Convincing the insurance agency it's worth more, BEFORE the claim - JeepForum.com
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  • 2 Post By DockRocker
  • 2 Post By biffgnar
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post #1 of 9 Old 01-24-2017, 05:47 PM Thread Starter
skydiver30960
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Convincing the insurance agency it's worth more, BEFORE the claim

So, there are quite a few threads on JF about people who have had their Jeeps totaled out for WAY less than what they feel it is worth. I imagine this is largely due to the amount of money we spend on stuff that they don't care about: axles, lift, lockers, fenders, winches, yadda yadda yadda.

Anybody have any suggestions about how to approach the insurance companys to get them on board with a higher value, BEFORE the wreck/stealing happens and it's too late? I can only imagine what will happen if I even MENTION anything about it being "more capable offroad," so is there a way to sell them on the idea of making it more reliable overall? Or is it just a "life sucks, get a helmet" sort of thing? OBVIOUSLY, the short answer is just to call my insurance company, but I don't want to put my foot in my mouth either.

I did a search here and found one thread stating where a member's company covered NADA value plus depreciated value for any "upgrades" for which they could provide receipts. SO, at least there's hope. I'm a packrat, I have every receipt down to every nut and bolt I've ever bought for the dang thing.

I'm TOTALLY willing to pay the added premium. I understand that I won't get something for nothing. I just want to do whatever I can to cover my Jeep's butt, if you will.

It seems crappy that a Rubi with good axles and lockers from the factory is worth so much more, but a TJ with all that stuff added after the fact isn't worth squat.



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post #2 of 9 Old 01-24-2017, 06:18 PM
DockRocker
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You need what's called a stated value policy or declared value policy. That allows you to insure it to a particular value that you agree on. Typically you can't get on at the local yocal insurance agent. You will have to go to Hagerty or a similar company. Generally it's for a collector vehicle but it works for a jeep whose selling price and nada value are so far apart.


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post #3 of 9 Old 01-24-2017, 06:18 PM
biffgnar
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I think at one level it depends who your insurance company is. Their approaches to modified vehicles vary.
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post #4 of 9 Old 01-25-2017, 07:55 PM
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As well Hagerty tends to insure things that are for show, parades etc.. if you DD it its going to get real expensive.
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post #5 of 9 Old 01-26-2017, 08:37 AM
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Check with American Collectors Insurance, Cherry Hill NJ; You inform them what you want as a value etc.
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post #6 of 9 Old 01-26-2017, 09:37 AM
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I've gone through a few insurance companies in the last 10 years and most, if not all of them have a separate rider for upgrades. You just declare a dollar amount you'd like for your upgrades to be insured for and they insure them. I know for a fact progressive does this as I'm with them now. I believe Geico may have had that option too but I'm not 100% sure. I don't know the paperwork they would require but the option to fill in a $ amount for upgrades is there.
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post #7 of 9 Old 01-26-2017, 12:51 PM
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Quote:
Originally Posted by JeepAdam85 View Post
I've gone through a few insurance companies in the last 10 years and most, if not all of them have a separate rider for upgrades. You just declare a dollar amount you'd like for your upgrades to be insured for and they insure them. I know for a fact progressive does this as I'm with them now. I believe Geico may have had that option too but I'm not 100% sure. I don't know the paperwork they would require but the option to fill in a $ amount for upgrades is there.
This is what I was going to post. Most companies have separate riders for modifications.
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post #8 of 9 Old 01-27-2017, 04:39 PM
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Insurance companies are regulated by the State.

Coverage very likely differs from state to state, but I do not have enough experience or knowledge about this to say for sure.

I can tell you that Progressive covered my mods without any additional coverage on my policy for those mods. I had a standard Michigan no-fault policy with collision coverage.
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post #9 of 9 Old 01-27-2017, 07:23 PM
ravenworks
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I have several vehicles inured with State Farm under a states value policy and it isn't that much higher than a normal policy.
SAVE you receipts,keep track of what has been done to the vehicle as of the day you insured it and update your value accordingly.
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