with makes them a legend? I'd get sour dealing with morons all day.

[Citroënbender]

Originally Posted by JasonACT

Well, from experience, I can tell you in Canberra a tow truck driver without specific instruction will take it to his mates shop where "work will have started on it" and you can't then move it to another shop. They get first bite from the insurer.

Same applies in Sydney. Bitten once, never again.

[slowsnake]

Originally Posted by Ross 1

Perhaps the sour mouthed ones are sick of dealing with people that think drink driving and getting away with makes them a legend? I'd get sour dealing with morons all day.

Made me a legend, plenty of the boys patting my back, but people in glass houses shouldn't throw stones, not too many people my age who dident drive home from the pub, in fact everyone did, you too but you'd never admit it, get ya cheap shots elsewhere, and the worst offenders were bloody coppers believe it or not, it was very normal and par for the course back then, like losing ya virginity, so go back to your boring life and have a nice cup of tea


Cheers Billy

[Bossxr8]

Originally Posted by deesun

Geez, u been around these forums for yonks, I would think you would know the answer.

Can never get a clear answer. From what I can gather they have an approx value they think the mods are worth, and that cost is added on after you make a claim.

The insurance company won't tell you what that is though.

My insurance assessment has come in for this year and i'm going to up the value again. Have another couple of mods to add to it as well.

It is what it is, i've done all I can by listed the mods. Hopefully never have to make a claim. Although a galah suicide bombed my windscreen this morning on the way to work, so I'll be making a windscreen claim at the same time.

[Itsme]

Originally Posted by Bossxr8

What is the deal with insuring mods? Say if I spend 5k on mods, and I list those mods in my policy, and the car is written off, how are those mods covered?

Do they pay out the value of those mods? I'm assuming they probably don't?

And do I need to alter the insured value of my vehicle to cover replacement of those mods?

I really have no idea how this works.

You will have to negotiate a new agreed value if adding mods; don't assume adding 5k of mods will be covered automatically with your existing insurance.

[73 4V XB]

Originally Posted by Bossxr8

Can never get a clear answer. From what I can gather they have an approx value they think the mods are worth, and that cost is added on after you make a claim.

The insurance company won't tell you what that is though.

My insurance assessment has come in for this year and i'm going to up the value again. Have another couple of mods to add to it as well.

It is what it is, i've done all I can by listed the mods. Hopefully never have to make a claim. Although a galah suicide bombed my windscreen this morning on the way to work, so I'll be making a windscreen claim at the same time.

image

Hopefully this will clear things up for you.
Any modification you do to your car can, but not always, add value to the car. Insurance companies work from a general price guide, red book, glasses guide or what ever. The modifications you add to the car are taken into consideration when pricing your policy. Weather it’s considered a good or bad modification comes down to the individual company. For example is more likely to be stolen, driven erratically and so on.
The total price of the modification doesn’t add that amount to the value of the car but can increase the market value, depending on the modification. This usually comes into the total lose value compared to a standard vehicle value.
Let’s not forget that some modifications can make the car illegal to drive. Be it tyre/rim size, exhaust, window tint, the list goes on. If the car is found to be fitted with illegal mods the company can and most likely will deny the claim.
Yes some people do get away with it but some don’t, that’s the risk you take when not noting modifications when you take out the policy.

[slowsnake]

Originally Posted by 73 4V XB

Let’s not forget that some modifications can make the car illegal to drive. Be it tyre/rim size, exhaust, window tint, the list goes on. If the car is found to be fitted with illegal mods the company can and most likely will deny the claim.
Yes some people do get away with it but some don’t, that’s the risk you take when not noting modifications when you take out the policy.

Mmmm, glad you mentioned tyre and rims size!
When I brought my VW T4 to Perth from Victoria unregistered but on permit it was inspected locally in Perth, all good, rego and plates, but insurance, seeing I had maximum RAC roadside and breakdown cover, this is 2009 and $600 a year, I chose them to insure it fully comprehensive, now it passed inspection with Mag wheels, I inch wider than normal spec and road radial tyres, they knocked me back!

I said it passed inspection ok as it was, they said if you have an accident and even if it's not your fault it can nullify the policy!
I said its a short wheelbase van for camping and travelling, prospecting etc, not for commercial use, they advised that it was probably alright until you have an accident and lodge your claim, they added that if I was at fault their assessor would knock the claim back!

There is value in reading fine print!


Cheers Billy

[Bossxr8]

Originally Posted by 73 4V XB

Hopefully this will clear things up for you.
Any modification you do to your car can, but not always, add value to the car. Insurance companies work from a general price guide, red book, glasses guide or what ever. The modifications you add to the car are taken into consideration when pricing your policy. Weather it’s considered a good or bad modification comes down to the individual company. For example is more likely to be stolen, driven erratically and so on.
The total price of the modification doesn’t add that amount to the value of the car but can increase the market value, depending on the modification. This usually comes into the total lose value compared to a standard vehicle value.
Let’s not forget that some modifications can make the car illegal to drive. Be it tyre/rim size, exhaust, window tint, the list goes on. If the car is found to be fitted with illegal mods the company can and most likely will deny the claim.
Yes some people do get away with it but some don’t, that’s the risk you take when not noting modifications when you take out the policy.

Finally a clear take on it. Cheers.

[MercuryT]

Just insure your car for an agreed value. (not market)

Will pay more but it's worth it.

List your mods and be honest and you're set.

Ensure it's roadworthy though otherwise they can and will decline a claim regardless if listed or not.