Insurance

Hi All,

Painful topic I know and probably a sore subject for most but I just wanted to get an opinion on the kind of guideline insurance price you would expect or have experienced on a modded MK5 Golf GTI 2.0 TFSI?

I know there are a lot of variables, such a location, age etc. But I had it at around 500 for stock and now closer to 800 with the following modifications on the policy:

Stage1
DV+
Pre cat delete
Revo Induction
Short Shifter Front to Back and Side to Side

You have to disclose modifications to your insurer? When I scoop up my '07 MKV this weekend, I didn't think anything like that had to be disclosed to the insurer.

Depending on OP's location it might be a requirement? I have had Geico and State Farm and I have never told either of them about mods, and I have been involved in a fender bender with both and they covered me without issue.

It really depends like you said with the variables but as of now for Geico...
31 Male New York, I say I drive less than 10k miles a year.
$500 deductible for Collision or Comprehensive, full glass coverage.
$100,000 per person/$300,000 per occurrence for Uninsured Motorist
$100,000 per person/$300,000 per occurrence for Bodily Injury Liability
$100,000 Property Damage Liability

I also have an umbrella policy with Geico which puts me at like $500K for property damage or some outrageously high number.

I have 5 years Good Driver Discount, Drivers Awareness Class so my bill is roughly $132 a month, which is high for a car valued at $5,200 by Geico but it is considered a "sports car" in the coverage.

So you would probably look at $140-$190 a month based on Location, Age, and of course options in the plan. I am also not including a discount of having my fiancee on the plan.

Thanks for that, so based on that monthly amount you have mentioned and once converted to pounds i dont feel so bad

Just more doing it because i dont want to give the insurance company any kind of get out off jail free card.

Plus I told my current insurer and we had to part ways because of the mods, so was just a bit shocked at the prices when searching for a new insurer as i am used to just owning bland cars and this is my first beast that i love more than any car i have ever owned but didnt realise some of the external to the car costs

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The most important thing to understand about modern car insurance prices is that the BIGGEST influence on your rate is YOU. Your credit score, previous insurance history, tickets and accidents, age, marriage status, other people in the household who might have access to the car and their credit score etc, it all has a larger effect on your rating than anything else when it comes to typical cars. That's all you need to know. I have folks who pay $150/mo for a household of brand new luxury cars with great coverage, and people who pay over $500/mo for ONE car for minimal coverage.

Allow me to preface modifications with the fact that if any of your modifications violate the law, and you get into an accident where you are partly liable, the insurance company may speculate that the modification caused the accident and deny the claim. 12% of all bodily injury lawsuits resulting from car accidents in 2018 were over $200,000, which would be your bill if you are denied a liability claim so I would go to extra lengths to stay legal.

Regarding your modifications, this affects your collision and comprehensive property rating group classification. If you have more stuff on your car that is more valuable than the factory parts, it would cost more to repair or replace those parts, so it will cost more to insure the car... substantially more per dollar of worth over the stock worth of the car. If you do not report the modifications on your car, it's not a big deal. you'll just have to foot the bill yourself for re-modifying the car. Generally speaking, just like doing your own work on your own car, it costs less to insure the car yourself by always having 50% to 100% of the value of the car and its modifications brand new in a bank account or in some way accumulating interest, rather than insuring it continuously over a long period of time.

Having too much debt and too much insurance will make you poorer in the long run, hurting your credit, and raising the cost of insurance and financial products, and it goes in a circle. You won't get in trouble NOT reporting the modifications as long as they wouldn't otherwise affect the safety of the vehicle or make the vehicle illegal to operate on the road.

source: I'm an insurance broker