Modifications, Racing, Insurance...

[Fire Hawk]

I have a question for everyone here. How it is people can spend all this money on their cars and still have insurance cover it?? I'm talking about street cars that are modified greatly. I'm just asking cause you can take a stock car and start modifying the vehicle and have 5-10k wrapped up in performance parts and take it to the drag strip.

Do you just modify the car and not say anything to insurance? Do you let the insurance co what you've done to car and they adjust the insurance premium based off what you have?? Does the insurance co know the car is raced? Do they just say you wont be covered if you wreck it at the track... but will cover you on the way there and back?

I'm asking cause I know state farm doesn't cover cars that are being raced and I think a lot of ins co's do not cover racing.... unless there's something I don't know. I'd like to build/restore an older car but be able to take it to the track on the weekends, shows and have fun.

[DustinsDuster]

i highly doubt you could ever get your insurance company to insure your car for anymore than any other that is similar stock unless you have had your car appraised professionally. of course, the bad side to that is that your premiums and basic cost of insurance goes up as well.

personally; my Duster was such a crap box, i didnt even think about appraising it. it had a total value of under $1k, but on the bright side, insurance was only $38 a month for liability...

[Fire Hawk]

i highly doubt you could ever get your insurance company to insure your car for anymore than any other that is similar stock unless you have had your car appraised professionally. of course, the bad side to that is that your premiums and basic cost of insurance goes up as well.

personally; my Duster was such a crap box, i didnt even think about appraising it. it had a total value of under $1k, but on the bright side, insurance was only $38 a month for liability...

I can understand what your saying .... but with the money you have in your motor/trans/rear end... your ins co not going to cover any of that if you were driving it on the street and someone hit you or you hit someone/something?

What about the guys that have cobra's are the only one I can think of off the top of my head that are S/C from the factory but put a whipple/kenn belle on the vehicle which is $4,000-8,000 alone not counting any supporting mods?

[Drifte]

I've heard of people telling insurance companies what was into a car after an accident and getting some compensation with proof of receipts.

but you think you can just come on here randomly and not say hi to me? pshh. where you work at now anyway man?

[69gt4speed]

It's a age old formula of getting a v6 ,4 and putting in a v8 and never telling insurance. Take my 69 it says on title 390 gt engine it has a 428, looks exactly the same saved me 100's of $ when young w full coverage. U get what ya pay for though.. My 03 cost lots of $$$ for full coverage imo. You figure if it damages a blower the car is toast anyhow. Rolled etc. Get whatever book value is. A modded car is a money pit. You never get out what u put in.

Why some buy someone elses projects, work out the bugs. Buyer beware though gotta be on ur toes.

Another tidbit is this scene, ur car by someone else rearends you, their fault, you get wrecked to book value, then a deer wrecks it again, what do u get? Answer not squat cause it mo or less has a salvage title due to the previous wreck. These things the insurance co. doesn't tell u. The original offender fleck sales ins. co. fought her, Anita turned it in to her insurance co. though it turned out she wasn't at fault, they fked her imo. Why we have the the minivan. Taurus went to the boneyard.

[zacknolden]

I have a question for everyone here. How it is people can spend all this money on their cars and still have insurance cover it?? I'm talking about street cars that are modified greatly. I'm just asking cause you can take a stock car and start modifying the vehicle and have 5-10k wrapped up in performance parts and take it to the drag strip.

Do you just modify the car and not say anything to insurance? Do you let the insurance co what you've done to car and they adjust the insurance premium based off what you have?? Does the insurance co know the car is raced? Do they just say you wont be covered if you wreck it at the track... but will cover you on the way there and back?

I'm asking cause I know state farm doesn't cover cars that are being raced and I think a lot of ins co's do not cover racing.... unless there's something I don't know. I'd like to build/restore an older car but be able to take it to the track on the weekends, shows and have fun.

I would like to enter the modding scene like 390 gt engine.
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[amoander]

From personal experience a typical insurance company won't cover you for the costs of the modifications if it is a your fault accident. They will cover the oem production and book value/depreciation. There is an insurance company that will insure a "antique" car for a value that is appropriate to fix it back to the condition before the accident. It is for cars i think built b4 1980 or so, im not sure. It is also excessively expensive. I also know from personal experience that if someone hits you and it is determined that it is not your fault and the other driver who has a reputable insuranc carrier, that carrier will cover the cost of modified vehicels if you have sales reciepts and can indicated installation. I keep all my reciepts. If someone hits my car, I always have a camera, which proves I had the parts one at the scene with cop present. ALWAYS CALL THE COPS AND DON'T ADMIT FAUL!!!!!!!!! You do not have to inform your insurance company that you race at the track and they can't base their insurance off that, but you are not covered at the track. Now you obviosly aren't covered for racing on the street because that is illegal and a crime. So you horrible, bad, and sinful streetraceers beware.

[DustinsDuster]

actually, Grundy Collector Car insurance sounds to be pretty reasonably priced from what i have read; but the kicker is the age. they wont insure anyone under 25 i dont believe...

[Fire Hawk]

I've heard of people telling insurance companies what was into a car after an accident and getting some compensation with proof of receipts.

but you think you can just come on here randomly and not say hi to me? pshh. where you work at now anyway man?

Hi Colton!!!!!!! I actually work for Toyota Financial Services now! I love the job and have been there since July 16, 2007. Going on 9 months already and it feels just like yesterday.

My insurance guy has told me if I do mods to my car I can take him the receipts to show what I've had done it to so it is on file if there ever is an accident to be able to get them covered. He seems pretty honest and when I've asked about buying a car with a modded engine all's they asked was are you planning on racing it... and any body mods ie: lowering the car which affects insurance due to how it will hold up in an accident. When I told them about the engine they said doesn't change the preimium but I have to ask to what point do they not want to cover it then? Does having a roll cage (4,6,8pt) in the car going to have the ins co saying umm... we don't want to cover you then cause we know your going to race it?


From personal experience a typical insurance company won't cover you for the costs of the modifications if it is a your fault accident. They will cover the oem production and book value/depreciation. There is an insurance company that will insure a "antique" car for a value that is appropriate to fix it back to the condition before the accident. It is for cars i think built b4 1980 or so, im not sure. It is also excessively expensive. I also know from personal experience that if someone hits you and it is determined that it is not your fault and the other driver who has a reputable insuranc carrier, that carrier will cover the cost of modified vehicels if you have sales reciepts and can indicated installation. I keep all my reciepts. If someone hits my car, I always have a camera, which proves I had the parts one at the scene with cop present. ALWAYS CALL THE COPS AND DON'T ADMIT FAUL!!!!!!!!! You do not have to inform your insurance company that you race at the track and they can't base their insurance off that, but you are not covered at the track. Now you obviosly aren't covered for racing on the street because that is illegal and a crime. So you horrible, bad, and sinful streetraceers beware.

I'm actually looking at a 1980 car right now and a restore/fix up and build a nice motor to have some fun with. Just a car to take when it's nice out. I'm completely fine with not having ins at the track cause that's not the intended use of a normal street car... but don't want to be dropped if I opt to take it there either.

I'm just looking to see what others have done about ins or exp with insurance on modified cars. Never hurts to get any info that I may not know!

[Drifte]

im curious bout the cage as well. so you know tyler over at toyota financial?

[amoander]

Im not a lawyer or anything,but i would bet a good some of money that if you mod your engine 10k+ and are not paying a higher premium and so on the insurance isn't going to cover the car (lets say its 15000 value without motor mods) + the 10 grand in mods if it is a your fault accident. They lose money due to your rate being based off your risk as a driver and the vehicle. All kinds of cool calculators for it. Now i will say that a stock 4.6 sohc brand new from ford is like 6k, and yet you can buy a fully built one for 8k easly. So some cars it is close either way. Where is gets shady is when they try to get you a used 4.6 with approximentlly the same miles and say its fair, rarly would every occur because a collision of that much energy would total the car, but you get my point.