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That's definitely a write-off.
Eric does it go by percentage of the vehicle replacement cost, what happens to heavily modded corvettes do owners add extra insurance or is it a slippery slope telling your insurance company you have twin turbos making 1000 HP :) and one last thing have you seen owners able to buy back their cars for sentimental reasons or other
 
Eric does it go by percentage of the vehicle replacement cost, what happens to heavily modded corvettes do owners add extra insurance or is it a slippery slope telling your insurance company you have twin turbos making 1000 HP :) and one last thing have you seen owners able to buy back their cars for sentimental reasons or other
Talk to you own insurance provider ... everyone will be different.
"No Loss" is an option and costs more as the 5 years go by,
with that, you get your purchase $$$ back if a car cannot match yours.
It you modify, it might ruin your coverage if it is not disclosed as some
insurance policies have an "out" if you "performance modify".
So this is no question to answer unless your are an insurance underwriter.
All I can give is word of warnings - as I have experienced a "no loss"
write-off as well as scrutiny for insuring my two C7s. Cheers
 
It will depend how the wreck is branded. If it's "salvage", it's a write off. "Repairable", is just that.
In the event of a write off, the customer always has the option to buy the wreck, at a negotiated price from the ins company.
Here in Ontario, we can legally repair a write off and get it back on the road, after 2 inspections. Needs to pass a normal safety, and a "Structural Safety".
I bought a nearly new, full load '12 Accord with 600kms - repaired, but branded, "salvage", for 1/2 price. 2 yrs and 45k kms later, I sold it for more than I paid for it.
Buddy bought an 18 f150 Limited. It fell off the transporter, on the passenger side. Instant write off.
His cost was ~40% of new. Cost him $22k to get repaired and inspected. He made $10k selling it (under 300kms on it).
As for mods.....if it has anything to do with increasing oem h/p, the ins co needs to know about them, or they won't pay. Rims, stereos, and the like, you can claim.
 
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My car has mods valued at about $15,000. I informed my insurance company. I do pay a little extra but at least there will be no surprises should something happen.
Not sure if its different here in Manitoba but I had a car wrecked a few years back and all I got even though I had the new car insurance and added $$$s for mods I was only reimbursed 50% for mods. They even brought in someone from the ford dealer to assist in valuation. I have added 35k in mods to the vette and now because car is more than 2 years old the insurance people mentioned only 50% for first year on mods with receipts and after that they are worth nothing. The lessoned I learned is at the time I bought the insurance and paid the extra amounts everything under the sun was covered but in reality they fight you on every $1. Buyer beware insurance is very profitable business for good reason.
 
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