Chipping, performance mods and insurance disclosure..

The insurance company can't do anything about the addition of a chip to increase the performance....unless you changed insurance carriers and deliberately lied to a question of modifications...if that question is even asked...then they can get you for misrepresentation. If the vehicle was stock at the time of purchase of insurance, there is no warranty in the policy that says the car must remain stock. High performance vehicles tend to be a higher risk, because they tend to be driven more aggressively and in some cases driven beyond their capabilities. But other factors come into play as well. The insurance company will not pay for any additions or modifications to the car if its damaged or stolen, unless coverage for additional equipment is purchased and the additional premium paid....in most cases the car owner is self insuring those items whether he knows it or not.

all that can be said of all this is-

it depends on the circumstances. you can offer scenarios as the day is long. each situation will warrant a different response.

btw, do not "assume an insurance company to seek reasons to avoid paying out in the event of a claim". it aint like that. those companies get squashed real quick by lawsuits. but, dont expect the carrier to just take your word and start writing checks. its my money too that they are spending after all.

this is good. i love absolutes.

"Larry" wrote in

your premium is arrived at by a host of factors. horsepower is but one of the factors taken into consideration, along with past loss record, your driving record, etc. if you have substantially modified your hp, then you may not have paid the appropriate premium. if the ins company believes that they were not paid proper coverage, then yes, you will have to answer for that. mind you, this does not have to mean that your claim will be denied. but to imagine that because the cars look the same they represent the same risk is moronic. OF COURSE the insurance company wants to be aware of performance mods. what do you think? the actuarians just let that 50 hp increase slide by? you fool!

not exactly. it must be material. for examample, i tell my carrier that i am a 45 year old male, but i am actually 42. but the premium for the 45 year old and the 42 year old are the same, then it is not a material fact. if i say im 45, but im really only 18, now you can see this will be an issue. after all, i paid $1000 for their product. they sold me a policy thinking i was risk factor X, but had they known i was risk factor 10X, then you might expect them to want $1000 x 10 for the same policy. of course, insurance premiums are not solely based on risk calculation. there are marketing issues (they may modify premiums to attract a certain group of drivers, say, retirees) and then there is the state legislature, which sometimes says that they dont care about the risk factor being 10 times that of a 42 year old driver. 18 year olds cant afford $10,000 for insurance... yes, everyone else subsidizes those other drivers. usually anyway.

you have read the posters policy? is this a fact then? of course the owner may modify all he or she wishes. the insurance company is not a regualting authority. but they certainly can adjust your premium based on modifications. or simply not cover what once was.

which is why you must read your policy. the carrier works very hard to be sure there are no gray areas. and after writying policy for many years, you can be sure that whatever claim you are making, they have seen it many times before. it isnt a gamble. it is a calculated risk.

Joe says quote "btw, do not "assume an insurance company to seek reasons to avoid paying out in the event of a claim". it aint like that. those companies get squashed real quick by lawsuits." Joe; you couldn't be *further* from the TRUTH!!! An insurance company will go to *extreme* lengths to deny your *legitimate* claim. See my website Screwed By insurance!

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