Modified car insurance. Like for like on modifications
Discussion
Does anybody know what this really means when insurance companies say they will cover modifications on a like for like basis?
Getting this story straight from insurers is like getting blood out of stone. It seems they wont commit to what this means.
I've got a 14 year old Peugeot 206 GTi which as standard isn't worth much at all. I've had it for the last 12 years and isn't my daily driver and hasn't been for a number of years. It does less than 1500 miles each year and has over £8k worth of modifications done to the engine alone. On the outside it looks completely standard.
When I insure a car I want to be confident I'm covered for an amount that would allow me to replace the car should it be completely destroyed. In this case it would cost about £10k to build another car like it. Used aftermarket parts aren't really available too easily - unless I sit watching Ebay for 5 years.
One insurance company told me despite their 'like for like' they'd would just pay out market value for the car. If none are available like mine they'd look at a comparable modified car like a Clio etc. Seems a bit odd to me.
If they aren't willing to cover the true rebuild cost of the car it actually seems like I'm not really having a fully comp policy. I'm the one holding most of the financial risk it seems.
Does anybody have any experience of insuring modified cars. Is it difficult to get an agreed value on them?
Getting this story straight from insurers is like getting blood out of stone. It seems they wont commit to what this means.
I've got a 14 year old Peugeot 206 GTi which as standard isn't worth much at all. I've had it for the last 12 years and isn't my daily driver and hasn't been for a number of years. It does less than 1500 miles each year and has over £8k worth of modifications done to the engine alone. On the outside it looks completely standard.
When I insure a car I want to be confident I'm covered for an amount that would allow me to replace the car should it be completely destroyed. In this case it would cost about £10k to build another car like it. Used aftermarket parts aren't really available too easily - unless I sit watching Ebay for 5 years.
One insurance company told me despite their 'like for like' they'd would just pay out market value for the car. If none are available like mine they'd look at a comparable modified car like a Clio etc. Seems a bit odd to me.
If they aren't willing to cover the true rebuild cost of the car it actually seems like I'm not really having a fully comp policy. I'm the one holding most of the financial risk it seems.
Does anybody have any experience of insuring modified cars. Is it difficult to get an agreed value on them?
Its different for each company, Ive found Adrian Flux and HIC have been very good, however I haven't done any engine mods except the remap.
But wheels suspension etc, no matter how much they cost dont generally cost more than manufactures retail price.
I'm sure if you ring them they'll be able to advise, Green light is also good.
But wheels suspension etc, no matter how much they cost dont generally cost more than manufactures retail price.
I'm sure if you ring them they'll be able to advise, Green light is also good.
I looked at the policy extension Admiral offered, and the max value of any claim just meant if wasn't worth it..
I had two modified cars at the time, with the most expensive individual parts in excess of any maximum claim.
In the case of the B5 RS4 especially, limited numbers meant there was little or no difference in cost between standard parts after market parts or the OEM upgrades such as B7 RS brakes I had fitted, and I was quite happy to argue the difference if they insisted on fitting standard parts in the event of a claim.
I had two modified cars at the time, with the most expensive individual parts in excess of any maximum claim.
In the case of the B5 RS4 especially, limited numbers meant there was little or no difference in cost between standard parts after market parts or the OEM upgrades such as B7 RS brakes I had fitted, and I was quite happy to argue the difference if they insisted on fitting standard parts in the event of a claim.
Sensibleboy said:
When completing the request for a quote online there is always a box asking what the value of the car is. I'm wondering if this actually has any relevance if they only offer market value.
Generally* you can put in any figure up to £30k and it won't make a difference. After £30k there are more loadings.- varies by Insurer/car/scheme etc
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