Insurance question --Those with modifications, please chime in

[VinDiesell]

I'm inclined to believe him and don't think or see a reason why he'd lie about that. Did you ever see his build? That man is detail oriented to a T and he had a lot of money dumped into that car. Would be super shitty if all he got was the market value of a stock version of a Supra.

Oh man people lie on the internet all the time for no reason. I have. But I'm talking from experience, and I've been told stories from other friends with the same insurance company.
But even if you provide them with the receipts, you are not getting 100% of your money back. The value of aftermarket parts deteriorates quickly. You should be able to haggle for an improved settlement offer whether your car was modified or not. Those aftermarket parts typically add sod-all to your car value and often devalue it.

Sponsored

 

[Jmanlevan]

Oh man people lie on the internet all the time for no reason. I have. But I'm talking from experience, and I've been told stories from other friends with the same insurance company.
But even if you provide them with the receipts, you are not getting 100% of your money back. The value of aftermarket parts deteriorates quickly. You should be able to haggle for an improved settlement offer whether your car was modified or not. Those aftermarket parts typically add sod-all to your car value and often devalue it.

I hear ya, I just don't think he happens to be lying. But yeah, I wouldn't expect to get 100% back, but I would want to get something back, even if it was just a percentage. And I can see how aftermarket parts would/could and most of the time actually do devalue a car. But for example, I have roughly $8,000 in paint protection film on my car. That most certainly wouldn't devalue the car and could even potentially help it maintain its value. So if my car were to be involved in an accident where its totaled, I would hope to get some of that PPF money back from insurance.

 

[Mimosa]

Oh man people lie on the internet all the time for no reason. I have. But I'm talking from experience, and I've been told stories from other friends with the same insurance company.
But even if you provide them with the receipts, you are not getting 100% of your money back. The value of aftermarket parts deteriorates quickly. You should be able to haggle for an improved settlement offer whether your car was modified or not. Those aftermarket parts typically add sod-all to your car value and often devalue it.

Okay.

[Removed proof because no one really has any business knowing what my payout was.]

Also, I never claimed to get all my money back. But it was significant. Also, my car was assessed as a specialty vehicle.

Edit: Thanks @Jmanlevan for not quoting my post when I had that information up. I just can't stand people who think they know everything and spread misinformation.

 

[PInimodulo]

On that same note about State Farm insurance, around 10 years ago, I used to have a 1993 RX7 that was highly modified (around 30K on engine/suspension/brakes upgrades, no exterior changes at all) and spoke with my State Farm rep and they sweared all I needed was to just have receipts ready and they would cover them. Naive me since I had the same insurance company (and same branch) for more than 15 years and multiple cars, that I trusted them.
After my car got totalled (not at fault since they rear ended me while I was stopped waiting to turn) I had to fight for long and the most I got from my upgrades was 10K.
And also those upgrades were pretty recent, less than a year old, so no depreciation.
So yes, do no ttrust them when they tell you they will cover anything aftermarket. Expect it to be at the most 25% or so if you are lucky, and after a long fight.

 

[MacAllan30]

There's something called "Custom Parts and Equipment" which is a supplemental coverage that you can ask about as both Progressive and Hagarty offer it. How MUCH it will cover is dependent on carrier. Doesn't take much to get to 10k in mods these days...

 

[jchadwell]

You could also look into having the car covered at a “stated value”. The policy would be underwritten and priced a little differently (higher) but you know exactly what you’ll get if the car is a total loss.

 

[romanLegion9574]

Agreed value through Cincinnati here

Sponsored