Property Insurance on modified LC (1 Viewer)

[bhamnole]

All, I am having difficulty obtaining stated value insurance on my mod. '98 LC. As with most of us, the cost of the improvements is vastly greater than the FMV of the vehicle, especially the normal insurance adjusters will use in an accident, especially involving a total loss. I currently have your garden variety casualty insurance through Travelers which has been solid coverage for all my other needs to date. My agent represents Chubb, Hagerty and Cincinnati as well -- all have declined to cover my LC for a stated value (to cover all the improvements as well as the base vehicle). Chubb declined on the basis that is wasn't a "classic vehicle" -- whatever that is supposed to mean in terms of underwriting.

Anyhow, what have others done to deal with essentially being so upside down in a non classic vehicle like our LCs?

Thanks

 

[TRLBOSS]

Mine is insured for stated value with American Family. I just had to give them a copy of the Bill of Sale from when I bought it, and that's the stated value. It would be nice if the state value were a bit higher, but still better than FMV.

 

[erse]

Mine is American mutual they agreed to 10k of mods over the base nada value of the vehicle. Higher than that and they would do with appraisal. Still undercovered essentially but better than nothing

 

[bhamnole]

Mine is American mutual they agreed to 10k of mods over the base nada value of the vehicle. Higher than that and they would do with appraisal. Still undercovered essentially but better than nothing

That is what I'm looking for, essentially the price I paid plus $X in mods. I assume you have other P&C coverage through the same company?

 

[badlander]

I have stated value with Progressive. They said i would just have to present receipts for add ons at the time of a claim.

 

[erse]

Yes, too many vehicles and house all through them. Decent company I think YMMV. A good agent is the key. I don't know if they do business in your state but I can reach out to my agent and see if I can get a name for you if that would help

 

[suprarx7nut]

That's good to hear mainstream companies offering as stated policies. You could also just verify that modifications are covered with your existing policy. It's not your chassis that is more valuable, it's all the stuff you put on it, right?

I have Grundy for my 91 Supra and it's dirt cheap with a pretty "no questions asked" as stated value, but they are restrictive on how it can be used. It must be below ~3,500 miles/year or something, always garaged, never used for commuting and I must have another vehicle registered in my name. None of those requirements are an issue for the Supra, but could never apply to the Cruiser.

I'd look into coverage of modifications. I think most companies offer that.

 

[bhamnole]

Yes, too many vehicles and house all through them. Decent company I think YMMV. A good agent is the key. I don't know if they do business in your state but I can reach out to my agent and see if I can get a name for you if that would help

That would be great. It's hard to believe Chubb and Cincinnati won't cover this. I think the agent may not quite understand and isn't doing a great job.