Insurance for FI
06-26-2008, 08:34 PM
#22
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^^^Good question. What company is that?? That is definitely out of the ordinary. 99.99% of insurance companies would never insure any aftermarket parts for more than the vehicle is worth. That's very unusual.
06-26-2008, 08:43 PM
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Originally Posted by XKR
Stereo coverage has nothing to do with FI coverage!! 99.9% of insurance companies will not cover you if you took my car to them and you were honest about whats under the hood.
The only way you would get coverage is 1) if you were already with them 2) Have more than one car and 3) over the age of 25-30. Oh yeah...4) If you have a clean record.
This is exactly what my agent told me. If you get in an accident or your car get stolen....you will only get market value for your car. If they found out that the accident was caused by so sort of FI modification...they will still cover the car at market price..(UNLESS a written agreement was made in advance)....but you will be dropppppppped. Fact not fiction.
The only way you would get coverage is 1) if you were already with them 2) Have more than one car and 3) over the age of 25-30. Oh yeah...4) If you have a clean record.
This is exactly what my agent told me. If you get in an accident or your car get stolen....you will only get market value for your car. If they found out that the accident was caused by so sort of FI modification...they will still cover the car at market price..(UNLESS a written agreement was made in advance)....but you will be dropppppppped. Fact not fiction.
06-26-2008, 08:46 PM
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Originally Posted by RudeG_v2.0
Which insurance company are you with?
I know for a fact he is not talking about the Lizard or the Caveman (Geico)
or State Farm
06-26-2008, 08:52 PM
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Originally Posted by Hexxum001
Great point. I missed the part where he said he got paid for stereo equipment. There is a HUGE difference between getting additional coverage for an aftermarket sound system vs. an aftermarket T/TT/SC kit. Anything that increases the performance of a vehicle is frowned upon by insurance companies bigtime. Like I said before, increasing the performance of a vehicle greatly increases the risk of there being a loss. That's why an OEM turbocharged vehicle will always be more expensive to insure than it's NA counterpart. And unless it is specifically stated in the policy jacket for whatever insurance policy that you have or specifically endorsed onto your policy, insurance companies are only required to return the vehicle to stock form if there is a loss. Not to replace your GReddy TT kit that was destroyed when you rearended someone. It's definitely very important to know what your policy covers and what it doesn't cover. I guarantee you that most people think that they are properly covered when in fact, they aren't and find out the hard way after a loss.
Well said.....I bet most did not know this.
06-26-2008, 09:02 PM
#27
OK. Here is the answer to some of the questions posed in this thread.
Yes, you can get coverage for ALL of the mods on your car. There are only a few companies that will provide this type of coverage. Grundy was mentioned, but the main one that Z cars have used is Hagerty. They have great service, cheap rates, and relatively few restrictions. One thing to get used to is that there WILL be restrictions for this type of insurance. One example is you may have to have a different daily driver, or maybe a limit on the number of miles driven each year. I can't speak for everyone, but if you search other Z forums and search for Hagerty online, I have only seen good things about them. I will be switching to them when my car is done shortly.
Here is a list of insurance companies that will likely be a good fit for some of us, but definitely not for everyone.
http://classiccars.about.com/od/dele...ancereview.htm
If you are in Arizona and want more information on this type of insurance or insurance in general, let me know. I'm not in that business but my good friend is and he is also a car enthusiast. He is going to build a 240Z next. He hooked me up big time and explained how all of this works as well.
Hexxum- You are way off base. No offense, but you have no idea what you are talking about. The original post was regarding Grundy, not whatever company you sell for. Grundy and Hagerty and a few others have Agreed Values, which is something you seem unfamiliar with. Let's say for instance that they agree that your car is worth $50k and you have $25k into the car and $25k in mods (including TT). If the car is totaled, they will pay you $50k, no questions asked. Look up agreed value on google.
Quote:
Originally Posted by Hexxum001
That is not true at all. I am a licensed insurance agent in California so I run into issues like this all of the time. Of course, all insurance companies are different and have different underwriting rules but most companies have no or very limited coverage for aftermarket (special equipment) parts. Just having comprehensive and collision coverage doesn't mean they will cover your T/TT/SC kit if there should happen to be a loss. Some companies offer additional insurance for aftermarket parts but usually that will only cover aftermarket wheels, sound system, body kits and maybe custom paint. Performance parts are a very touchy subject and most insurance companies will NOT cover them and they may surcharge you if they find out your car is modified. Modified vehicles pose a much higher risk than a stock vehicle which is why most insurance companies do not like modded vehicles at all. Some won't cover any mods period. And if they do, you will have to pay more to get some mods covered. The few companies that will cover aftermarket/performance mods are not likely to be the ones offering the best rates. In other words, you are gonna pay to play (that is the theme of being FI right). And as XKR mentioned, sometimes telling your insurance company that you have a highly modded car is not always the best thing to do.
Yes, you can get coverage for ALL of the mods on your car. There are only a few companies that will provide this type of coverage. Grundy was mentioned, but the main one that Z cars have used is Hagerty. They have great service, cheap rates, and relatively few restrictions. One thing to get used to is that there WILL be restrictions for this type of insurance. One example is you may have to have a different daily driver, or maybe a limit on the number of miles driven each year. I can't speak for everyone, but if you search other Z forums and search for Hagerty online, I have only seen good things about them. I will be switching to them when my car is done shortly.
Here is a list of insurance companies that will likely be a good fit for some of us, but definitely not for everyone.
http://classiccars.about.com/od/dele...ancereview.htm
If you are in Arizona and want more information on this type of insurance or insurance in general, let me know. I'm not in that business but my good friend is and he is also a car enthusiast. He is going to build a 240Z next. He hooked me up big time and explained how all of this works as well.
Hexxum- You are way off base. No offense, but you have no idea what you are talking about. The original post was regarding Grundy, not whatever company you sell for. Grundy and Hagerty and a few others have Agreed Values, which is something you seem unfamiliar with. Let's say for instance that they agree that your car is worth $50k and you have $25k into the car and $25k in mods (including TT). If the car is totaled, they will pay you $50k, no questions asked. Look up agreed value on google.
Quote:
Originally Posted by Hexxum001
That is not true at all. I am a licensed insurance agent in California so I run into issues like this all of the time. Of course, all insurance companies are different and have different underwriting rules but most companies have no or very limited coverage for aftermarket (special equipment) parts. Just having comprehensive and collision coverage doesn't mean they will cover your T/TT/SC kit if there should happen to be a loss. Some companies offer additional insurance for aftermarket parts but usually that will only cover aftermarket wheels, sound system, body kits and maybe custom paint. Performance parts are a very touchy subject and most insurance companies will NOT cover them and they may surcharge you if they find out your car is modified. Modified vehicles pose a much higher risk than a stock vehicle which is why most insurance companies do not like modded vehicles at all. Some won't cover any mods period. And if they do, you will have to pay more to get some mods covered. The few companies that will cover aftermarket/performance mods are not likely to be the ones offering the best rates. In other words, you are gonna pay to play (that is the theme of being FI right). And as XKR mentioned, sometimes telling your insurance company that you have a highly modded car is not always the best thing to do.
06-26-2008, 09:40 PM
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No offense to you either mrg1981 but you obviously didn't read the OP's post. He NEVER mentioned Grundy at all. Grundy wasn't mentioned until post #10. Secondly, I am a broker in California so I sell MANY different companies, not just one. And I am not trying to sell anyone any insurance here. I am simply trying to help my fellow G/Z owners out. Thirdly, you are the one that sounds like he really doesn't know what he is talking about and are way off base. Hagerty and Grundy are specialty programs designed for vehicles that are NOT daily drivers and they place many restrictions on the vehicle. If you violate any of those restrictions, there is no coverage. And the agreed upon value of the car is as a total. They don't separate the value of the vehicle and the mods as is done on most auto standard insurance policies. It's all one value. And the premium is based on that value. I have sold Grundy and Hagerty before so I am very familiar with both. And those 2 companies would not apply to the majority of G and Z owners. Basically these programs are designed for show cars that are not regularly driven. That's why they are referred to as specialty insurance companies. They are not standard insurance companies that most people need. 
http://www.hagerty.com/Auto/vehicle_insure.aspx
http://www.hagerty.com/Auto/vehicle_insure.aspx
Last edited by Hexxum001; 06-26-2008 at 09:49 PM.
06-27-2008, 02:39 AM
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Originally Posted by mrg1981
OK. Here is the answer to some of the questions posed in this thread.
Yes, you can get coverage for ALL of the mods on your car. There are only a few companies that will provide this type of coverage. Grundy was mentioned, but the main one that Z cars have used is Hagerty. They have great service, cheap rates, and relatively few restrictions. One thing to get used to is that there WILL be restrictions for this type of insurance. One example is you may have to have a different daily driver, or maybe a limit on the number of miles driven each year. I can't speak for everyone, but if you search other Z forums and search for Hagerty online, I have only seen good things about them. I will be switching to them when my car is done shortly.
Here is a list of insurance companies that will likely be a good fit for some of us, but definitely not for everyone.
http://classiccars.about.com/od/dele...ancereview.htm
If you are in Arizona and want more information on this type of insurance or insurance in general, let me know. I'm not in that business but my good friend is and he is also a car enthusiast. He is going to build a 240Z next. He hooked me up big time and explained how all of this works as well.
Hexxum- You are way off base. No offense, but you have no idea what you are talking about. The original post was regarding Grundy, not whatever company you sell for. Grundy and Hagerty and a few others have Agreed Values, which is something you seem unfamiliar with. Let's say for instance that they agree that your car is worth $50k and you have $25k into the car and $25k in mods (including TT). If the car is totaled, they will pay you $50k, no questions asked. Look up agreed value on google.
Quote:
Originally Posted by Hexxum001
That is not true at all. I am a licensed insurance agent in California so I run into issues like this all of the time. Of course, all insurance companies are different and have different underwriting rules but most companies have no or very limited coverage for aftermarket (special equipment) parts. Just having comprehensive and collision coverage doesn't mean they will cover your T/TT/SC kit if there should happen to be a loss. Some companies offer additional insurance for aftermarket parts but usually that will only cover aftermarket wheels, sound system, body kits and maybe custom paint. Performance parts are a very touchy subject and most insurance companies will NOT cover them and they may surcharge you if they find out your car is modified. Modified vehicles pose a much higher risk than a stock vehicle which is why most insurance companies do not like modded vehicles at all. Some won't cover any mods period. And if they do, you will have to pay more to get some mods covered. The few companies that will cover aftermarket/performance mods are not likely to be the ones offering the best rates. In other words, you are gonna pay to play (that is the theme of being FI right). And as XKR mentioned, sometimes telling your insurance company that you have a highly modded car is not always the best thing to do.
Yes, you can get coverage for ALL of the mods on your car. There are only a few companies that will provide this type of coverage. Grundy was mentioned, but the main one that Z cars have used is Hagerty. They have great service, cheap rates, and relatively few restrictions. One thing to get used to is that there WILL be restrictions for this type of insurance. One example is you may have to have a different daily driver, or maybe a limit on the number of miles driven each year. I can't speak for everyone, but if you search other Z forums and search for Hagerty online, I have only seen good things about them. I will be switching to them when my car is done shortly.
Here is a list of insurance companies that will likely be a good fit for some of us, but definitely not for everyone.
http://classiccars.about.com/od/dele...ancereview.htm
If you are in Arizona and want more information on this type of insurance or insurance in general, let me know. I'm not in that business but my good friend is and he is also a car enthusiast. He is going to build a 240Z next. He hooked me up big time and explained how all of this works as well.
Hexxum- You are way off base. No offense, but you have no idea what you are talking about. The original post was regarding Grundy, not whatever company you sell for. Grundy and Hagerty and a few others have Agreed Values, which is something you seem unfamiliar with. Let's say for instance that they agree that your car is worth $50k and you have $25k into the car and $25k in mods (including TT). If the car is totaled, they will pay you $50k, no questions asked. Look up agreed value on google.
Quote:
Originally Posted by Hexxum001
That is not true at all. I am a licensed insurance agent in California so I run into issues like this all of the time. Of course, all insurance companies are different and have different underwriting rules but most companies have no or very limited coverage for aftermarket (special equipment) parts. Just having comprehensive and collision coverage doesn't mean they will cover your T/TT/SC kit if there should happen to be a loss. Some companies offer additional insurance for aftermarket parts but usually that will only cover aftermarket wheels, sound system, body kits and maybe custom paint. Performance parts are a very touchy subject and most insurance companies will NOT cover them and they may surcharge you if they find out your car is modified. Modified vehicles pose a much higher risk than a stock vehicle which is why most insurance companies do not like modded vehicles at all. Some won't cover any mods period. And if they do, you will have to pay more to get some mods covered. The few companies that will cover aftermarket/performance mods are not likely to be the ones offering the best rates. In other words, you are gonna pay to play (that is the theme of being FI right). And as XKR mentioned, sometimes telling your insurance company that you have a highly modded car is not always the best thing to do.
This kind of insurance will only apply to maybe 1% of Z/G owners. One car comes to mind is that Green convertable Z show car. Its mainly for CLASSIC old cars that main stream insurance companies will not cover for what the owner thinks their car is worth.
Hexxum is correct....they will only cover you if you agree to drive the car half a mile every 1000 years....show car miles. Hagerty and Grundy insurance company was never mentioned....we even asked what is the name of the company he was talking about...and we never received a response.
Also...check the restrictions for those companies !!! most on here would never get coverage
Click on the page that Hexum posted and tell us where our cars would fit in.. The California Duster was invented for guys that insure with Grundy and Hagerty....not us
Last edited by XKR; 06-27-2008 at 02:45 AM.
06-27-2008, 06:40 AM
#30
Originally Posted by RudeG_v2.0
Which insurance company are you with?
i have a 3 vehicles on a commercial policy. i am 35 years old, and have been with progressive for about 10 years. i have had my biz insurance through the same agent also for quite awhile.
2 years ago i switched it to a commercial policy and that was when i was able to cover the Z for more. it also cut the payment in half (it was $400 a month alone on the Z) i racked up a boat load of tickets in the Z over one year and now they will all be off by october this year. my deductible is pretty high to keep the payment down, but i hardly drive the Z. and if it burns down or something non-driving happens to it, i can eat the deductible if i am covered for $50k. once my last couple tickets come off, i can return my deductible to $500.
06-27-2008, 06:50 AM
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Originally Posted by overZealous1
the company is progressive. iirc, the place that actually insures me is like artisan truckers or something.
i have a 3 vehicles on a commercial policy. i am 35 years old, and have been with progressive for about 10 years. i have had my biz insurance through the same agent also for quite awhile.
2 years ago i switched it to a commercial policy and that was when i was able to cover the Z for more. it also cut the payment in half (it was $400 a month alone on the Z) i racked up a boat load of tickets in the Z over one year and now they will all be off by october this year. my deductible is pretty high to keep the payment down, but i hardly drive the Z. and if it burns down or something non-driving happens to it, i can eat the deductible if i am covered for $50k. once my last couple tickets come off, i can return my deductible to $500.
i have a 3 vehicles on a commercial policy. i am 35 years old, and have been with progressive for about 10 years. i have had my biz insurance through the same agent also for quite awhile.
2 years ago i switched it to a commercial policy and that was when i was able to cover the Z for more. it also cut the payment in half (it was $400 a month alone on the Z) i racked up a boat load of tickets in the Z over one year and now they will all be off by october this year. my deductible is pretty high to keep the payment down, but i hardly drive the Z. and if it burns down or something non-driving happens to it, i can eat the deductible if i am covered for $50k. once my last couple tickets come off, i can return my deductible to $500.
06-27-2008, 07:03 AM
#32
Originally Posted by XKR
That covers everything I said...."Over 25, more than one car, already with company, and you will pay alot for coverage."
also, i have only had one claim when i was 16, and never been in an accident. sothose effers have made a ton of money off me from just having traffic tickets!!!
Last edited by overZealous1; 06-27-2008 at 07:06 AM.
06-27-2008, 07:05 AM
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Well be careful how you ask your insurance agent about getting this extra coverage. Now that I had my agent inquire about this Grange wants me to sign a piece of paper that says I will not be racing my car. Which basically gives them a huge out when it comes to covering my car if it were in a accident. I will be canceling my Z, my Acura, home, and watercraft insurance with them asap and hopefully next week I will have the insurance for my Z figured out. My agent also has a call in with Hagerty.
06-27-2008, 07:10 AM
#34
with my agent, i went in saying "so what would happen if someone added twin turbos to the car?" and "what if someone really wanted some nice wheels and paint also, how would that get covered?" also, " what if someone had more reciepts than they could count into a car?". after all those questions were answered to my liking, i said ok, i got all that shizzle!!!! hahhaa
06-27-2008, 07:28 AM
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Originally Posted by overZealous1
with my agent, i went in saying "so what would happen if someone added twin turbos to the car?" and "what if someone really wanted some nice wheels and paint also, how would that get covered?" also, " what if someone had more reciepts than they could count into a car?". after all those questions were answered to my liking, i said ok, i got all that shizzle!!!! hahhaa
06-27-2008, 07:58 AM
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Originally Posted by overZealous1
with my agent, i went in saying "so what would happen if someone added twin turbos to the car?" and "what if someone really wanted some nice wheels and paint also, how would that get covered?" also, " what if someone had more reciepts than they could count into a car?". after all those questions were answered to my liking, i said ok, i got all that shizzle!!!! hahhaa
350Z400rwhp-This is a common thing unfortunately. You never want to lie to your insurance company but at the same time, you don't want to say too much either. Any kind of modded car is a big red flag for insurance companies. They simply don't want them because of the increased risk of a loss. Believe me, being in the insurance biz and having an FI'd car, I have looked into this extensively. There are not very many mod friendly companies out there at all. And usually, if there is a loss, you will never get what you paid for your mods. In some cases, some coverage is better than none. But being fully covered for all your mods (especially FI) is very rare and usually going to be very expensive.
06-27-2008, 07:59 AM
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Originally Posted by XKR
This kind of insurance will only apply to maybe 1% of Z/G owners. One car comes to mind is that Green convertable Z show car. Its mainly for CLASSIC old cars that main stream insurance companies will not cover for what the owner thinks their car is worth.
Hexxum is correct....they will only cover you if you agree to drive the car half a mile every 1000 years....show car miles. Hagerty and Grundy insurance company was never mentioned....we even asked what is the name of the company he was talking about...and we never received a response.
Also...check the restrictions for those companies !!! most on here would never get coverage
Click on the page that Hexum posted and tell us where our cars would fit in.. The California Duster was invented for guys that insure with Grundy and Hagerty....not us
Hexxum is correct....they will only cover you if you agree to drive the car half a mile every 1000 years....show car miles. Hagerty and Grundy insurance company was never mentioned....we even asked what is the name of the company he was talking about...and we never received a response.
Also...check the restrictions for those companies !!! most on here would never get coverage
Click on the page that Hexum posted and tell us where our cars would fit in.. The California Duster was invented for guys that insure with Grundy and Hagerty....not us
06-27-2008, 08:12 AM
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Here is what happens in the real world.....
You get in an accident...the insurance company covers you for the value of the car. You pray that the turbo and motor was not damaged. If the intercooler gets hurt...oh well...it does not cost that much.
What
The insurance company said the car was a total lost
Well you better get someone to take the turbo's out quickly and swap the motor.....DONT FORGET TO RIP OUT THE HKS V-PRO!!!!!!!!!!!, or you will just have to buy the car.....or you will have to take a BIG loss on that built motor, turbo and electronics.
You get in an accident...the insurance company covers you for the value of the car. You pray that the turbo and motor was not damaged. If the intercooler gets hurt...oh well...it does not cost that much.
What
The insurance company said the car was a total lost Well you better get someone to take the turbo's out quickly and swap the motor.....DONT FORGET TO RIP OUT THE HKS V-PRO!!!!!!!!!!!, or you will just have to buy the car.....or you will have to take a BIG loss on that built motor, turbo and electronics.
Originally Posted by Hexxum001
Thanks man. I'm glad someone else on here understands how these things work.
Last edited by XKR; 06-27-2008 at 08:19 AM.
06-27-2008, 09:07 AM
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Ok how bout this question. All the guys out there with Greddy Intercoolers and no front bumper. Will the insurance companies dispute damage to the car for lack of "stock" safety equipment if their front end is damaged?