Hey guys I'm picking up my 1998 Ford Mustang tomorrow and am signing up for insurance today. I wanted to know if you guys report your modifications to your insurance providers.
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.
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! 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.
Never report it to your regular insurance company as they will jack your rates up and they won't pay what it's worth. Keep regular drivers insurance knowing all they need to know and then find a company to do an underwriters policy as most car collectors do. My 73 stingray with all the custom work I had done to it only cost me 250 a year for the underwriters policy and it was for $75k. No matter what happened to that car it was covered for that amount. Only difference was that car was driven less then 2k a year. Still worth looking into. I will be on my Stang when I finish it this time. This message courtesy of crapatalk!
Welcome and good luck with your new ride! If your only planning on doing small things like a cold air intake and catback exhaust etc then it is not worth it, but if you plan on doing things like motor swapping / something big (which would put your costs approx double over book value) then yes definitely verify agreed value beforehand. I have my Cobra on an agreed value policy. When i build the motor for boost and build the rear end i will be sending them the bill for those parts to up the value of the policy at that time.
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.
Thanks. Eh, not really. My insurance stay cheap and I don't worry about them paying the car off if something happens. It's not worth anything to begin with. I also don't drive it much so liability is perfect. Even my daily has just the basics for insurance. Everyone's case will be different though. Get whatever you think will be best for you in the long run. And if you're low on funds, just get whatever you can afford.
