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How do I insure a car for more than it is worth?
My car has a lot of modifications, and I don't agree with my insurance's suggestion for its market value. How do I insure a car for more than it is worth?
Melanie Reiff · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’ve spent a lot of money modifying your car, it can be frustrating when your provider’s suggested value doesn’t match up with what you’ve spent. You have a few options.
First, you need to make sure you’ve added the modifications to your policy so that they are part of the official insurance record. If the insurance company doesn’t know you altered your vehicle, they are basing the value on old information. However, some changes can devalue a car, so it completely depends on what the modifications are and if it changes the risk associated with the vehicle.
Depending on the age of the vehicle, it might be considered a classic or collectible car, which would require different coverage than the average ride. You might be able to use something like agreed-value car insurance, but that is for limited application and completely dependent on the insurance company.
Agreed value is an amount you and your insurance company consent to insure the car for when the policy is purchased. This typically has a higher maximum payout than market-value insurance, so agreed-value insurance is typically more expensive.
That said, it could be a worthy investment if you feel you need protection in case of an accident. This also won’t depreciate over time, so it could save you money in the long run. However, you’ll need to work with your insurance company one way or another.
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- Gregory R.
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