The value of an aftermarket parts endorsement on your mk4 TDI

[pkhoury]

Instead of piggbacking off someone else's thread regarding total loss payout, I figured I'd just dow my own.

Shown is the last valuation done with CCC-One, and then a "better" evaluation done when factoring in my aftermarkets parts endorsement that more accurately reflects what I've invested into my 2002 Golf.

For the backstory - I was towing my trailer, on the way to the junkyard in Austin to pull an ALH and 02J. I lost traction because of water pooled on the road, and most of the gravel that had come off that crappy chipseal. Rather than end off the side of the road onto someone's fence, I panicked, used the brakes, did a 180, and the trailer hit the quarterpanel of the car. I bent my rear torsion beam (since replaced by me, and confirmed to be aligned by Firestone), BENT the tow hitch (bought some NOS replacements from idparts), and my trailer is undergroing repairs at the factory (I bent the tongue, so they need to cut it off and reweld one).

The first settlement from CCC-One wasn't horrible, but like I said, it didn't account for my aftermarket parts. Oddly, I'd usually had substantial upgrades/maintenance taken into account before, but this report only takes into account upgrades, and even categorizes some things wrong (like my front subframe being a parts enhancement). They had a few things miscategorized or missing, so I'm hoping to hear back in a week or so and maybe get another $700-900 in valuation tacked on.

 

[pkhoury]

My redacted CCC-one report. I skipped some pages that were more on the history of my car (registration, accidents, emissions check when it was in CA, etc). Notice the comps are actually TDIs, and that mine was pegged as an automatic, but to my knowledge, it was never swapped from an automatic.

 

[pkhoury]

Notice that in the DCI report, 3 gasser comps were used, but yet the comp values were adjusted and better than the TDI comps in the CCC-One report. Also notice various spelling and technical errors. Like classifying my car as a sedan, but elsewhere it says it's a hatchback. Still, the numbers are much more favorable in the DCI report than the CCC-One report.

 

[gforce1108]

I have my 04 off the road right now, but I've discussed with my neighbor (top Hagerty agent) about coverage. They are looking to expand past hotrods/classics and the "tuner" market is a big area they could expand into. You state the value.

 

[oilhammer]

I was gonna say, any run of the mill car (as much as I love my dubs, they were all VERY mass produced VERY high selling vehicles globally) they are not really anything "special". And thus, when you get to a 20 year old car, the "value" from an insurance standpoint is going to be next to nothing... slightly more than scrap when you start taking into account how many numbers are showing in the odometer. Which, for a TDI that has been around for a while, is almost always going to be quite high.

So yeah, something specific like Hagerty allowing a preclaimed amount and thus an insurance cost that you agree to ahead of time is really going to be your only course of action. And I would assume it won't be cheap.

I carry the cheapest liability my state allows, because I don't crash cars and I don't feel like spending the entire value of the car every year just to an insurance company.

 

[Mongler98]

Do you really expect most of us to read all that!?
The only way anyone should look at insurance is by assessing what you feel comfortable carrying around in cash to sove the issue. Everything else is pointless. If you feel you can't afford to keep 2 grand laying around doing nothing then make your deductible 2 grand. If you feel you cant and feel $200 is what you feel good with... than this is your deductible. Everything else should be what you can afford and that should be the best price around you can get so it's not worth assessing. Limits should always be as low as possible unless you have a bad driving record.
Unless you have some serious cash behind your aftermarket stuff... its pointless to Insure it. I'm takin anytjing more than what your policy covers by 4x. Say our policy covers $500 in aftermarket electronics... don't declare separately anything worth less than 2 grand etc... suspention mods or trailer hitches should be at least the value of the car. Things depreciate and to insure a modification that you did not need... you are paying more for whatever you just installed. It must be woth it in the end depending on your policy.
For instance. If you carry a modified policy on a car for about a 2 grand in wheels and suspention and light kits that costs $10 more a premium (6 months) policy... that's not the full picture. When you file a claim for this insured item plus your motorcycle you will have jn increase (typically 10% to 15%) increase each premium (6 months) for usually 3 years. So if your premium is a $600 ($100 a month) than you your paid and additional $600 (2x3x100) just in that increase and that is more than 1/4 of the value so you ended up making a bad deal. I use 1/4 or x4 rule becuase you have to think of things on the long term and between inflation, deptitiation, and what you could have done with that on any steady market you need to follow this. Unless you have a habit of failing claims ... but that would just be silly.

Insurance never pays out. You always put more into the system than what you had was worth in getting back. It's about risk of what you could be liable for... not what it's worth. So no reason to spend more than nessasary.

 

[TurboABA]

Do you really expect most of us to read all that!?

O hai! E-hughs.... have a better day!
Thanks for the laugh!

 

[jmodge]

Do you really expect most of us to read all that!?
The only way anyone should look at insurance is by assessing what you feel comfortable carrying around in cash to sove the issue. Everything else is pointless. If you feel you can't afford to keep 2 grand laying around doing nothing then make your deductible 2 grand. If you feel you cant and feel $200 is what you feel good with... than this is your deductible. Everything else should be what you can afford and that should be the best price around you can get so it's not worth assessing. Limits should always be as low as possible unless you have a bad driving record.
Unless you have some serious cash behind your aftermarket stuff... its pointless to Insure it. I'm takin anytjing more than what your policy covers by 4x. Say our policy covers $500 in aftermarket electronics... don't declare separately anything worth less than 2 grand etc... suspention mods or trailer hitches should be at least the value of the car. Things depreciate and to insure a modification that you did not need... you are paying more for whatever you just installed. It must be woth it in the end depending on your policy.
For instance. If you carry a modified policy on a car for about a 2 grand in wheels and suspention and light kits that costs $10 more a premium (6 months) policy... that's not the full picture. When you file a claim for this insured item plus your motorcycle you will have jn increase (typically 10% to 15%) increase each premium (6 months) for usually 3 years. So if your premium is a $600 ($100 a month) than you your paid and additional $600 (2x3x100) just in that increase and that is more than 1/4 of the value so you ended up making a bad deal. I use 1/4 or x4 rule becuase you have to think of things on the long term and between inflation, deptitiation, and what you could have done with that on any steady market you need to follow this. Unless you have a habit of failing claims ... but that would just be silly.

Insurance never pays out. You always put more into the system than what you had was worth in getting back. It's about risk of what you could be liable for... not what it's worth. So no reason to spend more than nessasary.

I can't even get through this all this horsecrap!

 

[Mongler98]

I can't even get through this all this horsecrap!

Im honored you actually tried.

 

[Nero Morg]

Mongler if it makes you feel better I read all of it. Just didn't have much to contribute to the actual subject. Sadly the insurance agencies are trying to total these out, regardless on how valuable we perceive them.

 

[BobnOH]

As far as I know, insurers will only use comparables and condition to value a "totaled" car. If you have a highly modified/upgraded machine they will be happy to adjust your premium. Good luck getting them to to up their price after the fact. But they can offer more if you can badger them enough.

 

[IndigoBlueWagon]

I don't carry collision or theft on my older cars. The only coverage I care about is $0 deductible for glass, as getting stones thrown into windshields is a pretty common thing here. I think IBW has had 7 windshields in its life. My Golf is on its 3rd replacement in 5 years.

Massachusetts is a semi no-fault state, so if an accident is the other driver's at fault. But honestly if someone hit IBW I'd probably not file a claim: just bring it home and harvest parts.

 

[turbodieseldyke]

Do you really expect most of us to read all that!?

Someone in his same situation, trying to get a fair payout from the insurance co, will read the whole thing. That's who he posted it all for. Kindness to a stranger-to-be-named-later.

 

[benmarks]

Are there insurance companies that are better at this than others? I have been upgrading/modding with the idea that I'd never get my money back, which is probably the safest approach to have, but if there is a way to potentially protect at least some of my investment, I might be interested in that. I noticed the one mention of Hagerty, but I've never heard of them.

 

[IndigoBlueWagon]

Hagerty does a lot of business insuring exotic and classic cars. You can basically pick the value you want to set the car at, and of course the premium will reflect that number. Friend of mine used them to insure his Saab 9/3 because he's very attached to the car and done a lot of mods to it.

 

[benmarks]

Interesting, thanks. That's basically the same boat I am in with my car, though so far I have accepted/assumed that I'll never get any money back if my car gets damaged or totaled (I don't think I'll ever sell it, so resale value is not a worry of mine.) I didn't get the best price from the insurance company when someone rear-ended my 2nd Jetta at highway speeds and totaled it, so it's always been in the back of my mind. I didn't have any mods done to my 2nd one though, other than Aero wipers and a Euro light switch

 

[pkhoury]

Do you really expect most of us to read all that!?

Well... you did open my thread, and typed about as much. The images are really for anyone upset over the valuation their insurance company wants to give them from a total loss.

 

[pkhoury]

Interesting, thanks. That's basically the same boat I am in with my car, though so far I have accepted/assumed that I'll never get any money back if my car gets damaged or totaled (I don't think I'll ever sell it, so resale value is not a worry of mine.) I didn't get the best price from the insurance company when someone rear-ended my 2nd Jetta at highway speeds and totaled it, so it's always been in the back of my mind. I didn't have any mods done to my 2nd one though, other than Aero wipers and a Euro light switch

But even so, especially with the used car market out of control due to COVID, you would think that you should be able to get at least $3500-5000 for your TDI, not including salvage value and deductible.

 

[burn_your_money]

My personal assumption is that I’ll be able to buy the car back and that most upgrades will be salvageable. The odds of injectors or a tune getting damaged are near 0. If the turbo got damaged, I’d probably be dead anyways so it really wouldn’t matter.

 

[pkhoury]

I don't carry collision or theft on my older cars. The only coverage I care about is $0 deductible for glass, as getting stones thrown into windshields is a pretty common thing here. I think IBW has had 7 windshields in its life. My Golf is on its 3rd replacement in 5 years.

Massachusetts is a semi no-fault state, so if an accident is the other driver's at fault. But honestly if someone hit IBW I'd probably not file a claim: just bring it home and harvest parts.

YIKES on the windshields. I think I've replaced 3 windshields - 2 from rocks (they were really small cracks), and one from hail. Out here, we have to deal with wild hogs, deer, racoons, hail, wind, flash flooding late at night, etc. So I keep comprehensive, but I started carrying collision after I've had some bad luck with uninsured or underinsured motorists - 3 claims in fact in the last three years (getting rear ended, running over a mattress, and getting rear ended while towing).

Interesting, thanks. That's basically the same boat I am in with my car, though so far I have accepted/assumed that I'll never get any money back if my car gets damaged or totaled (I don't think I'll ever sell it, so resale value is not a worry of mine.) I didn't get the best price from the insurance company when someone rear-ended my 2nd Jetta at highway speeds and totaled it, so it's always been in the back of my mind. I didn't have any mods done to my 2nd one though, other than Aero wipers and a Euro light switch

But even so, especially with the used car market out of control due to COVID, you would think that you should be able to get at least $3500-5000 for your TDI, not including salvage value and deductible.

As far as I know, insurers will only use comparables and condition to value a "totaled" car. If you have a highly modified/upgraded machine they will be happy to adjust your premium. Good luck getting them to to up their price after the fact. But they can offer more if you can badger them enough.

Who knows. It's really DCI who assesses the value at this point, since we're well past the CCC-one stage. Believe me, they want to get this claim closed out as much as I do.

As for premiums, they will go up 15% because of this claim (state law says 15% assessemnt on my entire auto policy for the next 39 months). I calculated it out and it's not ridiculously high. I want to say that my premium right now is around $120/mo on the Golf, but that also includes insurance on 4 trailers as well. The highest I pay is on the JSW, but that's only because I have the rideshare endorsement there.
As for my premium on the aftermarket parts - it looks like I'm paying $20 a month for that. To me, I think it's worth it. To others, I guess that's a 24 pack of beer or 2.5 packs of cigarettes.

 

[pkhoury]

My personal assumption is that I’ll be able to buy the car back and that most upgrades will be salvageable. The odds of injectors or a tune getting damaged are near 0. If the turbo got damaged, I’d probably be dead anyways so it really wouldn’t matter.

VERY true. My settlement was about the same for my accident last year (100% not my fault), but my turbo came pretty damn close to the firewall. Luckily, it was salvagable, and the motor got sold to someone doing a swap project.

I'm finding different insurance companies are truly hit or miss with calculating salvage value, even though they supposedly all use Copart.

 

[mrfiat]

I used Hagerty for many years for my Lotus. (full coverage) I had the stated value at $30,000 and my yearly premium was $600. The car had to be garaged and was only supposed to be driven to auto shows, etc.

 

[Tdijarhead]

I used Hagerty for many years for my Lotus. (full coverage) I had the stated value at $30,000 and my yearly premium was $600. The car had to be garaged and was only supposed to be driven to auto shows, etc.

Only car shows? The premium isn’t bad but I thought the whole purpose of owning an ice cream car was to.....you know.... drive it when you go get ice cream.

 

[gforce1108]

Only car shows? The premium isn’t bad but I thought the whole purpose of owning an ice cream car was to.....you know.... drive it when you go get ice cream.

Hagerty wants you to use the car - just not as a daily driver. They aren't as restrictive as other specialty insurance companies.

 

[pkhoury]

Hagerty wants you to use the car - just not as a daily driver. They aren't as restrictive as other specialty insurance companies.

The guy who makes the Ute kits told me about Hagerty originally. I might do a quote with them whenever I get the Ute built. I need help doing it, so sadly, that's one of those backburner projects right now.

As an update - I had the ACV reviewed and updated. Say what y'all want about insuring with the least amount possible, but full coverage works for me.

 

[pkhoury]

As far as I know, insurers will only use comparables and condition to value a "totaled" car. If you have a highly modified/upgraded machine they will be happy to adjust your premium. Good luck getting them to to up their price after the fact. But they can offer more if you can badger them enough.

You mean like they did in the post above? I honestly only expected an $800 or so increase, not $2400. They still missed my suspension, but I'm tired of nitpicking, and it was only about $500 extra anyways.

 

[BobnOH]

Good work badgering them up $2400! The only good thing about insurers is they offer variety, we all have particular needs. And every company is different. When the daughter totalled my 99.5 I was all ready to fight tooth and nail, but they (State Auto) actually offered a fair price, which was a shock.

 

[pkhoury]

Good work badgering them up $2400! The only good thing about insurers is they offer variety, we all have particular needs. And every company is different. When the daughter totalled my 99.5 I was all ready to fight tooth and nail, but they (State Auto) actually offered a fair price, which was a shock.

I had a total loss for hail from State Farm on my BEW Golf, and they offered around $5400 after salvage and deductible, so I thought that was fair then. Had I known about the aftermarket parts endorsement, though... State Farm also cancelled my policy afterwards, because of "too many claims", but I wasn't with them long enough. I think there's some clause or state law that stipulates they could cancel me if I had X amount of accidents (at fault or weather related) in a certain time period, so long as the policy was under Y amount of years (I think I was under a year). I've been with Farmers for several years, and haven't had any plans to switch, and don't mind a 15% premium increase, since this is technically the first "at-fault" accident I've had in like 22 years.

 

[BobnOH]

Interesting thread.
For me all insurance is just what Vito Corleone offers in The Godfather, made law.

 

[nicklockard]

@IBW, around here, auto insurers generally require full comp/collision before they will extend a $0 deductible window policy option. I usually get that at the maximum deductible on comp & collision. Insurance *almost always* does not pay out. Except when it does. I spent $3700 repairing various vehicles over 8 months due to pack rat wiring damages. Didn't want to use my homeowner's policy because they are way too eager to jack up premiums if I so much as sneeze.