how much will insurance cover?
My car has a nada value of ,000 stock and a kbb value of ,500 stock but my car has an aftermarket bodykit, paint, rims, stereo, turbo, ect, i have ,000 in aftermarket parts coverage and fair market value of my car the way it sits is probably about ,000. So my question is if say a tornado took my car away, how would they decide what my car is worth and how much to pay?
My car has a nada value of ,000 stock and a kbb value of ,500 stock but my car has an aftermarket bodykit, paint, rims, stereo, turbo, ect, i have ,000 in aftermarket parts coverage and fair market value of my car the way it sits is probably about ,000. So my question is if say a tornado took my car away, how would they decide what my car is worth and how much to pay? Those values are for private party in great condition.
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3 comments
Ginger on July 26, 2010 at 11:52 am
Depends on the company you are insured with. There are preferred companies who include the aftermarket parts without you paying an extra premium for them. The catch is you have to prove you owned those parts after the wreck. Keep your receipts and contact your insurance agent to determine the policy language.
Common Sense on July 26, 2010 at 11:52 am
All that "car bling" will usually not be covered. Only the actual cash value of the car is covered except for your "aftermarket parts" rider.
mbrcatz on July 26, 2010 at 11:52 am
Are those RETAIL values, or private party sale values? Because the one that counts, is private party – not retail markup.
If you don’t PAY for "customizing equipment" coverage under your collision and comprehensive coverages, you don’t GET it – you only get stock.
So, if a tornado whisks your car away, and you did NOT buy customizing equipment, you get approximately the kbb private party sale price for your car – less the deductible.
If you buy customizing equipment coverage, then you pick the dollar amount to add to the kbb private party sale value – like $5,000. You pay extra, based on that amount. Generally, it’s a STATED VALUE clause for the customizing equipment, which means the LESSER OF what you declare, or the increase in value of your car. You can avoid that with an "agreed value" clause, but again, you pay for that – a LOT.