Bam Posted October 22, 2010 Report Share Posted October 22, 2010 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 Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted October 22, 2010 Report Share Posted October 22, 2010 You've pretty much got it. The cusomization value is stated by you and is basically somewhat of an agreed upon value situation. You end up paying for the risk of that addtional value on top of how the car would otherwise be rated. Obviously in your case you also have to pay for comp and collision coverage as it's not offered by anyone I know without full coverage first on the vehicle. It is still "agreed" upon though...so some companyies will want recipts, others will take your word for it. I'd call your carrier directly and discuss terms surrouding your customized amount and claims process to proove your loss in the event of an accident. Some companies also have a cap on cusomization that's proportional to the value of the car. Check for limitations there too. Andy Quote Link to comment Share on other sites More sharing options...
99ta Posted October 22, 2010 Report Share Posted October 22, 2010 first call progress and ask them directly. second, as far as value goes you will still get whatever the market value is regardless of the stated amount. the custom parts covg I think is based on reciepts you have not whatever the limit is. but again just call progressive customer service and ask..... Quote Link to comment Share on other sites More sharing options...
Radio Flyer1647545514 Posted October 22, 2010 Report Share Posted October 22, 2010 Assuming you have to make a claim, they may deduct a percentage from the equipment for each year it has been owned. For example on my bike, they said if I bought my jacket in 2009 for 400 dollars they would take %10 off since it's now 2010 making it worth 360. Quote Link to comment Share on other sites More sharing options...
spooling 1g Posted October 22, 2010 Report Share Posted October 22, 2010 I have safe auto and they told me they don't cover after market stuff. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted October 22, 2010 Report Share Posted October 22, 2010 I have safe auto and they told me they don't cover after market stuff. Safe Auto is barely an insurance company...it is for people that can't get insurance elsewhere. What they say means nothing in comparison to other insurance providers. Quote Link to comment Share on other sites More sharing options...
Skinner Posted October 23, 2010 Report Share Posted October 23, 2010 I have safe auto and they told me they don't cover after market stuff. they are a high risk company is why. Quote Link to comment Share on other sites More sharing options...
Skinner Posted October 23, 2010 Report Share Posted October 23, 2010 You've pretty much got it. The cusomization value is stated by you and is basically somewhat of an agreed upon value situation. You end up paying for the risk of that addtional value on top of how the car would otherwise be rated. Obviously in your case you also have to pay for comp and collision coverage as it's not offered by anyone I know without full coverage first on the vehicle. It is still "agreed" upon though...so some companyies will want recipts, others will take your word for it. I'd call your carrier directly and discuss terms surrouding your customized amount and claims process to proove your loss in the event of an accident. Some companies also have a cap on cusomization that's proportional to the value of the car. Check for limitations there too. Andy Andy hit it right on the head. One other thing to remember or consider some insurance companies will not cover/ not allowed to cover engine mods as it will "make it unsafe for road use". Quote Link to comment Share on other sites More sharing options...
Bam Posted October 23, 2010 Author Report Share Posted October 23, 2010 Well I called progressive last night and *think* I got an answer, but the lady I spoke with wasn't the brightest one for sure. She basically said with any full coverage you automatically get $1000 in additional coverage for extra parts, I.E. wheels/etc, so if you want say $5000, you just add an additional $4000 to your policy. I have thousands in receipts, so hopefully I'll be good there. So I guess I'm going to do it, it seems like super cheap insurance for what it is, I'm just praying if I ever do have to make a claim they don't fight me/deny me. I was mainly just wondering if anyone had this type of insurance/had ever had to make a claim on it as well. Thanks guys Quote Link to comment Share on other sites More sharing options...
99ta Posted October 23, 2010 Report Share Posted October 23, 2010 Assuming you have to make a claim, they may deduct a percentage from the equipment for each year it has been owned. For example on my bike, they said if I bought my jacket in 2009 for 400 dollars they would take %10 off since it's now 2010 making it worth 360. this. don't expect to get the full price you paid for things...... Quote Link to comment Share on other sites More sharing options...
Bam Posted October 23, 2010 Author Report Share Posted October 23, 2010 this. don't expect to get the full price you paid for things...... I can understand depreciation or something to that extent, no problem, but I don't want to show them $5000 in receipts and them offer me $1200 or some bullshit like that. Everything is new from August to now. Quote Link to comment Share on other sites More sharing options...
Bam Posted October 23, 2010 Author Report Share Posted October 23, 2010 Got er done! Actually was only $20 extra/month, easily justifiable to me for peace of mind. Funny thing is no where before clicking submit did it say I needed receipts for proof, however on my print out it says it in bold, lol. Quote Link to comment Share on other sites More sharing options...
99ta Posted October 23, 2010 Report Share Posted October 23, 2010 well can't go wrong with that. I will ask on monday what the deprciation is on monday and let you know....... Quote Link to comment Share on other sites More sharing options...
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