If I have a car that isn't worth shit, I.E. old...but I've got lets say $5000 in receipts of stuff I done to the car/performance stuff, how is that covered/is it possible?
I have progressive and this is what I'm seeing online when seeing about changing it.
Adding the car to my current policy costs $105/6 months for no comp/collision/etc, just the basic Bodily Injury & Property Damage, Uninsured/Underinsured Motorist, and Medical Payments
But if add comp/collision w/ a $100 deduc each, and put in $5000 on the line where it says "Custom Parts or Equipment total value", it only raises the rate to $255/6 months.
So from my understanding I'm paying an additional $150/6 months, or $25 extra a month, but if anything happens to my car they cut me a check for $5000 PLUS whatever the car is worth (not much)????
Is that how it works? Do I need to have receipts for everything, or is it since I am paying for that amount of coverage they automatically payout that much without argument if the car is totaled/stolen/etc?
I know we have some insurance people on the board so hopefully someone knows...thanks