UPDATE: Insurance For Modified Cars...
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UPDATE: Insurance For Modified Cars...
Many of you know I was researching Insurance for modified cars. Here is my update on the subject.
After trying to go through 10-15 "specialty insurance" companies that claimed to insure exotic, rare, classic or modifed cars, I've learned that NONE of them will cover a Honda S2000.
The ONLY company that will cover a modified (engine) Honda S2000 is Progressive. You have to get coverage through an agent, Progressive does not work directly with customers on setting up new non-Standard policies. The quotes are nothing to smile at. The quotes for me, being 25 years old and having one ticket (on my record), with the car being a daily driver were $491/month with a 50/100/50 coverage with a $500 deductible on a stated policy sayiing the car is worth $30K. I got another quote for the car NOT being daily driver and it was $190/month with a 50/100/50 coverage with a $500 deductible on a stated policy saying the car is worth $30K.
I've already purchased a daily driver, and want to have my S2000 and all of my mods covered (or the value of the car w/ it's mods), so I'll most likely be going with Progressive to cover the car. I was hoping/expecting to pay much less for the insurance, but I don't have much of a choice. I have contacted as many as 10 agents and as many as 20 different insurance companies in the last month; this seems to be the only way to go.
After trying to go through 10-15 "specialty insurance" companies that claimed to insure exotic, rare, classic or modifed cars, I've learned that NONE of them will cover a Honda S2000.
The ONLY company that will cover a modified (engine) Honda S2000 is Progressive. You have to get coverage through an agent, Progressive does not work directly with customers on setting up new non-Standard policies. The quotes are nothing to smile at. The quotes for me, being 25 years old and having one ticket (on my record), with the car being a daily driver were $491/month with a 50/100/50 coverage with a $500 deductible on a stated policy sayiing the car is worth $30K. I got another quote for the car NOT being daily driver and it was $190/month with a 50/100/50 coverage with a $500 deductible on a stated policy saying the car is worth $30K.
I've already purchased a daily driver, and want to have my S2000 and all of my mods covered (or the value of the car w/ it's mods), so I'll most likely be going with Progressive to cover the car. I was hoping/expecting to pay much less for the insurance, but I don't have much of a choice. I have contacted as many as 10 agents and as many as 20 different insurance companies in the last month; this seems to be the only way to go.
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$491/month with a 50/100/50 coverage with a $500 deductible on a stated policy sayiing the car is worth $30K...
unless your making money with the modded car, doesnt seem affordable
#3
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Wes,
Did you try Allstate. I have my modded Prelude covered as "stated value". That is, I pay a slightly elevated premium, but nothing compared to yours. If anything happens to the Prelude, they cover me for the KBB value, and a good percentage of everything that added up in the stated value. All they ask for at the time of claim, is a receipt of everything I have claimed on the car.
Although, my agent was a bit more proactive...he asked me for copies of all the receipts in advance and has them stored for me in a file and in soft copy.
I have some goodies coming for the S2K as well, and will insure it in this manner as well.
Did you try Allstate. I have my modded Prelude covered as "stated value". That is, I pay a slightly elevated premium, but nothing compared to yours. If anything happens to the Prelude, they cover me for the KBB value, and a good percentage of everything that added up in the stated value. All they ask for at the time of claim, is a receipt of everything I have claimed on the car.
Although, my agent was a bit more proactive...he asked me for copies of all the receipts in advance and has them stored for me in a file and in soft copy.
I have some goodies coming for the S2K as well, and will insure it in this manner as well.
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Originally posted by Luder94
Did you try Allstate.
Did you try Allstate.
I'd be interested in talking with your agent, though.
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Originally posted by johnyboy32
I think you would do just as well to insure the car as stock and put the difference in a savings account.
I think you would do just as well to insure the car as stock and put the difference in a savings account.
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Damn...you can't win for loosing with insurance companies these days. I mean it's a Honda for Pete's sake, not a Ferrari. There are a lot of $40K Lexus and Infinity drivers out there that I'm sure don't have that much problem getting insurance.
Sorry, had to rant a bit. Insurance companies just piss me off.
Sorry, had to rant a bit. Insurance companies just piss me off.