Car insurance claim info
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Joined: Sep 2003
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From: Roseville, CA
Take everything off you want to keep, but make sure you replace the missing pieces with OEM ones or some other part in its place. The car has to be as complete as possible. Once the insurance company pays your claim, the cars is theirs. They will then sell it to a salvage company and keep the proceeds. Until they pay you off, everything on the car is still yours. You are entitled to keep your aftermarket parts so long as you provide the insurance company with a complete vehicle at the time of payment.
Any other questions, PM me. I have worked in the insurance business for years and hold many professional designations in addition to the masters degree I am working on.
Any other questions, PM me. I have worked in the insurance business for years and hold many professional designations in addition to the masters degree I am working on.
Registered User
Joined: Sep 2003
Posts: 6,585
Likes: 0
From: Roseville, CA
Forgot to mention, you can have them estimate the damages with your aftermarket parts on. Just simply let them know you plan to take the parts off and replace them with OEM components. They will have no problem with that.
Joined: May 2002
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Originally Posted by Heyitsgary,May 3 2008, 06:16 AM
I'm gonna question this, as a friend of mine had a claim for some 'extras' denied. He was covered for the original, purchased state of the car. In your example, that turbo isn't original on an S2K.
I'd guess that the insurance companies are willing to cover aftermarket products if they know you have them. And by that, I mean, paying to insure them. It's one thing of course to have a $200 CAI, where the value of the car doesn't really change, but a completely different scenario, if you've added $10K in mods to a $30K car - a 33% increase. If the insurance company knew that, and your premiums were higher to account for that potential loss, it would make sense.
Similar to homeowner's. Not everything is covered - you add a rider for stuff above and beyond normal, like your wife's engagement ring or a some expensive artwork.
I'd guess that the insurance companies are willing to cover aftermarket products if they know you have them. And by that, I mean, paying to insure them. It's one thing of course to have a $200 CAI, where the value of the car doesn't really change, but a completely different scenario, if you've added $10K in mods to a $30K car - a 33% increase. If the insurance company knew that, and your premiums were higher to account for that potential loss, it would make sense.
Similar to homeowner's. Not everything is covered - you add a rider for stuff above and beyond normal, like your wife's engagement ring or a some expensive artwork.
Your friend was obviously at fault in his accident and did not have a rider to cover his additional modifications, so his insurance wouldn't cover it. That is standard practice.
Joined: May 2002
Posts: 19,734
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[QUOTE=Saki GT,May 3 2008, 09:37 AM]This isn't exactly true - if you don't tell the ins co that you have extra value in the car, and pay an adjusted premium, they don't have to replace the car to modded spec, just stock spec, which is what the insurance was originally for.
If you mod, make sure your ins co knows and adjusts for that.
If you mod, make sure your ins co knows and adjusts for that.
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