car insurance claim

[royb04]

ok so a few months a go i finnally got my 93 hatch project finished. I had been building it for 2 years or so. I up the insurance seeing as id be driving more often and was done building to full coverage with comprehensive and collision. i drive it around town and all is well. So i then decide to take it out of town on a short trip to tally and see how it does on a longer trip. well i go to the mall down there for a few hours come out and my car is gone. Was never found. I call the cops file the claim...ect.

Well now my progessive is saying that there is not a market for this kind of car and no one would pay what i am trying to get from them( had it in a stated amt policy of 10k). Have to now go to a appraiser and have the appraise a car i no longer have with only the recipes i have on hand. so i just wanna see how many people would be interested in a car like this for price.


1993 civic hatch

ext mods
shaved side moldings, brand now paint and body work ($1800), carbon tailgate $399, 16" rota ciriut 10s w brand new bfg g force radials $1800, drilled and slotted rotors $199, ebc pads $79.99, one peice headlamps with halos and 6k hids $230, rear euro tails $99.99

suspension
Skunk2 camber kit front and rear, casco comp-s coilovers 1509.04

engine
fully built h22a4
press in sleves
BC 5039 Crank 1906.04
eagle rods 420.00
87mm je forged pistons 599.95
blox block guard 99.95
acl race bearings mains and rods 140
balance shaft delete kit 179.99
skunk2 valves, springs, retainers 600.00
Skunk2 turbo cams 647.99
aem true time cam gears 126.86
precision 1000cc id injectors 309.99
comp turbo ct360tbb turbo 1526.00
hondata s300 490.00
jdm intercooler kit 190
mishimoto aluminum radiator and fans 398.00

skunk2 70mm throttle body 298.09
gator racing axels 699.95
warbro 255lph fuel pump 94.00
hks sqv4 bov 396.00
tial f38 waste gate 227.00
custom 3 inch exaust $500
aem wideband 196.95
arp engine kit 300.00
msd sci igintion 450.00
random gaskets and hoses from honda 400.00
also put brand new wheel bearnings and bushings all around.
basicly a new car when i was done w it. so reply with your thoughts on this. does 10k sound like a reasonalbe price or am i just delusional.

[royb04]

finnished w paint

[Vteckidd]

Im confused, did you just put FULL COVERAGE on it when it was finished? If so, then they only owe you the fair market value for that vehicle. It will NOT be $10,000. YOu might be lucky to get to $5000 IMO.

What you should have done is had them appraise it for $10,000 and then you would have paid insurance on that value. But if all you did was get full coverage on it, that full coverage pay out is based upon a stock vehicle with the mileage and condition of the car you had.

Youll have to argue them very very hard, but unless you had it appraised prior to the theft, youll get far less than what you had in it.

[Vteckidd]

For Progressive to pay you $10,000, you would have had to have THEM APPRAISE THE CAR FOR $10,000 and you would have paid a much higher premium.

[B18c1Turboed]

Or had additional coverage and providing the receipt to them. That's what people don't realize is just because you have full coverage doesn't mean they going to cover a that cost you 10k to put toghter for a 3k premium.
I read all the time people say come jack my shot I have full coverage. But do you really?

I'll give you my example. I have atleast 5k in tv and stero stuff in my truck when it got broken into and everything stolen insurance offered me my limit of 1k. Until I busted out the additional coverage form that I had. And I got a check for 5,580. I actually made money :)

[royb04]

yeah when i upped the poicy i had asked them if they needed to send someone out to verify the condition of the car and the parts and all. at that time they said that i just needed to keep recipts of what was done and pics to document the build. i even called to reverify this because my friend totalled his car and they hasselled him but eventually gave him 7gs and he hept what was left of the car. sold those parts and broke even. but at least he had some way to recoup the money. i understand the fair market value deal, but on the same note i had a stated amount policy not just comp/collison coverage. everything on the car was new. they lost there mind when they offered me 2900 bucks lol. and no i had full coverage for over 3 months while i tuned the car and worked out all the kinks u normally run into w a turbo car and all. i appreciate everyones input on this subject. thanks guys.

Some other things i did not list early in the car were a apline indash dvd unit, apine componet sets front n rear, fiberglassed box with jl w6 sub and 1000w mono amp from jl. all new with in the year that alone was 1600 bucks that is almos half of what they are offering me.
The poilicy i was told i was offered was supposed to cover all the extras and i specificly told the agent when upping the policy that there was a lot of money in this car n i wanted to make sure it was covered if the car was in a wreck or something like that.
SO MY QUESTION TO YALL IS FROM WHAT U CAN SEE LISTED ABOVE WOULD U PAY 9 TO 10 K FOR THIS CAR

[EmminoDaGreat]

Would I pay that for it. NO. would it cost you to build it that way, yes.

[B18c1Turboed]

Call the insurance commissioners office. You might be able to go after your agents E&O policy if they gave you
False information :)

[ISAtlanta300]

I wouldn't pay 10K for that car. But you should have had additional covered for installed components. It sucks, but I doubt they will give you the 10G.

[Drummerboy]

All that money into it, and you didn't buy an alarm/kill switch? That was the FIRST thing I did.

[D3UC3S]

You will never see 10k for that car insurance or private party sell.

Wheres BabyJ when you need him! Kill switches are listed no where, but altezzas and halos were abundant.....

[00CelicaGT]

A lot of insurance companies are running into these situation and most will give u a Piece of paper stating wats covered and "add on" items that are NOT covered, I know my insurance company did (Liberty Mutual). I purchase addition coverage which they called "Modified coverage" to cover my rims, coilovers, etc...
Like B18c1 said a lot of people in the car community assume because they have "full coverage" they are FULLY covered & safe, which unfortunately u are having to find out the hard way is not the case. There's a reason the insurance company gives u a buch of papers when u get a policy, that's there contract of coverage so to speak. I bet that if u got through all that paper work u WILL find documentation stating wat is covered and wat is NOT, also never listen to ur insurance agent cuz 90% of them have no clue wat is truly covered, They are there to sell insurance not file claims and handle pay outs. My sister is an insurance adjuster or Gieco and she was the only reason I even found out about "modified coverage" I was under the same impression as u which is full coverage Is FULL coverage, but that's not the case.

Good luck I hope u can come close to wat u had in the car, even though I feel ur going to come out in the red big time.