I’m having difficulty securing an agreed value policy for my modified car. Any 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 car, essentially turning it into an ATS-V. Now, I’m searching for insurance that reflects the true value of my vehicle in case of an incident. I reached out to Hagerty, but they informed me that they don’t insure a 2013 ATS. I also contacted Grundy online, and while they haven’t provided a quote yet, they mentioned they might not cover it either. The market value of a stock ATS is around $5k, while an ATS-V goes for approximately $35k. I’m hoping to secure coverage for about $25k.
I understand Stated Value coverage, but I’m specifically looking for Agreed/Guaranteed value. Unfortunately, many of these policies are typically reserved for classic cars, which my car isn’t classified as.
What options do I have?
Thanks for your assistance!
It sounds like you’re in a bit of a tough spot trying to find the right insurance for your modified Cadillac ATS. Here are a few options and steps you might consider:
Specialty Car Insurance Companies: While Hagerty and Grundy have specific listings, there are other specialty insurers that may be open to discussing your modified vehicle. Companies like American Collectors Insurance or InsureMyClassic might have more flexibility with modified cars.
Talk to Your Current Provider: If you have an existing auto insurance provider, reach out to them and explain your situation. They may have options available for high-value modified cars that you haven’t explored yet.
Provide Documentation: Prepare detailed documentation of your modifications, including receipts for the ATS-V parts, photos of your car, and any appraisals you might have done. This can help you demonstrate the value of the modifications to insurance companies.
Appraisal Services: Consider getting your car professionally appraised. An appraisal can provide an official document that states the value of your custom build, which can help with finding an agreed value policy.
Modified Car Insurance: Some insurers specialize in modified vehicles or provide agreed value coverage even for newer cars. Research options like Classic Auto Insurance or other local providers that may not be as well-known but offer the coverage you need.
Join Car Clubs: If you’re a member of any car clubs or online communities related to Cadillacs or modified vehicles, reach out for recommendations. Fellow enthusiasts often have valuable contacts and insights.
Negotiate: In some cases, insurers might be willing to negotiate terms or consider your unique situation, especially if you can show evidence of your car’s market value through comparable sales listings or appraisal reports.
Evaluate Coverage Needs: While you’re looking for $25k coverage, consider if you might want to adjust that amount based on further comparisons and market research. The modified nature of your car may lend itself to higher amounts if justified.
Finding the right coverage might take some time, but taking these steps can help you secure a policy that fits your needs. Good luck!