Got into an accident earlier and now Insurance is asking me questions.
12-12-2006, 09:36 AM
#21
Originally Posted by Jason@Performance
Your car is insured by KBB value or total amount financed (like if you are financing $35K that is what your insured value is)... It will say the insured value on your insurance statement...
Insurance wont cover modifiactions... IE. Aftermarket Wheels, Body Kit, etc... If you are at fault, the company wont cover your aftermarket parts... If someone else hits you, you can claim the value of the aftermarket parts if you show receipts for the parts damaged...
If you want to insure your aftermarket parts you must show receipts and the cost of your insurance will go up as well...
Insurance wont cover modifiactions... IE. Aftermarket Wheels, Body Kit, etc... If you are at fault, the company wont cover your aftermarket parts... If someone else hits you, you can claim the value of the aftermarket parts if you show receipts for the parts damaged...
If you want to insure your aftermarket parts you must show receipts and the cost of your insurance will go up as well...
Like others said, you can roll the dice to try and save a little cash, but it is really up to you. I guess you can weigh the cost vs. potential loss ratio and figure out if you want to roll the dice either way.
12-12-2006, 10:50 AM
#22
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Originally Posted by saint01
This is not entirely correct. I have had Progressive, State Farm and now onto Nationwide as they seem to be the best for me. All of them asked if there were modifications to the car and I told them yes. What we did was sit down and add up the amount to replace, added the additionaly coverage and then that was added to my policy. It didn't raise the cost that much, but when I got into an accident, my insurance covered all the parts that were mentioned in the policy.
Like others said, you can roll the dice to try and save a little cash, but it is really up to you. I guess you can weigh the cost vs. potential loss ratio and figure out if you want to roll the dice either way.
Like others said, you can roll the dice to try and save a little cash, but it is really up to you. I guess you can weigh the cost vs. potential loss ratio and figure out if you want to roll the dice either way.
12-12-2006, 12:55 PM
#24
Originally Posted by TSG-Z
I heard there's such a thing as "hobby insurance" where USAA will cover your modifications. My rims got stolen and I reported and my Honda was all modded and the adjuster didnt ask anything, that was Allstate. Maybe they think something is shady.
12-12-2006, 06:56 PM
#25
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depends on your policy. You might have to pay extra premium for your after market wheels. They will cover up to the cost of the stock rims. For example, if your stock rim cost $200 each, they will over up to $800 on rims total. Also, if your tire only has 50% tread left when accident happen, they will replace you a brand new tire, but you have to pay 50% of the cost of tires. Good luck from your insurance company.
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