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Discussion Starter #1
Question for those of you who have more in their roadsters than their worth.

Do you carry additional insurance to cover your modifications? If your car was a total loss, the insurance would likely pay only fair market value on your "used car" with little to no value added for modifications.

I am currently looking to insure my extensive mods. I'm just curious to see what others have done.
 

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bad mother f......
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I dont have anything extra on mine, but I probably should. Something I'll look into.

If I get totaled, 3.5-4k that the ins co will give me just aint gonna cut it
 

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Discussion Starter #4
I dont know what you mean as far as "heavily" modified, but no I just carry full coverage.
All my after-market goodies add up. I carry full coverage too but the insurance wouldn't cover all the additional parts added to my car so as I could actually replace the car if it were totaled, stolen, burned to a crisp.
 

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It is difficult to find an agreed value policy for a Miata that doesn't have extensive limitations. I just carry liability and comprehensive through a major national carrier. If my car gets stolen I'll probably get <$2000 for it. I've spent $8,000 on maintenance and upgrade parts / accesories over the past few years but many would argue that any car is going to need new tires, etc. and that operating costs don't factor into valuating the loss. I'm basically self-insuring the difference because I don't want to deal with the added hassle of getting an agreed value policy. Now, if I had a car that just underwent a $50,000 restoration I'd feel differently. Keith Martin's Sports Car Market had a great "Legal Files" article several months ago that dealt with agreed value policies, when it makes sense, appraisals, etc.
 

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I have my show car insured for 60K if anything happens...at all. I went to a independent agent that specializes in high-end hotrod type vehicles. I set the value, and the mileage used per year. Payments are not much more than everyone else. I do have to watch the mileage though. 5,000 miles can roll up quickly.
 

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I just am very cautious when I drive the Turbo Monster around town. Id probably not get too little because of the mileage. Besides, Im a good enough and aware enough driver to avoid and situations to hasten me getting into an accident.
 

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bad mother f......
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Besides, Im a good enough and aware enough driver to avoid and situations to hasten me getting into an accident.
I thought the same thing about myself too, untill one day I was looking over my shoulder to change lanes and slammed into the back of a tacoma that was at a dead stop in front of me. I was doing about 45mph. Totaled my almost new truck, and I still cant believe I was not hurt.

Thats when I realized anyone can make a mistake, and an accident can happen at any time.
 

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Discussion Starter #10
Just keep yer stock parts. When mine got wrecked i was able to revert it to stock in a matter of days.
Oh, I do. Problem is, that wouldn't help you if you had it stolen and stripped or it burned to the ground.

**** happens. No matter how safe and cautious you are, things can still happen. You could park your car one day and come back to see this...



or this...



or this...



or it could be found like this...



or this...

 

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LOL that 1st pick of the smashed Miata with the tail lights hanging out reminds me of roadkill with it's eyes bulging out.... kinda ironic. :lol:
 

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Not only should you be saving your stock parts, but every single reciept from aftermarket purchases. Even the slightest modified Miata could add up to thousands in the car. I get customers asking for a reciept years after they made purchases. They're fighting with insurance agents over aftermarket additions. Save your reciepts!!!
 

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I am in the process of trying to shuffle around the paperwork to get my car insured through Hagerty. I'll let everyone know how it goes. Their initial concerns were the racing parts (non-issue IMO) and the fact that I'm not insured on anothe car (easily remedied).
 
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