Pacific Northwest yetti
Expedition Medic
Did listing undriving minors change the premium?
Do you need to tell your vehicle insurance company (liability only) about every little mod?
- Thread starter rruff
- Start date
Inyo_man
Don't piss down my back and tell me it's raining.
Sadly, the '89 Geo Tracker is no more... I grabbed all of the parts that would work on my '94 Tracker...most of the parts were replacements for worn out parts. Everything from u-joints, cooling system, windscreen, suspension, to tires. The rig was mostly stock. When the insurance company tried to low ball, I sent them the receipts itemizing all of the parts I had installed after speaking an agent.
Cheers
85_Ranger4x4
Well-known member
I think it was more for the medical side of it, it had no effect on our premiums.
SDDiver5
Expedition Leader
This post has been on my mind for a few days now. I talked to a good friend of mine who is a State Farm agent, he said that it completely depends on your insurance carrier and what they will accept.
Replacement cost and deprecation are the name of the game. His example was if you spend 5k on lift wheels and tires, they depreciate it, and then value the replacement cost with their depreciation. He said if you really put money into your vehicle, say 20k in mods, it would be worth it to document everything and let your carrier know with the proof. The extra insurance cost is minimal in the long run. With the current price of new and used trucks, if you put on a lift and some lights, it wont really be worth the extra work.
So I took it like this. Think of the for sale forums and marketplace where people list all the mods, add that to the price of the truck and throw out "not including labor in my sale price" and we respond with yeah ok but the cost of the truck is 20k less. That's how insurance will look at it without documentation and pics prior to the claim.
Replacement cost and deprecation are the name of the game. His example was if you spend 5k on lift wheels and tires, they depreciate it, and then value the replacement cost with their depreciation. He said if you really put money into your vehicle, say 20k in mods, it would be worth it to document everything and let your carrier know with the proof. The extra insurance cost is minimal in the long run. With the current price of new and used trucks, if you put on a lift and some lights, it wont really be worth the extra work.
So I took it like this. Think of the for sale forums and marketplace where people list all the mods, add that to the price of the truck and throw out "not including labor in my sale price" and we respond with yeah ok but the cost of the truck is 20k less. That's how insurance will look at it without documentation and pics prior to the claim.
rruff
Explorer
Thanks... I know everyone is talking about comp and collision, but what I'm interested in is liability. IMO, it's perfectly reasonable for an insurance company to not cover the cost of undisclosed upgrades if they are damaged in a crash, since you the price you pay for comp/collision is directly related to the value of the vehicle.
But liability? Denying a claim because the vehicle isn't stock? If you can ask your friend about that, I'd appreciate it.
SDDiver5
Expedition Leader
Paraphrasing everything here. He said it doesn't change with Liability since parts are considered property. He gave an example: (again, paraphrasing) "if someone gets hurt when you're using a winch, it's covered. If you are deemed liable for whatever accident, then it's covered. If the winch line snaps and the truck rolls down and hits a land owners cow, you're covered". Lol
He did throw in the disclaimer of "slimy insurance companies are still going to be slimy insurance companies tho"
ThundahBeagle
Well-known member
Let me further clarify
Any licensed driver in the household for the year of that insurance policy
It being renewed every year in theory. When new drivers come of age and are permitted or licensed, youmust then list them
ThundahBeagle
Well-known member
Geico is well known for penny pinchingThat's really good service! Maybe not odd for a good company that wants to keep your business.
I'm talking about is just liability though; what the insurance pays to another party in an accident due to my fault. The buzz (mostly from lawyers) is that you definitely need to tell them of any mods so they can assess if your liability risk is higher. My point is that they don't ask about that, or a million other things that could be more relevant... like my psychological and emotional state, if I drive while intoxicated, how well I maintain the truck, etc. Heck even drunk driver claims aren't denied. But I'll be denied because I have bigger tires and a small lift, and I didn't make a point of telling them?
I was hit by a driver that had Geico. That company is in league withIMO.
Show me a drink driver who filed a claim that was paid out. If m not wrong, thatmay void the coverage
If convicted you may lose your license
If you refuse breathylizer, you AUTOMATICALLY lose your license for a year
Both of whichmean you can not be directly insured
rruff
Explorer
According to Google:
Liability Coverage: In most US states, the insurer must pay for the other party's vehicle damage and injuries, even if the policyholder was under the influence.
Collision/Comprehensive Denial: Insurers often deny claims for repairs to the intoxicated driver's own car, as driving under the influence can violate policy terms.
Pacific Northwest yetti
Expedition Medic
That makes more sense, anyone who could be driving it.
Thanks
85_Ranger4x4
Well-known member
State Farm wanted to know the birth dates for our kids last fall, one was 5 and the other was 5mo...
Pacific Northwest yetti
Expedition Medic
that is terrifying. I wonder if male/female has anything to do with that.I just looked up the average annual cost of adding a teen driver to your policy. ~$6,000/yr on average.
I have been teaching my GF's daughter to drive. As she will get her license in a few months.
85_Ranger4x4
Well-known member
I just looked up the average annual cost of adding a teen driver to your policy. ~$6,000/yr on average.
I remember in high school (early 00's) our shop teacher had a Camaro he bought new and babied as a toy. It was like a '85 305 5-speed, he had bought it new and it was the last year for a carburetor. Nothing really special but it was super clean and original. He added his son to their policy when he got his permit or whatever... and they kindly put him down as the primary driver of the Camaro.
Teacher was very animated about how well that went over...
Inyo_man
Don't piss down my back and tell me it's raining.
I'm glad to say those days are behind me!I just looked up the average annual cost of adding a teen driver to your policy. ~$6,000/yr on average.
Cheers
