Car enthusiasts that have been modifying their vehicles for years know that more often than not aftermarket parts and modifications done to a car do not add the same value that they cost the owner. It?s not uncommon to see a project car leave an auto body repair shop with thousands worth of custom work done at the expense of the owner, not to be recouped ever again. Most often, these are to-be-fixed-up classic cars or cars that have been with the family for decades. And as a restoration or project car, it would be safe to assume that a large amount in aftermarket parts had been installed to give the car a unique look or improved performance. But beyond the cash spent at the auto body repair shop, the owners of these modified vehicles often forget that the value of adding that unique look or increased performance is normally not recoverable if something, God forbid, happens to the car.
Unless the modifications have been properly recognized and covered by the insurance company your investment in that modified car is at a huge risk. Imagine for example installing an aftermarket engine in a classic Chevy that cost $10,000. If that custom component is not in the insurance company?s list of installed parts you?ll only get the value of the car as it is listed on the policy (with a stock engine).? The $10,000 engine is like it was never installed.
With a proper appraisal of all the work that was done at the auto body repair shop plus a complete list of the aftermarket parts installed on your vehicle you will have some peace of mind that if the worst happens there will at least be a significant amount that you can recoup (assuming your insurance company agrees to cover the additions). But not all insurance companies will cover restoration or project cars. If you intend to add insurance coverage for your car, first make sure that the modification will be covered once the restoration or customization is completed before you actually start the upgrade. Only a few insurance companies insure aftermarket modifications and if your current insurer doesn?t cover the mods on your car then consider looking around for one that?s more accommodating. In fact there are some insurance companies that specialize in such cars. When you find such an insurer take pictures of your modified parts and write up an itemized list. For transparency, provide the insurance company with the invoices of all the parts as well as the job list from the auto body repair shop to prove the cost of the customized work.
With proper insurance coverage in hand you can rest easier at night knowing that your pride and joy is covered.
To find great customization and restoration shops in your area check out our site bklistings.com.? All you have to do is search under the customization and restoration header with your zip code and we?ll show you which great shops are open for business around you!
Source: http://www.bklistings.com/Bklisting_Blog/restored-or-modified-insurance/
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