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Hello,

I had horrible car accident today, other driver indisputably at fault. My car is likely totaled and I am concerned that I will not be able to get the true value for my 2002 Honda S2000 from the insurance company because I have a lot of after market parts. I plan on purchasing another S2000, but I'm worried I will have to come out of pocket. Does anyone have experience with this who can offer some advice?

Heyitsgary

I'm not in the insurance business, and have no personal experience. However, I did have a friend with some mods that had damage and effectively it came down to this:

The insurance company charges you a premium based on a number of factors. One of them, perhaps the most important factor is the value of the car.

If the value of your car is worth more because of mods, and haven't notified them so they can adjust your premiums suitably to cover those mods in a loss, well- you guessed it already, it's likely coming our of your pocket.

jst2878

If u didn't tell the insurance company about all your mods and have receipts, you will most likely get book value. Get to your car and strip what u can. Tough break

s2000Junky

Depending on the condition of your aftermarket parts after the crash, it may be worthwhile to take a lower reimbursement to buy the car back and part it out. I assume you still have at least good power train and any other aftermarket parts worth salvaging?

goldenfri

I've had to do this twice in the past two years. First don't accept their first offer... it is usually a low ball. Start looking up comparables on auto trader etc. You are at a bit of a disadvantage because its starting be to get close to winter when S2000 prices drop. If its the other guy's insurance, they should be paying you the amount it would cost you to buy a similar replacement car including the extra stuff you have. They should make you whole. That said if you can pull parts off easily, I probably would. If its totaled make sure you find out what the buy back is, it can sometimes be very cheap and you could make additional money parting it out if you have the time/space.

Be prepared to spend a lot of time on this if you want to get the maximum value.

Langelo DeMysterioso

Sorry about the tough break. It happened to me. I didn't have too many mods, mostly light cosmetic; but the body shop let me pull them off.

craSed

I'm an auto adjuster for a large well known company. My first question is are you filing through your insurance or the other persons insurance? Your insurance insurances the vehicle, and just the vehicle, unless you declared additional value to your insurance company. The alternate carrier, depending on state regulations, is required to replace you to preloss condition. This is typically for just the value of the vehicle. It will normally be a lower value as that is just business practice. To be made whole for your aftermarket parts, you will most likely have to provide receipts or documentation as to what was done to the vehicle.

If you are heavily disputing the value, you will most likely be dealing with a supervisor. Be careful how far you push. The alternate carrier could come back with a final value and basically say this is what we offer. If you disagree, take us to court.

Sometimes customers will file through their own carrier and let their carrier subrogate against the other party. You can discuss this option with your insurance and ask if they can demand compensation for your aftermarket items.

As said before, owner retention is always an option. Settlement price minus salvage bid and you keep the vehicle. You could sell off items and then sell the remaining scrap car. Could always transfer aftermarket items to your new vehicle.

jetboater

Good advice from the others!

I would only add to not forget to get sales tax added to the payment for your car--as craShed stated, the insurance company is supposed to restore you to pre-loss condition. If that involves a car that is totaled, when you take the settlement money and buy another car, you will likely (depending on the state) owe sales taxes on it. The insurance company owes you those taxes as part of the settlement.

Some companies automatically add it in, some won't unless you "remind" them.

Hope it turns out ok for you!