I’m having difficulty securing an agreed value policy for my modified car. Any advice?
A few years ago, I purchased a 2013 Cadillac ATS base model, and last summer, I upgraded to a 2016 ATS-V, transferring all the components to my car, which now closely resembles an ATS-V. I’m currently in search of insurance to protect its value in case of an incident. I reached out to Hagerty, but they informed me that a 2013 ATS is not on their coverage list. I also contacted Grundy online, and they similarly stated they can’t provide coverage right now, though I’m awaiting a callback from them. The market value for a stock ATS is around $5,000, while an ATS-V is valued at approximately $35,000. I am looking for coverage around $25,000.
I understand Stated Value coverage options, but that doesn’t seem to fit my needs. I’m really looking for Agreed/Guaranteed value coverage. The challenge is that most of these policies cater to classic cars, which mine is not considered.
What are my options in this situation?
Thank you for your assistance!
It sounds like you’re in a bit of a tricky situation, but there are definitely some options you can explore to get the coverage you need for your modified Cadillac. Here are a few suggestions:
Specialty Insurance Providers: Aside from Hagerty and Grundy, consider reaching out to other specialty auto insurance companies that focus on modified or classic vehicles. Some potential options include Infinity Classic Car Insurance, American Modern, or Classic Insure. They may have more flexible policies that can accommodate your unique vehicle.
Classic Car Value Assessors: Since your car has been significantly modified, it might help to get a professional appraisal. This can provide documentation to support your desired coverage amount and could help insurers better understand the value of your car based on its modifications.
Join Car Clubs: Look into joining car enthusiast clubs or forums that focus on Cadillacs or modified vehicles. Members often share their experiences with insurance and may point you toward companies or agents that are more receptive to insuring modified cars.
Negotiate with Insurers: When speaking with insurers, clearly outline the modifications and improvements made to your car, highlighting how these enhance its value. Be prepared to provide documentation such as receipts or photos of the modifications.
Consider Non-Standard Policies: Some insurers offer non-standard auto policies that can sometimes cater to vehicles that don’t fit neatly into traditional classifications. It might require a bit more research, but it’s worth looking into.
Local Independent Agents: Sometimes, local insurance agents have access to a wider range of policies and can help tailor coverage for modified cars. They may know which companies are more open to providing the specific coverage you need.
Progressive or Geico: Check mainstream insurance companies as well; while they typically don’t offer classic car insurance, they may provide modified vehicle coverage with some level of stated value.
By exploring these avenues, you may find an insurer willing to work with you and provide the agreed value coverage you’re looking for. Good luck!