ptran07

iTrader: (2)

I currently have Geico insurance and contacted them regarding insurance for my wheels/suspension. For a 6 month policy, my current rates will increase $150/6 months. This seems a little high, doesn't it? All the parts on my car is worth around $5000.

Are there other insurance companies that cover mods as part of the original coverage? My friend has State Farm and he never had to report any aftermarket parts. When he got in an accident, he just showed them receipts and they paid for all his parts at full retail value. He does pay $2000/6months though, but that's b/c his driving record is bad.

UHATEIT

iTrader: (7)

I am an insurance claims adjuster for Nationwide insurance and I know in regards to this we require special amendments to the policy to add these things to be covered, we clal them "endorsements".

As far as I know they will reimburse when you have receipts but they will give only depreciated value for the items unless you have the extra coverage and then they will give full value.

i.e. if you have a set of $3k rims they would only give depreciated value for them unless you have the endorsement then you would get the full $3k. reason why is because when you buy the endorsement they will ask what you want the insurance for and how much they are worth so that way you can't change your mine at a later time (saying you got a set of rims at $5K instead of $3k).

Good luck with that! I just know they will require it for things like rims and stereo systems. especially on stereo systems... if it is not added with the extra coverage then anything NOT permanently attatched will not be covered under a regular policy and will require the endorsement so that they know exactly how much the value for it is so if it gets stolen they have a value to place to the items in question.

ptran07

iTrader: (2)

Thanks for the reply, but I'm a little confused.

First, you say that if I don't get the endorsement then I can only qualify for the depreciated value of the items. But then in the last paragraph you say that w/o an endorsement, the original policy will not cover anything NOT permanently attached.

In other words, if I don't get the endorsement and said items are stolen I don't get reimbursed, right? So I have to get the endorsement?

creationv2

iTrader: (5)

not really off topic, but how does used stuff get insured? i.e. i purchase a set of wheels or suspenson parts from a member, and there isnt a reciept? am i just SOL?

jgregory124

iTrader: (13)

+1 I was thinking about buying some used wheels my self

UHATEIT

iTrader: (7)

sorry for the confusion, that portion applies to stereos. If a stereo is not permanently installed (subs and amps) it will not be covered UNLESS there is an endorsement covering that item. A cd player is permanently installed so it is covered but only at the depreciated value. The cd player and the subs and amps would be covered at full value if all insured with the endorsement.

in regards to wheels, they are permanently installed so they would be covered if you have a receipt or proof of payment but ONLY for the depreciated value unless you have the endorsement and have a receipt to prove the purchase price.

So for the guys asking about the wheels. if you buy used wheels and do not tell your ins about them, you will get depreciated value for the rims. (which can be a huge drop as far as the insurance company works). If you have the endorsement it will be covered for the full paid value with proof of purchase receipt or credit card statement of some sort to show how much they were purchased. Meaning if you buy rims of a forum member for $1k and have a credit card receipt or paypal proof you would get that full amount if you have the endorsement. if you do not have the endorsement, they will give you the depreciated value for the items (which could be very low as they will most likely try to lowball you).

hope im helping out on this! as far as paying someone CASH for the items... you should really try to have something to prove pricewise like a forum feedback with a link thread to show price purschased at OR ELSE they will only give the depreciated value at the time of purchase

creationv2

iTrader: (5)

awesoem! thanks for the responses =D and am glas y ou covered what to do about cash payments. thanks

stereoneeds

iTrader: (2)

wow that sounds high. i have geico, and i added 5k- told them 4k for wheels and 1k for stereo, and it added around $10-$12 per month.

UHATEIT

iTrader: (7)

rates will be determined base on driving record, prior loss history (claims), and additions to the policy.

But hope these things help all of your questions. You have to have some sort of proof when it comes to payment for them to know the value of the item.

haha one trick I see all the time tho, is people's cars getting broken into and them stating they had aftermarket navigation system in their car (non permanently attatched) like the kind mounted to the dashboard. People will bum the box off their friend who has one and show it to the adjuster and say it's theirs and that's what was stolen. The box is their "apparent proof" that the bought it and will get depreciated value for it. But if you have the endorsement on the policy to cover the item, you would get the full price, even without the proof of receipt for buying the item, apparently the box has worked as proof enough.

I've seen people do that and it's really up to the adjuster when they come out if they believe them or not when they have just the box, but if they have the receipt they have no way to deny the person and will pay for it

hkman78

iTrader: (7)

I agreed with what UHATEIT said except depreciate value of the rims. If the wheels are stolen or got damage from an accident, I believe they will try to repair it first, then if it is not repairable, they will replace it with full value. HOWEVER, the tires on the rims are different story. They will only give you the depreciated value for the tires since it is a wear and tear item. They will make you pay betterment. For example, if your tires have only 50% life left when it was damaged, they will replace you with new tires, except you have to pay for 50% of the cost of the tires. Betterment applies in all wear and tear item such as tires, exhaust. BUT, every insurance company may have work differently. It should be all in your policy.

BTW, I only paid extra only $17 of premium for my rims for 6 month., $150 for six month sounds too much.

UHATEIT

iTrader: (7)

you are correct on betterment of the tires. as for the rims if they are stolen they can't prove how bad they were in condition to charge you for betterment so they will give you a depreciated value for them unless you have the extra cvg or endorsement for the whole value of them in new condition. Forgot about the betterment part, thanks for pointing it out!

-I am a claims adjuster i just take the statements and decide who is at fault then setup repairs, rentals and send payments. as far as the inspections and values of items, thats up to the material damage reps who come to you and do the inspections. They know a hell of a lot more than I know about these things.

ptran07

iTrader: (2)

Great info guys, thanks for your help.

I thought $150/6 months was high. I didn't talk to the insurance agent directly, it was through email...but I guess that shouldn't factor.