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Thread: Insurance for Modified Mazdas

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    Default Insurance for Modified Mazdas

    Hey Everyone,

    I am looking for your help. I work for Zehr Insurance and am working hard to try and create a program for modified cars, which do not fit under classic or collector car programs.

    I have been an car enthusiast all my life, and even though family life has change my car ownership style, I will always be an enthusiast at heart.

    I know that finding proper and affordable insurance for modified vehicles can be very difficult/impossible. I know many people lie to their brokers about the modification, or are forced to insure with Facility to get proper insurance. Both have big downsides. Lying can lead to denied claims and all sorts of other headaches that no one wants and to fully insure with Facility costs an arm and a leg along with your first born child. My goal here is to create the specialty program that will provide affordable rates and allow you to disclose all of your modifications.

    My brokerage specialized in Classic Car insurance, where it is not difficult to insure modified vehicles. Take on old Impala and put a Cummins diesel in it or something crazy, and I would have no problem. Same Impala but with a full custom paint job, again no issue. Even roll cages are doable. But you do an engine swap or any of the above in your Mazda3 and insurance is impossible to find. This is unfair. If you have put the time, money and care into you Mazda then you are going to take of it just as well as any "classic" car owner.

    I am hoping to compile a database that can help me approach my insurance providers to create this specialty program for enthusiasts like yourselves. If you are willing I have provided a link blow to a 10 question survey, which will help give me an overview of the potential market, and give me ammo to get this program started. The survey should only take 1 minute.

    I would be so appreciative if everyone could fill out the survey and pass it along to anyone who may be willing to help me out. Thank you very much for the time and consideration. If you have any questions or input in terms of desired coverage etc, I would appreciate all feed back.

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    Default Re: Insurance for Modified Mazdas

    Sorry. Link to Survey

    Modified Vehicle Questionnaire

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    Default Re: Insurance for Modified Mazdas

    - 2016 Lexus NX200t F Sport -
    - 2010 Mazdaspeed 3 Black Mica - SOLD -

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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by SomeGuy View Post
    Hey,

    I promise that this isn't a trap. This is an honest attempt to try and create this product for all of the enthusiast out there. I cannot say for sure that this will work, and perhaps all of my markets will say no, but I want to give this an honest attempt.

    The survey is completely anonymous, I am just looking for the types of vehicles owned, the types of mods done and values, along with driving records.

    I think a lot of the impression of the modified car enthusiasts is that they are drivers who get into lots of trouble, which understandably companies would not want on the books. But I feel that this is not the case and I am trying to gather the data to show this.

    As mentioned in my post, I find it crazy that you can take your "classic" 66 Chevy II, tub it, put on 10+" wide slicks, and a roll cage and we can insure that pretty much no problem. But you swap an engine in your Mazda3 or the Lexus you appear to own, or put it on Air Bags, add a bigger aftermarket turbo, etc, and all of a sudden this is not insurable. I am just trying to create the solution for everyone out there.

    But take from it what you will.

    Cheers,

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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by KurtZehrINS View Post
    Hey Everyone,

    I am looking for your help. I work for Zehr Insurance and am working hard to try and create a program for modified cars, which do not fit under classic or collector car programs.

    I have been an car enthusiast all my life, and even though family life has change my car ownership style, I will always be an enthusiast at heart.

    I know that finding proper and affordable insurance for modified vehicles can be very difficult/impossible. I know many people lie to their brokers about the modification, or are forced to insure with Facility to get proper insurance. Both have big downsides. Lying can lead to denied claims and all sorts of other headaches that no one wants and to fully insure with Facility costs an arm and a leg along with your first born child. My goal here is to create the specialty program that will provide affordable rates and allow you to disclose all of your modifications.

    My brokerage specialized in Classic Car insurance, where it is not difficult to insure modified vehicles. Take on old Impala and put a Cummins diesel in it or something crazy, and I would have no problem. Same Impala but with a full custom paint job, again no issue. Even roll cages are doable. But you do an engine swap or any of the above in your Mazda3 and insurance is impossible to find. This is unfair. If you have put the time, money and care into you Mazda then you are going to take of it just as well as any "classic" car owner.

    I am hoping to compile a database that can help me approach my insurance providers to create this specialty program for enthusiasts like yourselves. If you are willing I have provided a link blow to a 10 question survey, which will help give me an overview of the potential market, and give me ammo to get this program started. The survey should only take 1 minute.

    I would be so appreciative if everyone could fill out the survey and pass it along to anyone who may be willing to help me out. Thank you very much for the time and consideration. If you have any questions or input in terms of desired coverage etc, I would appreciate all feed back.

    I can appreciate that your intent is to help the community but I think that it is very important to note that even if you can get a program set up I suspect the rates will be astronomical which means participation will be minimal.

    What would really help is someone going to bat to explain that some modified cars & owners are actually less of a liability issue than Grandma in her beige corolla who can't see over the steering wheel.

    Maybe something to consider for the survey is asking questions that would produce results that would show insurance companies the added safety some of the modifications executed. For example OEM breaks stopping time vs. Aftermarket race breaks stopping time. Or the crash test results of rolling a stock car on public roads at 100km/hr vs. rolling a car that has a roll cage in the exact same conditions. Maybe even something to show that there are stock cars manufactured with the same HP as what something was modded to.

    Personally I wouldn't want a specialty category; I want equal treatment.
    My Parents bought me more Hot Wheels than Barbies when I was little...

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    Default Re: Insurance for Modified Mazdas

    I completed the survey. Can not complain if I am not willing to lend support. Many may feel it is a trap, many feel some cars should be treated the same as stock. I agree and disagree with many statements. In short, one step at a time, and if OP thinks this may help, given the survey is anonymous I am willing to participate. @KurtZehrINS thank you for at least making an effort to drive change.
    2010 Black Mazdaspeed 3 - Lightly modded

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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by S.F.W. View Post
    I completed the survey. Can not complain if I am not willing to lend support. Many may feel it is a trap, many feel some cars should be treated the same as stock. I agree and disagree with many statements. In short, one step at a time, and if OP thinks this may help, given the survey is anonymous I am willing to participate. @KurtZehrINS thank you for at least making an effort to drive change.
    I appreciate the comment. I can understand the skepticism towards what I am doing. There is a very negative opinion towards insurance, and there is a lack of trust there, which is too bad, but it is the nature of things.

    I love working with my classic car clients. As mentioned I don't really have the funds to partake in the car communities myself, but I get to surround myself with enthusiasts and see what everyone is doing with their vehicles, which satisfies my desires a bit. But my love of vehicles does not stop once a vehicle is newer than 15 to 20 years old.

    I was 11 when F and F first hit theatres, which solidified my love of cars. My modifying may have never made it past stereo improvements, but it has long been a community I have wanted to be a part of. Much like classic cars, working with all of the enthusiasts out there, like yourselves, to create a specialty program to cover your specialty cars, isa way for me to have a small part of the community. Even if it is a very small part, and one that most people dislike.

    In terms of the comment about wanting to being treated equal, I find the statement counter to what I would have thought. If you wanted to be treated the same, then why customize the car. I always felt that customization is a way for your to personalize your vehicle. You don't want to be the same as every other Mazda3 out there. Your car is the extension of yourself and you have made yours special because you don't want to be lumped in with everyone else, who just buys the car off the dealership and drives it as their tool for getting around. That was always my inner want for customizing a vehicle, whether I managed to do that or not.

    So why would you want the same insurance as everyone else. You car is specialized, so why should insurance not be. It should be created on the basis that your car is special, and requires different coverage than the bone stock Mazda3 beside you that whomever drives just because it was an affordable way to get around.

    I can see the point of added safety by putting in performance brakes, etc into a car. But there is a lot of modifications that don't do this. Extreme lowering, with camber and stretched out tires, for example is doing quite the opposite I would suspect.

    I feel that one of big issues with the car mod community the impression that a lot of owners of modified cars are young hooligan street racers, always getting tickets and into troubles etc. I have already heard things of this manner when talking to other managers and the owners of the company. The feeling that modified car owners and not as "respectable" as the owners of the collector cars that we insure.

    I think this is bullshit. If you are buying a car between 0 and 10ish years olds, and are willing/able to drop another $10k or so in extras into it, you are not going to treat that car poorly. And you will provide it with the same sort of care that any collect car owner would give their vehicle, if not more.

    My hopes, if people answer truthfully, is that my couple questions about years licensed, tickets and accident, will show that a large portion of you out there are just as good risk wise as any other driver out there. My current responses to the survey have been showing this, and I hope that trend continues.

    As stated, the feelings about pricing not being super competitive may be true, the whole idea of creating this program in general may be a total pipe dream, I have no idea. But I feel that there is a lot of merit behind it, and I think there is a huge need for it. I just need the help for those of you out there, to give the credibility to my statements.

    Good or bad I appreciate the feedback and the activity my post has received. Keep the comments coming and thank you to everyone for the help.

    Cheers,

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    Default Re: Insurance for Modified Mazdas

    I Took the SurveyMonkey survey.

    Do you have any initial thoughts on How will modified cars be rated differently under this model?:

    Will there be modification conditions / exclusions? ei. Performance mods?

    Different coverages available for different modifications?

    Value rated with evaluation / appraisal and OPCF19?

    Modification surcharge?

    Vehicles ceded directly into Facility?

    How will modified vehicles be repaired in a claims situation? Like kind and quality or OEM parts?

    Most mods continue to go undisclosed to insurance companies because of skepticism / negative perceptions on all of the above topics.

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    Default Re: Insurance for Modified Mazdas

    I will do my best to answer the questions you posed. This is the very early stages of my planning, so a lot of this is in the brainstorming process.

    Do you have any initial thoughts on How will modified cars be rated differently under this model?:

    This will come down to how the survey is filled. In terms of the less expensive collector car market, rating takes into effect limited use and seasonal driving. Currently my responses are showing that the vast majority of respondents use theirs cars as their daily driver, which will have to be taken into effect. So we may have to use more of a regular rates model and than adjust for modifications. One of my plans is to approach a couple of my companies that provide discount group rates. Generally group rates are discounted rates as an added HR benefit to companies with over 100 employees. My plan would be have this as the basis. The cheapest possible rates the company generally provides to regular car and then we apply small surcharges based on the dollar value of modifications done to the vehicle. Again just a preliminary idea, I would love to be able to provide something more in the middle, but that will come down to my discussions with propect pro

    Will there be modification conditions / exclusions? ei. Performance mods?

    At this time I am hoping to not have much in terms of exclusions. My plan would have to most modifications accepted, much like how I see it on the collector cars side, and as I have seen car builds at the various shows I make it to over the year. This would include lowering, wheels, exhaust, aftermarket engine parts (Turbos, superchargers, etc), engine swaps, etc. Now mods like roll cages, wheelie bars, and hydraulics may be excluded, same as they are with most collect car programs. Cages and wheelie bars bring along the assumption of racing, and hydraulics get lumped in with low rider competitions etc. Things that are not always looked favorably on. However, otherwise I would be pushing for all to be accepted

    Different coverages available for different modifications?

    Coverage I feel would generally be the same, whether cosmetic or otherwise. As I mentioned we would probably base premium on value of modifications.

    Value rated with evaluation / appraisal and OPCF19?

    Just to start this off, I want to clarify on the whole OPCF 19, 19A. an OPCF 19 is used mostly on trailer and recrationaly vehicle, where premium is based on value. The 19 is a benefit to the insurance company. Coverage is based on the actual cash value of the unit, with a maximum potential payout of the 19. This is used to counter people underinsuring their item. For example sake, a person insures their trailer that is worth for $50,000, for $25,000 to save on premium. The 19 stops clients from being able to try and get that $50,000 when they didn't pay for it.

    Now the 19A, is essentially a Guarantee of Value. You will see this all the time on classic cars. Companies like Hagerty, have their own rating system, you send in pictures and the value you feel it is worth and if it fits in their rating system then they agree and that is the listed value and premium. Our main provider for collector cars requires an appraisal, which is to show the current market value of the vehicle, and we insure ut for that appraised value. The 19A lifts the actual cash value condition. If the vehicle is stolen or damaged beyond the value of the vehicle, then you do not have to haggle price, etc, you get that appraised value for the vehicle.

    Now this is something that I run into with Classic Car insurance and I am not trying to be mean here. Spending money on your vehicle does not always mean it is worth more. For example, you take a half decent 80s G-Body Grand Prix and stuff in $15,000 worth of SBC in it does not magically mean that the vehicle is worth $15,000 more. Separately the engine could probably sell at that, but as a package, it does not add a whole lot of value.

    I feel the same situation would be run into here. My initial thought for the program was appraisals, and base the program on appraised value. But I do not know if this would provide you with the best solution, as appraised value may not reflect your vehicle.


    Modification surcharge?

    Going along with my above statements, this may be the way to go about coverage. Get provided the discounted rates that can be made available to me. The base vehicle is settled on Actual Cash Value of the vehicle, and is rated based on the rate groups, as any other vehicle would. Then we add small surcharges for the dollar value of the modifications done, and try to get Replacement Cost on the modifications, based on provable receipt purchase. Or something along these lines. Now as stated in the whole OPCF 19 section, a OPCF 19 would be required in the model I would suspect. This would be to encourage people to not understate their values, to save on premium.

    Vehicles ceded directly into Facility?

    Current one of the only options for modified cars is through Facility. The purpose of me doing this is to have this not be the option. I do not want to write with Facility. There is no money in it for me, and there is no good benefit to you. The plan is to create this program with a regular market.

    How will modified vehicles be repaired in a claims situation? Like kind and quality or OEM parts?

    Again to be determined. Currently on most vehicles over 2 years old, you are going to find that most companies with use aftermarket parts for vehicle repairs. I have no idea how this will be thought about, but again in my head and my hopeful wishful thinking, is that we are creating a program for enthusiasts, and enthusiasts care about their cars more than most, and we should genuine stock replaced as such, and aftermarket parts will be replaced with similar parts. Also, as this is specialty work that may need to be done, clients should have the choice of their body and mechanic shops to d the work in a claims situation.

    Aviva has recently started a program for Harley Owners, which encompasses the above ideas, so having this is not an impossibility.



    Most mods continue to go undisclosed to insurance companies because of skepticism / negative perceptions on all of the above topics.

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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by KurtZehrINS View Post
    In terms of the comment about wanting to being treated equal, I find the statement counter to what I would have thought. If you wanted to be treated the same, then why customize the car. I always felt that customization is a way for your to personalize your vehicle. You don't want to be the same as every other Mazda3 out there. Your car is the extension of yourself and you have made yours special because you don't want to be lumped in with everyone else, who just buys the car off the dealership and drives it as their tool for getting around. That was always my inner want for customizing a vehicle, whether I managed to do that or not.

    So why would you want the same insurance as everyone else. You car is specialized, so why should insurance not be. It should be created on the basis that your car is special, and requires different coverage than the bone stock Mazda3 beside you that whomever drives just because it was an affordable way to get around.

    I'm glad my comment challenged what you would have thought. Some of the best conversations are had when people bring a different opinion to the table. When I comment on posts my intentions are always to spark meaningful conversation.


    I used the term "personally" because I was speaking for myself. In fact, I am currently treated equally because although I have put $$$ mods, none of them would give an insurance company a valid reason to not insure me or cover what has been done. I made investments that I'm willing to lose on although I know many others do not feel the same.

    Based on the vast many different reasons people mod their cars, I'm not sure really how to respond to the statement of "If you wanted to be treated the same, then why customize the car" other than to say that it will open a can of worms unrelated to the point of this thread.


    I honestly think it would be really cool to have a in-person focus group for this in addition to the survey. There is no doubt in my mind that you are pioneering this for the better of the community...you have my support; I have completed the survey also.

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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by natspriceless View Post
    I'm glad my comment challenged what you would have thought. Some of the best conversations are had when people bring a different opinion to the table. When I comment on posts my intentions are always to spark meaningful conversation.


    I used the term "personally" because I was speaking for myself. In fact, I am currently treated equally because although I have put $$$ mods, none of them would give an insurance company a valid reason to not insure me or cover what has been done. I made investments that I'm willing to lose on although I know many others do not feel the same.

    Based on the vast many different reasons people mod their cars, I'm not sure really how to respond to the statement of "If you wanted to be treated the same, then why customize the car" other than to say that it will open a can of worms unrelated to the point of this thread.


    I honestly think it would be really cool to have a in-person focus group for this in addition to the survey. There is no doubt in my mind that you are pioneering this for the better of the community...you have my support; I have completed the survey also.
    Thanks for the reply. I agree that my statement about "why Customize the Car" may come across a little intense, now that I read it again.

    Down the road maybe my endeavors will open up more companies to lift their restrictions and insurance will be wide spread for people to enjoy their cars no matter what they do or do not do to it. However, right now we are going to have to call them specialized vehicles and find a solution that is the same.

    What I would really love, as things are now, is for all companies to come up with a definition for modifications. Some are no performance, some are variations from manufactured specs, some are no modifications. Then there is cosmetic only. But on to of that you have after market bumpers and wide body kits, which I have run into troubles with in terms of modifications. There is such a grey area as to what is considered a modification and it hard for us brokers as well. There is lots of stuff that people and companies call mods that I don't really think are a big deal and generally don't worry about.

    I like the idea of the focus group. As I exhaust my connections and ideas for getting responses to my survey, I still may need more information, and I think having a few get togethers may be the way to do this. I am flying by the seat of my pants here, and appreciate the feed back, and the support!

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    Default Re: Insurance for Modified Mazdas

    Survery completed. Thank you for your contribution and efforts @KurtZehrINS. I really appreciate what you're trying to achieve for us car lovers

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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by Rezurexun View Post
    Survery completed. Thank you for your contribution and efforts @KurtZehrINS. I really appreciate what you're trying to achieve for us car lovers
    Appreciate you taking the time to fill out the survey. The more responses I get the better.

    Also if any of your are part of any other forums that are active and may be responsive to my task I would appreciate any suggestions.

    Thanks!

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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by KurtZehrINS View Post
    Hey Everyone,

    I am looking for your help. I work for Zehr Insurance and am working hard to try and create a program for modified cars, which do not fit under classic or collector car programs.

    I have been an car enthusiast all my life, and even though family life has change my car ownership style, I will always be an enthusiast at heart.

    I know that finding proper and affordable insurance for modified vehicles can be very difficult/impossible. I know many people lie to their brokers about the modification, or are forced to insure with Facility to get proper insurance. Both have big downsides. Lying can lead to denied claims and all sorts of other headaches that no one wants and to fully insure with Facility costs an arm and a leg along with your first born child. My goal here is to create the specialty program that will provide affordable rates and allow you to disclose all of your modifications.

    My brokerage specialized in Classic Car insurance, where it is not difficult to insure modified vehicles. Take on old Impala and put a Cummins diesel in it or something crazy, and I would have no problem. Same Impala but with a full custom paint job, again no issue. Even roll cages are doable. But you do an engine swap or any of the above in your Mazda3 and insurance is impossible to find. This is unfair. If you have put the time, money and care into you Mazda then you are going to take of it just as well as any "classic" car owner.

    I am hoping to compile a database that can help me approach my insurance providers to create this specialty program for enthusiasts like yourselves. If you are willing I have provided a link blow to a 10 question survey, which will help give me an overview of the potential market, and give me ammo to get this program started. The survey should only take 1 minute.

    I would be so appreciative if everyone could fill out the survey and pass it along to anyone who may be willing to help me out. Thank you very much for the time and consideration. If you have any questions or input in terms of desired coverage etc, I would appreciate all feed back.
    Not the best of Forum etiquette, but I am bumping my post.

    Things have slowed down, but I have been off to a good start. I have over 60 responses to my survey so far. My goal by the end of the year was to have 100 to 200 responses, so we are well on our way.

    I appreciate the help from everyone who has taken the time to comment and fill out the survey this far. If this catches any new eyes, I would love the help in generating the responses, so I can have an accurate representation of the modifying community and work towards my goal of creating an insurance program for modified car enthusiasts.

    Thanks

    Modified Car Questionnaire

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    Default Re: Insurance for Modified Mazdas

    Survey completed.

    I have a question. For example: i know float insurance can be purchased for jewelry ( and other valuables) for theft or loss. Is your intention to cover mods within collision/comprehensive automotive insurance
    or as a separate insurance?

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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by G ~ MINI View Post
    Survey completed.

    I have a question. For example: i know float insurance can be purchased for jewelry ( and other valuables) for theft or loss. Is your intention to cover mods within collision/comprehensive automotive insurance
    or as a separate insurance?
    Great question. I have been working on what is the best way to properly insure the vehicles that would fit under this program. As you said under a home or tenants policy you can schedule items, like jewelry, due to it have special limits on a standard policy. In the auto side this would all be incorporated in the collision and comp coverage as you stated.

    My idea has come to me over the last couple years as I see a lot of the show cars from groups like Nokturnal and Swift, and how heavily modified they are. There was no way, this could pass under a standard auto policy.

    So originally I was planning to do an appraisal style policy with discounted rates and restricted use. However, as I reach out on the forums, and what not, many people have modified cars, that probably do not fit to most regular insurers, but they are their daily driver and are not limited use show cars.

    As this has gone on, I have changed that stance. Two reasons, as stated above, many people use their car on a daily basis and it does not have limited use. The second is that I am unsure if requesting appraisals, is going to really show you the value of what you have in the car. We run into this regularly in the collector car market. Where people say their car is worth more because they spent money on it. Again not trying to stir up trouble but, if you have a 1991 Mustang, and you swap out and put $15000 worth of a new Coyote engine in with the fixings, does that make you Mustang worth $15000 more, very rarely would that help you out. The same could maybe be said about the Mazda3s and other cars that are modded in the newer generation. Custom paint, and engine mods, limit the cars appeal, and does not mean that the money you put in has a bearing on the potential sale price of the vehicle.

    I have moved towards a new model. My current plan is to rate the base vehicle, use and driver as you normally would. The base vehicle would be settled on its actual cash value, as it would if your vehicle was not modified, and then modifications would be covered on replacement cost, with provable receipts. The premium would be the base premium plus a small tiered surcharge based on the total value of the modifications.

    My plan would be to have you in full control on the claim in terms of the garage that takes car of your repairs.

    Hope that makes sense.

    Cheers,

  21. #17
    Newbie G ~ MINI's Avatar
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    Default Re: Insurance for Modified Mazdas

    ...I would assume that the mods would be covered at a cost to replace at present market value. Considering mods on a daily drive are susceptible to wear and tear i would assume you have a max payout %
    or tiered payout based on mods age.

    Also, when an insurance settles for damage as a result of a rear end for example ... so car body/lights and modified muffler are damaged ...insurance would pay cost of OEM muffler so extra coverage is really difference in cost between OEM and Mods. The way i see , insurance industry is really missing out on a huge revenue stream with added insurance coverage for just the difference in mods to OEM replacement
    for daily drive and pleasure cars.. Heavily modified show/ pleasure cars are another category.

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    Member shift8's Avatar
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    Default Re: Insurance for Modified Mazdas

    Frankly, I would just be interested in any insurance company that would insure my road legal (MOT laws applicable) modified car, even if it didn't have collision etc. I would of course want liability covered.

    I figured if I'm modifying to the point that regular insurance companies don't want to insure me, then I'm already lacking collision, repairs, etc. I mostly just want to be able to drive my track car to the track legally with liability.

    Does such a thing exist? Recently on some other forums there was a "street legal" race truck, fully caged, custom shell etc. I've always wondered who the hell insures such a thing

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    Member shift8's Avatar
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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by KurtZehrINS View Post
    Great question. I have been working on what is the best way to properly insure the vehicles that would fit under this program. As you said under a home or tenants policy you can schedule items, like jewelry, due to it have special limits on a standard policy. In the auto side this would all be incorporated in the collision and comp coverage as you stated.

    My idea has come to me over the last couple years as I see a lot of the show cars from groups like Nokturnal and Swift, and how heavily modified they are. There was no way, this could pass under a standard auto policy.

    So originally I was planning to do an appraisal style policy with discounted rates and restricted use. However, as I reach out on the forums, and what not, many people have modified cars, that probably do not fit to most regular insurers, but they are their daily driver and are not limited use show cars.

    As this has gone on, I have changed that stance. Two reasons, as stated above, many people use their car on a daily basis and it does not have limited use. The second is that I am unsure if requesting appraisals, is going to really show you the value of what you have in the car. We run into this regularly in the collector car market. Where people say their car is worth more because they spent money on it. Again not trying to stir up trouble but, if you have a 1991 Mustang, and you swap out and put $15000 worth of a new Coyote engine in with the fixings, does that make you Mustang worth $15000 more, very rarely would that help you out. The same could maybe be said about the Mazda3s and other cars that are modded in the newer generation. Custom paint, and engine mods, limit the cars appeal, and does not mean that the money you put in has a bearing on the potential sale price of the vehicle.

    I have moved towards a new model. My current plan is to rate the base vehicle, use and driver as you normally would. The base vehicle would be settled on its actual cash value, as it would if your vehicle was not modified, and then modifications would be covered on replacement cost, with provable receipts. The premium would be the base premium plus a small tiered surcharge based on the total value of the modifications.

    My plan would be to have you in full control on the claim in terms of the garage that takes car of your repairs.

    Hope that makes sense.

    Cheers,
    This makes a lot of sense to me. Basically the car is rated at a base book value like any other car. Then you can prove parts that are on the car and have them covered as well at a premium. This is similar to how expensive items in houses might work (expensive paintings, etc) where you claim them ahead of time and pay a premium to have them insured. Not covered on your base content insurance.

    As I said in the other post, I'm most interested in just being insured for liability and not having that pulled because I have a set of custom purple pulleys and now I'm a "modified" car and insurance is revoked. If there is the possibility of having the parts covered, then great, but at a base I want to claim the modifications, have liability insurance, and know that if someone runs into me that my insurance won't be pulled.

    I would totally be fine even with periodic renewals of having a safety done on the car. I can imagine some of these modified cars are not street legal or fall into the "safe" guidelines. That might need to be something that is included as well.

    For me, I want to have a modified vehicle that doesn't fall in to the "stock" category, but allows me to drive to the track for some lapping, then drive home. This saves me from having to rent or own a trailer, etc.

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    Default Re: Insurance for Modified Mazdas

    What gets me is that a car like a ferrari or lambo or porsche can get insurance while a modified non turbo mazda 3 would be denied insurance because of the performance modifications, while those cars i mentioned have more performance enhancements but are considered stock....

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    Sr Member Flagrum_3's Avatar
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    Default Re: Insurance for Modified Mazdas

    Quote Originally Posted by G ~ MINI View Post
    What gets me is that a car like a ferrari or lambo or porsche can get insurance while a modified non turbo mazda 3 would be denied insurance because of the performance modifications, while those cars i mentioned have more performance enhancements but are considered stock....
    Not to mention they cost Insurance a shit-load to fix or replace in an accident comparatively.

    Just in the past month I've seen two smacked up Lambos, ...They drive like idiots downtown. People with lots of money and no sense I guess.

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    Default Re: Insurance for Modified Mazdas

    Have a look at the huffingtonpost article by CEO of Kanetix insurance...
    He talks about insurance to street tuners and show cars.

    https://www.huffingtonpost.ca/andrew...b_9318894.html

    https://www.kanetix.ca/business-automobile-insurance



    Cheers
    Joe

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