I’m having difficulty securing an agreed value policy for my modified car. Any suggestions?
A few years back, I purchased a 2013 Cadillac ATS base model. Last summer, I upgraded to a 2016 ATS-V and transferred everything from it, effectively transforming my car into an ATS-V replica. Now, I need insurance that reflects my car’s true value in case anything happens. I’ve reached out to Hagerty, but they informed me that a 2013 ATS is not on their list of insurable vehicles. I also contacted Grundy online, and while they initially indicated they couldn’t provide coverage, I’m waiting for a follow-up from them.
Currently, a stock ATS is valued around $5k, while an ATS-V is estimated at about $35k. I’m seeking coverage for roughly $25k.
I understand Stated Value options, but it seems like that’s not the direction I should be going in. My goal is to find Agreed/Guaranteed value coverage, though most of these policies appear geared toward classic cars, which my vehicle isn’t.
What options do you think I have?
Thank you 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 some options you can consider to help you find an Agreed Value policy:
Specialty Insurance Companies: While Hagerty and Grundy are popular for collector cars, there are other specialty insurers that may be willing to cover modified vehicles. Companies like American Collectors Insurance or Classic Auto Insurance might have more flexible policies that could suit your needs.
Modify Your Approach: Some insurance companies might not list your modified car as a collectible, but if you can provide detailed documentation of the modifications and the car’s current condition, they might be more willing to consider it. Create a comprehensive list of modifications, along with photographs and appraisals if possible.
Insurance Brokers: Consider working with an insurance broker who specializes in classic and modified vehicles. They may have access to additional markets and can help negotiate a policy that meets your needs.
Contact Regular Insurers: Some standard insurance providers also have options for modified cars, even if it’s not their primary focus. Companies like Progressive or State Farm may have specialized policies, so it might be worth reaching out to them as well.
Showcase the Value: When discussing your vehicle, emphasize its value and uniqueness. Provide evidence of the marketplace demand for modified ATS-Vs and argue for your desired coverage amount based on that.
Consider an Appraisal: Getting a professional appraisal of your modified vehicle can help establish its worth. An appraiser familiar with modified cars can help validate your request for higher coverage.
Join Enthusiast Clubs: Sometimes, being part of a car enthusiast club can lead to better insurance options and discounts. It also provides a network of fellow car enthusiasts who may have dealt with similar issues and can offer recommendations.
Document Everything: Keep meticulous records of any modifications, receipts, and maintenance. This documentation isn’t just helpful for insurance, but it also proves your car’s condition and value if ever needed.
By exploring these options, you should be able to find a policy that better suits your modified Cadillac ATS. Good luck!