I'm posting this here because it really only pertains to "modified" rigs.

So, You went out and bought a "new" Jeep, you paid, and probably financed 20-45K.
We all know that a ton of money can be spent in the after market on our rigs, I've recently seen some Jeeps that have more spent on modifications that the original stock Jeep cost.
I personally just ordered stuff to initiate "phase one" of my project, and the stuff ain't cheap.

I've been with my same insurance company for 20+ years. I have an excellent record with zero crashes, and only a couple minor claims in past 10 years, no claims in last 5 years. I'm getting just about every discount available. Multi car, Homeowners, EVOC training (emergency vehicle) etc. so my rates are as good as i can expect.
I recently contacted my agent to inquire about adding coverage to insure my modifications in the event of crash or total loss, ie, theft/fire and was told to just keep up with all of my receipts. That is not good enough for me, I wanted to re-value my Jeep to cover ALL of the costs of my upgrades including a reasonable amount for my own labor. Why should I only recover $2200 for my suspension when it would have been $3500 if I had it installed by a shop.

I get it, the chances of recovering 100% is slim but I'd like to get as close as possible should something happen, that's why we pay for insurance, right?

Blue Book says our rig is valued @ 35k but we have 15-25k in upgrades. (speaking in general terms)

So what are you doing to protect your investment? ( Investment used loosely)
I don't want to change insurance companies but will if i have too. I also don't want to go to one of the "specialty" companies as they have incredibly high rates.

 

Who are you insured with? Most companies will offer a modification rider you can purchase. Without the rider, you can't expect them to cover those additional costs.....and I understand that you DON'T expect them to...just saying. One thing to consider here is that if the jeep WAS in an accident, they are going to pay for factory parts to repair it. Now, although you're not gonna want those factory parts.....they typically cost more than the aftermarket parts anyhow. It's then just about finding a repair facility that will work with you to replace with the actual parts you'd like. For example.....you get in to a fender bender and jack up the front bumper. They're gonna pay for a factory front bumper.....which is likely going to cost more than your preferred aftermarket bumper.

It's just something to consider.

 

Only thing I can add here, is that our insurance company allows for addons to some degree. As in extra security options, Parking off street, Security cameras, external & internal locks etc. In doing this we will acquire a modest discount.

 

My insurance agent told me to keep my receipts and they'll insure parts, but not labor. Also, going off an online site like kelly blue book will really only allow you to get resale value for the factory components of your rig (i.e. no lift, or aftermarket bumpers, or upgraded axles). This is the main reason some people will attempt to bring their rig back to "stock" and trade-in like that, then sell the parts by themselves because they can actually make money of them. Very rarely will you make money on your aftermarket parts if selling or trading in to dealer or online site. About the only way to ensure you get near what you want or think it's worth is a private sale to someone.

Just my $.02 based on conversations with my state farm agent.

 

Makes sense iron53man we do that anyway.

 

I'm with State Farm.
I'm not really concerned with a "fender bender" either, my real concern is a "total loss" situation.. catastrophic crash, fire, or theft type loss.
I was hoping that someone would chime in with what they are currently doing to protect their rigs.
Like i said, "my guy" told me to save receipts. I'm aware that one company may do "X", and the other company may do "Y", I'm hoping to hear about some specifics.

Thanks Guys
:{)

Edit: a receipt for a $1500 dollar bumper that i got on sale for $850 does me little good when I cant replace it for $850, or $2500 receipt for suspension, when I did the $1200 install myself.

 

I know with Allstate I have to have a rider.....which I've chosen not to do.

 

It's been a while since I looked into this, but my insurance company basically has limits on accessories or mods, and in their mind such things don't add much (if any) to the market value -- which is the max if it's totaled. That logic is apparent when looking at the sale price of stock and modified Jeeps.

With specialty insurance, there is still the issue of insuring something for more than it's actually worth on the open market, as well as high premiums. So my bottom line is recommending just paying yourself the extra premium, and self insure for whatever the mods cost.

 

In case of a catastrophic crash and or fire, you evaluate the remains and decide if it is worth it to buy the carcass back. When I rolled my XJ, I bought the carcass back, ended up with a spare drivetrain, recovered 90% of suspension, crapload of nuts and bolts as well as other pieces that came in handy throughout the years on my replacement XJ (as well as helping out fellow wheelers).

 

FWIW, when I was with Liberty Mutual they covered everything under a customization rider that was quite affordable, something like $50 a year. I had to give them copies of EVERY reciept, which was quite extensive. I eventually changed to another carrier and saved 50%, which I had to accept. They only add the total cost and then depreciate as the rig ages. At this point they probably aren't worthy squat if the Jeep is totalled.