Question on Theft/Damage & Insurance?
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Lexus Test Driver
Joined: May 2004
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From: Connecticut
Question on Theft/Damage & Insurance?
Hey ya'll
I was just wondering if you have insurance on your car and something happens like someone hits your rim, breaks in and steals your stereo, lcd's, or any other part that DIDN'T COME Oem on the car does insurance still cover that and if so how do you prove the value?
Also when u put in a insurance claim how does that effect your rates does it make them higher and if so then wont it just be cheaper to pay for the replacements yourself?
Hope this is not to dumb sounding but im only 21 and know nothing about insurance i just know i have full coverage for my lex and thats that!
Thanks
I was just wondering if you have insurance on your car and something happens like someone hits your rim, breaks in and steals your stereo, lcd's, or any other part that DIDN'T COME Oem on the car does insurance still cover that and if so how do you prove the value?
Also when u put in a insurance claim how does that effect your rates does it make them higher and if so then wont it just be cheaper to pay for the replacements yourself?
Hope this is not to dumb sounding but im only 21 and know nothing about insurance i just know i have full coverage for my lex and thats that!
Thanks
depends on the insurance companies, where you live, age...etc. Insurance companies are VERY picky about what they will and will not cover. They have a tough enough time cutting a check for a car let alone aftermarket parts you installed on the car. Some insurance companies have a clause in the policy that says how much of "personal effects" they will cover in case something happens. check your policy and see whats up. or if that doesnt get you the answer, check with your agent and see what they say. This is with my limited knowledge of how insurance works, ive had a few conversations about this with my agent (family friend) and thats the jist of what he told me.
Pole Position
Joined: Jul 2003
Posts: 219
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From: Utah
It does depend on your insurance. Try contacting your agent to give the run down on your policies, and any concerns you have with coverages on non oem equipments.
On my personal experience with my vehicle being broken into. They paid for everything that was taken out except for the CD's in my cd case. All I had to pay was for the deductable of $500, and it would've cost me about $3000(parts and labor)to replace everything. I also had proof of everything that was claimed with receipts or pictures. Also my insurance never went up because that was the only claim I had for 7 years.
On my personal experience with my vehicle being broken into. They paid for everything that was taken out except for the CD's in my cd case. All I had to pay was for the deductable of $500, and it would've cost me about $3000(parts and labor)to replace everything. I also had proof of everything that was claimed with receipts or pictures. Also my insurance never went up because that was the only claim I had for 7 years.
Lexus Connoisseur
Joined: Mar 2001
Posts: 19,861
Likes: 584
From: USA
Originally Posted by Alexus-Kia
Hey ya'll
I was just wondering if you have insurance on your car and something happens like someone hits your rim, breaks in and steals your stereo, lcd's, or any other part that DIDN'T COME Oem on the car does insurance still cover that and if so how do you prove the value?
Also when u put in a insurance claim how does that effect your rates does it make them higher and if so then wont it just be cheaper to pay for the replacements yourself?
Hope this is not to dumb sounding but im only 21 and know nothing about insurance i just know i have full coverage for my lex and thats that!
Thanks
I was just wondering if you have insurance on your car and something happens like someone hits your rim, breaks in and steals your stereo, lcd's, or any other part that DIDN'T COME Oem on the car does insurance still cover that and if so how do you prove the value?
Also when u put in a insurance claim how does that effect your rates does it make them higher and if so then wont it just be cheaper to pay for the replacements yourself?
Hope this is not to dumb sounding but im only 21 and know nothing about insurance i just know i have full coverage for my lex and thats that!
Thanks
Generally comprehensive claims don't affect your rates (depending on the company or state you're in) since they are usually no fault/non chargeable losses. Also depending on your insurance company would they replace anything in the vehicle that is permanently affixed to the car. But aftermarket audio equipment if it were stolen is always clearly underlined or explained as someting not covered by a loss. Again refer to your policy and definitions.
I didn't really pay attention to my own insurance policy until I started working in the insurance industry. And it does count to read your policy because the companies limits of liability are there...and when it comes time to claim and you think one thing really meant another, you may be in for a big surprise.
Good Luck!
Lexus Fanatic
Joined: Oct 2003
Posts: 94,226
Likes: 222
From: Virginia/D.C. suburbs
One way you can prove the value of any non-OEM things that were taken, of course, is if you still have the bill of sale or some kind of credit-card record.
You didn't say which insurance company you were with but I know Geico has a separate sheet on their questionnaires where you must list anything non-OEM on the car and how much it is worth. That, of course, partly determines what your rates will be.
Your homeownwer's policy (if you have one) often (but not always) will indeed cover a lot of your personal items that are taken from you. Several years ago I had cash stolen right out of my wallet in a gym while I was working out. (they broke into the locker, padlock and all....fortunately they did not take anything else...just the money. Probably some junkie needing a fix.) My Allstate homeowner condo policy covered every last cent.....I apparantly had no deductible. They didn't even question the amount.....took my word for it.
Good luck.
You didn't say which insurance company you were with but I know Geico has a separate sheet on their questionnaires where you must list anything non-OEM on the car and how much it is worth. That, of course, partly determines what your rates will be.
Your homeownwer's policy (if you have one) often (but not always) will indeed cover a lot of your personal items that are taken from you. Several years ago I had cash stolen right out of my wallet in a gym while I was working out. (they broke into the locker, padlock and all....fortunately they did not take anything else...just the money. Probably some junkie needing a fix.) My Allstate homeowner condo policy covered every last cent.....I apparantly had no deductible. They didn't even question the amount.....took my word for it.
Good luck.
Last edited by mmarshall; Jan 10, 2005 at 04:48 AM.
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