Insurance for your upgrades

[69Mach1]

It had been mentioned a few times that some insurances cover full replacement of aftermarket parts, and some don't. YMMV

I called Allstate and found out that my aftermarket goodies on the truck are only covered up to $1,000.

Ok, that's fair for a standard policy. I tell the agent that I want to add a rider to add $10K of aftermarket parts, and he said they can not do it.

My BIG concern is hitting a deer, that is where most of my goodies are. Obviously, I'm not covered well. The Raptor Retrofits would eat up the coverage, then I'm screwed.

Who knows for a fact that their insurance covers their aftermarket parts, and what company do you have?

Thanks,
Yukon Joe

---------- Post added at 02:30 PM ---------- Previous post was at 02:25 PM ----------

Title should be "upgrades" not upgraded...
Can someone fix?

Yukon Joe

I had State Farm sense I started driving in 1996, up until 3 yrs ago. Roughly 4yrs ago, when I started modding the GT, I starting having the same fears as you.. I called State Farm.. and while they didn't say that they wouldn't cover the mods, there answer wasn't exactly confidence inspiring.

After starting a thread, just like this one, on a Mustang Club I'm in.. I found out that one of the members (now a good friend of mine) owns an insurance agency in South Jersey. After talking to him about State Farm 'covering' the GT's mods, I switched to his company. He got me a policy though AllState that had a declared value on my Mustang GT of $40k or 45k, cannot recall which. She was only blue booked at $28k at the time, with the rest to cover mods. It didn't cost me much more and they had no issues with doing it as long as I had receipts / photos to prove the mods were on the car.

Recently he switched to Farmers (better company to deal with according to him) and when my AllState policy was switch again. Farmers came in slightly cheaper then AllState and didn't blink an eye add the added coverage on the GT for mods.

With that being said, I've had my own policy sense I turned 18 (33 now) and have NEVER had a single claim to file. ..so I do not know how any of them handle what they claim they're covering. It is documented in my policy that the extra coverage is there, but that's all I have to really go on.

 

[SHAI HULUD]

My State Farm agent claims they cover everything (no limits) as long as it's attached to the vehicle and I maintain the receipts.

 

[vanilla_gorilla]

Well all you have to do is claim the stock ford parts which are normally double, if not triple the aftermarket parts, should be able to cover everything.

 

[Yukon Joe]

I had State Farm sense I started driving in 1996, up until 3 yrs ago. Roughly 4yrs ago, when I started modding the GT, I starting having the same fears as you.. I called State Farm.. and while they didn't say that they wouldn't cover the mods, there answer wasn't exactly confidence inspiring.

After starting a thread, just like this one, on a Mustang Club I'm in.. I found out that one of the members (now a good friend of mine) owns an insurance agency in South Jersey. After talking to him about State Farm 'covering' the GT's mods, I switched to his company. He got me a policy though AllState that had a declared value on my Mustang GT of $40k or 45k, cannot recall which. She was only blue booked at $28k at the time, with the rest to cover mods. It didn't cost me much more and they had no issues with doing it as long as I had receipts / photos to prove the mods were on the car.

Recently he switched to Farmers (better company to deal with according to him) and when my AllState policy was switch again. Farmers came in slightly cheaper then AllState and didn't blink an eye add the added coverage on the GT for mods.

With that being said, I've had my own policy sense I turned 18 (33 now) and have NEVER had a single claim to file. ..so I do not know how any of them handle what they claim they're covering. It is documented in my policy that the extra coverage is there, but that's all I have to really go on.

Sounds like you are doing what you can to have it covered.

My State Farm agent claims they cover everything (no limits) as long as it's attached to the vehicle and I maintain the receipts.

This has been what I was told in the past. When I dug into it, the agent could not find it under the regular policies. It had to be added. This was true for Allstate and Geico. Now I know it to be true since I have it in the policy.

Well all you have to do is claim the stock ford parts which are normally double, if not triple the aftermarket parts, should be able to cover everything.

Not sure where you get your aftermarket parts, but can I get a lead on your supplier?


Yukon Joe
www.RUNRAPTORRUN.com

 

[Labraptor]

I was thinking the same thing about the cost of after market items Joe. My wife has asked a few times how much I have wrapped up total in mods. My math always gets fuzzy for some reason. She also does not seem to be a fan of my asking if inbound items or about to be installed items have to be included. Seriously though there are no stock parts to use for claims for most of my mods. I know my new bumper technically replaces a stock bumper. Cost is no where near the same though.

 

[Wilson]

I asked about the lights from Roger and he said yes but I'm still doing a sit down and get it in writing.

Mark the lights are going to be cool on the 40/20 not on yet but I set them up there today thanks.

 

[Dan06]

Assume this is an appropriate place to post this question. Currently I have State Farm insurance who claim they will cover upgrades at a depreciated value. In my opinion it's hard to rate a depreciated value on certain items such hand crafted things priced on hourly labor.

Who deems their insurance best or one of the best? How does your insurance cover your upgrades if they were damaged, stollen, or a total loss?

Trying to decide rather I should look elsewhere or stick with State Farm. It's currently getting a batch of pricey modifications and I want to make sure it's covered by the best option out there.

 

[Dan06]

Well spoke to an Geico agent today. Evidently my mods are beyond the scope of their coverage. The person I spoke to recommended that I go through a "local auto broker" to find an "agreed value policy" as someone would with an exotic vehicle. Maybe someone here has experience on this matter?

 

[Yukon Joe]

Interesting. Wonder at what value they said it's to much?
I had to submit a detailed list with estimated value. Glad I made it. Lol....

Yukon Joe
www.RUNRAPTORRUN.com

 

[Dan06]

I never got to the detailed written list. The general verbal one was enough for him to say it was too much lol. I need to find a VIN number off an antique vehicle, he said those can be under an "agreed value policy" through Geico (sarcasm).