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Originally Posted by trube78
That is really the only question at this point. If you went to SF and said my car is now worth 2kish more than it was yesterday due to a stereo they would/should raise your rate, with a convertible and a 2kish stereo maybe a bigger raise than you think. In addition if you had an alarm listed as part of the policy and it was not working that is not good. Most policies have a limit on what is covered beyond original equipment in a car. Few aftermarket and expensive stereos or fancy mods (wheels, exhausts, brakes, etc.) are covered unless you change the policy and pay. Think about it - if my car is broken into and I have a camera kit inside. I cannot expect it to be covered unless I pay insurance for the coverage.
I would read my policy, get my ducks in a row and then go to the BBB. Small claims is possible but more work.
Finally, realize from an insurance perspective you took out a radio that had some value and replaced it. The second it went in it's value (without depreciation) was less than 3400 since you must deduct the value of the Bose system you removed.
Probably not what you want to hear but I would bet you can get 500 for the stereo but would be shocked if they offered over 1000. I have done antiques, colectibles, modified cars, in the past. Increasing insurance coverage to cover the actual value was at best a pain and at worst a pain and to costly to make it worthwhile and I have a great insurance company with over 35 years and no claims.
Hope this helps. Best,
Tom
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I understand the depreciation and value of the BOSE, but realistically the BOSE system was 13 years old, 3 of the 6 speakers were blown, I still have the original amp and Hu from the car, the value of a 13 y/o system... maybe $200. the new system was $3400 put in about 12 days before the event, even at a depreciation of 40% over 12 days (3400*.6= 2040) 2040 minus 200-400 = $1640-1840. But to offer me $200 is insane imho.
I still need to pour over the legal fine print of our policy to understand everything, but I believe our policy is under the terms of "full cost of replacement". Meaning if it cost $5000 in the first place and was depreciated, the full cost of replacement would still be $5000 even if the items were only valued at say $1000 at the time.
It was explained to us by our agent that SF covers the full cost of replacement for any aftermarket parts that are documented on the policy. Which goes back to the original problem, our Agent told us SF did not do riders any more, that our premium wouldnt change, and it would be fully covered by SF as long as it was all documented (which it was). The same agent our family has had for the last 30 years.
Adam