Insurance Coverage for Modified Toyotas

Curious how many of you are insuring your modified 4Runners. I just made a major purchase of wheels and tires and tallied my total cost of all modifications on my 2020 Off Road to approx. $8500. This includes suspension, wheels, tires and sliders. Are you all including the costs of your modifications to your insurance policies?

 

I know that you can, but that would make your rates go up. I'm not and haven't. I weighed the pros vs cons and paying extra in insurance after I paid extra for the mod's didn't make sense to me.

 

That’s what I figured too. Whether it was worth the bump in monthly premiums or maybe just setting aside a rainy day fund for those mods. in a savings acct.

 

That's what I do. The money I save from not insuring my mods (and from raising my deductible) I put in a savings account. Been doing that for 4yrs. So far that account has about $5k in it. That'll cover the high deductible and replace the mods (after the depreciation).

If you're interested, Capital One Bank has a high interest savings account. I have a few setup for various funds. I make a decent amount per month on each account. I can't say no to free money.

 

Most policies cover actual cash value for a total loss, while most modifications don't equate to a higher actual cash value; meaning, would the normal buyer pay more, and how much more, for your mods. If a 2018 4Runner was on the lot next to an identical 4Runner with a 2" Eibach lift, how much more would a normal buyer pay for the one with mods. Probably nine times out of ten, the buyer would pick the unmodified 4Runner, and that tenth buyer would pay pennies on the dollar for the Eibach lift.

Most people that want mods want the mods they would choose. Eibach means nothing to me, so I would pick the unmodified, and less expensive 4Runner. So, insurance owes the actual cash value, what a typical buyer would pay, not what you or I paid for our chosen mods.

In the case of repairs, insurance owes to put it to pre-loss condition, so they will pay 100% of the repair cost (100% of the aftermarket part cost), to a max allowed by the policy. That max is usually $1000. So, get in an accident and the aftermarket bumper is damaged, they'll usually pay for the replacement up to $1000.

If you want to insure modifications in excess of that max, you have to purchase an endorsement or "stated value" policy. Not all insurers offer that. Sometimes they are cost-prohibitive, and they often have their own exclusions so you'll want to make sure you know what you're buying, and that it provides the coverage you want and need.

 

Since tires were specifically mentioned in the OP, it's worth noting that getting an insurance company to pay for tire damage ranges from challenging to impossible.

 

Tires are handled.like everything else, depreciated.

 

Be careful what you say to insurance with mods, they could drop you if with some mods. IMO mods are a loss to begin with unless its an alarm or something to do with safety that lowers insurance.

 

Depends on company.

I asked USAA when I lifted the Kia (cowabunga!) and pretty much they said that mods were covered - you’d just have to have documentation/evidence of what’s on it so as to adjust value in the event of a claim. I imagine you’d have to do something quite stupid or very high value to risk running into trouble but it’s something you could talk about beforehand.

 

This thread is very useful!

 

That's the funniest shit I've heard all week.

 

Thanks for all the input. Already sounding like insuring is more trouble than it’s worth. I’ll just cover the truck only and contribute to a 4Runner emergency savings acct. each paycheck. And be glad I just have a modest build.

 

You’d think! 1.2” spacers made a surprisingly big difference in getting where I wanted to go and everything included the exhaust is tucked up underneath too.

Cost-cutting leading to engine and theft/vandalism worries was mainly why I ditched it.

Decided I’d might as well bite the bullet and get low range, bona fide 4WD and better angles which is why I’m here.

Not the worst decision for someone who only want a smidge more from their crossover but for me, it was the wrong one and I just didn’t know it yet.

(I’m glossing over Kia’s that would be more suited to a lift like their old BOF models in this post)