Are there insurers who will cover the value of highly modified Subies? I’m considering dropping a new motor and transmission into my 2014 Forester, plus performance mods and a repaint. But I’d hate to lose that investment in a fender bender if the car is totaled based on its stock value.
How do you protect the value of your highly modified cars?
Thanks!
We use Hagerty for our race cars. They’re particular but allow you to specify a value for each car, which they pay in the event of a loss. They mainly insure collectibles and race cars, though.
You’ll need an agreed-value policy. Some insurers offer this but may require photos and limit usage, so it might not work for daily drivers.
Cade said:
You’ll need an agreed-value policy. Some insurers offer this but may require photos and limit usage, so it might not work for daily drivers.
They often have strict rules. For example, some policies restrict use for things like grocery trips or errands.
Hagerty works if you drive less than ~3k miles/year and can prove you have another daily driver. Progressive lets you insure aftermarket parts up to a certain amount, but for higher coverage, you’ll need an agreed value policy, which can get pricey. I insured $5k in aftermarket parts on my Outback and it wasn’t bad cost-wise.
You’ll likely need an appraisal and a detailed list of modifications. Some insurers adjust rates based on how the car is modified, not just its value.
If it’s insured for its unmodified value and gets totaled, you can buy it back cheaply and part it out to recoup costs. It’s a hassle but could save money compared to higher insurance premiums upfront.
@Taryn
Or, for minor damage that would total it if stock, just don’t file an insurance claim and skip collision coverage altogether.
Look into agreed-value policies. I’ve had them through Progressive for both a motorcycle and a classic car. You provide the value, and the policy cost is based on that.
Alternatively, minimize your insurance costs and treat your savings as your own ‘insurance fund.’
I insure my 2005 Saabaru through Grundy Collector Insurance. $20k full coverage costs me $300/year. You can drive it reasonably often (I do ~10k miles/year). Requirements: another daily driver, garage storage, good driving record, age 25+. They insure modified cars if you send pics and receipts for major mods. Great customer service too.
If this is your only car, standard insurance is your only option. At least get comprehensive for theft coverage, and consider gap insurance if it’s financed.
Some companies offer agreed-value policies where you set the car’s value (within reason).