moog5050 Posted April 25, 2008 Report Share Posted April 25, 2008 Those of you that have highly modded vehicles, are you going with stated value policies? I had Geico, but they won't insure for significant mods. I am thinking of going with Allstate with a stated value policy to cover the mods (which by now cost as much as the truck cost me). Thoughts or suggestions would be appreciated. The stated val;ue policy will runb me $400/yr more. I know this was discussed once before, but I don't think there was a best resolution decided. Thanks. Quote Link to comment Share on other sites More sharing options...
misterp Posted April 25, 2008 Report Share Posted April 25, 2008 (edited) I am in the middle of this same problem right now and I was flatly turned down by everone - geico, progressive, allstate, Liberty Mutual, etc and every one said they would not underwrite my truck because it was too modified. OH, wait I'm wrong about Allstate, they said that they would do the stated value for $11K over the value of the truck but the quote came back DOUBLING my insurance (I've been an Allstate customer for 15 years now). One ray of sunshine, I'm working with an ANPAC agent right now, and she's been very helpful to this point. They've seen the pics of my truck, and I had to provide them with scans or photocopies of all receipts as well as a spreadsheet of mods, her initial quote to me was for $12K in mods in addition to the value of the truck, their monthly rate quoted was $3/month cheaper than what I am paying Allstate now for comp/collision on the truck by itself (no coverage for mods). The real bummer was when I did the spreadsheet of mods the $12K figure was only half of the value I needed (yes, I have *gasp* $24K in mods on the truck) SO in my case what I have decided to do is purchase a daily driver and retire the truck to the garage, that way I can put the truck on a "specialty vehicle" or show-car policy which is *far* less expensive and even paying insurance on the beater I will be money ahead -and- the beater will only cost 1/2 the price to fuel too. I'm still working it all out now, but so far it looks like this - if you have a daily driver then put your truck on show car or specialty vehicle insurance policy (but you are required to drive less than a few thousand miles a year). And a lot of the trucks here on the site have enough into them that it would be a shame to loose it all if you get creamed on the road so make sure you have enough coverage, 'cause my experience is once they put that thing on the wrecker you've just lost it all to the insurance company. Mr. P. Edited April 25, 2008 by Mr. P. (see edit history) Quote Link to comment Share on other sites More sharing options...
SS_bnoon_SS Posted April 25, 2008 Report Share Posted April 25, 2008 Steve, you'll love the stated value policy. I had one on my 70 vette, valued at 22k, and all I had to do was get a collector car appraisal. Insurance cost was $180 a year on a "sunny day" policy, limited to 12000 miles a year. Stated value on a daily driver though, ouch, that's spendy! Quote Link to comment Share on other sites More sharing options...
misterp Posted April 25, 2008 Report Share Posted April 25, 2008 ... limited to 12000 miles a year... Well hell I'm only drivinng the truck 11,000 miles a year now lol. I just got off the phone with the ANPAC agent, the number she told me was 5000-miles anually. RE: 70 Vette, you suck! I've always wanted a '70 Vette. Mr. P. Quote Link to comment Share on other sites More sharing options...
supersub Posted April 26, 2008 Report Share Posted April 26, 2008 I Have a stated value on the sub to cover what has been done so far and it raised my total year's premium @ 400.00 bucks thru progressive here in MN Quote Link to comment Share on other sites More sharing options...
SSThunder Posted April 26, 2008 Report Share Posted April 26, 2008 This might be something I look into. Since getting the beater back on the road I spend a lot less on gas and surely my miles per year will drop also. It would be nice if the insurance company allows me 12,000 miles per year on the show car/truck policy. Quote Link to comment Share on other sites More sharing options...
brobradh77 Posted April 26, 2008 Report Share Posted April 26, 2008 well i may have gotten lucky..as I told Steve i called my statefarm agent and asked what it would take to insure my modded trucks and they told me as long as I had all the receipts to show what I payed for it i was already covered...I guess if something happens we will see. Quote Link to comment Share on other sites More sharing options...
SSThunder Posted April 26, 2008 Report Share Posted April 26, 2008 well i may have gotten lucky..as I told Steve i called my statefarm agent and asked what it would take to insure my modded trucks and they told me as long as I had all the receipts to show what I payed for it i was already covered...I guess if something happens we will see. You lucky bastard I guess I need to dig up CC statements over the past 4 years to see what my insurance company will do Quote Link to comment Share on other sites More sharing options...
Fireman31 Posted April 26, 2008 Report Share Posted April 26, 2008 I have Travelers and will look into this next week. Quote Link to comment Share on other sites More sharing options...
usabodyguard Posted April 26, 2008 Report Share Posted April 26, 2008 i have travelers insurance and a stated policy for over a year now... I have the truck insured for a flat 50k, and I pay 1400 a year with a PERFECT record... everytime i install a mod, i send a copy to my agent... she takes care of it. badabing, badabang, badaboom... Quote Link to comment Share on other sites More sharing options...
moog5050 Posted April 27, 2008 Author Report Share Posted April 27, 2008 Thanks for the info guys. This is the route I may go. Quote Link to comment Share on other sites More sharing options...
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