I never did and it bit me in the butt. I had a large sum of money dumped into a new motor, trans, and general restoration things. Some woman ran a red light, and totaled the car. Insurance tried to give me like $2k for it. It ended up being a pretty big battle but I managed to get a little bit more. Had I reported this stuff earlier, my rates would have gone up some, but they would have raised the value of the vehicle.
Welcome!
If you do anything major you should report it.
I really should get my car appraised now that Im out of school and can afford to pay more insurance.
Ive never reported anything to my insurance people. They like to jack up the prices on your car when you make it go fast.
Either way, welcome to the community. Make sure to post up some pictures when you get the new ride.
Welcome to the site. I don't tell my insurance anything. I pay my liability and move on with my life but don't follow in my footsteps.