I’m having a hard time securing an agreed value policy for my modified car. Can anyone offer advice?
A few years back, I purchased a 2013 Cadillac ATS base model. Last summer, I upgraded to a 2016 ATS-V and transferred all the components into my original car, essentially transforming it into an ATS-V. Now, I’m in search of insurance that will cover the car’s value in case of any incidents. I reached out to Hagerty, but they informed me that a 2013 ATS isn’t on their list of covered vehicles. I also contacted Grundy online, and while they said they currently can’t provide coverage, I’m awaiting a follow-up call from them.
To give you an idea, a stock ATS is valued at around $5,000, while an ATS-V is approximately $35,000. I’m looking for coverage in the ballpark of $25,000.
I understand the concept of Stated Value coverage, but that doesn’t seem to fit my needs. I’m specifically looking for Agreed or Guaranteed value coverage. The challenge is that most of these policies are aimed at classic cars, and my vehicle doesn’t fall into that category.
What options do you think I have?
Thanks for your help!
It sounds like you’re in a bit of a tricky situation with your modified Cadillac ATS, but there are a few potential options you can explore for securing an agreed value policy:
Specialty Insurance Companies: Look for insurance providers that focus specifically on modified or custom vehicles. Companies like American Collectors Insurance, or Classic Auto Insurers may offer policies for vehicles that aren’t traditionally classified as classics, especially if they recognize the value of your modifications.
Local Brokers: Consider consulting with a local insurance broker who specializes in automotive coverage. They might have access to niche insurers who are willing to look at modified vehicles more favorably, especially if you can demonstrate the enhancements and their value.
Documentation and Appraisal: Prepare detailed documentation of your modifications, including receipts, photographs, and any performance upgrades. You might also consider getting a professional appraisal done to validate the increased value of your modified ATS. Providing solid evidence of what you’ve done may help convince insurers of the car’s worth.
Car Enthusiast Clubs: Sometimes, being part of a car enthusiast or collector club can provide access to insurance options that aren’t available to the general public. Check if there are local or national clubs for Cadillac enthusiasts or modified cars that might have recommended insurance options.
Re-evaluate Stated Value Coverage: While you have some reservations about stated value coverage, it’s worth considering that some insurers may offer policies with flexibility in assessed value during a claim, which could still be beneficial if you’re unable to secure agreed value coverage.
Custom Policy Options: Ask insurance companies if they can create a custom policy for your situation. Some may be willing to work with you to tailor a solution that adequately reflects the car’s value while still being insurable.
Stay Patient and Persistent: Sometimes finding the right coverage takes some time, so don’t get discouraged. Keep reaching out to different companies, as their policies and willingness to insure modified cars can vary.
Overall, the key is to persistently seek out companies that are more flexible with their coverage policies and that recognize the value of modified vehicles. Best of luck securing the coverage you need for your ATS!