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-   -   Insurance and modifications (http://www.ramforumz.com/showthread.php?t=143788)

2011SThemi 06-01-2013 12:42 AM

Insurance and modifications
 
Hey fellows,
Just curious about something for the guys with lifted trucks. After you did this did you report it to your insurance company as a modification to your truck? I've been doing a little research and can't find too much about it in Canada. I know there are a TON of lifted trucks running around on the roads in Western Canada, hell they even sell them brand new at the dealership. Just curious how much your rates went up if you reported it? I'm under the impression that your insurance could be cancelled if in an accident and your left to carry the entire bill? I know this is probably a question best left to ask the broker, however its the weekend and curious if anyone has experience on this?
I'm hesitant to wander into my broker and inquire about it for partial fear of getting my insurance cancelled due to a vehicle inspection (I plan on asking it as a what if I do this to my truck question).
If any of you have done it please let me know the name of the company so I can look at rates though them.
Thanks,
I'll post up some pictures of my new to me truck on here shortly and change around my profile

Hermes1 06-01-2013 12:23 PM

Why not call a different broker under the guise of inquiring about an insurance rate quote for your truck and pose your question. Here in the US, insurance will allow you to specify a $ amount for your mods and accessories, so they are covered in the event of an accident or theft. Accessories and mods are generally classified as those added after purchase.

2011SThemi 06-01-2013 01:07 PM

That was exactly what I had planned to do next week since no one is open on the weekends. However was just curious if any of the local guys had any experiences with this already.

CdnoilRAM 06-01-2013 09:13 PM

I have gone through this very thing, and the biggest thing to know is how far you plan to go with mods, and what mods you plan to do. If it's standard bolt-ons and a lift they won't say anything about it at all, in fact in Alberta it's the norm. If you treat it like a daily driver or a work vehicle, insure it appropriately, which means you don't need to do anything special.

Now, if you're in a wreck, they won't pay any additional cost over OEM parts or labor for those aftermarket parts unless you carry additional coverage, and it must be agreed-upon value and you must have receipts for everything. My '07 that was wrecked this winter had ~$30K into it, and I was paid out $18K for everything; I only carried additional coverage for theft on my audio equipment, but I also talked them into letting me have the truck for a week before they took it away to swap all my OEM parts back onto it.

I did have one guy from a local club run into an issue with insurance and that was because he was rear-ended by an uninsured driver and he had upgraded his brakes to a big rotor kit; the insurance company tried to claim the upgrade caused the accident... the insurance lost that one in a hurry, but they can try and pull stuff like that.

Now, performance mods are a completely different ballgame. An insurance company can drop you if they feel that your vehicle is now a high risk, it happened to a co-worker who was talking with his agent about his 10 second diesel dually while he was insuring his wife's new car, by the end of the conversation the agent handed him his cancelled truck policy and said goodbye. There are several independent insurance companies that insure collector, race, and highly modified vehicles, you pay more for it, but it's automatically full coverage as that's all they will give based on the type of vehicles they cover.


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