Do you report modifications to insurance co. to get extra coverage?

Let's say you invested $7000 in your build. Do you increase your insurance coverage to get that extra 7K covered if truck is totaled?
If you do, just give insurance list of things and prices?
If coverage goes up $50 a moth, that $600 a year....

Side question, at what point you admit you have problem? $5000?? I paid 18K for a truck. When i step back and think, $7K in build sounds crazy... But all small things add up.

 

Called Geico and was given wishy-washy answer:

AGENT:"If customization is under 2K you should be good." "tell us if you install a cap or something"
Me: My cap probably will be under $2000
AGENT: ummm Well then you could report that if you like.
Me: Could you send geico policy pertaining customization to me by email or mail?
After 5 minutes on hold AGENT: i can locate it at this time, we will call you back.

What was your experience like when you called your insurance company?

 

I priced it out a little while ago. It didn't go up much considering I was accounting for around $5000 I believe. I didn't actually do it yet though. I probably will soon just incase something actually happened.

Bumpers (Front & Rear)
Winch
20" LED
40" LED
Duallys
Skid Plates
Wheels
the list never stops.

I am curious what other people add to this.

 

So just talk to other geico guy. Instead of pricing all mod. one by one, he just priced a cap at $9000. He said that it's not what it is or how many customizations you have but total price. So for 9K it raised my policy by $85 for six months. Not bad at all. Knowing that out 9K investment in mod. I might get half or more back if truck is totaled.

 

Nice that isn't that bad considering how much more is covered. $170 to have that much extra stuff covered. I will be doing that as soon as my truck is all buttoned up with the new stuff I have coming.

 

Any way we could get a poll up for this?

 

I need to do this and have been thinking about it for a year now. I have easily 10k into the truck

 

good idear..........

 

Poll is up

 

I was thinking about this a few weeks ago

 

So geico sending me policy on customization. AND "itemization list", I will have to list everything and provide poof of purchase. I asked, what if I don't have proof. "well just send it in without it" she said.

P.S. Before I hanged up I asked question that was on my mind: What about expensive laptop that I have during accident and it's damaged due to accident? Will insurance cover it. It's not hard wired but i just would like to know what is the policy on it.

She said, if you want coverage for it, put it on the list and if it's gets approved then you good to go.

 

Why don't you guys just increase your overall coverage on your policy, enough to cover your entire truck and the people in it?

It's not rocket science and you don't have to itemize your truck. At least not with a reputable insurance company, anyways. I have always run with good companies like American Family or State farm, and my claims with them even for custom stereo equipment and the like, have never even required me to provide a single receipt. Now Geico or Billy Bob's Country Insurance... well, you're on your own trying to get that new spare tire carrier covered or anything else that wasn't stock.

Cover your new truck with mods for $50k worth of "loss" and you're golden. $25k if it's an older truck, like 5+ years old, unless your truck never got driven and is a gem.

I run $50k coverage on my truck. Period. It has paid for itself quite a few times, and the peace of mind is great.

 

I voted no but my policy covers some amount ($2500?) already.

 

Wow, read that, guy did not report new tires and because of that, policy was canceled after the accident. guy is out 350K...
Mercury Insurance Company v. Markham

http://www.lelandwest.com/reporting-vehicle-modifications-to-car-insurance-company.cfm

 

Geico said $2000 is standard for them.

 

What part should I increase?

Bodily Injury Liability is for my at fault accidents that money will be paid for other driver injuries.
Property Damage Liability: is for other guys car and or buildings if it's my fault.
First Party Benefits Is for me and my passengers hospital bills and workers comp.
Uninsured / Underinsured Motorist: for a$$holes who drive without insurance or flee the scene of the accident.

I can not just increase worth of my truck just because i said so. they what to know why...

 

My insurance pays for up to 1k in extras for no charge. Once I get bumpers or anything else I'll be adding a rider onto the policy to cover it. At this time my policy has me covered in extras.

 

I talked to my insurance about this, they told me to bring the receipts of the mods for them to coverage it

 

"If you fail to report your mods on your insurance application, you can be tagged for "material misrepresentation".

GMAFB!

 

I actually work for a company that replaces and repairs for insurance companies and usually if you have your reciepts itll be covered, if it isnt covered that way then it probably wouldnt be cover at all without paying a good amount. My advice take a chance and dont cover it. I dont.