2:57 pm
April 16, 2016
Offline
Last week we were woke up by police sirens at 3:30 am. Turns out somebody broke into and stole a jeep parked on a nearby street where we live. The Police were able to chase down the Jeep and recover the vehicle. Not the best escape vehicles on the street.... Lol...
It got us thinking about what would happen if our 2016 Jeep were to get stolen or worse was totaled in an accident. We made a quick call to USAA, our insurance company, to better understand our coverage. We found out that our policy only covers up to $5,000 in modifications and added equipment. Clearly a big shortfall as compared to how much we have invested in our Jeep.
Based on what we have learned this is a fairly common practice for most insurance companies. You may want to check out what your insurance company covers.
Has this ever concerned any of you?
Does anybody know of an insurance company that will insure vehicles like ours at the replacement value?
Thanks!
3:45 pm
Club Member
July 10, 2003
Offline Pretty much any mods you add are your responsibility, both when insuring and selling. You will NEVER see any money returned on it.
I used to wheel a lot. . .
5:02 pm
Club President
April 2, 2003
Offline 
My insurance covers retail blue book - which based on my mileage and condition is about 33K.
I am able to purchase a rider for my modifications and pay for separate coverage...
Insurance will cover everything - if you're willing to pay for it. just be smart...
8:57 pm
Club Member
January 20, 2009
Offline What year was the Jeep?
6:33 am
April 16, 2016
Offline Not sure on the year of the jeep that was stolen.
k-jeep said
What year was the Jeep?
7:37 am
April 10, 2015
Offline
My insurance covers everything, all mods including, up to 250k and I pay for it.
11:27 am
Club Trailmaster
March 13, 2015
Offline My dad was an insurance agent at AAA for 20 yrs. I have an "upped symbol" in old AAA vernacular. I am covered for the vehicle book + $15k. (old AAA system lets you increase coverage in $5k increments). I still have the same coverage but Im unsure if this is still available or if I am grandfathered. Some companies do this type of coverage but rules about what can be covered can change yearly within companies.
Other policy options include:
-Stated Value Policy, where you and the company agree on the value each year and the premium is based on that.
-Specialty vehicle policies, Think Hagerty, intended for classic cars and show cars, typically not allowed for daily driving and no coverage for offroad damage last I talked to them.
-Separate coverage for modifications, for when you have a $3k YJ with $20k of parts, take a separate policy out through someone like lloyds who will cover anything. (note that this would just cover the parts, not the cost of any labor, you loose that)
Other insurance items of note. So long as you have full coverage, even if you roll the Jeep on the rubicon/NF trail/private property you are covered under the comprehensive portion of your policy. This is California law.
Having totaled a built Jeep I can tell you that there are some details in the policy you need to note and you will likely have to fight in the event of a claim.
1st: never have a wrecked Jeep towed to a tow yard. Have it towed to your house or a friends and cover it with a tarp. Once it hits the tow yard you will never see it again.
2nd: keep a list of parts used on the vehicle or similar parts that were DIY or if the original manufacturer goes out of business.
3rd: insurance companies have a limited time to settle a claim by law. So long as this isnt your daily driver, delaying settlement on a totaled vehicle can give you better results as they get desperate.
4th: Dont leave a totaled vehicle at a shop unattended. Insurance companies, after seeing quote(s) will call it totaled and send a truck to remove it. Once they have it, it is gone.
When I totaled my silver 05 LJ, then only a few year old vehicle with 50k miles, I was strung around and only saved by my dad's knowledge of the system. First thing I did was tow it home and put a tarp on it. The next thing we did was file a claim. Then we had the Jeep towed to a couple of different shops for quotes. Then we towed it back home and put a tarp on it. The repair claim was denied and it was deemed totaled. Only a few hours later we got a call from the last shop saying a truck from the wrecking yard was there to pick up the Jeep, thankfully we didn't have it there so they couldn't close out the claim. The insurance company called and said they needed to pick up the jeep to close out the claim, my dad told me to ask for a copy of the settlement prior to turning over the Jeep. The first settlement was only book. I said no citing my extra coverage and they said I was only covered for fire or theft so I hung up. 2 weeks later they called back asking why I hadnt signed the settlement. I told them that it wasnt good enough. They later called back with book +5k. I said no and provided a list of parts as well as craigslist adds and ebay auctions for similarly built jeeps selling for well over book. A few days before the legal window to settle the policy they called back with a new number that was middle of the road for the similar jeeps i sent and covered about 90% of the parts in my spreadsheet. I settled for their final number less the buyback cost of the Jeep (buyback cost is the price a wrecking yard was going to pay for the vehicle). With the cash part of the settlement i was able to replace the Jeep with my current one and part out the old one for more than the buyback cost.
1:30 pm
December 13, 2015
Offline kris_olof said
My dad was an insurance agent at AAA for 20 yrs. I have an "upped symbol" in old AAA vernacular. I am covered for the vehicle book + $15k. (old AAA system lets you increase coverage in $5k increments). I still have the same coverage but Im unsure if this is still available or if I am grandfathered. Some companies do this type of coverage but rules about what can be covered can change yearly within companies.Other policy options include:
-Stated Value Policy, where you and the company agree on the value each year and the premium is based on that.
-Specialty vehicle policies, Think Hagerty, intended for classic cars and show cars, typically not allowed for daily driving and no coverage for offroad damage last I talked to them.
-Separate coverage for modifications, for when you have a $3k YJ with $20k of parts, take a separate policy out through someone like lloyds who will cover anything. (note that this would just cover the parts, not the cost of any labor, you loose that)
Other insurance items of note. So long as you have full coverage, even if you roll the Jeep on the rubicon/NF trail/private property you are covered under the comprehensive portion of your policy. This is California law.
Having totaled a built Jeep I can tell you that there are some details in the policy you need to note and you will likely have to fight in the event of a claim.
1st: never have a wrecked Jeep towed to a tow yard. Have it towed to your house or a friends and cover it with a tarp. Once it hits the tow yard you will never see it again.
2nd: keep a list of parts used on the vehicle or similar parts that were DIY or if the original manufacturer goes out of business.
3rd: insurance companies have a limited time to settle a claim by law. So long as this isnt your daily driver, delaying settlement on a totaled vehicle can give you better results as they get desperate.
4th: Dont leave a totaled vehicle at a shop unattended. Insurance companies, after seeing quote(s) will call it totaled and send a truck to remove it. Once they have it, it is gone.
When I totaled my silver 05 LJ, then only a few year old vehicle with 50k miles, I was strung around and only saved by my dad's knowledge of the system. First thing I did was tow it home and put a tarp on it. The next thing we did was file a claim. Then we had the Jeep towed to a couple of different shops for quotes. Then we towed it back home and put a tarp on it. The repair claim was denied and it was deemed totaled. Only a few hours later we got a call from the last shop saying a truck from the wrecking yard was there to pick up the Jeep, thankfully we didn't have it there so they couldn't close out the claim. The insurance company called and said they needed to pick up the jeep to close out the claim, my dad told me to ask for a copy of the settlement prior to turning over the Jeep. The first settlement was only book. I said no citing my extra coverage and they said I was only covered for fire or theft so I hung up. 2 weeks later they called back asking why I hadnt signed the settlement. I told them that it wasnt good enough. They later called back with book +5k. I said no and provided a list of parts as well as craigslist adds and ebay auctions for similarly built jeeps selling for well over book. A few days before the legal window to settle the policy they called back with a new number that was middle of the road for the similar jeeps i sent and covered about 90% of the parts in my spreadsheet. I settled for their final number less the buyback cost of the Jeep (buyback cost is the price a wrecking yard was going to pay for the vehicle). With the cash part of the settlement i was able to replace the Jeep with my current one and part out the old one for more than the buyback cost.
wow great information Kris! thanks so much for sharing this. i'm saving this just in case, but hoping i never need it. do you have a rough time frame on how long they have to settle?
[¯¯],[¯¯¯¯],
l---L--OllllllO¬
():) ():)-----():)
Its a Gee(p) thing
7:57 am
Club Member
September 3, 2008
Offline I'm hiring Chris when I total my jeep.
Interesting note that we can roll the jeep on the trail and it is covered.
Um...what?
10:38 am
Club Trailmaster
March 13, 2015
Offline davesjk said
wow great information Kris! thanks so much for sharing this. i'm saving this just in case, but hoping i never need it. do you have a rough time frame on how long they have to settle?
Somewhat of a grey area. In california, legally they have 15 days to acknowledge the claim, 40 days to accept or deny the claim, then another 30 to actually payout. If the claim involves any personal injury then that timeframe is out the window, some may take years to settle. If there is any suspicion of fraud or tentative denial then the timeline is thrown out as well. Basically they are only legally obligated to settle in a "reasonable time" and they have ways to extend the settlement window without drawing ire from the state insurance commission.
So if you daily drive your wheeler, it is nice to own a backup vehicle for the 2-3 months it may take to get things settled.
10:42 am
Club Trailmaster
March 13, 2015
Offline Gregulator said
I'm hiring Chris when I total my jeep.Interesting note that we can roll the jeep on the trail and it is covered.
My rates are... reasonable 
As long as you have full coverage it would count as a collision claim. Insurance rules vary state to state so what is true here isnt necessarily true for other states. Seriously though, save your receipts and keep a spreadsheet of modifications.
11:34 am
Club Member
April 10, 2015
Offline My 2 cents:
1) If you have any assets (i.e. own a home), you should make sure that your liability (bodily injury and property damage) coverage levels are high enough. "Enough" varies depending on your circumstances/assets, but I would have at least a "$100k/$300k" policy, meaning that it would provide up to $100k per claimant not to exceed $300k per incident. So any one person would get up to $100k. But if you managed to kill four people, they (their families) would have to split $300k in total. The next step up from a 100/300 policy is usually a 250/500 policy. Some carriers (AAA, for example) offer a $500,000 "combined single limit" policy, meaning that all of the claimants would simply split up to $500,000. Whatever policy limits you purchase would have to be exhausted before your personal assets became at risk.
Additionally, again depending on the amount of assets you have and your personal risk tolerance, you can buy an "umbrella" policy. It's technically called a "Personal Liability Umbrella Policy." They start at $1 million and are in addition to your automobile/homeowners coverage. So, for example, if you managed to run a school bus off of a cliff (you're welcome for the cheerful example), the families of the victims would collect your entire automobile policy, and then would collect the $1 million of your umbrella policy. And then would collect your personal assets. Also, my example is not exactly perfect because you would have to accidentally run the school bus off a cliff. If you did it intentionally, insurance would not cover you. So don't do that. My umbrella policy costs about $200/year, which I think is a pretty good deal for peace of mind.
2) It is a very wise idea to have "enough" (again, varies) Uninsured and Underinsured Motorist (UM/UIM) coverage. This covers your bodily injury (medical expenses, lost wages, pain and suffering) and property damage if some tweaker piece of shit driving around without any insurance crashes into you. The same increments above generally apply. It generally goes 15k/30k, 25/50, 50/100, 100/250, 250/500. Some carriers offer $1 million.
Lots of people have little or no understanding of this. Including me, until I got into this line of work. People are often devastated to learn that they don't have enough bodily injury coverage, meaning their personal assets are at risk after they caused an accident. Even worse, they're often devastated to learn that they don't have any or nearly enough UM/UIM coverage after someone with no insurance or a very small amount of insurance crashes into them, causing serious injury. The law only requires drivers to have $15k/$30k in bodily injury coverage. You can imagine that someone who has sustained a serious injury (or who was killed) will have far more than that in medical expenses alone.
12:11 pm
July 14, 2016
Offline My 2 cents as a tow truck driver for the last 16 years. An insurance company can "not" take your car from a tow yard legally without you releasing the car if they do that is theft of your vehicle.
12:29 pm
July 14, 2016
Offline Also if he tow company let a car go with out the RO's (registered owner) release of the vehicle to the insurance company they too can be held liable for he theft of the vehicle.
My friend and soon to be our newest prospect member Rachel works at a tow yard you can confirm that detail with her also if you want to verify that.
10:50 pm
December 13, 2015
Offline buckallred said
My 2 cents:1) If you have any assets (i.e. own a home), you should make sure that your liability (bodily injury and property damage) coverage levels are high enough. "Enough" varies depending on your circumstances/assets, but I would have at least a "$100k/$300k" policy, meaning that it would provide up to $100k per claimant not to exceed $300k per incident. So any one person would get up to $100k. But if you managed to kill four people, they (their families) would have to split $300k in total. The next step up from a 100/300 policy is usually a 250/500 policy. Some carriers (AAA, for example) offer a $500,000 "combined single limit" policy, meaning that all of the claimants would simply split up to $500,000. Whatever policy limits you purchase would have to be exhausted before your personal assets became at risk.
Additionally, again depending on the amount of assets you have and your personal risk tolerance, you can buy an "umbrella" policy. It's technically called a "Personal Liability Umbrella Policy." They start at $1 million and are in addition to your automobile/homeowners coverage. So, for example, if you managed to run a school bus off of a cliff (you're welcome for the cheerful example), the families of the victims would collect your entire automobile policy, and then would collect the $1 million of your umbrella policy. And then would collect your personal assets. Also, my example is not exactly perfect because you would have to accidentally run the school bus off a cliff. If you did it intentionally, insurance would not cover you. So don't do that. My umbrella policy costs about $200/year, which I think is a pretty good deal for peace of mind.
2) It is a very wise idea to have "enough" (again, varies) Uninsured and Underinsured Motorist (UM/UIM) coverage. This covers your bodily injury (medical expenses, lost wages, pain and suffering) and property damage if some tweaker piece of shit driving around without any insurance crashes into you. The same increments above generally apply. It generally goes 15k/30k, 25/50, 50/100, 100/250, 250/500. Some carriers offer $1 million.
Lots of people have little or no understanding of this. Including me, until I got into this line of work. People are often devastated to learn that they don't have enough bodily injury coverage, meaning their personal assets are at risk after they caused an accident. Even worse, they're often devastated to learn that they don't have any or nearly enough UM/UIM coverage after someone with no insurance or a very small amount of insurance crashes into them, causing serious injury. The law only requires drivers to have $15k/$30k in bodily injury coverage. You can imagine that someone who has sustained a serious injury (or who was killed) will have far more than that in medical expenses alone.
I was going to mention the umbrella option as well. I don't know all the details (my wife takes my money and I just say thank you) but I remember her saying that when she purchased the umbrella policy, that our premium went down because of it. she said it nearly covered the cost of the umbrella policy
[¯¯],[¯¯¯¯],
l---L--OllllllO¬
():) ():)-----():)
Its a Gee(p) thing
10:51 pm
December 13, 2015
Offline this is really cool to learn all of this from everyone 
[¯¯],[¯¯¯¯],
l---L--OllllllO¬
():) ():)-----():)
Its a Gee(p) thing
1:19 pm
Club Member
September 3, 2008
Offline I just got off the phone with Allstate trying to increase my coverage and they had no products that would meet my needs. No stated value coverage or an additional rider available through Allstate. They said they cover retail blue book and up to $1000 in accessories but I need proof of purchase.
I really like my current insurance company and don't want to shop around but retail KBB isn't going to replace my rig if some dingbat attempts to steal it.
Um...what?
1:51 pm
Club Member
July 10, 2003
Offline I think you have exceeded the $1000 in accessories
I used to wheel a lot. . .
4:00 pm
Club Trailmaster
March 13, 2015
Offline Gregulator said
I just got off the phone with Allstate trying to increase my coverage and they had no products that would meet my needs. No stated value coverage or an additional rider available through Allstate. They said they cover retail blue book and up to $1000 in accessories but I need proof of purchase.I really like my current insurance company and don't want to shop around but retail KBB isn't going to replace my rig if some dingbat attempts to steal it.
Good thing to find out now rather than when you go to make a claim. Additional coverage or riders or CPE coverage are different with each company. Looks like Esurance has a $4K limit for Custom Parts and Equipment (CPE). I believe USAA and Geico (what my college friends use) at least go to $10k. BUT, things change and companies change hands. No guarantee what counts today will be allowed in policies written tomorrow.
I have AAA (or CSAA norther california if you want to get technical) with KBB Book+$15K of coverage. My policy is expiring in the next month so I will ask if they have any limits when I renew.
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