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I crashed the Mustang GT last night and I think it may be totalled. At least the SO and I didn't get hurt.

Will I get any compensation for the suspension, brakes, wheels, tires, etc. that I've done? Anyone been down this road before? This is a first for me.
 

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Glad you are okay.

That is a good question I would like to know the answer to.
 

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Sorry to hear that Jon glad your not hurt.
I would think as long as you have proof of the mods with pics and reciepts they would have to cover it . That said if it is totalled I don't know. I have never had this happen either.
Maybe it would be the value of the vehicle plus the cost of new parts.

This is info that I'm sure we will all be interested to find out about as it unfolds. Please keep us in the loop .

I'm wondering if I should check with my insurance co. to see if I need a special rider or something .
 

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I crashed the Mustang GT last night and I think it may be totalled. At least the SO and I didn't get hurt.

Will I get any compensation for the suspension, brakes, wheels, tires, etc. that I've done? Anyone been down this road before? This is a first for me.


I'm not sure either about the insurance but at least you are ok.:roller:
 

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Not sure. I would think they would only cover the basic car and the options on it according to your VIN and only cover the extra stuff if you had additional coverage or let them know ahead of time. Would like to find out though.

Brings up another question: If you total your GT500, do they pay you MSRP minus depreciation or depreciate what you actually paid for it (for those of us who had to pay an ADM)?
 

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Glad you're OK, Jon. Good luck with the insurance company - I wouldn't be optimistic about coverage of the mods.
 

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I crashed the Mustang GT last night and I think it may be totalled. At least the SO and I didn't get hurt.

Will I get any compensation for the suspension, brakes, wheels, tires, etc. that I've done? Anyone been down this road before? This is a first for me.
Hey Jon,

Sorry to hear about your baby. I know with Geico, you can add mods to your policy and they would cover them to a certain extent. I don't know exactly what they would and wouldn't cover but it's something you would have to have taken care of prior to the accident.

Good luck man,

Chris
 

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I crashed the Mustang GT last night and I think it may be totalled. At least the SO and I didn't get hurt.

Will I get any compensation for the suspension, brakes, wheels, tires, etc. that I've done? Anyone been down this road before? This is a first for me.
When you installed the items, did you contact your agent, take them receipts showing the value, and then your rates adjusted for the higher amount they have to cover? If not, then I'd say the answer is no.

Dave
 

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I wonder how that works when you have your car insured for a stated value. If you are not at fault i'm sure the other guys insurance is not going to pay you your stated value more like Book value or does your insurance kick in and pay you the difference.

this brings up some disturbing thoughts as most of us have paid MSRP plus.

LLoyd
 

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Brings up another question: If you total your GT500, do they pay you MSRP minus depreciation or depreciate what you actually paid for it (for those of us who had to pay an ADM)?
We tackled that when we bought our GT500. What we did was purchase GAP insurance. If I wreck....have car stolen, etc. etc., my loan will be paid off with the GAP.
 

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I wonder how that works when you have your car insured for a stated value. If you are not at fault i'm sure the other guys insurance is not going to pay you your stated value more like Book value or does your insurance kick in and pay you the difference.

this brings up some disturbing thoughts as most of us have paid MSRP plus.

LLoyd
Now you guys got me thinking...KBB suggested retail value for a 2007 GT500 Vert with 1900 miles and in excellent condition is showing as $65,715...silly question , but is that considered book? THat being said, perhaps I should have the Black Vert Mafia dispose of mine, and buy a new one at MSRP......
 

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My guess is the insurance company won't cover it! I have Hagerty insurance on my classic Mach 1 and we had to come up with a set price between me and the insurance company for replacement value based on what is in the car.

Madmax... Sounds like your pony is worth more stolen than in your garage! The insurance company probably has their own set of rules regarding values unfortunately.
 

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Genuinely sorry to hear that your GT500 is wrecked.

I am saddened by your loss. Its as if a thousand voices screamed out at once and then suddenly silenced. Ok that last line was maybe taking it one step too far in an Obi Wan Kenobi kind of way, but the important thing is that you're not hurt.

Good luck with the insurance struggles.

TD
 

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CobraMach1
I have Hagerty as well, with agreed stated value. There's not a problem if i total the car or it gets stolen, But what if grandma in her ford escort totals my car. I get the local Progressive insurance adjuster show up totals my car and says book is 38k. Now what. Does Hagerty step and pay the difference to get to my agreed value of 60K?

LLoyd
 

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CobraMach1
I have Hagerty as well, with agreed stated value. There's not a problem if i total the car or it gets stolen, But what if grandma in her ford escort totals my car. I get the local Progressive insurance adjuster show up totals my car and says book is 38k. Now what. Does Hagerty step and pay the difference to get to my agreed value of 60K?

LLoyd

My understanding is no, that is where GAP insurance would kick in.

http://personalinsure.about.com/od/policybasics/a/aa021405a_2.htm
 

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i thought gap insurance paid the difference between book and the loan or lease obligation. So we should be carrying gap insurance to protect the true value of our cars. I think i need to talk to my agent.

Lloyd
 

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The true value will not be covered once the vehicle is paid for. Let's say I pay 50K plus 10K ADM using cash. Once I leave the dealership, it's on me...In my case, I financed at a reasonable rate and added GAP to ensure I did not get stuck owing 10 or 20K should I wreck.
 

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Sorry to hear that but I'm glad your okay.

My insurance company told me that as long as I have proof of the mods and the receipts that they would cover everything.
 
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