If a car is totalled by insurance company, can one get extra $ for aftermarket parts?
08-22-2009, 03:26 PM
#1
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If a car is totalled by insurance company, can one get extra $ for aftermarket parts?
Could someone get additional money for aftermarket suspension, exhaust, etc on a totaled car if they had all the receipts?
08-22-2009, 03:32 PM
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If you ahve an agreed value policy with Chubb, yes. With a conventional carrier, they asked if the car was modified when you got the insurance. If you said no to keep rates down, no.
If you paid a higher premium to insure w extra value for mods, yes.
Most likely you will get book value, their book value...
If you paid a higher premium to insure w extra value for mods, yes.
Most likely you will get book value, their book value...
08-23-2009, 05:53 AM
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Some companys offer customization insurance as a add on for I think 5k of coverage, but I don't know anything about modification insurance, most likely they will not cover anything that was not there from the factory.
08-23-2009, 10:13 AM
#4
Agreed with above. More likly than not, you'll be stuck with a book value. It should help you to get a high book value but not always. If your not at fault for the accident, then the other insurance company should be forced to give you a payout to afford you a similarly equiped vehicle, but you'll have to fight for it.
Other than that, you can over insure a vehicle. Last person I spoke to it about was an extra $81 on thier 6mo premium to add $5k in additional coverage.
Other than that, you can over insure a vehicle. Last person I spoke to it about was an extra $81 on thier 6mo premium to add $5k in additional coverage.
08-26-2009, 01:50 PM
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If you ahve an agreed value policy with Chubb, yes. With a conventional carrier, they asked if the car was modified when you got the insurance. If you said no to keep rates down, no.
If you paid a higher premium to insure w extra value for mods, yes.
Most likely you will get book value, their book value...
If you paid a higher premium to insure w extra value for mods, yes.
Most likely you will get book value, their book value...
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08-28-2009, 06:34 PM
#10
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You need to look at this perhaps from a different perspective. The insurance company's duty in most if not all states is to pay you what your car was worth immediately prior to the accident. Now with that in mind, if I put $4000 aftermarket wheels on a $500 pinto, is it now worth $4500? The answer is no. Depending on the modifications and the company involved, you may get some consideration but I would not expect dollar for dollar. It really depends on if the modifications actually raise the value of the car. Granted, that's subjective but it's something to consider from the market perspective. I agree with an earlier poster in that if you can take the items off and (ideally) replace them with the OEM parts, you'd be better off.