I am sad to announce thay my Jeep was jacked two days ago, right out of my driveway. I can admit that I am probably stupid for not installing an alarm on the thing because I recently put on a summer top less than a week ago, but what happened happened and I am here because I'm hoping that someone will be able to shed some light if they've ever been in a similar situation.
It was a 2009 Wrangler Sahara Unlimited. Had 65,000 kms, burnt orange in colour and came with XRC front and rear bumpers, 18" Mamba wheels, 35" Toyo Open Country MTs, 4" procomp lift kit and leather interior. I picked it up less than a year ago for $22,500 all in, private sale. Since then, I have added close to $5,000 in upgrades, which includes 35" Goodyear Duratrac ATs, an 8000 lbs Warn winch, HID headlights, NFab nerf bars, heated seats, and a Bestop summer top and tonneau cover. Last I checked it was close to 80,000 kms.
So my question is the following: I'm still paying off the financing for the vehicle, with about $15,000 left, so obviously full insurance coverage was mandatory, and theft will be covered. But how does all of that work?
- Do they go by the Blackbook, Kelley Bluebook or Edmunds average retail price of the vehicle or try to lowball me?
- Do I get compensated for all of the upgrades if I have either pictures or receipts? Or do they lower the prices for depreciation?
- Would coverage circumstances change if there was a hard top or a summer top on it?
- Are settlements negotiable or do I just take what they give me?
- Is there anything else I should know before going to see the claims department in a few days from now?
Much appreciation for any help that I get with this. And as a farewell, I'll leave you with a couple of pics, one when I bought it, and one from a few weeks ago. RIP
I cant speak for all insurance companies but this is how my insurance company states it (I asked them because I was curious). They cover min vehicles based on NADA value and only up to 5k in "upgrades" would be covered. I would have to to show reciepts or pics to prove the upgrades and then they would "evaluate" the amount of reimbursement of the upgrades (usually done by an adjuster). If I were to finance I would be responsible for the difference in payoff amount and the amount my insurance company gave me (unless I purchased gap coverage). I was also told most companies do not cover "upgrades" without a rider certificate or without letting your insurance company know what you did in advance. I know this is kind of vague but I hope it helps. I have my insurance through USAA if that helps.
Wow, sorry to hear about that hopefully they catch the thief!
1997 Wrangler SE Flame Red. 2.5L, 5-speed.
HD Front Bumper Fabbed' In PA, HD Tie-Rod Link.
Rugged Ridge SYE Kit W/Custom Driveshaft.
4'' Rough Country Lift, Rear Upper Adj. Control Arms.
35'' Mud Rovers on Eccos
Every insurance company and each state/province have different rules/laws about this. You will probably have to fight a bit, don't accept their first offer. Get it in writing and then do some shopping to see if what they are offering can realistically buy you a similar replacement.
Ideally go into your meeting with receipts of all add-on's, if you have a receipt for last oil change/service take that with you too (shows your mileage). If you can, start shopping now for a replacement so you'll have some idea of if their offer is reasonable or not. They go by averages, but that may not cover you in your area. Give them copies, not your originals. I wouldn't go volunteering your had the hard top off, but if asked be truthful.
My experience is insurance pays you the price to replace it at equal value. Same year, mileage, etc. so do some research on how much it would be to buy one just like yours. Then like others say, they will pay for upgrades, to a certain dollar value, if you have proof.
I wouldn't expect to recover the cost of the upgrades. The cost of upgrades on my TJ exceeds the purchase price of the vehicle. I worked with my insurance company to insure my rig for double the replacement value. I provided them with a detailed list of all upgrades and associated prices.
Sorry that has happened to you. Unfortunately insurance is nothing but legal robbery. You are in for a fight with the upgrades. I believe you have to let them know you have made modifications that effect the value of the vehicle. That's what my insurance company has always asked me when insuring a car.
My dad had to get special insurance on his 67 GTO because "book" value is nowhere near what its really worth. Just start shopping for something comparable and do what everyone else is saying, don't take their first offer. They will try to screw you over.
Good luck and once again, sorry this happened to you.