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The Pub For General Automotive Related Talk |
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26-08-2021, 03:30 PM | #1 | ||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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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. |
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26-08-2021, 03:55 PM | #2 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
I guess you can try for a higher agreed value to cover mods?? Sent from my SM-G973F using Tapatalk
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___________________________ I've been around the world a couple of times or maybe more....... |
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26-08-2021, 04:05 PM | #3 | |||
Performance Inc.
Join Date: Aug 2008
Location: In a cave
Posts: 2,554
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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.
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26-08-2021, 06:01 PM | #5 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,938
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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.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. |
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27-08-2021, 11:28 AM | #6 | ||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,768
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27-08-2021, 02:06 PM | #7 | ||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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27-08-2021, 02:39 PM | #8 | ||
Donating Member
Join Date: Jan 2005
Posts: 5,912
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27-08-2021, 07:55 PM | #9 | ||
FF.Com.Au Hardcore
Join Date: Jan 2011
Posts: 1,400
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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 |
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27-08-2021, 09:54 PM | #10 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,938
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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.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. |
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27-08-2021, 10:03 PM | #11 | |||
FF.Com.Au Hardcore
Join Date: Jan 2005
Posts: 4,167
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Quote:
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igodabigblackshinycar and I relented and allowed a BMW into the garage. |
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27-08-2021, 10:26 PM | #12 | ||
Away on leave
Join Date: Apr 2019
Location: ACT
Posts: 1,735
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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.) Last edited by JasonACT; 27-08-2021 at 10:34 PM. |
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28-08-2021, 10:26 AM | #13 | |||
Frankenford pilot
Join Date: Feb 2008
Posts: 19,241
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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.
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Cheers Bretto 73 XB GT Last of the Big Ports |
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28-08-2021, 12:41 PM | #14 | ||
FF.Com.Au Hardcore
Join Date: Jan 2013
Location: upper lockyer qld
Posts: 517
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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
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28-08-2021, 01:55 PM | #15 | |||
Away on leave
Join Date: Apr 2019
Location: ACT
Posts: 1,735
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Quote:
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. |
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28-08-2021, 03:37 PM | #16 | ||
Banned
Join Date: Nov 2016
Location: Perth Australia
Posts: 3,618
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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 |
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28-08-2021, 05:00 PM | #17 | |||
Frankenford pilot
Join Date: Feb 2008
Posts: 19,241
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Quote:
There’s hundreds of different scenarios that will bring different outcomes.
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Cheers Bretto 73 XB GT Last of the Big Ports |
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28-08-2021, 06:15 PM | #18 | ||
Away on leave
Join Date: Apr 2019
Location: ACT
Posts: 1,735
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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.
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28-08-2021, 06:17 PM | #19 | |||
Donating Member
Join Date: Oct 2013
Location: Wellington NZ
Posts: 11,492
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28-08-2021, 06:23 PM | #20 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,901
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Same applies in Sydney. Bitten once, never again.
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28-08-2021, 06:37 PM | #21 | |||
Banned
Join Date: Nov 2016
Location: Perth Australia
Posts: 3,618
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Quote:
Cheers Billy |
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30-08-2021, 01:59 PM | #22 | |||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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Quote:
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. |
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30-08-2021, 04:06 PM | #23 | |||
Experienced Member
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Location: Australasia
Posts: 7,756
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30-08-2021, 08:27 PM | #24 | |||
Frankenford pilot
Join Date: Feb 2008
Posts: 19,241
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Quote:
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.
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Cheers Bretto 73 XB GT Last of the Big Ports |
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30-08-2021, 11:05 PM | #25 | |||
Banned
Join Date: Nov 2016
Location: Perth Australia
Posts: 3,618
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Quote:
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 Last edited by slowsnake; 30-08-2021 at 11:06 PM. Reason: Add word |
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31-08-2021, 01:25 PM | #26 | |||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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31-08-2021, 03:19 PM | #27 | ||
Banned
Join Date: Jan 2012
Posts: 2,489
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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. |
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