Supra Forums banner
1 - 20 of 49 Posts

·
Registered
Joined
·
2,180 Posts
Discussion Starter · #1 ·
Guys with heavily modded Supras, are all your mods and labor insured?

For example, say you buy a Supra TT for $25k, and then spend $30k in mods and $10k in labor on it for a total of $65k spent to create the vehicle. Say the vehicle is only worth $40k in the market and after an expert appraisal, even though it cost you $65k to create it. In the event the car is totaled, are you covered for the $65k cost in mods and labor that were required to produce it or the $40k value of it?

And also, which insurance companies do you guys have that are insuring all the mods that have been done to your cars? Is the labor to do the mods also insured?
 

·
Registered
Joined
·
1,848 Posts
www.rallyinsurance.com will insure your mods. Mine is insured for the price I bought the car at, although they said I'd need to get it appraised at some point. I'll hold off with that until I get some more work done, like fixing a lousy bumper paintjob.
 

·
Member Thingy
Joined
·
1,119 Posts
hagerty insurnace through All-state or any other major provider will also do declared value insurance.
 

·
Will work for Supra parts
Joined
·
624 Posts
Stated value is the only way to go. Most insurance companies will agree upon a stated value, but it requires you to find an automobile appraiser in the area to look at your car. When I asked my insurance company, they were able to refer me to a local appraiser. I went to visit him, we talked cars for a couple hours, he looked at my car (not my Supra), and some paper which showed how rare my car was. I also printed off a Blue Book value from the net. In the end, he snapped some photos and we agreed upon a value that would be good for me and him.

It'd be the same for any car and someday I'll visit him again for a stated value on my Supra. Basically bring along anything that will help prove the value of your car, like original purchase price, go fast parts, and maybe labor costs to build the car into it's current state. It helps if the appraiser is into cars, but most times they wouldn't be an appraiser if they didn't know at least a little about autos.
 

·
Banned
Joined
·
1,599 Posts
I have liberty mutual and supposedly if you keep all reciepts, then when the cars value is in question (totalled?) then they will honor them or at least reflect the value of the upgrades in payment.

When I wrecked my first bike (1993 CBR 600) I showed reciepts for just the exhaust and the winshield. Yet for the custom paintjob the claims adjuster added $350 and also some more for the various other upgrades that I didnt have reciepts for. I ended up getting $3900 from the insurance company AFTER the $500 deductible. I only paid $3300 for the bike and the blue book was less than $3000. I made money...

Hope this helps... The key is anonymously contacting your insurance company to ask about the potential situation. They record all convos and the underwriters will use anything against you, so thats why I say ask anonymously.
 

·
2JZ yes shit
Joined
·
1,012 Posts
I was involved in a parking lot fender-bender once. I called the insurance company and told them I was doing a school project and basically asked them if a person age x was involved in a parking lot fender bender, and drove x year x car, what is the price normally and what would the price go up to after reporting it.

Thank god I did this, because my insurance would have gone up $4000 extra dollars/year!

Either way, that insurance company was a rapist (Belair Direct) and now I'm with a much better company paying like $80USD/month.
 

·
Premium Member
Joined
·
4,460 Posts
Keep every reciept you have an have an appraisal done before anything happens. I've had good luck with State Farm on 2 occations (not claims by myself but friends) and they took care of the modifications no questions asked with reciepts.
 
G

·
I've heard that some places will offer really low insurance on preformance cars that aren't used as daily drivers. Pretty much, if the car is just your hobby that you fix up and only go cruising in on weekends when it's sunny out, you can get really cheap insurance even on an expensive car.
 

·
1st Lieutenant Team BEYAW
Joined
·
1,913 Posts
ok, does anybody have "collectors" insurance? i looked into it with my current company and they said i have to be 25 years old first :wtf: do any of you have it and are under 25? also, can you have declared value if it is under collector's status?
 

·
I CAN HAS WELFARE
Joined
·
3,413 Posts
Does anyone with State Farm have any options on this?
 

·
Premium Member
Joined
·
4,460 Posts
Hi-Psi said:
Does anyone with State Farm have any options on this?
The only thing I can say is you'll know that answer when Jessica's new car is done. They where more than generous when it came to giving "fair market value" on her car. It took a bit of time to determine what that was but they worked very well in that situation.

I've got a weekend / pleasure policy with them. Since I'm 23 I can't have a collectors car policy with some of the other companies.
 

·
Registered
Joined
·
270 Posts
I have a policy with Hagerty for my 1970 Plymouth 'Cuda - restored original car. I just called my local agent and she said that they do not have policies to cover racing modifications or customized parts. Is this true? I would like to do a declared value policy on my Supra because if I continue to add mods, I don't want to lose that investment if anything were to happen to the car. For those of you with Hagerty policies that are declared value, which policy do you have that will cover your mods as well as the value of the car.

Thanks!
 

·
Registered
Joined
·
72 Posts
Grundy Collector Car Insurance is the only way to go in this department. Its an "agreed on value" policy. They also take into account that people that drive collector cars take especially good care of them. There are no year limitations or mileage limitations. All of this combined has me paying about $400 per YEAR!!!!!, for full coverage on my supra with an agreed value of $55K NO insurance company could ever touch my rates!

Dave
93 TT 6 spd
SP71GTS
 

·
Registered
Joined
·
2,180 Posts
Discussion Starter · #20 ·
Dave said:
Grundy Collector Car Insurance is the only way to go in this department. Its an "agreed on value" policy. They also take into account that people that drive collector cars take especially good care of them. There are no year limitations or mileage limitations. All of this combined has me paying about $400 per YEAR!!!!!, for full coverage on my supra with an agreed value of $55K NO insurance company could ever touch my rates!

Dave
93 TT 6 spd
SP71GTS
:eek2: They got a website?
 
1 - 20 of 49 Posts
Top