In light of heavily modded cars being stolen lately, how can you get mods covered by insurance?
07-10-2006, 02:02 PM
#12
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okay lets talk insurance.. first and foremost, this goes out to the people who think they
know what they are taking about when it comes to insurance.. pplease dont post things about insurance coverage when you only have an idea,(you know who you are).please read your policies...i can tell you this.. for the people who have progressive ins... your policy will only pay up to a max of 1k for custom parts and equipment unless you purchased (acpe) coverage..this coverage will cover you for an addt 4k over the 1k that is afforded to you under the policy/... always keep your reciepts for the mods.... btw.. i know what im talking about as i work for Progressive .. used to work for other large carriers as well... if you have questions, please post here and i will try to answer on the board to help others as well...
07-10-2006, 02:48 PM
#13
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Is there any company out there(still) that will insure a driven car(5K mi annually)
for replacement costs based on book values + receips for work done/parts added? That's what I want to know. I am looking to close the gap between book and replacement value of my Stg3 car if hit/stolen or other outside influence that were to total it(non driver).
I used to have a policy with Allstate that covered me for these conditionals and they have removed this from their offerings, with the exception of a "classic" car that has to be 25yrs old and driven the same 5K or less annually. Has to have title/registration within the insured state as well.
Any help on this is appreciated... I have shopped a few of the larger ones and without getting into the details of each no one yet has this... some state they do but offer $0.25 on the $$$ for receipts and such. When did auto insurance become such a chore?
I used to have a policy with Allstate that covered me for these conditionals and they have removed this from their offerings, with the exception of a "classic" car that has to be 25yrs old and driven the same 5K or less annually. Has to have title/registration within the insured state as well.
Any help on this is appreciated... I have shopped a few of the larger ones and without getting into the details of each no one yet has this... some state they do but offer $0.25 on the $$$ for receipts and such. When did auto insurance become such a chore?
07-10-2006, 03:13 PM
#14
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progressive used to have what they called an (agreed ) value policy.. i will have to call my
underwriting dept to ask if they still offer this type of policy.. its where you and the company agree on the value of the veh and then you pay a premium for the agreed value.. this type of policy is different than what they call a stated amount policy.. the main diff is that on a stated amount policy, the company will pay the lesser amount of the acv or stated amoount.. example/.. if the veh is a tl, they will run an eval to determine the acv of the veh ( nada or ccc)or other forms depending on what state your in... lets say that the stated amount is 20k and the acv is 15k ,, they will pay 15k as same is the lesser... on a agreed value price, they will pay the full amount of what you are insuring the veh for.. not the lesser of the 2.. ill check with my dept tomm and get back to you... if im not mistaken, i guess you want to cover your car in excess of the acv of the veh as you have extensive mods..
07-10-2006, 06:36 PM
#18
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You are correct. I want to cover mine for low/mid $30Ks replacement value, don't mind the
extra on premiums(much, anyway) as long as I'm protected from Mother Nature and the idiot drivers I experience daily.
07-10-2006, 06:41 PM
#19
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Mine was nice enough to call and inform me(last fall) that they could no longer cover me
for replacement costs on the Audi. I still have the extra rider covering it for ~1K in stereo stuff and ~3K in incidentals/gap adjustment(which I'm not sure does much since I almost own it in full now) but the remainder of my "investments" are at risk.
