Insurance questions
02-07-2018 | 08:53 AM
#11
JK Freak
Joined: Jun 2011
Posts: 605
Likes: 6
From: Golden, CO
Holding your receipts and expecting a return on them in the event of a total loss will never be good enough for any underwriter. Depending on your underwriter, modifications are generally covered up to a fixed amount. That amount varies but you should speak with your rep or dig through your policy to determine the amount. In almost every case, it's not enough.
Create a spreadsheet for all of your modifications costs. Since I farm nothing out, I have no labor but it could be wise to break that out as well. They may or may not cover labor costs. And then speak with your agent about paying additional premiums to cover the investment in the event of a total loss. Be organized, have receipts.
I have Farmers and they covered every dollar I have invested in mods with a 10$ per $1k premium per year, pretty good deal I think. I did not have receipts for only a couple higher dollar mods and indicated they'd be easy to confirm online. They said the spreadsheet would suffice.
So point is, you need to have the rider stated specifically on your policy or I wouldn't expect anything more than their standard mods allowable figure.
PS, If you never leave the road, it's a moot point. But I would clarify with your agent what is covered "offroad". If you roll it down a mt (and live), will your policy kick in? I had this discussion as it's just as likely where I go as someone stealing it and I'm covered everywhere. But I don't know that to be true on all policies.
Create a spreadsheet for all of your modifications costs. Since I farm nothing out, I have no labor but it could be wise to break that out as well. They may or may not cover labor costs. And then speak with your agent about paying additional premiums to cover the investment in the event of a total loss. Be organized, have receipts.
I have Farmers and they covered every dollar I have invested in mods with a 10$ per $1k premium per year, pretty good deal I think. I did not have receipts for only a couple higher dollar mods and indicated they'd be easy to confirm online. They said the spreadsheet would suffice.
So point is, you need to have the rider stated specifically on your policy or I wouldn't expect anything more than their standard mods allowable figure.
PS, If you never leave the road, it's a moot point. But I would clarify with your agent what is covered "offroad". If you roll it down a mt (and live), will your policy kick in? I had this discussion as it's just as likely where I go as someone stealing it and I'm covered everywhere. But I don't know that to be true on all policies.
Last edited by fredrok; 02-07-2018 at 08:59 AM.
02-08-2018 | 02:54 AM
#12
JK Newbie
Joined: Jan 2018
Posts: 3
Likes: 0
From: Ansonia, CT
I can speak first hand on how SafeCo works. I have been dealing with a total loss crash since August when my 09 low mileage ram 2500 diesel and my 2000 prowler camper were totaled in crash caused by an underinsured motorist. He had just 10k worth of liability insurance (CT state minimum). My tow bill was $8000 so my SafeCo underinsured coverage had to kick in and cover my losses. My truck was not all tricked out but it did have some expensive add one like a $1200 tracRac system, bed tool box, performance exhaust and boss plow frame. SafeCo requires that you MUST have a rider on your policy to cover full replacement cost of accessories. I doubt any other insurance companies with pay out a claim on “good faith” and would have the same requirements. I met with the Field appraiser when he totaled my rig and specially questioned about my extras. Without a rider on my policy to cover any extras, SafeCo would only cover an “accessory “ ( with depreciation!) if you could provide a receipt less then 6 months old. All my above mentioned accessories were older then 6 months so no compensation. Even my weight distributing hitch fell in a gap between my truck and camper insurance and was not covered in the crash (pun intended). The appraiser told me of a recent claim he handled that involved a lifted truck that had seven grand receipt for lift, wheels and tires, lights. The work was 7 months old and they denied coverage.
I will also dispute the above stated fact that your insurance will use factory parts to repair your vehicle in the event of a repairable crash. This is false. You must also have a rider on your policy that states OEM parts must be used. If you don’t have this rider and you crash your new Jeep pulling out of the dealer’s lot, your insurance will fix it with aftermarket parts.
With hindsight being 20/20, I have now increased my coverage to add these riders. They are not that expensive when compared to the extent of loss that could be incurred in the event of a total loss crash.
In my specific case, because the underinsured motorist was at fault, I could sue him personally but, as my luck would have it, he is a loser who doesn’t have a pot to piss in so I have to eat my losses and my stuff that was ALL paid for.
I will also dispute the above stated fact that your insurance will use factory parts to repair your vehicle in the event of a repairable crash. This is false. You must also have a rider on your policy that states OEM parts must be used. If you don’t have this rider and you crash your new Jeep pulling out of the dealer’s lot, your insurance will fix it with aftermarket parts.
With hindsight being 20/20, I have now increased my coverage to add these riders. They are not that expensive when compared to the extent of loss that could be incurred in the event of a total loss crash.
In my specific case, because the underinsured motorist was at fault, I could sue him personally but, as my luck would have it, he is a loser who doesn’t have a pot to piss in so I have to eat my losses and my stuff that was ALL paid for.