Insurance & Modifications, ON

[Matals]

Hey guys
Ive been on 1addicts quite a bit but never signed up until now.

So im just interested for those of you who have made modifications to your 1 series, both performance and exterior.

Do you tell your insurance companies or just basically hope you dont get involved in an accident and they wont pay out?

If you inform your insurance companies about your mods did they increase your premium or are they not bothered or only pay out stock car value - also who are you insured with?

Just concerned and interested about how you guys go about it.

- Performance mods im interested in installing are; VRSF 3" Dps, berk race axle-back. maybe a tune.

Thanks

[daflamme]

When I was looking for a renewal with other companies I was telling them and everyone told me they counld not insure me because of the mods (especially the suspension). I went through an insurance broker, and he took all this in hand. He even found a better price than what I had found without mods.

Tell them. I think they can even refuse to pay anything because of false statement

[Matals]

ok thanks for your advice

anyone else with some tips/suggestions and what you do about insurance?
would like to hear from you all the more the better!

[NorthernDancer]

Don't tell them about mods (unless asked) and don't expect to get extra money back because of them. Mods to suspension are really upgrades, not mods, sort of like putting much better tires on your car.

[Matals]

I dont expect to get extra money back, if anything i would expect insurance to go up because they see you as more of a "risk" by improving the performance of your car. Also if you dont tell them about your mods and they didnt ask then do you think you would still be covered by your insurance?
If they can find a reason not to pay out im sure they will try it, not intending on driving stupid and causing damage but i cant afford for an accident to happen and they refuse to pay out.

[dknl]

Originally Posted by Matals

I dont expect to get extra money back, if anything i would expect insurance to go up because they see you as more of a "risk" by improving the performance of your car. Also if you dont tell them about your mods and they didnt ask then do you think you would still be covered by your insurance?
If they can find a reason not to pay out im sure they will try it, not intending on driving stupid and causing damage but i cant afford for an accident to happen and they refuse to pay out.

Read your insurance renewal forms and contract

It states in clear text that all modifications to the car must be reported and it is your responsibility to do so. They have and will refuse claims based on what the claims adjuster finds. When i got into a no fault accident with a truck, the adjuster took pictures of my front mount intercooler. I asked what he was doing and he was saying its my job to report any changes to the vehicle. He put it on my file and i was faced with an increase in my premiums. I changed insurers after that.
If you get into an accident and its found to be caused by excessive speed, the adjuster who will come examine the damage will report anything he finds including modifications which will make your insurance null and void.

[barnsdale]

Would this include BMW PPK Stage 1 and BMW Performance Exhaust? I just found out my car had it after I bought and insured it. BMW Toronto had no clue the previous owner installed both of them. Good for me..bad for them lol

[Matals]

1. How much more are you guys paying on insurance because of mods compared to stock?
2. And what mods do you have?

[barnsdale]

Originally Posted by Matals

1. How much more are you guys paying on insurance because of mods compared to stock?
2. And what mods do you have?

Good question - I'm 27 male with clean driving and I'm paying 240 with TD without mods for my 2012 135i

[csow]

Originally Posted by barnsdale

Good question - I'm 27 male with clean driving and I'm paying 240 with TD without mods for my 2012 135i

Also 27, paying just shy of $170 for my 2009 128i. Also with TD as it happens. 70 bucks extra for a couple turbos seems excessive.

[barnsdale]

Originally Posted by csow

Also 27, paying just shy of $170 for my 2009 128i. Also with TD as it happens. 70 bucks extra for a couple turbos seems excessive.

I just traded up from a 09 128i and it was the same, no difference. However, I just got my G and only started driving a couple years ago so maybe that's why.

[MightyMouseTech]

Absolutely tell your insurance company about any mods. You don't want to find out too late what your company thinks about them.

[ShortShiftEnvy]

Deal with an insurance broker and let them deal with it. My car was stolen 3 years ago and I never declared any mods to my insurance company. I submitted all the receipts of the mods to my broker and he took care of everything. I was reimbursed for the car + mods.

[Bonafide]

Originally Posted by barnsdale

I just traded up from a 09 128i and it was the same, no difference. However, I just got my G and only started driving a couple years ago so maybe that's why.

I'm also 27, drive a 2012 135i M sport with DINAN and pay $220/month with Intact Insurance (I have a 2002 VW GTI 1.8T as a second car and combined I pay $281/month)(I have a blemish on my record from 2007)

I did look into TD since i can still qualify for a university graduate rate (just finished my Masters at Brock) but the savings would be like $5 a month so I'm not sure if the hassle and paperwork are worth it.

[Rogo]

23 paying 140ish with Allstate (in NB though so much cheaper than ON).

Does anyone have experience with them. Within the last month I added a JB4, Maddad Street Axleback, BMS intake, changed to LED halos, ER Charge pipe should be here in a couple days. FMIC is probably next...I havnt told them and am doing a claim that is unrelated to the mods.

Out west in a wind storm a snowmobile trailer blew into my bumper causing two small dents and scuffs.

Should I be concerned?

[thehalcyon]

wow you guys are paying a lot for insurance, do you all have like 0$ deductible?

Got a bit of a discount for renters insurance and GF has her vehicle under same plan, paying 92$/m at the moment with Belair. 240 a month reminds me of vancouver prices for insurance. They better replace your car with a Rolls if its wrecked for that kind of money.

[binnkim]

Originally Posted by thehalcyon

wow you guys are paying a lot for insurance, do you all have like 0$ deductible?

Got a bit of a discount for renters insurance and GF has her vehicle under same plan, paying 92$/m at the moment with Belair. 240 a month reminds me of vancouver prices for insurance. They better replace your car with a Rolls if its wrecked for that kind of money.

That's probably because you are located not in GTA.

My experience:
$140 per month in Waterloo to $240 per month in Toronto (Yonge and Finch).

27 y.o statefarm, G licence.

I think it's all about location. Even within the same city, it changes depending on the neighbourhood.