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Old 06-06-2020, 11:03 PM #1
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Insurance Coverage Questions Thread

Hello guys. I'm a 20 year veteran of the collision repair industry, and I now work as an appraiser for one of the Big 5. I'm happy to answer any questions you might have about insurance coverage, terms, deductibles, GAP insurance, etc.

I'm licensed in all but 4 states in the US (Those 4 states require Residence to obtain, or preclude me from holding a license in another state), and have written claims on about 10,000 vehicles in 20 years.

I'll start with an easy misconception.

Full Coverage - This term in meaningless. There is no such thing. Period. Full Coverage generally refers to having Collision, Comprehensive, Uninsured Motorist Property/Bodily Injury, Rental, and Liability. Each and every one of these is a separate line item and separate charge on your overall premium. Each one carries different limits and exclusions to coverage.

There's also other endorsements you can add like OEM Parts Coverage, there are multiple levels of Rental Coverage, and there are multiple levels of Liability coverage as well.
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Old 06-09-2020, 05:27 PM #2
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Guess I will start. Are there companies which you personally avoid or list you prefer? No matter how hard people can try to avoid filing a claim, eventually there is an an accident.
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Old 06-10-2020, 12:36 AM #3
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My runner was considered totaled after an accident a few years back. I wasn't at fault so when we negotiated my payment I was able to purchase my runner back and I had to get a salvage title for it. My question is, I have a lot of aftermarket parts installed on my runner, is it possible for me to get coverage for these and if so, is it worth it? Right now I have just minimum coverage. Thanks in advance!

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Old 06-10-2020, 08:49 AM #4
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Like the guy mentioned above, what is the industry standard on compensation for aftermarket parts in collision coverage?
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Old 06-10-2020, 12:34 PM #5
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Like the guy mentioned above, what is the industry standard on compensation for aftermarket parts in collision coverage?
Open up your policy and look at PART D - Coverage for your Auto.

If you see the words "Like, Kind, Quality" under the "Repairs to Your Auto" section, you will be getting aftermarket parts. Every company has different internal guidelines for the certifications and types of non-oem parts they allow for on their coverages. Bottom line is that 90% of vehicles out there qualify for Non-OEM parts to be used in the repair of the vehicle under the terms of the insurance policy. This also applies if you are a 3rd Party (someone else hit you and you are using their insurance). All states allow for some degree of Non-OEM parts usage, except for a few select states like Tennessee, where you get new OEM parts in the first 2 years from the Production Date (not the sale or first drive).
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Old 06-10-2020, 12:38 PM #6
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Guess I will start. Are there companies which you personally avoid or list you prefer? No matter how hard people can try to avoid filing a claim, eventually there is an an accident.
I would avoid the companies that advertise Liability Only. Most of their insureds are not carrying collision and comprehensive coverage, so their adjusters are not used to dealing with repairs. I won't mention any companies by name, but there is one that is advertised by a certain famous basketball player that I would definitely avoid.

The cheapest companies are cheap for a reason.

The best policy I have ever seen was Chubb insurance - but I think they have a minimum net worth requirement to even be considered for a policy.
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Old 06-11-2020, 12:51 PM #7
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Quote:
Originally Posted by Tucson4runner View Post
My runner was considered totaled after an accident a few years back. I wasn't at fault so when we negotiated my payment I was able to purchase my runner back and I had to get a salvage title for it. My question is, I have a lot of aftermarket parts installed on my runner, is it possible for me to get coverage for these and if so, is it worth it? Right now I have just minimum coverage. Thanks in advance!

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I have gotten every vehicle I've owned and modified covered for those modifications. The large insurance companies sometimes ask you to provide receipts for each modification and pictures. If you have minimum coverage and your mods exceed the value of your coverage then you are screwed. When you negotiate the pay out of your vehicle you should have proven that you vehicle was worth xx with your mods by showing proof with receipts and the sale price of other similarly equipped vehicles to the other party's insurance company. Your lawyer could have help with this since it wasn't your fault or you could have handled it on your own as well.
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Old 06-11-2020, 09:34 PM #8
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What if I purchased some of these mods second hand. Would a link to the msrp work?

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Old 06-11-2020, 09:48 PM #9
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What if I purchased some of these mods second hand. Would a link to the msrp work?

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You want to purchase Customization Coverage. Without receipts, you just need to document the mods with detailed photographs. It's really that simple. Most policies include 500 dollars of customization coverage in the basic policy. Some provide 0.

Customization Endorsements usually start at the $3000 range. If you have a lift, sleep system, armor, you are past 3k. They will give you full replacement value, not depreciation if you have the endorsement.

If you are hit by a 3rd party, they will give you the depreciated value of the mods based on them being on the vehicle at the time of original purchase, if you don't have receipts. That will be next to nothing on a 20 year old rig, since you would be hit for likley 80 percent depreciation. In this case you would just file with your own policy and collect the value of the mods.
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Old 06-11-2020, 11:36 PM #10
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I got in a motorcycle accident about a year ago. It wasn’t my fault. I bought that motorcycle new for $7200 about a month prior to that. They paid me $5800 for it. Was there anything I could have done?
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Old 06-12-2020, 10:14 PM #11
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I got in a motorcycle accident about a year ago. It wasn’t my fault. I bought that motorcycle new for $7200 about a month prior to that. They paid me $5800 for it. Was there anything I could have done?
New bikes are tricky, because of the immediate depreciation once you take ownership. In the end, if you can prove it's not possible to replace the bike with a similar used bike (because despite being new it's legally a used bike once it's titled in your name), you can usually negotiate for a higher payout based on ads for similar bikes and quotes from dealers.

That's why you want to add the 3k accessories coverage, even if all you have is some aftermarket footpegs and light bulbs. You will get the full 3k plus the bike if it's ever totalled.
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Old 11-16-2020, 12:35 AM #12
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Which would be the best company to insure accessories? How does it work if you have $5K plus in accessories? I have 2018 runner
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Old 11-17-2020, 12:44 AM #13
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I can't give any advice on specific companies, but they all offer accessory or customization Endorsements. I worked a Motorcycle claim in a 100% Custom Harley. It was titled as a 1998, but had a 40k Customization Endorsement that covered the Frame,Bodywork,etc that was FARRR from stock. We ended up paying about 35k on that one.
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Old 03-15-2023, 04:42 AM #14
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Thank you for helping us out with insurance matter,
I am respectfully ask for your help. My FJ was T
Boned by AAA, my car is deemed total loss. AAA is lowballing by evaluating my cars value with 4 other non trail teams ( my car is Trail teams 1/1500) and i have full TRD exhaust, intake and skid plate installed within the year and they refuse to add them for evaluation. What would be my best approach with my case? They said my added parts are my preference and they said they dont have to pay for them. And they said they wont pay for 3rd party professional appraisal. Is this true? Any inputs will be appreciated
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Old 03-15-2023, 11:02 AM #15
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You're replying to a thread started in 2020?

Insurance doesn't give a damn about bolt ons. They value from blue book etc...

They are gonna pay a "canned" value. It's unfair and Bullshit, just liked being forced into buying insurance is a scam and totalitarian fascist bullshit and you're basically under duress being forced to buy it upon threat of being ticket and huge fines, and the fact you live in the most fascist state in the union, you're even worse off.

I feel for you but not much you can do.
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