Insurance for 3rd Gen with Custom Parts... What do you think of my rate?

Hey all. So with aftermarket parts insured, I'm paying Progressive around $2000/yr.

So I technically have about 11,000 in custom parts (suspension, gears, tires, wheels, electronics, etc). I decided on 5,000 of additional insurance for the custom stuff, considering it's unlikely that an accident would damage all of it at once.

This is what I'm paying overall. What aspects of this coverage would you do differently to lower the rate? Or does it look about right?
Thanks for any ideas!

 

"Verify existence and value of additional parts..."

I wonder how they'll determine the value of used, aftermarket suspension components... Call dealer, ask for a quote on stock setup, hear $3000, compare that against your $3000 aftermarket setup, figure you pocketed $1500 from the sale of original components, and your used aftermarket stuff is now worth $1500, so they now pay you $3000 less than if you had kept it stock... Kidding (hopefully), but they'll try to screw you any way they can.

 

Increase your liability limit. Also, add medical payments coverage. Med pay will pay for injuries to others and more importantly, injuries to yourself, with. I deductible. I would advise going and talking to a local insurance agent.

 

wow that is a lot.

 

Wow that was helpful. Thanks for posting.

 

Yeah used aftermarket may be tricky! For new, they told me pics and receipts will suffice.

 

You're age and driving history are important in figuring out if you are paying too much. I would visit a local insurance agent to see what they can do for you.

I've been happy with State Farm. It would be interesting to see what company's other people out there are with.

 

How old are you? Any accidents? Bad credit? I pay that much for both of my cars, but my policy limits are 250,000/500,000 with 100 deductible comp, 500 deductible collision, AND 250,000 in personal injury protection.

 

If you makes any of you feel any better, I'm currently shopping around for a new policy for my soon to be delivered Tacoma.
I have a spotless record. But I'm transitioning residency from Wisconsin to Louisiana (NOLA). I kept everything registered up there for a while due to the cost.

• 100k/300k comp
• 100k/300k coll
• 50k-ish Medical
• Roadside Asst
• Rental Asst
• $500 deductable

Wisconsin: $385.xx / 6 months
Louisiana:
First quote: ~$1,050.xx / 6 months
I've seen other online quotes up to $1,300 / 6 months.
Still shopping around ... That cost difference is freaking nuts.

 

I hope you don't have a lot of assets. One bad crash and you're bankrupt if you're at fault. I'd be more concerned about that than the aftermarket stuff.

 

I was thinking the same thing too, that 50/100/50 is probably just State Minimum.

 

Shop around but more importantly, check with other friends/families reviews of companies themselves. Its bad to find out after an accident what they dont cover...

 

When I had my accident, it was a total loss situation and I had a pile of modifications on my truck that I could verify with receipts.

I had receipts for just under $4,000 that weren't easily removable (suspension, ARB, wheels and tires, miscellaneous electrical stuff). I got $900 for my cap (that I purchased for $370 second-hand and didn't have verifiable receipts) and approximately $2,000 for everything else on it. I did not have a rider on my insurance policy, but in MA they are required to pay you sales tax for your truck when they purchase it from you. I removed a few easy pieces and sold those. All said and done I got probably $5,000 more than what a comparable truck (stock) was selling for and probably $1-2,000 more than my modified truck would actually sell for.

So if you figure I had the majority of those mods on the truck for 3 years and ~35,000 miles, I got a fair amount back for what I had paid. The thing is that every year you don't have an accident, you've paid $250 to protect your modifications. You need to discuss with your insurance company what they will and won't cover independent of the rider. If you've got $2,000 in modifications, they pay out call it 50% without the rider, then after 4 years you've broken even. If you've got more mods, it starts to make sense...assuming a total loss.

When my truck was originally potentially going to be repaired, the adjuster was taking into consideration I didn't have stock pieces as far as replacement goes. It's important to make sure you know the details.

When my wife's CX-5 was totaled, I had the new car replacement option since I managed to kill it less than 8 months after we purchased it new (stupid people kept smashing into me in 2016). I couldn't get them to cover anything as far as the add-ons (WeatherTechs, etc) so I took them out of the car when I collected my belongings and verified I was doing that with my agent.

 

Before you start adding more coverage read your policy exclusions, Its been a while since I've handled claims in MT but some policies list off roading/racing as an exclusion unless you have a specific policy for certain coverages like Medpay.

Also keep all your aftermarket receipts if you don't and you have to use it, your adjuster most likely will either deny certain parts or just use google and find the cheapest parts and give you that price as a reimbursement

 

State mins in MT are 25,000/50,000. Like others have said, be concerned about your liability limits first. If you cause an accident, your insurance is only going to pay $50K for injuries per person up to $100K per accident. After that gets used up, you will get sued. Liability limits are cheap, don't skimp. Depending on your age/assets, get an umbrella policy.

 

Around $900 for 6 months here in CA

Progressive

 

This is a good comparison to see. I have the exact same coverage actually in Missoula, MT, with the exception of the accessories coverage (although after reading this thread I am going to up it, some good points were made). I just got my bill for my next 6 months, and it is right at $700. I don't know your life status, but that seems about in line. I just turned 25 for this period, no accidents or tickets in last 3 years, pretty good credit.

As far as the liability goes, your "necessary" coverage depends on just how judgement proof you are. There are exemptions for being sued for certain things. Don't quote me on exact amounts, but certain assets are protected from lawsuits depending on the state. For example $250,000 of home equity, 2,500 of vehicle equity, 2,000 of personal property, retirement accounts etc. That being said, even if you are judgement proof, on moral grounds you should still carry enough liability for someone to be properly taken care of if you mess their life up. Gonna call my agent tomorrow to up my liability coverage.

Edit: Correction - I do have medical payments of 5k, but that I believe is the only difference.

 

Sorry to threadjack a bit, but I kid you not, I just punched in 100/300/100 instead of 50/100/50 and my premium only went up by $25.

 

Haha. I tried this just to see. Adding 15k in custom parts my insurance went from 350ish every six months to almost 1k.