My Account
Completing a classic car restoration or modification project is incredibly rewarding, but failing to update your insurance policy can lead to costly coverage gaps. At Christian Insurance Agency in Magnolia, TX, we’ve seen collectors discover too late that their policy doesn’t reflect their vehicle’s current value or modifications, leaving them financially vulnerable after an incident.
Value Changes Require Documentation
Restorations and modifications can significantly increase your classic car’s value. While your original agreed-value coverage may have been appropriate for an unrestored barn find, it likely won’t cover the replacement cost of a concours-quality restoration. To adjust your coverage appropriately, insurance companies require updated appraisals, documentation of work performed, and receipts for parts and labor. Without these updates, you risk being underinsured despite paying premiums on a much more valuable vehicle.
Modifications Affect Coverage Terms
Performance modifications, engine swaps, or custom bodywork can alter how insurers assess your vehicle’s risk profile. Some modifications may require additional coverage endorsements, while others could impact your policy’s usage restrictions or storage requirements. Failing to disclose modifications can void your coverage entirely, leaving you financially exposed if something goes wrong.
Safety and Legal Considerations
Certain modifications can affect safety features or change your car’s classification for registration purposes. Insurance companies need to be informed about roll cages, racing equipment, or suspension modifications that could influence accident outcomes or legal requirements for street use.
Keep Your Coverage Current
Don’t let outdated coverage jeopardize your restoration investment. Regular policy reviews ensure your classic car insurance keeps pace with your vehicle’s evolution. Contact Christian Insurance Agency in Magnolia, TX, to update your coverage and protect the full value of your restored or modified classic car.