swoosh

iTrader: (5)

Alright, this is for us high mileage people....

I own a 2005 Acura TL with 160K miles on her....fully insured with Collision and Comprehensive with $500 ded (when am in the US, if am traveling then I just keep the comprehensive insurance)....for the sake of keeping things simple, lets just say: fully covered with $500 ded on Comprehensive and Collision...

I checked kbb and got ~$9,000 as trade-in and ~$6,000 for private party.

The reason I started this thread is to know what happens in couple cases:

1> Totaled in a collision:
What happens if *GOD forbid* this would happened....? Will the insurance company go off trade-in or private party value???

2> Totaled by say Hailstorm:
What happens in this scenario ???

Here is the tricky part....I have mods on my car worth ~ 10K. Now what happens in those cases ?

Recently I was thinking of declaring my car to my insurance saying "I do have mods and lets cover her for $10,000 MORE"....what happens then ? if I happen to total my car, will they give me $10K on TOP of the value ????

I know when you add this your premium goes up, i think my agent told me it will go up like 20-30 bucks per 6 months for addition $10K in coverage....I have started to think its a good idea.....but needed some advice....

MODERATORS: sorry I didnt know where this thread belonged and hence opened her up in the 3G main forum, please move as required. Sorry and Thanks

truonghthe

ok the insurance won't cover any mod on the car, they only have policy for coverage lets say you buy a car for $10k but the market price goes for $20k then you would told the company "hey since I got a rare car I would like to buy a policy that cover my car up to that value" since its market value pricing. I had experience with two vehicle been totaled and the pay out actually is higher than kbb private (buying value). I had a 92 Acura Legend LS with 5spd MT with 130k miles, it happened the car was totaled by a drunk driver (he ran red light), at the time value of my Acura are $3750 (near mint condition), $3500 (middle level) and $3000 for the worst condition. I expected a check for $3500 but I received a call from insurance company day that I would receive a check of $5500 as of value of the vehicle, I bought for $3200. Example #2 my dad totaled out his 92 legend with 138k miles and at that time book value are $5500 (best condition), $5200 (middle) and $5000 (lowest). We expected a check for $5300 but in the end State Farm was kind enough to send us a check for $7500, he bought the car for $7200 three years prior to the accident. I would say if something happened to your car and it got totaled then the value payout is pretty much like other vehicle that selling by dealership (market price). I had positive experience with two vehicles so far, this is the reason why I hate mod too much into car then you have to worry about getting into accident and totaled out the vehicle.

AnthraciteAspec

iTrader: (6)

Not sure about the other stuff, but I know you can add things on to your policy. I have my wheels added to my policy.

I know how you feel though I have spent a lot on my car as well.

shellready

The value will be closer to the private party value...from an insurance standpoint most mods don't add value to a car

jokerman826

some insurance companies will cover mods on cars. My insurance company will cover up to $5k in aftermarket modifications and progressive will go higher than that. I know this because i had to call to get a quote and it really wasnt worth the crapton more per month.

Franchise1124

+1

It may be different for each insurance company but some allow you to add and include mods in your coverage. You may need to show receipts for the parts, but I'm not 100% certain. Doesn't hurt to call your insurance provider and let them steer you in the right direction

RaviNJCLs

iTrader: (4)

Typically it is the fair market value of the car. I know....this is a very ambiguous response. I think they will give you what a use car lot will give you on a trade in. Your numbers look like you are the buyer not the seller.

http://www.kbb.com/acura/tl/2005-acura-tl/32-sedan-4d/?vehicleid=50&intent=trade-in-sell&mileage=160000&options=1712|true|1712|true&pr icetype=trade-in&anchor=true&anchor=true

As for number 2 the answer would be the same. You could always lower your Comprehensive deductible to $100. It doesn't really affect your rates that much. That's what I did a while back.

Your mods will be a PITA. Some of them will cover it but you have to have every scrap of documentation. It's not really worth it for most things. Wheels....maybe.

swoosh

iTrader: (5)

WOW thats a good surprise you got....

Well am with Statefarm and the guy told me "say you have spend $10K on mods, I can add that to the policy and it will be like 20-30 bucks more"

but i didnt ask him what happens in this scenarios and how it affects the payout, will send him an email....

man hate to see if something happens (say car gets stolen with all mods on it) i would get less than what I have spend on the mods....

What insurance company are you with ???

Yeah, i think i will show his receipts when i add em and have em scanned it anything happens.....

well the difference would be only $400 more if i change that ded and i bet i will end up paying that $400 over couple years as my insurance premium will go more by atleast 20-30 bucks by doing that....


THANKS FOR THE REPLIES GUYS.....the reason I am worried is am gone for 3 weeks at a time and my car is in the carport....even thow this is a very safe neighborhood, rather be safe than sorry.....

will send an email to my insurance agent and will update the thread with the outcome....

avs007

I know for Progressive, since that's what the guy who hit me had, I had to produce receipts to show the costs of the mods that needed to be replaced, before they would pay for it.

swoosh

iTrader: (5)

^^^ ahhh good to know....

but this is coz the other guy was at fault....WHAT if your at fault, will your insurance company cover for it ??? without declaring for it ???

badbart

I had a car totaled and a smaller insurance company came to pay for the damages (other guys fault). I had only owned the car for 2 months, so they asked what I paid for it. I told them that is irrelevant (because I bought it less than market value- got a deal on it). He pressed the issue and I eventually told him "I bought it for $3500, but I am "selling" it to you for $4000, as that is replacement cost. He argued back and forth with me on that, and I told him just because I waited and got a deal on it, did not mean that HE was going to get a deal on it. I also mentioned that I had not claimed any medical expenses... yet... and there was not ligation... yet... He agreed at that point that if I would settle for $4000 he would write the check.

All that to say the price the come back to you with is not set in stone. You CAN barter for a better deal. You pay them thousands of dollars over many years, they can spare a little here and there for actual payouts.

If they couldn't... then how can they build all those fancy buildings

BB.

quanaman

iTrader: (4)

You just buy it back and have it repaired for less

Really though idk...

swoosh

iTrader: (5)

I def agree with you....i think if you use the right approach they are very bendable.....

my point being, say your tire burst going on the highway at 70 and you hit the wall and your car is totaled....2 of your rims are gone, those suspensions are gone (few of the aftermarket parts) you insurance doesnt cover as they are "aftermarket"....

so if they total your car and say give you 10K....what about your rims ? what if your rims are 4K ??? and if you have rims added to your policy, will the payout be 14K ???

Personally this is what i will do....i love this car too much to let her go....but just wanted to know what if your car gets stolen for instance....will the insurance cover the aftermarket parts ?

turbo_oxide

check with your insurance company... some will cover after-market parts, but that is contingent upon their policy and you've bought enough coverage.

when my civic was stolen years ago, state farm covered all the aftermarket stuff i installed on it provided i had proof (receipts/pics). the aftermarket stuff was worth $8k while the car was worth $13k at the time with around $5k worth of damage. i was sure they were going to total it, but they didn't...

i also believe they use nada values, not kbb.

swoosh

iTrader: (5)

^^^ Nada is 2K more than KBB....thats nice

in your post you said your civic was stolen and they didnt total it ??? did u get your civic back ???

RaviNJCLs

iTrader: (4)

Increasing the comprehensive should not increase your premiums by that much. Sounds to me they decreased both the collision and comprehensive. Mine went up about $30 for 2 cars. I did it because I drive on the highways a lot and windshield damage is common. It saved me $400 last year.

swoosh

iTrader: (5)

^^^ I have send him an email Ravi....lets see what he says.....