Insurance and FSD upgrade

[LongRanger]

Agree be over-specific with every insurance company and make sure they write down things exactly as you specify them.

Have always done this and always made it clear that I expect their “market value” assessment to include all items on the spec that affect market value.

In the case of FSD I would state you expect it to be market value plus the full cost of FSD in the event of a total loss. Might sound pedantic but insurers won’t ever volunteer bonus payments or try to do you a favour in the event of a large claim. There is a reason they employ large teams of people to “adjust loss”.

 

[dan223]

Its factory modification so doesn't need to be mentioned imho

This depends on your policy, as above someone has already shown LV state "changes are made to the manufacturer’s standard specification, which improve the value, appearance, performance or handling of your car, including OTA updates", which means you need to tell them. You don't, you have an accident, they find out, your insurance is then invalid.

So if the car is written off and you haven't told them what do you think they say when you ask them to pay for FSD on the replacement?

It's still unlikely they will pay out for FSD if it wasn't added at the time of purchase even if you tell them. The biggest issue is them making your insurance invalid if they found out you have it but didn't tell them.

 

[Drew57]

....It's still unlikely they will pay out for FSD if it wasn't added at the time of purchase even if you tell them. The biggest issue is them making your insurance invalid if they found out you have it but didn't tell them.

Both are exactly what the DL advisor said to me...
1. They need to record ANY changes to the car otherwise your policy could be invalidated - they may contact Tesla in the event of a claim.
2. If they didn't charge you an additional premium then in the event of a claim, the cost of the change (boost, FSD or whatever) will NOT be reimbursed. As I said in a previous post - that seems entirely reasonable.

 

[Rhian]

Agree be over-specific with every insurance company and make sure they write down things exactly as you specify them.

Have always done this and always made it clear that I expect their “market value” assessment to include all items on the spec that affect market value.

In the case of FSD I would state you expect it to be market value plus the full cost of FSD in the event of a total loss. Might sound pedantic but insurers won’t ever volunteer bonus payments or try to do you a favour in the event of a large claim. There is a reason they employ large teams of people to “adjust loss”.

amazing advice, thanks

 

[Rooster6655]

What’s most concerning is your purchase of FSD at £5800, but at least it’s not the now £6.8k!

 

[Rhian]

What’s most concerning is your purchase of FSD at £5800, but at least it’s not the now £6.8k!

Your answer doesn’t add any value to this thread.

 

[Tony Hoyle]

So.. following on. Someone on another thread took LV at their word and call them because their car got 2020.28.6 (Which is literally what the rules say he should do). Immediate £95 increase.

Of course also under their rules you can void your insurance if you don't install an update..

I'm sure as hell not telling LV about any software updates for as long as possible if that's their policy.

 

[Durzel]

I think honestly insurers haven't really got a bead on Tesla and the idea of OTA performance upgrades. I don't think such a thing has existed on any other car.

Given that the £1500 LR to P- performance boost update is an actual, tangible, not insignificant power boost - I'm amazed no one is being quoted additional premiums when declaring it. If you said you'd fitted a turbo or cams or something else that would deliver a similar power increase, they'd increase the premium for sure.

I would be very wary of declaring the power boost or indeed FSD and having nothing at all in writing about it. The cost of either is not an insignificant amount of money to lose in the event of a total loss claim.

 

[dan223]

I think honestly insurers haven't really got a bead on Tesla and the idea of OTA performance upgrades. I don't think such a thing has existed on any other car.

Given that the £1500 LR to P- performance boost update is an actual, tangible, not insignificant power boost - I'm amazed no one is being quoted additional premiums when declaring it. If you said you'd fitted a turbo or cams or something else that would deliver a similar power increase, they'd increase the premium for sure.

I would be very wary of declaring the power boost or indeed FSD and having nothing at all in writing about it. The cost of either is not an insignificant amount of money to lose in the event of a total loss claim.

As above, the main issue to not declaring is the potential to have your insurance void in the event of a claim. More often than not declaring the performance boost or FSD just means they are adjusting the risk for your vehicle, and they will still not pay out for the value of the upgrades in the event the car was stolen/wrote off.