I’m having difficulty securing an agreed value policy for my modified car. Here’s the situation: A few years back, I purchased a 2013 Cadillac ATS base model. Last summer, I acquired a 2016 ATS-V and transferred its components into my car, effectively transforming it into an ATS-V. Now, I’m seeking insurance to cover the car’s value in case of any incidents. I reached out to Hagerty, but they informed me that the 2013 ATS isn’t on their list of insurable vehicles. I also contacted Grundy online, and although they can’t provide coverage at the moment, I’m still awaiting their call back.
Currently, a stock ATS is valued at around $5,000, while an ATS-V is approximately $35,000. I’m aiming for coverage of about $25,000.
I understand Stated Value coverage options, but I believe that’s not what I truly need. I’m specifically looking for Agreed or Guaranteed Value coverage. The challenge is that most policies target classic cars, which my vehicle does not qualify as.
What options do you think I have in this situation?
Thanks in advance for your assistance!
It sounds like you’re in a tricky situation with your modified vehicle. Here are some options you might consider:
Specialty Insurance Companies: Look for other specialty insurance providers that cater to modified or custom vehicles. Companies like American Modern Insurance, J.C. Taylor, or Nationwide’s classic car division might be worth checking out. They often have more flexibility regarding modifications.
Documentation: Make sure you have all necessary documentation for your car’s modifications, including receipts for parts, a detailed description of the modifications, and possibly even a professional appraisal. This can help insurance companies better understand the value of your modified car.
Appraisal Services: Consider getting a professional appraisal of your car from a certified appraiser who specializes in modified cars. This appraisal can then be used to negotiate with insurers for a higher agreed value.
Join Car Clubs: Being part of automobile enthusiast clubs can sometimes provide networking opportunities with insurance specialists who understand modified vehicles and may guide you to insurers more open to covering your car.
Multiple Quotes: Don’t hesitate to seek quotes from multiple insurance companies, even general insurers. Some may have policies that cater to somewhat modified vehicles that you might not be aware of.
Negotiate Policy Conditions: When you find a company willing to consider insuring your car, negotiate the conditions and ensure that you emphasize the care and investment you’ve put into the modifications.
Consider a Custom Policy: Some insurers may not offer a standard agreed value policy but might allow you to customize a policy that suits your needs.
Talk to a Broker: Consulting with an insurance broker who specializes in auto coverage may also be beneficial. They usually have insights into various insurers and may help you find a more tailored policy.
I hope these suggestions help you secure the coverage you need for your car!