Does insurance cover your "extras/addons?"

[Kloubek]

So as some of you know my SECOND Jaguar XF was in an yet another rearend accident, and it's also a write-off according to my insurance company. They have yet to provide me with an offer.

My question is as per the title: Does insurance also cover you from loss of things that were installed on the car? Counting the Quicksilver exhaust, my car had thousands of extras on it and I'm hoping insurance will recognize those and cover me for them. Do I need pictures of said extras? Receipts? Am I SOL for customizing my car?

[killramos]

Did you disclose the add ons when you insured the car?

Typically I get the question of “does the vehicle have any modifications applied”, to which I answer XXX and they ask me how much they cost. This gets factored in to replacement cost, probably affecting premiums along the way, and it’s all properly documented for situations like this.

[Kloubek]

I likely got the question when I first insured the car, but no - I did not tell them after I added these pieces.

[Masked Bandit]

For all intents and purposes, no.

Adding $2500 in random aftermarket parts does not increase its genuine market value by $2500. Additionally the insurance company charged premium based on the assumption your car was stock, you can't very well expect them to now pay more than they were anticipating. In theory you could disclose all aftermarket goodies, premiums would increase BUUUUT you're still only insured for pennies on the dollar.

[dirtsniffer]

You can be reimbursed for recent maintenance though. Within the last year I think it's 50% of the cost. I wouldn't bring it up until the value is settled

[FraserB]

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For all intents and purposes, no.

Adding $2500 in random aftermarket parts does not increase its genuine market value by $2500. Additionally the insurance company charged premium based on the assumption your car was stock, you can't very well expect them to now pay more than they were anticipating. In theory you could disclose all aftermarket goodies, premiums would increase BUUUUT you're still only insured for pennies on the dollar.

That would only apply in an at-fault accident? If it’s the other party’s insurance paying, wouldn’t it be them replacing the car as it existed right before the accident, regardless of what the non at-fault party had been paying for?

[dirtsniffer]

the problem is it is hard to value what is added by an aftermarket accessory such as an exhaust. Many would argue that mods like that do nothing to increase value.

[ExtraSlow]

This is why it's best to have vehicles that are worth less than stock...... #beaterlyfe

[HiSpec]

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You can be reimbursed for recent maintenance though. Within the last year I think it's 50% of the cost. I wouldn't bring it up until the value is settled

What if let's say your exhaust had a hole and you replaced it with an aftermarket exhaust as a maintenace item. Will this increase the payout if an invoice is provided?

[FraserB]

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the problem is it is hard to value what is added by an aftermarket accessory such as an exhaust. Many would argue that mods like that do nothing to increase value.

True, but the argument would be that the at fault party has to make the other whole. If I have a truck with a lift kit, aftermarket tires and a nice bumper on it, it would be very hard for the company to argue that they only owe me a stock model after their insured wrote my truck off.

If it was my company saying that I had been paying for a stock truck and the mods are on me, I see that as completely reasonable.

[Masked Bandit]

Fault is irrelevant. Whether it's your company paying you for your car or the other guy's company paying for your car, nothing changes. The vehicle is assessed at market value, not what you SPENT on the car. A $10,000 car, bought for $12,000 (cuz you're a sucker) plus $5,000 in aftermarket exhaust is still just a $10,000, MAYYYYBE $11,000 car on the open market and that's all you'll be paid on.

[ExtraSlow]

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Fault is irrelevant. Whether it's your company paying you for your car or the other guy's company paying for your car, nothing changes. The vehicle is assessed at market value, not what you SPENT on the car. A $10,000 car, bought for $12,000 (cuz you're a sucker) plus $5,000 in aftermarket exhaust is still just a $10,000, MAYYYYBE $11,000 car on the open market and that's all you'll be paid on.

The flip side of this is that if you got a screaming deal, you can be paid out MORE than your initial cost. Has happened to me.

[killramos]

I think fault is relevant if you wanted to sue the other party to recoup your losses, but they are almost certainly going to fight it and you will end up out way more to try and win than it will be worth...

[Kloubek]

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The flip side of this is that if you got a screaming deal, you can be paid out MORE than your initial cost. Has happened to me.

I paid 18g for my last one, and they paid me out 25g. They have yet to contact me but this one had 75k on the odo instead of the 55k the last one had, so I expect less but I'm going to try to use that previous example as a basis of what they should be paying me this time. I was hoping I could mention the "extras" I had on this car to try to drive them up closer to the 25k mark again, but I'm probably going to have to get a bit less for this one.

[FraserB]

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Fault is irrelevant. Whether it's your company paying you for your car or the other guy's company paying for your car, nothing changes. The vehicle is assessed at market value, not what you SPENT on the car. A $10,000 car, bought for $12,000 (cuz you're a sucker) plus $5,000 in aftermarket exhaust is still just a $10,000, MAYYYYBE $11,000 car on the open market and that's all you'll be paid on.

So is there a formula for depreciation on modifications then? Or do they just say that because they can find a stock version of your vehicle for a lot less, you don’t get made while for what you actually owned?

[Masked Bandit]

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So is there a formula for depreciation on modifications then? Or do they just say that because they can find a stock version of your vehicle for a lot less, you don’t get made while for what you actually owned?

I don't know if there's an actual formula per se because I've never worked in a claims department but I've seen settlements where an aftermarket exhaust for example was added and the client didn't receive a single penny more for their car. The explanation was that replacing exhaust is just general maintenance & upkeep, if you chose to spend triple the normal value that's your problem.

[loweg]

Hit a deer last year in a forester sti that had some pretty simple modifications , exhaust , seats, spoiler, stereo, wheels, coilovers, I Bought it for 4500, they offered to write it off for 9000, I asked about the mods and they said that they gave a value for a stock car. they said they were fine with me taking stuff off as long as they got a full car.

Took off everything, and more before they picked it up. Only had a couple days or I could have done even better, but took off alll those items and sold them separate as well as putting 50.00 rims on with washers as spacers, and seats out of my alley that two bolts hit.

Month later it’s on Kijiji for 4900, same rims and probably washers

[ExtraSlow]

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Hit a deer last year in a forester sti that had some pretty simple modifications , exhaust , seats, spoiler, stereo, wheels, coilovers, I Bought it for 4500, they offered to write it off for 9000, I asked about the mods and they said that they gave a value for a stock car. they said they were fine with me taking stuff off as long as they got a full car.

Took off everything, and more before they picked it up. Only had a couple days or I could have done even better, but took off alll those items and sold them separate as well as putting 50.00 rims on with washers as spacers, and seats out of my alley that two bolts hit.

Month later it’s on Kijiji for 4900, same rims and probably washers

That's pretty sketchy making it less safe in non-obvious ways for personal profit.

[dirtsniffer]

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What if let's say your exhaust had a hole and you replaced it with an aftermarket exhaust as a maintenace item. Will this increase the payout if an invoice is provided?

In my experience yes. But I've only ever done base maintenance and replaced in kind. Trying to say a titanium exhaust was maintenance would be a tough sell I'd expect.

[loweg]

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That's pretty sketchy making it less safe in non-obvious ways for personal profit.

Ya.... went to auction and you couldn’t start it or see through the windshield ..... if someone drove it then that’s on them .... lol

It got tugged onto a tow truck and I never gave them the key