Insurance - and "is your car modified sir?"
Discussion
Guys,
I am soon to purchase a Chimeara (my first TVR) and have spoken to my current insurance company. One question they asked when i was seeking a quote was "is the car modified", whithout thinking i said "no", but looking through the forum just about EVERY TVR is modified in one form or another so what constitutes modified in the eyes of an insurance company?
I know, i know.... talk to the insurance company and find out... but i would like to hear about your experiences... anyone have a payment refused because they fitted non factory Wheels or better brakes?
...and what about something like a headlight mod?
Should i go straight to the TVR club insurance company who must be used to this kind of thing?
I am soon to purchase a Chimeara (my first TVR) and have spoken to my current insurance company. One question they asked when i was seeking a quote was "is the car modified", whithout thinking i said "no", but looking through the forum just about EVERY TVR is modified in one form or another so what constitutes modified in the eyes of an insurance company?
I know, i know.... talk to the insurance company and find out... but i would like to hear about your experiences... anyone have a payment refused because they fitted non factory Wheels or better brakes?
...and what about something like a headlight mod?
Should i go straight to the TVR club insurance company who must be used to this kind of thing?
BurbleMeister said:
Guys,
I am soon to purchase a Chimeara (my first TVR) and have spoken to my current insurance company. One question they asked when i was seeking a quote was "is the car modified", whithout thinking i said "no", but looking through the forum just about EVERY TVR is modified in one form or another so what constitutes modified in the eyes of an insurance company?
I know, i know.... talk to the insurance company and find out... but i would like to hear about your experiences... anyone have a payment refused because they fitted non factory Wheels or better brakes?
...and what about something like a headlight mod?
Should i go straight to the TVR club insurance company who must be used to this kind of thing?
Hi,I am soon to purchase a Chimeara (my first TVR) and have spoken to my current insurance company. One question they asked when i was seeking a quote was "is the car modified", whithout thinking i said "no", but looking through the forum just about EVERY TVR is modified in one form or another so what constitutes modified in the eyes of an insurance company?
I know, i know.... talk to the insurance company and find out... but i would like to hear about your experiences... anyone have a payment refused because they fitted non factory Wheels or better brakes?
...and what about something like a headlight mod?
Should i go straight to the TVR club insurance company who must be used to this kind of thing?
I have had my TVR for over 2 years, and just recently had the mother of all mods - a supecharger fitted. My existing insurance company was ok about it (additional £125 on the premium and th eexcess) but i shopped around, and found that A Plan were by far the best.
I have modifed headlights, brakes, suspension, exhaust and the supercharger. Not only did they come in cheaper that my existing insurance company, but they also cover "like-for-like" on the modifications. So if the car is stolen or written off, they take the mods into account.
It may be worth your while giving them a call
I'm with Hagerty - ok it has to be your 2nd car and on limited mileage but for me they are way cheaper than anyone else. When I told them about my upgraded shocks, ARB abd brakes the only comment was 'thats good , it handles and stops better than a standard one'. No additional charge.
It all depends on whether you intend to do trackdays. Companies like Manning and Sunninghill do trackday cover as part of the package. Doing it this way is far far cheaper than buying cover on a one off basis. A-Plan quoted cheaper for me but they don't offer track cover. I was happy to pay the extra £55 to Sunninghill to get track cover built in and Sunninghill have no issues (and didn't charge any extra) for my upgrades. For info that's suspension, five stud hubs, spiders and AP brakes.
The way I've always viewed it, TVR factory couldn't have told you what was fitted to the car even when they were around, so certainly not now.
So whats a standard TVR? The last one they made?
As long as you don't have something obvious (like a supercharger) I wouldn't bother mentioning it. As all the insurance assessors I've ever met didn't have a clue what they what looking at and usually asked me for advice on where to get parts for replacement etc.
Matt
So whats a standard TVR? The last one they made?
As long as you don't have something obvious (like a supercharger) I wouldn't bother mentioning it. As all the insurance assessors I've ever met didn't have a clue what they what looking at and usually asked me for advice on where to get parts for replacement etc.
Matt
I'm with Hagertys. When I spoke to them at Rockingham, they said they wouldn't charge extra unless I did something like increasing the capacity.
At last renewal the car was away at V8 Developments having an Emerald, trumpets, throttle body, exhaust job done. These are the latest, not the only modifications.
The odd thing was that they seemed ok about it when I said I was having some tuning work done. As soon as I said V8D were doing it, Hagerty loaded the premium by 20%
In an odd way, I find this comforting. The ability of V8D to extract the best scares insurance companies. It makes me feel I picked the right people to do the work.
At last renewal the car was away at V8 Developments having an Emerald, trumpets, throttle body, exhaust job done. These are the latest, not the only modifications.
The odd thing was that they seemed ok about it when I said I was having some tuning work done. As soon as I said V8D were doing it, Hagerty loaded the premium by 20%
In an odd way, I find this comforting. The ability of V8D to extract the best scares insurance companies. It makes me feel I picked the right people to do the work.
bigdods said:
I'm with Hagerty - ok it has to be your 2nd car and on limited mileage but for me they are way cheaper than anyone else. When I told them about my upgraded shocks, ARB abd brakes the only comment was 'thats good , it handles and stops better than a standard one'. No additional charge.
Me too. I fail to see why an insurance company would increase the premium if you uprate the brakes and suspension.my insurance company were fine with my mods, induction, trumpets, injectors, suspension, gear-box......
I jokingly told them the car is booked by TVR at 280bhp, I'm only getting 270bhp.. do I get saving....
alas no..... but as the modifications had not increased the cars performance it was not an issue.
I jokingly told them the car is booked by TVR at 280bhp, I'm only getting 270bhp.. do I get saving....
alas no..... but as the modifications had not increased the cars performance it was not an issue.
Thanks to all...
I know some insurance companies want to send out an engineer to look at the work - presumably to see if the modifications were done competantly.
I guess that in the end if you dont tell the company about all the expensive modifications - then they simply wont pay for them if your car gets stolen. But I imagine its real hard to identify the "market value" of a modified car... so telling them about the work and keeping the bills is probably sensible.
I'm looking at a few more Chims tomorrow - hopefully one of them will be just right
I REALLY need one in my life...
Cheers
I know some insurance companies want to send out an engineer to look at the work - presumably to see if the modifications were done competantly.
I guess that in the end if you dont tell the company about all the expensive modifications - then they simply wont pay for them if your car gets stolen. But I imagine its real hard to identify the "market value" of a modified car... so telling them about the work and keeping the bills is probably sensible.
I'm looking at a few more Chims tomorrow - hopefully one of them will be just right
I REALLY need one in my life...Cheers
bigdods said:
I'm with Hagerty - ok it has to be your 2nd car and on limited mileage but for me they are way cheaper than anyone else. When I told them about my upgraded shocks, ARB abd brakes the only comment was 'thats good , it handles and stops better than a standard one'. No additional charge.
I had the exact same experience. And they cover track days for 10% of the premium plus IPT.Zumbruk said:
bigdods said:
I'm with Hagerty - ok it has to be your 2nd car and on limited mileage but for me they are way cheaper than anyone else. When I told them about my upgraded shocks, ARB abd brakes the only comment was 'thats good , it handles and stops better than a standard one'. No additional charge.
I had the exact same experience. And they cover track days for 10% of the premium plus IPT.
ETA. Some (all?) insurers will only replace original equipment if the worst happens unless you notify them of the changes you make. So if you add, say, expensive wheels or modified headlamps and they are damaged you may only get the cost of replacing to original spec.
Edited by s5tuart on Sunday 4th May 18:31
Edited by s5tuart on Sunday 4th May 18:32
Chimjunkie said:
Think Haggerty only insure garaged vehicles?
Yep. Garaged, limited mileage and it must be a second vehicle.Chimjunkie said:
I'm with A-Plan and just got a really good pay-out for a modified car. Not garaged. Certainly dont just go for the cheapest quote.
Quite. And the only real way to know that you have a good insurer is when they pay out. Or not, as the case may be. Sadly, that only happens very rarely (well, it does to me) so it's really hard to know good from bad.
BurbleMeister said:
I know some insurance companies want to send out an engineer to look at the work - presumably to see if the modifications were done competantly.
I guess that in the end if you dont tell the company about all the expensive modifications - then they simply wont pay for them if your car gets stolen.
You need to tell them about any material difference. As Matt mentioned even TVR wouldn't of known the exact spec of any car so don't worry about different dampers etc. but dobywork mods or increased cc need to be mentioned.I guess that in the end if you dont tell the company about all the expensive modifications - then they simply wont pay for them if your car gets stolen.
Whilst you might not be too concerned about the exact value of your car you might be concerned should you have to pay for a £500,000 claim that the ins co refuse to pay because you didn't act in "the utmost good faith."
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