Insurance and mods

[unwrittenLaw]

Is it a good idea to tell your insurance company about mods on your car to get more coverage just in case they get messed up in a wreck...
Or should you just consider mods not part of the coverage...and replace them with your own money?

Thanks for any inputs..

 

[njaremka]

it depends on your insurance. ask your carrier. i have heard of some getting coverage without telling thier carrier, but they had all receipts and paper work. best bet is to talk to your agent.

 

[unwrittenLaw]

thanks for the info..
i dont have an agent, got my insurance online...

 

[Gyre]

Usually your insurance will go up if you have mods. If it's something like nitro, it may trigger something in an actuarial table to flag you as a higher risk. Even if the insurance company does not consider the mod to make you a higher risk, it's more value to cover.

On the other hand, a lot of insurance companies won't cover mods you don't report. You didn't pay to cover them so they won't cover them.

So it's a matter of how much more will it cost you and is it worth it to you?

 

[sleeper_]

there's also value ranges:
the msp isn't even listed by state farm when i asked my agent,
as a result, the insurance was based solely upon the msrp of
the vehicle. The cost range within which the insurance premiums
were the same appeared to be 25,000 - 30,000 canadian. SO,
i figure since the MSP's msrp is 27,000 i can add 3g's worth of
mods that can be covered w/o affecting insurance premiums, but
this is just an assumption.

 

[StreetPreacher]

What types of insurance entanglements would I have to worry about when doing something such as installing a short shifter? I've had a few people warn me that insurance companies consider this a 'racing modification' and that it will raise my rates.

Is there anything i'd have to worry about if I don't tell my insurance company about the mod? I don't plan on insuring the new shift lever, but I'm wondering if it'll cause any problems if I ever get in a wreck.

-Sp

 

[nocar]

insure ur short shifter? Id say if your gonna insure something aftermarket insure :
hid kits
body kits
turbo
rims

expensive things...


something like your shortshifter is nothing to worry about... i dont think a 140$ shortshift setup is gonna matter..

 

[StreetPreacher]

No, I said that I DON'T plan on insuring the $140 shift lever.

But, if I don't inform my insurance company that I have modified the car, and then I get in a wreck, can they refuse to pay for anything on the car?

If I do inform my insurance company that I modified my car with something simple like a short shifter, will they raise my rates?

-Sp

 

[02.5 P5]

Sleeper- the msp is listed by state farm, they just have to look under a regular protege and find the mazdaspeed.
my mom is an insurance agent for state farm

 

[girth]

No, I said that I DON'T plan on insuring the $140 shift lever.

But, if I don't inform my insurance company that I have modified the car, and then I get in a wreck, can they refuse to pay for anything on the car?

If I do inform my insurance company that I modified my car with something simple like a short shifter, will they raise my rates?

-Sp

No, there's no way they could not cover you just because you did something like a short-shifter and didn't tell them. For all they know, after an accident if they questioned that you could just say that the original shifter broke so you installed a new one. I mean, basically, something as small as a shifter can't make any difference at all. About the only thing that could make a difference in coverage would be a turbo IMO, and even that's stretching it. I mean really it's none of their business how you mod your car assuming you still keep it safe to drive.

On a related note, there is some kind of "extra" insurance that you can get (compensatory insurance or something?) on your policy that covers all of your "goodies" in case they get stolen -- like radio, turbo, rims, in-car GPS, etc.

 

[StreetPreacher]

Girth,

That's the info I was looking for. I think I'll just keep my mouth shut and enjoy driving a car instead of an 18 wheeler

I'll save informing my insurance company until I want coverage on the DD5.1 DVD setup and new volks (I wish )

-Sp