[Intervalia]

So, all you tuners out there...

Have you all notified your insurance companies of all your modifications to your vehicle?

Today at work, the guys brought up that if I were to get into an accident, even if it's the other person's fault, all this money I'm sinking into the car will be lost if I don't declare my mods.

But if I do, I risk increasing my premiums greatly.

What is the general feeling on this sort of thing?

 

[nvyseal]

Most of the time the mods done are actually less expensive than the OEM parts. I don't think the insurance company would have a problem replacing like for like so long as it meets all safety specs and is less cost. Just a side note, if you had custom rims or a stereo, and pictures of them on your car along with a receipt, and they got stolen, insurance will replace them for like.

 

[Dcannon203]

that's why you sue for pain and suffering.. to offset the bullshit you are going to go through... if you get into an accident bad enough to toal your car you probley are hurt anyways. I was a "nice guy" once and didnt sue and lost a ton of money and had to go through so much bs just to get a car to go back to work.

Most of the time the mods done are actually less expensive than the OEM parts. I don't think the insurance company would have a problem replacing like for like so long as it meets all safety specs and is less cost. Just a side note, if you had custom rims or a stereo, and pictures of them on your car along with a receipt, and they got stolen, insurance will replace them for like.

 

[AZG23]

Ill be doing a rider coverage plan...but then again I'm throwing $600/pc wheels on. Don't wanna have to not be covered if stolen or crashed into. As for the other mods, Ill add em on just to be sure they are covered.

 

[SkittleZ]

You can get an appraisel as well from the insurance to show what you have. Usually it does not increase your premuims as long as you don't put over 6k or so (depends on provider)

 

[cbrmale]

I notified my insurance company about my exhaust and this resulted in an increase in premium because of increased risk. Better to be safe than sorry.

 

[Intervalia]

I notified my insurance company about my exhaust and this resulted in an increase in premium because of increased risk. Better to be safe than sorry.

Was it much of an increase?

 

[SkittleZ]

Increased risk of what, you rocketing to the moon or going scuba diving in the car?


NM just realized you are in Australlia, the land where everything is down under

One of these days I will make it there!

 

[The Mackies]

Increased risk of what, you rocketing to the moon or going scuba diving in the car?


NM just realized you are in Australlia, the land where everything is down under

One of these days I will make it there!

Risk is an insurance term for the insured item not the risk of it doing something lol
some companies wont cover a modified vehicle at all people so read your product disclosure statements carefully

 

[cbrmale]

My increase was $35 a year. I'm not sure why the exhaust was a risk because performance increase is marginal. It's probably that the car is more of a hoon's car than if it were stock, even though I am measured as to how and when I use it's performance. As Mackies advised read your product disclosure statements, or do what I did and contact your insurer that you intend to modify the car and find what this will entail.

 

[papabear]

Contacted my insurance company today (APIA). No problems, just recorded a new muffler with the cost. No mention of increased risk or premium.

 

[yurself]

your insurance probably went up after an exhaust because there is probably a stat out there that says that people with modified exhausts get into more accidents. just a guess. im sure its a category just like age and car color

 

[cbrmale]

Yes it's quite correct that people with modified exhausts probably get into more smashes so the risk goes up. But it does sound good, it sounds as good as the car looks and goes, so it's worth paying a bit extra.

 

[Stone Axe]

Your cost may or may not go up. The insurance companies don't have much data on the Velosters yet so they are probably treating it like an Elantra.

There is definitely some statistics that the insurance companies have that show that performance modifications increase the probability of tickets and accident claims.

Insurance is all about the fine print. When it comes time to make a claim the insurance companies are going to go over the fine print very closely before they pay out.