How to get insurance company to pay for mods?

[CStraface]

No, my truck has not been stolen. However, I always keep the thought in the back of my mind... the big what if. So what if? I have probably $20,000 into the truck in mods. My insurance company will give me blue book. So how do I get them to cover my mods as well? Do I need to show them all my receipts? Do I need to have it appraised? And if so, who would be the right person to appraise my diesel?

 

[MA2LA]

One way help out is take pictures and keep documention. I went though it with one of my jeeps.

 

[Panther1400]

I think you can buy an extra rider for the dollar amount you want to insure.

 

[MAshley]

I would also talk to your ins company before it happens... ... they think and assume you have X and are covering for X - deperciation... but if you want to cover 20K worth of extras then you better ask for it before hand so if the unthinkable, and or majior acident, fire your covered and not stressing about it.

 

[JVantreese]

Modified vehicals can be a problem with your insurance carrior. If your mods are items like adding a winch, bumper, topper or aftermarket radio, then most carriors will cover them at time of loss IF you have advised them of the mods and their cost BEFORE the loss. They may charge you an additional premium for the added value of your truck. Some changes like large HP increases or lifted suspention could cause you carrior to cancel your policy due to a perceived increased hazard. All policys will exclude coverage while a vehical is being used in an organized race.



You will most likely do fine if you talk to your agent about your specific mods and cost. Remember that most policies are on a actual cash value basis. This means that for a total loss you will only receive the depreciated value for your rig. There is such a thing as a stated value policy. This type of coverage allows the carrior and the insured to agree upon the value of the vehical before the loss and insure it for that amount. The availability and cost of a stated value policy will vary by state and carrior.



After discussing your needs with your agent, ask him/her to give you a brief written explaination of how you mods will be covered in the event of a loss. If they refuse to put it writting or simple say "don't worry your covered", then find yourself a different agent/broker.

 

[JVolpe]

I agree with what JVantreese posted. You need a good independent agent/agent that knows the carrier, state and county specifics. The last time I went through this exercise in 2003 on my Dodge Ram 2003 1500 QC 4x4 Hemi I finally wound up with very little extras covered explicitely.



Most carriers will require an adendum with specific items with cost listed and there will be additional cost. As stated above cosmetics (tonneaus, steps, stereo) and feature upgrades are fairly easy. When you get into the 6" lift, wheels and oversized tires, etc. then things can get sticky. Lots of fine print to consider that change the definition of the vehicle type and use in some cases.

 

[HPetrat]

One of the best ways we have of assuring that we will get fair insurance coverages on vehicles, particularly antiques, customs or collector vehicles, is to have them appraised by an independent appraiser.

This really reduces (not eliminates) the #@$%! should the need arise to file a claim.



M2CW,



HP

 

[CumminsBu]

All the above advise is great, I asked my insurance company's (USAA) the samething when I added mods to my truck. They would cover everything if it was under the property damage limit, receipts, and pictures with dates help.