Modified Car Insurance...
 

My progressive policy is up for renewal, and I'm looking at car insurance with various companies.

I am looking to insure 15 thousand dollars of parts on top of the value of the car. So far, only progressive will cover a 20 thousand dollar miata. at 273/month

Many companies won't go higher than the value of the vehicle, nationwide is 1000 dollars cheaper for 6 months, and has much higher coverages, but only goes up to 5000 additional, hagerty won't insure a single car, esurance won't go higher than 5000 additional...


What companies do you guys use? and what additional values do you insure?

I'm curious about the track record of said policies actually paying out as promised when you actually have to "use" them.

For example: you swap ends on the track. Your new brotrex has bent pulley and smashed piping. Do they "replace broken parts"? Do they replace whole kit? Who gets to make the decision/estimate? (I'm thinking your local insurance shop estimator didn't get "modifications" training).

Just curious.

You swap ends on track -- you pay.

Most stated value policies would also be for vehicles that aren't driven regularly -- hobby vehicles rather than dailies. That's been my experience anyway.

Oh, so this is for if it gets stolen only?

You could look into an agreed value policy.

No, it's just that most/all standard insurance policies will have exclusions for things like track time.

The quote I got from progressive is an agreed value policy.

I don't think they payout anything on the track, but if I hit a deer, or another vehicle, if the car or parts gets stolen, vandalized, damaged while parked... they use the 20,000 dollar agreed upon value to determine total loss.

Usually, they replace the least amount of parts possible to restore proper function. this saves the insurance company money, but sometimes, they don't replace enough, and it causes more damage. They don't like that. AAA won't even insure me, at all, because of the drag subaru I had insured... had a lot of issues with that one.

The insurance company sends a special estimator to asses the damage, sometimes they fly in. You (or I) would work with the repair shop much more closely than if the car was stock, so that the correct replacement parts are ordered.

Some insurance companies pay out a prorated amount based on how old the parts are, so 2000 dollar supercharger, in two years, might be only 1000, or 500 dollars to them.

Save double, spend half :dunno:

They sure do....

Hagerty is the only one that would write an "agreed value" policy for me. I only have the Miata with them. Every other insurance company required that I be 30 and/or the car be older, except Heacock. They denied me based on "too many modifications", but they were cheaper.

I pay ~$700/year for a 10k agreed with state minimum liability. 15k value with 100k/300k liability was $1200. I turn 30 in December and they already quoted me ~$350/year for 15k agreed value once I do. It came with road side, a free tow/year and some other perks that you are required to have with the policy. I agreed I wont go over 3k miles a year, but they don't check. I only do about 2k a year at most, so no sweat. I highly doubt you will find that style of coverage for a DD.

https://www.miataturbo.net/build-thr...6/#post1299351

You have to go to someone like Lockton Affinity for track day insurance.

I'll try calling Hagerty again. The lady I was doing a quote with told me I needed a daily driver transportation in order to insure the miata. could it be possible you are grandfathered into the plan? Like they changed the policy now?

I'm still 26, so I have a while to go for the drastically lowered rates.

I purchased that policy in january. Nothing has changed, you do need a DD. I have 3 DDs in addition to the miata.

Hagerty wouldn't talk to me because I don't have a garage for mine.

I've always just gotten liability because getting a policy with an affordable premium that would actually pay out when the time came was impossible.

Every insurance company I ever tried to work with was either:
-designed for antique/collectable cars that are only ever driven to and from shows, so they expect low mileage and you better fit in the 80 year old rich man demographic and have no tickets for the past 10 years.
-generic insurance that didn't know anything about mods except that they were bad because they would make the car more dangerous and more expensive to fix. Basically they think of the scene in fast an the furious where the guy sprays naws and blows off all the manifolds and then has to order parts from japan. Basically turbo + miata = bugatti veyron full of dynamite
-aware that a car could be modded without turning into a rolling bomb, but they want detailed receipts and records and photographs for every mod going back to the dawn of time or they will pay out as if you insured a stock miata with a $2000 blue book value. And your premiums will be 3x higher, even if you park it in fort knox and drive it once a week. Good luck getting that guru diff replaced even if you have the credit card receipt for it from 2004.

tldr: insurance companies will fuck you no matter what

edit: I haven't looked into this seriously in the past 10 years. I might give it another try one of these days.

And i failed to mention they do require that its garaged.

Also I remember from having my old BMWs, Hagerty (and similar companies) will not insure a car with a roll bar. Period.

However it's been about 6-7 years since I looked into it.

They will now. Its stated on my write up and they have pictures of it.

Sounds like Sean has found the right choice.

How did you get past the website (besides having a garage)?

What do you mean?

Did the online quote, they sent me an email with the quote number. It included instructions on how to proceed. Fill out a form, send current pictures of front back, sides, and engine bay. I finalized it on the phone, they emailed me insurance cards and roadside account number within 5 minutes. Was easy enough once I figured it all out.

That's what I meant. Since I didn't get past the website, I wondered the procedure as it sounded like a phone conversation was part of it.