Total Loss Series: Reimbursement for Modified Parts?
Posted in Auto Insurance , Special Vehicle Insurance
August 21st, 2009
Continue to Chapter 6: Insuring Against Future Loss >>>
Total Loss: Chapter 5 of 6
Accepting a Settlement
When you accept an insurance company settlement, be sure you understand that the check is put in the name of the policyholder and the company or individual listed on the Loss Payee or Lien Holder endorsement. Also be sure that you are comfortable with the payment amount.
Preventing Future Loss
If you are a true car enthusiast and will never stop installing modified parts on your vehicle, you need to get a modified insurance plan. Depending on the level and value of modified parts on your car, the process may vary slightly. Some insurance companies may have a rider they can add onto your policy to handle an upgrade or two. However, if you have totally rebuilt your car, you may need to get a specialty car insurance coverage to protect the full value of your vehicle.