Supplemental coverage for Jeep upgrades and modifications?

[RubiDukkie]

I found out my credit union is an independent insurance agent for Progressive, so I submitted a request for quote online. I now have to wait for them to get back to me. Since the standard quote does not include a supplemental stated-value policy coverage, I will ask them to add it for all my modifications and upgrades, which is everything non-OEM, that is permanently attached to my Jeep.

I hope to contact Tredder.com tomorrow for an Agreed-Value policy quote to compare with the Progressive stated-value policy. Agreed-value is easier since there is no negotiating the value after the fact. If the cost is not outrageous, then that is a better way to go.

All my gear and accessories are covered by my USAA homeowners insurance policy. Under the section for Personal Property Protection, they cover "Tangible personal property owned or used by any "insured" while it is anywhere in the world." I also called USAA to confirm I'm covered. My homeowners policy deductible is $1,000. At this point, I'm assuming Progressive's homeowner policy would be similar.

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[JEEP4U]

I know of two.....Farmers and AmFam have supplemental policies. Farmers up to 30K & AmFam up to 50K

 

[RubiDukkie]

BTW, the previous quick estimate I got from the Tredder website is too low compared to the actual agreed-value quote I just received. This is based on rounding up the coverage to $30,500 from $30,000, adding my VIN, address, D.O.B. and selecting Daily Driver (no commuting) as the option.

Paid in Full
$532.21
6 month term
or
Paid monthly
$89.88
First payment of $112.81
This quote is based on limited information and may change after purchase as you add more details about yourself, vehicle(s), or coverage needs.

You can adjust your coverage below.
Policies are underwritten by Houston Casualty Company, a Tokio Marine Company

Mods & Upgrades
$30,500
Additional Custom Parts & Equipment
Provides coverage over and above your primary auto insurance policy. This coverage includes but is not limited to equipment, devices, accessories, enhancements, and changes other than those that are provided by the original manufacturer specifically for that model and trim, installed by the OEM, that are permanently installed and attached.
$1,000 Deductible

Tredder Total Adventure Coverage Extras

Off-Road Recovery
Off-road recovery for both motor vehicle and trailers/campers. $5000 limit per recovery.
Emergency Expenses
Provides lodging and travel expenses to get you home in the event of travel trailer coverage loss. Also includes the cost to return your trailer to your home.
$1,000 Coverage
Towing and Roadside Assistance
Coverage in the event the Trailer or the Vehicle towing it breaks down. Labor performed at the place of disablement, including a professional locksmith.
$500 Coverage

 

[RubiDukkie]

Regarding the stated-value policy through Progressive. They offer what is commonly known as custom parts and equipment (CPE) coverage. It is listed under Add-On Equipment in their online quote. You must have Comprehensive, or Other Than Collision as it is known in Virginia, which provides standard equipment coverage of $1,000, but you can optionally increase it to $5,000. To add more than $5,000 in coverage you must call the phone number listed to talk to a licensed representative. The Progressive site said, protection coverage for excess electronic equipment or customizing equipment requires that is permanently installed. Their website said this extra coverage is only applicable to pickups, panel trucks and vans. I have a Gladiator, so it qualifies as a pickup.

The rep. I spoke to said to add the value of the add-on equipment to the base value of my vehicle, i.e. Blue Book value to come up with a total stated-value. For example, if the Blue Book on the Jeep is $40,000 and your add-on is $30,000 for custom equipment, then the stated-value is $70,000. This increases the auto insurance premium by about $100 for a 6-month period. Seemed pretty cheap. I was told items covered include up to a 4” suspension lift, installed mobile radios (GMRS, CB, HAM), and aftermarket wheels. Tires are not covered since they wear. Skid plates were not listed as a covered item, so those would not be included either. The actual amount reimbursed to cover add-on equipment is based on the depreciated value determined by the adjuster after submitting a claim. Also, keep all receipts for custom equipment.

I later read somewhere on their website for stated-value that "coverage limits, deductibles, and certain exclusions may apply. Please read your Progressive Direct policy for details." Problem is they don't provide a copy the actual new policy until after you've signed up. I also read that the stated amount coverage will pay out the “actual cash value of your vehicle (minus your deductible) or the amount you say it's worth, whichever is less, in the event of a total loss.” Whatever does that mean? To me, this sounded like in the event the Jeep is totaled or stolen, I will only get back the appraised Jeep value not including the add-on equipment.

So, I called Progressive back to get clarification. The rep I spoke to this time, was a specialist with more years of experience, training and certification. She read to me what she had, which stated, “in the event of a claim for theft or damage, we will pay the lesser of the actual cash value of the vehicle (minus the deductible) or the stated value, which should include the value of the entire vehicle, plus its add-on equipment.” OK, that basically sounds the same as what I had already read. I asked what is the purpose of a stated-value policy if all I'm going to get back is the same as the comprehensive coverage. She agreed it doesn't make sense to her either. She also told me that custom wheels are not included in the list of covered items, but that the list is not exhaustive and that there is no exhaustive list. It sounded like coverage would then be left up to the adjuster at the time of claim.

I reached out to a local independent insurance agent who offers Progressive, Nationwide, etc. They will work on my quote after the first of the new year. I am not sure that even the independent agent can offer coverage for the custom parts and equipment (CPE) coverage that I need. If they can’t offer anything, then I will go for a tredder.com agreed-value policy. It isn’t cheap, but coverage is at least straight forward.

 

[RubiDukkie]

I found out my credit union is an independent insurance agent for Progressive, so I submitted a request for quote online. I now have to wait for them to get back to me. Since the standard quote does not include a supplemental stated-value policy coverage, I will ask them to add it for all my modifications and upgrades, which is everything non-OEM, that is permanently attached to my Jeep.

BTW, after filling out the credit union's online form, nobody ever got back to me. I then made a telephone appointment and the the assigned rep never called even though I received a confirmation for the appointment.

 

[JMP]

Following your saga. I just found out about Tredder and my interest is piqued. It seems too… markety.

 

[JMP]

I found out my credit union is an independent insurance agent for Progressive, so I submitted a request for quote online. I now have to wait for them to get back to me. Since the standard quote does not include a supplemental stated-value policy coverage, I will ask them to add it for all my modifications and upgrades, which is everything non-OEM, that is permanently attached to my Jeep.

I hope to contact Tredder.com tomorrow for an Agreed-Value policy quote to compare with the Progressive stated-value policy. Agreed-value is easier since there is no negotiating the value after the fact. If the cost is not outrageous, then that is a better way to go.

All my gear and accessories are covered by my USAA homeowners insurance policy. Under the section for Personal Property Protection, they cover "Tangible personal property owned or used by any "insured" while it is anywhere in the world." I also called USAA to confirm I'm covered. My homeowners policy deductible is $1,000. At this point, I'm assuming Progressive's homeowner policy would be similar.

What kinds of things are covered under your USAA homeowners? Did you get a high-value item policy naming each item, or are they just covered under the general umbrella? Can you cover things like axles under the homeowner’s?

 

[RubiDukkie]

What kinds of things are covered under your USAA homeowners? Did you get a high-value item policy naming each item, or are they just covered under the general umbrella? Can you cover things like axles under the homeowner’s?

Umbrella is just for increasing auto and home liability. Upgraded axles are not covered. That is where the agreed value supplemental policy comes in, like with tredder.com insurance.

 

[JMP]

Sorry, I didn't mean an umbrella policy. I meant under the homeowners. Used the wrong word. You said you had USAA homeowners covering items. What kinds of items?

 

[azjl#3]

In my life, anything I strap on a vehicle, is in my opinion a loss when installed. My example is, how much does a custom bumper get you in trade in value? Nothing.

 

[RubiDukkie]

Homeowners policy does cover some gear in your vehicle, but not installed on your vehicle. How much it covers depends on your policy limits. Things like handheld radios, camping gear, tools, etc. so long as you have receipts, but the adjuster may depreciate the items at time of loss.

 

[JMP]

Homeowners policy does cover some gear in your vehicle, but not installed on your vehicle. How much it covers depends on your policy limits. Things like handheld radios, camping gear, tools, etc. so long as you have receipts, but the adjuster may depreciate the items at time of loss.

Cool. That makes sense. Thanks man.

Amazing the difference a bolt makes.

 

[Ol’ Timey Manual SWB Guy]

In my life, anything I strap on a vehicle, is in my opinion a loss when installed. My example is, how much does a custom bumper get you in trade in value? Nothing.

“Nothing” is being charitable, I fear. A lot of my own mods will be seen as dollar-negative by the next owner. I sure as hell enjoy ‘em, notwithstanding.

To wit: we all might be able to return certain mods to OE stock in order to trade in or in order to have a settlement discussion with an insurer, no?

I’m not sure a winch, CB, bottle-jack, or whatever needs to stay with the husk of a vehicle. That’s probably a lawyer question.

I dunno. I’ll ford that stream when I get to it, I guess?

 

[RubiDukkie]

When one of my sons totaled his pickup, he was allowed to go to the lot where his truck was towed to and retrieve personal items like what you are talking about.

I read a suggestion on another thread where they said have the totaled vehicle towed to your house and not to a lot, so you can swap out upgrades to the original OEM parts if you still have them.

The only issue with both the above is if you Jeep is stolen, then there is nothing to retrieve or swap out.

 

[RubiDukkie]

Cool. That makes sense. Thanks man.

Amazing the difference a bolt makes.

BTW, if your insurance covers Custom Parts & Equipment (CPE), then some part of your mods may be covered for anywhere between $1,000 to $5,000. Again, save your receipts and expect depreciation included by the adjuster. Of course if your like me and have well above $5,000 of mods, then something like tredder.com may be the best option. That is the option I am considering. Just waiting to hear back from a local agent if they can find other options to consider as well.

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