Totaled 2000 SI....not worth what you think

03Eclipse · 09-13-2002

I had a claim with a younger guy (20,21) that now has a totaled 2000 Si that has about $10,000 under the hood and about $5000-$7000 in body modifications - it was a lime green vehicle and it was a single vehicle accident - The vehicle is not worth what you think - The guy was looking for $25,000 - $30,000 as he think his car is worth that - the apprasier basically said we will pay $16,000 for it as all the mods do not make the car more valuable ........... In short, he spent that much and now he basically gets market value as all the mods he did, like springs, rims, paint job, engine mods, did nothing for the value - so just be careful if you have invested a ton into your vehicle - have it professionally apprasied

Edit ..... Will post pics once they have been uploaded to me

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FlippedOut · 09-13-2002

im pretty sure that the majority of people that mod up their cars are aware that it will not increase the value of the vehicle...
he most have been doing some stupid shiznit

stillmatik23 · 09-13-2002

plus you have to get your stuff insured....all aftermarket mods..system...rims..etc etc....your first deductible goes..up...mine is around $2500....the good thing is...if my car is mashed up...or robbed...i have to pay $2500 but anything above that is covered...but lets say someone breaks my windows...no point in claiming it because deductible is so high....

03Eclipse · 09-13-2002

so you would think a stock 2k1 LX is worth the same as a modified one - becuase the majority of the people that have claims with modded cars think that they are worth more becuase of the mods

stillmatik23 · 09-13-2002

mods don't add value to the car...but things that you think add value..like rims....custom paint job....dvd etc...etc....things like that...you have to tell your insurance company you have so if something happens its covered....thats all.....but if not covered.....they give you...whatever the book value is..not including the mods....for example on a regular insurance plan..they cover up to $1500 for audio..on basic coverage..anything above that value has to be reported or will not be reimbursed to you if something does happen to your $7000 dollar system.....

03Eclipse · 09-13-2002

Quote:

Quote
[hr]Originally posted by: stillmatik23
mods don't add value to the car...but things that you think add value..like rims....custom paint job....dvd etc...etc....things like that...you have to tell your insurance company you have so if something happens its covered....thats all.....but if not covered.....they give you...whatever the book value is..not including the mods....for example on a regular insurance plan..they cover up to $1500 for audio..on basic coverage..anything above that value has to be reported or will not be reimbursed to you if something does happen to your $7000 dollar system.....[hr]

thats true, but we don't use the book value - we use the age of the item, like a stereo or rims, and then depreciate it 10% a year for a max of 50% - and if you did tell your insurance of every mod you did, they would raise your insurance, unless you do engine mods.........then they would n't put covergae on your vehicle until you take the mods off.....unless you have facility insurance