Insurance coverage of mods.

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This topic has come up a few times, and I wasn't really satisfied by the response I got when I asked a representative previously. They basically told me "It's covered, save your receipts" but without much in the way of details.

So a friend of mine is currently training to be an insurance rep for this company - they have a large call center here. I asked her to dig into this for me a little - and here it is straight from their manual.

I haven't named the company because I'm not sure I want this searchable by their name - but they have a reputation for doing well by people associated with the armed forces ;)

Coverage for non-Original Equipment Manufacturer (OEM) equipment and parts installed on any vehicle type will be limited to a maximum of $5,000.

This $5,000 will be in addition to the actual cash value (ACV) of the vehicle. No deduction will be taken for depreciation if a loss occurs to custom equipment.

Coverage for custom equipment will be automatic. There is no need for the member to notify **** of the type or cost of the equipment until there is a covered loss, at which time the usual proof of loss will be required.

Custom Equipment

Custom equipment includes equipment, furnishings and parts that are permanently installed on any vehicle type AND are:

  • Not OEM.
  • Not a replacement of OEM parts with like kind and quality.
  • Not designed to assist disabled persons.
  • Not an anti-theft device.
  • Not a device intended to monitor or record driving activity (black box or telemetric device).
Some examples of custom equipment are:


  • Special carpeting or insulation
  • Furniture or bars
  • Height-extending roofs
  • Body, engine, exhaust or suspension enhancers
  • Winches, non-original specialty bumpers and custom grills
  • Anti-roll or anti-sway bars
  • Louvers, side pipes, hood scoops or spoilers
  • Rims or wheels (does not include a mounted tire)
  • Tires in a size substantially different from those installed by the manufacturer
  • Custom chrome, murals, paintwork, decals or other graphics
  • Caps, covers, or bed liners
  • Sound, picture, or video receivers or transmitters
  • Global positioning systems (GPS)
 
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PhrogsPhorever

Whip it good!
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When I used to DD my 40 I didn't qualify for a collectors policy due to mileage, so I got an agreed value policy through Travelers. I think I had it covered it for $15k and wasn't that expensive IIRC. Not all companies offer them, and most insurance agents don't know much about them.

My $0.02:meh:
 
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I know the company you are describing I think.
They did very well by me when I wrecked my last modified rig.
They covered almost everything at value it was amazing.
 
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Would it be " Uniform Sierra Alpha Alpha " ?

Or another carrier ?

I know a few companies offer additional coverage for aftermarket parts and what have you for additional cost, but if a carrier does it automatically, that would be awesome.

Only thing I can recommend for anyone with additional aftermarket equipment coverage is to keep all your receipts.
 
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Would it be " Uniform Sierra Alpha Alpha " ?


That'd be my guess... I use them for everything and I know they offer that type of coverage for mods and what not.


Also covered the rental car we were authorized on temporary duty down in Mississippi - ask me how I know that :doh:
 
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Might be good for that but they subcontract through progressive for motorcycle insurance.... not too happy about that part...

Good to know, will be going to Mississippi next month but am hopefully taking my own car.
 

Aids10

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That sounds pretty fair regarding custom equipment!

When I had my Just Exchange Every Part totaled my insurance company only covered $1,000 in extras and they were depreciated for pennies on the dollar :mad:

I'll be investigating some sort of rider to cover all of my soon to be custom equipment with zero depreciation :hillbilly:
 

CreeperSleeper

Cascade Cruisers
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Please note, every insurance company is different in this regard. It will also more than likely change from state to state withing a company. On top of that, if an insurance company has multiple policies within a state, they can be different. The only way to know for sure is to accurately read your policy or ask your agent. If your agent doesn't know and won't take the time to find out, get a different agent. If you don't have an agent, get one unless you can decipher the policy yourself.
 
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Please note, every insurance company is different in this regard. It will also more than likely change from state to state withing a company. On top of that, if an insurance company has multiple policies within a state, they can be different. The only way to know for sure is to accurately read your policy or ask your agent. If your agent doesn't know and won't take the time to find out, get a different agent. If you don't have an agent, get one unless you can decipher the policy yourself.

My original post apparently applies to all of this company's policies, as the quoted part is a cut & past from their manual and the person looking didn't have access to my specific policy info. I guess it could be state specific though.

But yes, absolutely verify your coverage for yourself before you need it. Certainly don't trust some anonymous schmuck on the internet!
 

CreeperSleeper

Cascade Cruisers
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Not really. You still can't profit from a claim. You can insure a car worth $5,000 on a SVP for $10,000 and you will still only get what the car was worth. (There is a lot more to it then that...)
 

CreeperSleeper

Cascade Cruisers
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My original post apparently applies to all of this company's policies, as the quoted part is a cut & past from their manual and the person looking didn't have access to my specific policy info. I guess it could be state specific though.

But yes, absolutely verify your coverage for yourself before you need it. Certainly don't trust some anonymous schmuck on the internet!

My comment wasn't directed at you... More to the group as a whole. I guess I should have said that! In your case, that company may only have one policy for your state and that is what your friend got it from but I assure everybody on here that insurance laws are very, very different state to state. I'm licensed in OR and WA, so I get to see it first hand!
 

Aids10

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I negotiated a stated/agreed value (are they the same thing?) on mine prior purchase that is 2k over KBB value based on local sale comparables I provided my agent; insurance companies usually will not entertain this after you purchased the vehicle. :hillbilly:

Assume there will be a s**t fight following a total loss regarding the vehicles condition at the time but at least they have recognized its current value in writing? :flipoff2:

Regarding Mods; is it possible to get a rider to cover all of my soon to be custom equipment with zero depreciation if I forward receipts of all upgrades for inclusion in my policy? What would that be called?? :confused:
 
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I heard the usual, keep your receipts etc. Come claim time, the value of the options were only what statistics said the options added to the resale value. I had $3k in receipts for options that were only weeks old, yet they only added $250 to the value. I was advised to take it all off. If your rig is totaled, don't hold your breath on getting fair value. Your best bet is to find a replacement and transfer your goodies.
 

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