Pimping Your Ride? Find Out What Your Auto Insurance CoversPosted: December 19, 2012
You have decided to customize your vehicle, go all the way and get exactly what you have been dreaming of or maybe saw on popular shows like Pimp My Ride or OverHaulin. You shell out the money for the car, but what about your auto insurance policy. Are all the new additions and bling covered?
In case of damage your insurance company will settle a loss on your new ride by looking at the cost to replace you vehicle or the damage costs. if your vehicle is stolen, deprecation, wear and tear and how old it is will be some factors and you will get paid the actual value of the car minus your new customization.
That 92 Chevy that was worth say $5,000 but now is worth $30,000 with your new customization, will now be worth only $5,000 or less to your insurance company unless you have additional customized parts or equipment added to your policy.
Many insurance companies allow you to add more coverage for special wheels, tires, stereo, custom paint and more. Make sure your policy is up to date and your insurance company has a list of your new additions along with the appraisal. Check to see what is the amount your company will be willing to add.
Get an appraisal of your new pimped out ride which may also be used to determine the actual value. See if you can insure your car on an “agreed value” basis, which means the actual cash value of the car is not used to settle a claim like many classic and antique cars are done in case something should happen.
Call us today to get your questions answered. 863-453-3903
or visit our website budgetbirite.com fill out the form and we will have an agent contact you within 24 hours.
Ask us about deductibles as low as $100.00.
Ashley Bishop Owner/Agent
Budget Bi Rite Insurance, Inc
Serving All of Florida