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 Post subject: insurance and your mods/parts
PostPosted: Thu Dec 26, 2013 10:09 am 
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Noob

Joined: Tue Nov 19, 2013 8:33 pm
Posts: 73
Location: Weehawken, New Jersey
I just wanted to get a general idea on what you guys do once you start buying pricey parts/mods for your Xterra. Do you add/claim these parts on your insurance in case of an accident or total loss? Do you even need to claim your mods/parts or will your insurance pay you out either way?

Any info on this will be appreciated! Thanks

_________________
2010 Xterra Offroad
-Factory: Skids, Rear Locking Diff
-Shrockworks Gas Tank Skid
-Shrockworks Rock Sliders
-Bfgoodrich TA KOs 33"
-Rocky Mtn Rear Recovery Points


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 Post subject: Re: insurance and your mods/parts
PostPosted: Thu Dec 26, 2013 11:21 am 
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Joined: Fri Nov 09, 2007 1:48 pm
Posts: 570
Location: Northern New Jersey
Generally speaking, if the modificaiton is damaged but the truck is not a total loss, insurance should pay to replace/repair the modification. As a generally rule, insurance compaines have to restore the vehicle to its pre-accident condition. Problems can arise, however, if the vehicle is a total loss.

In my expeience, if the vehicle is totaled, insurance will pay the fair market value of the vehicle at the time and place of the loss. They generally define fair market value as what a willing buyer would pay a willing seller; and they generally determine fair market value by looking a comparable sales. They generally determine comparable sales by looking a sales of same year models, adjusted by mileage, and the price of those sales.

That being said, modifications are a bit of a no-mans land. Do they add value to the truck? It depends on the purchaser. Insurance companies take the position that for a sale to an ordinary buyer, the mods do not increase the price; and the insurance company tries to deny any enhancement of the price for the mods. The vehicle owner has a tough time coming up with any comparable sales data, since there are few (if any) comparable vehicles that go up for sale. As result, it tends to be an "after the loss" negotiation/fight.

You may want to check with your insurance agent. On some vehicles, especially older or classic vehicles, you can purchase insurance that provides against loss with an agreed upon value for the vehicle. Under those policies, in the event of a total loss, you should be paid the agreed upon value. I am just not sure whether or how available it is for our vehicles.

k_enn


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 Post subject: Re: insurance and your mods/parts
PostPosted: Mon Dec 30, 2013 10:04 am 
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Joined: Tue Nov 19, 2013 8:33 pm
Posts: 73
Location: Weehawken, New Jersey
Thanks for the info K_enn! I had read your thread involving your accident/endeavors with the insurance company.

_________________
2010 Xterra Offroad
-Factory: Skids, Rear Locking Diff
-Shrockworks Gas Tank Skid
-Shrockworks Rock Sliders
-Bfgoodrich TA KOs 33"
-Rocky Mtn Rear Recovery Points


Top
 Profile  
 
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