Jmanlevan
Well-Known Member
- First Name
- Jordan
- Joined
- Mar 20, 2023
- Threads
- 38
- Messages
- 812
- Reaction score
- 933
- Location
- Denver, CO
- Car(s)
- '23 Supra 3.0 MT, '00 4Runner SR5
- Thread starter
- #1
I just had a policy review with State Farm. When talking to my agent, I asked about what would happen if my car was involved in an accident. Obviously there would be an estimate for the damage and a determination on if the car would be repaired or totaled.
If the car is totaled, they would pay me for the fair market value of the car at the time of the accident. But what happens when you have aftermarket parts and accessories put into the car? According to my agent, they would only account for a similar make/model/trim at stock configuration and value and the aftermarket upgrades would be a total loss and according to him, don't add any value to the car from an insurance perspective.
Surely there has to be a way to furnish proof of parts installed on the car and a way to get SOME of that money back. I wouldn't expect to get full value for aftermarket parts, but I would expect a percentage.
Say there is $20,000 put into the car. I would expect to get an offer of, for simple math and conversations sake, $0.25 on the dollar for all upgrades.---in this case, $5,000.
There are people that put more money into their cars than the actual purchase price of the vehicle. When these cars are involved in a crash, are all of those modifications just a total loss? If this is the case, why would anybody modify their vehicle to the nines? To me, if somebody has a $50,000 car and they put $100,000 into it (as some people do) and insurance says, yeah we are only going to give you $40,000 for it I would be raising all hell.
My agent is going to speak with underwriting to answer my question on this, but until I get an answer back, I'm curious what others have to say about it.
Those of you who have been involved in accidents with your modified Supra's or other crashed modified cars in the past, What was your experience?
If the car is totaled, they would pay me for the fair market value of the car at the time of the accident. But what happens when you have aftermarket parts and accessories put into the car? According to my agent, they would only account for a similar make/model/trim at stock configuration and value and the aftermarket upgrades would be a total loss and according to him, don't add any value to the car from an insurance perspective.
Surely there has to be a way to furnish proof of parts installed on the car and a way to get SOME of that money back. I wouldn't expect to get full value for aftermarket parts, but I would expect a percentage.
Say there is $20,000 put into the car. I would expect to get an offer of, for simple math and conversations sake, $0.25 on the dollar for all upgrades.---in this case, $5,000.
There are people that put more money into their cars than the actual purchase price of the vehicle. When these cars are involved in a crash, are all of those modifications just a total loss? If this is the case, why would anybody modify their vehicle to the nines? To me, if somebody has a $50,000 car and they put $100,000 into it (as some people do) and insurance says, yeah we are only going to give you $40,000 for it I would be raising all hell.
My agent is going to speak with underwriting to answer my question on this, but until I get an answer back, I'm curious what others have to say about it.
Those of you who have been involved in accidents with your modified Supra's or other crashed modified cars in the past, What was your experience?
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