Insurance Coverage

[Surgical Precision]

I was insured with Geico but received a letter in the mail that stated, "The 18 Toyota 4Runner has unacceptable customizations. Unacceptable customization include, but are not limited to, engine modifications, non-factory exterior paint, suspension modifications including raising or lowering, and any modifications that may impact the risk of operating the vehicle." Therefore they will be terminating my policy.

I called Progressive and they were happy to insure me as well as add additional coverage for all of my aftermarket parts.

Has anybody else been dropped by their insurance company for the modifications we do to our rigs? Geico seemed to have a problem with it, however progressive did not. This seems to be on a case by case basis. I was just wondering anyone else experience with this.

 

[CO-Cygnus]

How in the hell would they even know?

 

[Ghostrider]

non factory exterior paint? Glad you didn't paint the interior but seriously this could be interpreted as any paint done outside the factory which means any repair. Obviously it probably means a different color but the process is the same

 

[Bumbo]

Just depends on the company and their policy... I am with Farmers and they don't have a problem with it. In fact they are aware of all my aftermarket add-on items. I have all that additional equipment (non OEM) insured over the cost of the vehical too.

The one thing Farmers won't insure is a salvage title vehical.

 

[atalarico]

That's bizarre, but it is their right to do so I guess. I have zero loyalty to any insurance company anymore since I learned they actually increase your rates over time because they figure you're too lazy to shop around and switch. If they send you a letter like that, **** 'em. There are plenty of other insurance fish in the sea.

 

[Krevass]

I have some history in the insurance business, and all of the above statements are accurate, and different states have dirrerent laws that insurance companies have to abide by. I'll try and keep this dissertation as short as possible, but it is something I've had internal knowledge of. (Unfortunately)

Insurance is a racket, but something we all deal with, and hope to pay for and never actually use the service we pay for. If needed, we better have the correct and proper amount to cover our loss.

The best thing any of us can do is use an insurance broker. (Not direct, and not a captive agent) These folks have many carriers, including but not limited to progressive, etc.. once upon a time, captive agents (State farm, farmers, American family, Allstate) had the ability to fight on your behalf, or have some influence with the claims process and outcome. Not so much anymore. If you think about it this way. Who do they represent, and what can they offer you besides the box they have from their only company.
Going direct to say progressive, is also very limiting in that you have very few policies (when compared to a broker who likely has hundreds or thousands with said carrier).
When a "good" broker is notified of a change to one of their carriers pricing or a clients policy itself, they have more influence and ability to either negotiate or replace it with another carrier. Likely it's the latter, but it's about 10 times better than anything we (the public stooges that pay for insurance) can find/obtain.

There you go, and Merry Christmas!

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[UnderFire]

Just depends on the company and their policy... I am with Farmers and they don't have a problem with it. In fact they are aware of all my aftermarket add-on items. I have all that additional equipment (non OEM) insured over the cost of the vehical too.

The one thing Farmers won't insure is a salvage title vehical.

Huh, I've had 2 salvage titled vehicles insured through farmers.

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[Bumbo]

Huh, I've had 2 salvage titled vehicles insured through farmers.

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The rules are different in every state... in CA, Farmers won't take a salvage title, at least not if you tell them.

If you were able to go through Farmers, it was most likely ran though one of its sub companies.

For example, my ATV was written through Farmers under Foremost.

 

[Ray Dunakin]

The only problem I have with my insurance is that I can't get coverage for all my "add-ons" -- rack, ladder, bumper, etc.

 

[Bumbo]

The only problem I have with my insurance is that I can't get coverage for all my "add-ons" -- rack, ladder, bumper, etc.

Who are you with?

Ask your insurance company for "additional equipment" coverage.

I was able to buy this with both AAA and Farmers. It covers any non-OEM equipment that is bolted to the vehical.

My suspension, roof rack, stereo, fridge, sliders/armor, lighting, dual battery, and other items are covered... I didn't have to give them an itemized list, just a dollar amount of the equipment total I want covered so it gives you some flexibility as time goes on and things change. That said, Be able to produce receipts and invoices should you ever be asked.

What it does not cover is items not bolted or permanently attached to the truck, like my Viair portable pump, tools, impact gun... those items are covered under my home owners policy.

Every since someone broke into my car back in the day I found it worth spending the money on it. They stole my stereo, amps, subs, and whatever else was in there. The additional equipment coverage took care of it. I was covered for about $3000 of add equipment and my regular policy covered damaged to the car. They gave me an option of payout or replacement. I took replacement and they bought equipment that was as good as or better than what I had, and sent out an installer to put it all back in. Since that day I never modded a car or truck without that coverage.

 

[kingofthehill]

Who are you with?

Ask your insurance company for "additional equipment" coverage.

I was able to buy this with both AAA and Farmers. It covers any non-OEM equipment that is bolted to the vehical.

My suspension, roof rack, stereo, fridge, sliders/armor, lighting, dual battery, and other items are covered... I didn't have to give them an itemized list, just a dollar amount of the equipment total I want covered so it gives you some flexibility as time goes on and things change. That said, Be able to produce receipts and invoices should you ever be asked.

What it does not cover is items not bolted or permanently attached to the truck, like my Viair portable pump, tools, impact gun... those items are covered under my home owners policy.

Every since someone broke into my car back in the day I found it worth spending the money on it. They stole my stereo, amps, subs, and whatever else was in there. The additional equipment coverage took care of it. I was covered for about $3000 of add equipment and my regular policy covered damaged to the car. They gave me an option of payout or replacement. I took replacement and they bought equipment that was as good as or better than what I had, and sent out an installer to put it all back in. Since that day I never modded a car or truck without that coverage.

I have esurance and they allow for additional coverage for add-ons. It seems to work the same as yours. I can choose an incremental dollar amount. I think it increments by $500. Speaking of that I just upped my coverage since I have been starting to mod my vehicle more.

 

[Ray Dunakin]

Who are you with?

Ask your insurance company for "additional equipment" coverage.

I'm with Mercury. I was told they would only cover one "add-on", and only up to $1500.

 

[Ripper238]

Insurance company: Any mods, aftermarket or a lift on your truck?

Me: Nope, completely stock.

Learned a long time ago to not say more than you need to to insurance company's.

 

[cb1111]

Insurance company: Any mods, aftermarket or a lift on your truck?

Me: Nope, completely stock.

Learned a long time ago to not say more than you need to to insurance company's.

There's a big "but" hiding in there.

If you're in an accident, then you may find yourself without coverage if they asked and you said "no mods"

 

[Muzzle of Bees]

USAA allows up to 5k in mods that automatically are insured without any notice to them.

 

[BMoreRunner00]

As an insurance broker, I'll speak on this. Is insurance a racket? For the most part, no. At least not personal auto insurance. In fact, auto insurance in general is the very least most profitable line for the insurance carriers. If a carrier can average a 4% profit, they'll be extremely pleased and that's a stellar year. Most auto insurance carriers actually operate close to break even or at at a loss every year. Yes, every year.

Do some auto insurance carriers count on you sitting around like a dumbbell while they gradually increase your premium? Yep! And Allsnake, I mean Allstate has been and still is the top offender. They have a very sophisticated algorithm that tells them just how much they can increase your rate without you doing anything about it. Price optimization is what its called and its a real thing.

Now, as an insurance broker, I tend to stay away from personal auto insurance. It's a pain in the ass. If you're calling me at every renewal, asking me to re-quote all of the companies I represent because your rate went up $10 a month, then I'm going to tell you, in the nicest way possible, to **** off and call 1-800-GEICO. You want someone to kiss your ass, call your life insurance agent.

Us brokers are typically, way better and much, much more knowledgeable about insurance than any captive agent will ever be, whether its Geico, State Farm, USAA, Am Fam...anyone. We work on your behalf, not the insurance company. When you mess up and shit hits the fan, an Independent Agent will go to bat for you. We advise, we consult and we care about our clients best interests above all, even if that means telling you we're not the right fit.

Sure, we have access to a bunch of companies and can usually find the best rates. But for the most part, we don't sell on price. We sell on coverage.

I have a story as far as vehicle mods go. My friend, has well over 25k in mods on his 2016 F-250. I told him that if that truck gets totaled, that the insurance company is going to give him whatever the market value is on a stock, 2016 F250 because he doesn't have any additional equipment added and he doesnt wanna pay the extra few dollars to insure the truck on an agreed value basis.

Thats it. Post up your insurance questions and I'll answer. Also, Happy New Year!

 

[Chancy454]

How in the hell would they even know?

when the accident or claim comes in you better have what you said you have or your toast

 

[Chancy454]

There's a big "but" hiding in there.

If you're in an accident, then you may find yourself without coverage if they asked and you said "no mods"

Exactly. Find another insurance that does cover. Might be a bit more but better safe then sorry

 

[Diesel7886]

Definitely need to be truthful in the insurance app to preserve coverage in the case of an accident. The insurance company has probably paid claims that resulted from poorly done modifications and determined it was no longer profitable to do so. Just like most industries insurers are looking at what market segments to target for business.

I have found the best experience on rates/coverage by switching carriers every 3-4 years. Insurers generally introduce new discounts on their base rates to buy business in different territories. After a couple years they phase out the discounts or increase the base rate to offset the losses they have incurred and your premium goes up.

 

[Stembot]

Just for some anecdotal evidence here, I am insured by GEICO. Truck is financed, not paid off yet, and I am in Florida. Since I am going on a big road trip soon and have done a lot of mods since buying the truck, I decided to add customizations to my vehicle on the GEICO policy. All you do is pick an area and category, such as Performance - Engine, Performance - Intake, Performance - Exhaust, Interior - AM/FM/CD Speakers, Exterior - Wheels/Tires, etc. and place a dollar value on the customizations you have added for that category. They did not ask for any receipts or any more specific information than that. I added approximately $13k of customization value and it increased my 6-month premium by $114. Less than $20/month for potentially a lot of mod coverage in the event of an accident seems worth it to me.