[Mid_West]

Im relatively new here (as you can tell by my limited posts) but Im really liking what Im seeing in this community. I come from another forced injection community since I also drive a Supercharged Toyota 4Runner and I have to say that this forum is equally, if not, more active and its nice to see!

The underlying tone that Im seeing her is how to get more performance out of our cars and yet keep them reliable and avoid the dreaded "warranty voided" conversation with the dealership. And, lets face it, from what Im seeing they (BMW NA) is pretty quick to void the work for ANY little thing. They are just like any other business that is trying to make 'sensible business decisions'.

It would appear that Im very similar to everyone else on this board in that I would like to put some tasteful mods on my car to make it different than other 335i's on the road. Unlike most of you I actually purchased a car that already had all the go-fast goodies on it. Granted, I had no idea so its been kinda a bitter sweet experience for me. However, Im still in the same boat as most of you in that I really dont want to void the warranty if a major disaster occurs. When I say 'major disaster' Im referring to anything from the $5k - $6k turbo replacement up to a new engine (I think I saw this posted at around $15k).

The question I have for the modding community here is this...

If you could purchase an additional "Tuner Insurance Policy" that would cover you in the event of a voided warranty claim, would you consider it?

If someone were to come to me and say that I could pay an extra $50/mo. for piece of mind (which is less than half my cell phone bill), I would jump on this!

Would you consider this? (Obviously there would be some rules involved such as you would be required to do everything you possibly can to get the dealership to cover the repairs and when all else failed, you could submit the claim)

Bear in mind that I am no insurance salesman but given that I have insurance for everything in my life (including my dog...and that has REALLY paid off!) I definitely see the value in this.

Whats your opinion?

[imaznumkay]

omg, for sure

[Banker335i]

yes i would

[Mr. 5]

I wouldn't.
If you guys want to pay though, I'll start up my own insurance group.
I'll take your money.

[Mid_West]

Originally Posted by Mr. 5

I wouldn't.
If you guys want to pay though, I'll start up my own insurance group.
I'll take your money.

Thats awfully generous of you to accept our money but Im afraid that I would question your intentions if you didn't believe in your own company/insurance group

[dreamk]

Originally Posted by Mr. 5

I wouldn't.
If you guys want to pay though, I'll start up my own insurance group.
I'll take your money.

+1
then ill pull a quick BavDom






J/K

[Mid_West]

Wow, 133 views and only 13 people voted...looks like the presidential elections!

Im actually serious about possibly putting together some sort of supplemental insurance so please vote. I figure if a health insurance company can group people according to actuary tables then this type of insurance could be underwritten as well. But, of course, it would need the support of the members.

So, please vote so I can truly see if this is something that should be pursued. As I said in my original post, Im not an insurance salesman but I have the means to make something like this happen if the demand is there.

[tomtom]

this is a ridiculous thread.

[Mid_West]

Originally Posted by tomtom

this is a ridiculous thread.

Im assuming that you would be a "No"

Seriously, this is not ridiculous! Go count the threads where people talk about how they are concerned about their warranty being voided...that tells me that there is a definite need for 'peace of mind' insurance.


...and, just about ANYTHING is insurable.

Examples:

Harvey Lowe, winner of the first World Yo-Yo Contest in 1934, had his hands insured by the Cheerie Yo-Yo Company for $150,000.

Bruce Springsteen has insurance on his voice in the range of $6 million.

The St Louis Cardinals had a $12 million disability policy on Mark McGwire.

So, you can say this is ridiculous but the fact stands that there are people here who could benefit from added insurance. I, for one, would gladly pay $50 - $100/mo. knowing that if my warranty claim would be denied that I would have coverage. I would certainly sleep better at night, especially in this wonderful economy where the last thing I need to be hit with is a $15,000 bill to fix a blown engine! And, side note, I have a very good friend who pushed his Mustang GT too far and blew the engine...it was north of $10k and its just a Mustang!!

[foxman]

Originally Posted by Mid_West

ANYTHING is insurable.

fixed

[Fraggy]

For the right price, Id do it. Engine/transmission problems are the main reason Ive shied away from getting a chip.

[yzfman]

Why not, I'm in.

[M4TW]

The only way for something like this to work is through the tuners themselves with a warranty program like Dinan's. There is no way an insurance company would undertake the risk (with an affordable premium) of non-warranted repair for a ''tune" which could mean anything from a PROcede to a nitros bottle. I also don't see that there would be much of an appetite for a group insurance program where maniacs running 20 psi boost would pay the same premium as someone running, say, 12.

[Icedog_16]

Originally Posted by Sparkplug

The only way for something like this to work is through the tuners themselves with a warranty program like Dinan's. There is no way an insurance company would undertake the risk (with an affordable premium) of non-warranted repair for a ''tune" which could mean anything from a PROcede to a nitros bottle. I also don't see that there would be much of an appetite for a group insurance program where maniacs running 20 psi boost would pay the same premium as someone running, say, 12.

This is kind along the lines of what I'm thinking as well. It would be nearly impossible to properly underwrite and to keep affordable premiums.

For the OP, it's a good idea, but that's a tough sell; that's coming from someone in the insurance industry. BTW, the illustrations of risks that you mention have been insured are those of isolated, high-profile, relatively low frequency losses that are easily quantifiable and would likely be insured by Lloyd's. Whereas, insuring modded cars would give you many unknowns and a much greater loss frequency as well as much higher underwriting costs.

[Dr_Dirt]

Originally Posted by Mid_West

Im assuming that you would be a "No"

Seriously, this is not ridiculous! Go count the threads where people talk about how they are concerned about their warranty being voided...that tells me that there is a definite need for 'peace of mind' insurance.


...and, just about ANYTHING is insurable.

Examples:

Harvey Lowe, winner of the first World Yo-Yo Contest in 1934, had his hands insured by the Cheerie Yo-Yo Company for $150,000.

Bruce Springsteen has insurance on his voice in the range of $6 million.

The St Louis Cardinals had a $12 million disability policy on Mark McGwire.

So, you can say this is ridiculous but the fact stands that there are people here who could benefit from added insurance. I, for one, would gladly pay $50 - $100/mo. knowing that if my warranty claim would be denied that I would have coverage. I would certainly sleep better at night, especially in this wonderful economy where the last thing I need to be hit with is a $15,000 bill to fix a blown engine! And, side note, I have a very good friend who pushed his Mustang GT too far and blew the engine...it was north of $10k and its just a Mustang!!

+1
I say go for it, insurance is insurance!

[Dr_Dirt]

Originally Posted by Sparkplug

The only way for something like this to work is through the tuners themselves with a warranty program like Dinan's. There is no way an insurance company would undertake the risk (with an affordable premium) of non-warranted repair for a ''tune" which could mean anything from a PROcede to a nitros bottle. I also don't see that there would be much of an appetite for a group insurance program where maniacs running 20 psi boost would pay the same premium as someone running, say, 12.

This is more likely to work, if tuners were to sell an insurable upgrade path in the same manner as Dinan but you have to take the software tuning out of the hands of the customer.
Then you would be stuck with whatever tuner you go with, ie Vishnu tune means you would be stuck with vishnu exhaust, Vishnu intake , DP,OC, IC etc etc.

[sambonator]

This idea would never work without a lot of limitations.
Everyone would/could just buy this insurance and run their Procede's at 100% on 87 octane until the engine blows. The insurer would never make any money.

[StarrDlux]

^^ the insurer would make money then go bankrupt; then all insured would lose. i'd be weary of a ponzi scheme unless it was insured through a reputable company

[I335]

I think this is an excellent idea! With the right parameters, this could definitely work - especially if you expanded it to any car! I say go for it...

[sambonator]

Originally Posted by StarrDlux

^^ the insurer would make money then go bankrupt; then all insured would lose. i'd be weary of a ponzi scheme unless it was insured through a reputable company

... ok I'll be the insurer. I'll pay myself $10,000 per month then declare bankruptcy as soon as claims start coming in