INSURANCE FOR AFTERMARKET PARTS
01-09-2006, 10:41 PM
#1
2nd Gear Member
Thread Starter
Join Date: Jan 2006
Location: Bellflower, CA
Posts: 453
INSURANCE FOR AFTERMARKET PARTS
I HAVE MERCURY INSURANCE, I CALLED THEM TODAY TO ASK IF THE WOULD INSURE A SUPERCHARGER.....GUESS??????? THE ANSWER WAS A BIG NO[>:]........... DO YOU GUYS KNOW OF A INSURANCE COMPANY THAT WILL COVER AFTERMARKET PERFORMANCE PARTS HERE IN LOS ANGELES..... THANK YOU
[IMG]local://upfiles/27123/04058A7E375A4E3C9D9CE2BFA704C64F.jpg[/IMG]
[IMG]local://upfiles/27123/04058A7E375A4E3C9D9CE2BFA704C64F.jpg[/IMG]
01-09-2006, 11:08 PM
#2
2nd Gear Member
Join Date: Dec 2005
Location: Greenville, SC
Posts: 267
RE: INSURANCE FOR AFTERMARKET PARTS
I'm not sure of any insurance company that covers aftermarket parts, they had a discussion about this a while ago in the video section, where a kid tried to do a burn out in a mr2, shot off the road and owned a jetta.
01-10-2006, 12:50 AM
#3
Join Date: Oct 2005
Location:
Posts: 26
RE: INSURANCE FOR AFTERMARKET PARTS
Well, your best strategy might be to keep the insurance company from finding out you have one. I have heard them cancel insurance when they find a car with lowered suspension (usually inspecting a claim). In an accident, the supercharger will probably stay intact and you could remove it if the car was totaled. If stolen, you are probably out of luck.
01-10-2006, 11:22 PM
#6
2nd Gear Member
Join Date: Jun 2005
Location: Denver, CO.
Posts: 281
RE: INSURANCE FOR AFTERMARKET PARTS
i work for progressive insurance...
and in this state (colorado) the aftermarket parts deal is pretty uniform...
(MOST policy limitations are set statutorily-and NOT just because the insurance companies want to make your life harder. Don't like something about insurance? write your Congressman, not your agent)
anyway, everything you can possibly think of to put a car on is basically covered...but here's how:
when you buy a 2005 Mustang GT or any other car, the insurance company rates that vehicle on the vin in stock form. so an '05 gt is rated for like $25k or so and an '05 S55 AMG would be rated at $80k or whatever it is...
problem comes in when people add supercharges and all that extra stuff and expect it will already be covered. Not so. Makes no sense that your $35k car (with aftermarket ad-ons) is being covered for the same amounts as the person paying the same premiums for the $25k car. So they have "CPE coverage" (Custom Parts and Equipment).
I believe the MOST you can buy is like $5k on top of stock. Anything you "ADD" onto the car will come directly from CPE coverage-where as anything you "REPLACE" on the car will add towards the difference between stock and aftermarket.
for example:
1:
Put a $6k supercharge on a car that doesn't have one and all $5k of CPE is used if you ever damage and have to replace the supercharger
2:
Put $2k rims on the car and they get ripped off. so $500 per rim in value
assume the stock rims are $200 each, then $200 is applied as stock and the remaining $300 per rim is applied to CPE coverage.
The HITCH:
MOST policies automatically cover $1k in CPE, so if all 4 custom rims get ripped off and the total cost to replace them is $2k-then you'll be out some money.
Because the stock rims are $200 each, but you'll only get $250 per rim to get to that $1k CPE limit.
confused? because it's COMPLETELY different if the vehicle is totalled.
If your car is a total loss, you only get the VALUE they add to the car, not the replacement cost of the parts.
So if you spend $10k on tuning and supercharging, and it only adds $5k in TRUE VALUE to the car, then all you get is $5k on top of stock value if it totals. And if you didn't buy the extra CPE coverage, all you get is $1k on top of the stock total amount?
any questions?
and in this state (colorado) the aftermarket parts deal is pretty uniform...
(MOST policy limitations are set statutorily-and NOT just because the insurance companies want to make your life harder. Don't like something about insurance? write your Congressman, not your agent)
anyway, everything you can possibly think of to put a car on is basically covered...but here's how:
when you buy a 2005 Mustang GT or any other car, the insurance company rates that vehicle on the vin in stock form. so an '05 gt is rated for like $25k or so and an '05 S55 AMG would be rated at $80k or whatever it is...
problem comes in when people add supercharges and all that extra stuff and expect it will already be covered. Not so. Makes no sense that your $35k car (with aftermarket ad-ons) is being covered for the same amounts as the person paying the same premiums for the $25k car. So they have "CPE coverage" (Custom Parts and Equipment).
I believe the MOST you can buy is like $5k on top of stock. Anything you "ADD" onto the car will come directly from CPE coverage-where as anything you "REPLACE" on the car will add towards the difference between stock and aftermarket.
for example:
1:
Put a $6k supercharge on a car that doesn't have one and all $5k of CPE is used if you ever damage and have to replace the supercharger
2:
Put $2k rims on the car and they get ripped off. so $500 per rim in value
assume the stock rims are $200 each, then $200 is applied as stock and the remaining $300 per rim is applied to CPE coverage.
The HITCH:
MOST policies automatically cover $1k in CPE, so if all 4 custom rims get ripped off and the total cost to replace them is $2k-then you'll be out some money.
Because the stock rims are $200 each, but you'll only get $250 per rim to get to that $1k CPE limit.
confused? because it's COMPLETELY different if the vehicle is totalled.
If your car is a total loss, you only get the VALUE they add to the car, not the replacement cost of the parts.
So if you spend $10k on tuning and supercharging, and it only adds $5k in TRUE VALUE to the car, then all you get is $5k on top of stock value if it totals. And if you didn't buy the extra CPE coverage, all you get is $1k on top of the stock total amount?
any questions?
01-11-2006, 12:09 AM
#7
4th Gear Member
Join Date: Jul 2005
Location: Tampa, FL
Posts: 1,068
RE: INSURANCE FOR AFTERMARKET PARTS
ORIGINAL: 4wheelkillr
i work for progressive insurance...
and in this state (colorado) the aftermarket parts deal is pretty uniform...
(MOST policy limitations are set statutorily-and NOT just because the insurance companies want to make your life harder. Don't like something about insurance? write your Congressman, not your agent)
anyway, everything you can possibly think of to put a car on is basically covered...but here's how:
when you buy a 2005 Mustang GT or any other car, the insurance company rates that vehicle on the vin in stock form. so an '05 gt is rated for like $25k or so and an '05 S55 AMG would be rated at $80k or whatever it is...
problem comes in when people add supercharges and all that extra stuff and expect it will already be covered. Not so. Makes no sense that your $35k car (with aftermarket ad-ons) is being covered for the same amounts as the person paying the same premiums for the $25k car. So they have "CPE coverage" (Custom Parts and Equipment).
I believe the MOST you can buy is like $5k on top of stock. Anything you "ADD" onto the car will come directly from CPE coverage-where as anything you "REPLACE" on the car will add towards the difference between stock and aftermarket.
for example:
1:
Put a $6k supercharge on a car that doesn't have one and all $5k of CPE is used if you ever damage and have to replace the supercharger
2:
Put $2k rims on the car and they get ripped off. so $500 per rim in value
assume the stock rims are $200 each, then $200 is applied as stock and the remaining $300 per rim is applied to CPE coverage.
The HITCH:
MOST policies automatically cover $1k in CPE, so if all 4 custom rims get ripped off and the total cost to replace them is $2k-then you'll be out some money.
Because the stock rims are $200 each, but you'll only get $250 per rim to get to that $1k CPE limit.
confused? because it's COMPLETELY different if the vehicle is totalled.
If your car is a total loss, you only get the VALUE they add to the car, not the replacement cost of the parts.
So if you spend $10k on tuning and supercharging, and it only adds $5k in TRUE VALUE to the car, then all you get is $5k on top of stock value if it totals. And if you didn't buy the extra CPE coverage, all you get is $1k on top of the stock total amount?
any questions?
i work for progressive insurance...
and in this state (colorado) the aftermarket parts deal is pretty uniform...
(MOST policy limitations are set statutorily-and NOT just because the insurance companies want to make your life harder. Don't like something about insurance? write your Congressman, not your agent)
anyway, everything you can possibly think of to put a car on is basically covered...but here's how:
when you buy a 2005 Mustang GT or any other car, the insurance company rates that vehicle on the vin in stock form. so an '05 gt is rated for like $25k or so and an '05 S55 AMG would be rated at $80k or whatever it is...
problem comes in when people add supercharges and all that extra stuff and expect it will already be covered. Not so. Makes no sense that your $35k car (with aftermarket ad-ons) is being covered for the same amounts as the person paying the same premiums for the $25k car. So they have "CPE coverage" (Custom Parts and Equipment).
I believe the MOST you can buy is like $5k on top of stock. Anything you "ADD" onto the car will come directly from CPE coverage-where as anything you "REPLACE" on the car will add towards the difference between stock and aftermarket.
for example:
1:
Put a $6k supercharge on a car that doesn't have one and all $5k of CPE is used if you ever damage and have to replace the supercharger
2:
Put $2k rims on the car and they get ripped off. so $500 per rim in value
assume the stock rims are $200 each, then $200 is applied as stock and the remaining $300 per rim is applied to CPE coverage.
The HITCH:
MOST policies automatically cover $1k in CPE, so if all 4 custom rims get ripped off and the total cost to replace them is $2k-then you'll be out some money.
Because the stock rims are $200 each, but you'll only get $250 per rim to get to that $1k CPE limit.
confused? because it's COMPLETELY different if the vehicle is totalled.
If your car is a total loss, you only get the VALUE they add to the car, not the replacement cost of the parts.
So if you spend $10k on tuning and supercharging, and it only adds $5k in TRUE VALUE to the car, then all you get is $5k on top of stock value if it totals. And if you didn't buy the extra CPE coverage, all you get is $1k on top of the stock total amount?
any questions?
01-11-2006, 02:47 AM
#9
3rd Gear Member
Join Date: Jun 2005
Location:
Posts: 571
RE: INSURANCE FOR AFTERMARKET PARTS
So basically what you're saying is that you have to pay extra to insure extra stuff? See THAT'S how these insurance companies get you. You want them to insure you for more money and they expect you to pay more for your policy. What scumbags. There should be a law.
