Is full coverage insurance worth it for my heavily modified lowered truck?
I’m looking for advice on whether to continue with full coverage insurance through Allstate for my lowered 2014 GMC Sierra 1500. I don’t use it as a daily driver and primarily consider it a project vehicle now. I drive it cautiously, but I’m curious if maintaining full coverage is a good decision, especially with the significant 6-inch drop and numerous engine and transmission modifications. What do you think?
Deciding whether to keep full coverage insurance on your heavily modified truck depends on a few key factors:
Value of Modifications: If you’ve invested a significant amount of money into modifications—like engine upgrades, transmission work, and suspension changes—full coverage might be worth it to protect your investment. Consider what you would lose if the truck were to be damaged or totaled.
Current Value: Assess the current market value of your 2014 GMC Sierra 1500, considering the modifications. If the truck has a good resale value due to those enhancements, full coverage can be beneficial.
Usage: Since you mentioned that you don’t drive it every day and it functions as a project car, think about how often you use it. If it’s more of a weekend vehicle or for special events, the risk of an accident might be lower compared to a daily driver.
Liability Coverage: While insurance is primarily about covering damages to your vehicle, remember that liability coverage is crucial, especially with a modified vehicle that could attract more attention or scrutiny from insurance companies in the event of an accident.
Cost of Insurance: If full coverage is significantly more expensive than liability only, weigh that cost against the potential payout for damages or loss.
Deductibles: Review your deductibles and how they fit into your financial situation. If you can afford a higher deductible, that could lower your premium.
Ultimately, if the modifications significantly increase the value of the truck and you’re concerned about protecting your investment, keeping full coverage may be worthwhile. However, if the cost outweighs the benefits in your specific situation, you might consider adjusting your coverage. It can also be helpful to speak with your insurance agent about tailored options that suit your needs.