Insurance on upgrades

[Qualitywires.com]

After getting excited about gerald's car..I have a question..I'm seriosuly saving some money up to get my Viper done down the road. Can the upgrades be insured such as the custom work that has been done and parts too?

Any idea's on this?

 

[Craig 201 MPH]

My suggestion is to have the car appraised by an appraiser that deals in high end cars and is recognized by insurance companies.

FWIW

Craig

 

[Ulysses]

You know, as soon as you have a car appraised for what it is worth, like a highly modified car, your insurance goes up in relation to the worth of the vehicle. I suppose if you could afford to pay for an upgrade like that, you probably can afford the insurance or at least you should be able to.

 

[Qualitywires.com]

hmm..not a bad idea Craig. For once I agree with you.

 

[Craig 201 MPH]

Adam,

Thanks, I just suggested it because my dad's been doing it for about 20 years now.

Good luck with the upgrades.

Craig

 

[Craig 201 MPH]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ab:
I sent you a private PM. Did you get it?

<HR></BLOCKQUOTE>

Yes, I sent one back to you.

Craig

 

[Performin Norman]

Getting an appraisal is a worthwhile thing to do. The appraisal value does not specifically note performance modifications even though it accounts for them in the final value. Insurance companies have a problem with performance altered machines. They don't want them. hahahaa Can we say higher risk? Now, if you get the blanket appraisal amount and show your agent the certificate, they just increase the insurable amount to match the appraisal. Yup, your premium does go up. Why wouldn't it? More insurance, more premium. The trick is to keep the company from knowing you just took your 450 horsepower car and made it a 700 horse car.

Cosmetic changes are never of big concern to insurance companies, only performance modifications.

 

[Tomer]

After the recent wrecks and some local insurance jobs that I am aware of (mostly thru State Farm) I am afraid the Insurance companies will raise the rates sky high, or refuse coverage...

Frankly, I am surprised this has not already happened. It seems like the slightest collision results in &gt; $10k in repairs, with the average being in the $20-40k range and up...

I am gonna try to keep a very low profile....

 

[Qualitywires.com]

I sent you a private PM. Did you get it?