Keep Receipts For Mods

I totaled my 2018 Tacoma SR5. When my insurance company called to settle the claim, I was pleasantly surprised that they allowed me to include the modifications and improvements I made to the truck. These additions added value, which significantly increased the claim settlement amount. They asked if I had receipts for them but didn't make me provide them. Thought I was going to lose money.

 

You can also report them to your insurance company before anything happens. I added my Leer topper to my policy after installation

 

Wasn't aware of that. They added the LED lights, tonneau, steps, ...etc.
Just purchased leather seat covers and seat-warming kits from Clazzio that I haven't installed yet. Guess I'm going to have to eat them now…

 

That’s good to know that you can still add the value after a crash happens as long as you have receipts.

I have receipts for all my mods, just never got around to calling insurance to add the values.

 

I believe most insurance policies have a set amount for additions, but it isn't much.
If someone else is at fault, their insurance is on the hook for those modifications. If you have a large $ in modifications, the best bet is to check with your insurance company, before you assume all of those are covered.

 

Depends on region. Some insurers apply very aggressive depreciation to mods, so anything 3 years or older is valued at zero (regardless if street value is zero). Some insurers will cancel your policy if you have mods which they consider to make the vehicle unsafe or performance-enhancing (e.g. lift, cold air intake, catback exhaust, supercharger). It worked out for you this time, but be careful declaring mods to the insurance co. on your next vehicle. Their internal guidelines can also change year over year, and sometimes up to the individual underwriter's judgment.

 

Absolutely 100% agree I should have said upgrades/improvements not modifications. Little common sense should be used also. In my case my insurance covered them. Don't feel like I implied that everyone would be covered.

 

Hello Mr. Insurance please add $50 value for my cab mount chop

 

I had an accident where the insurance company would not reimburse me for my additions/modifications because I did them myself and thus had no professional receipts. If the individual mods had been done by someone else, they would have had no problems reimbursing me. So be aware of that too.

 

So far I have 14k in mods on my truck and have been religiously saving and documenting receipts.

 

call your insurance provider and ask, I highly doubt they are going to cover that amount, without additional coverage.
If you get in accident that was deemed someone else's fault and they have enough coverage (not very likely anymore) their insurance should pay either way.

 

This is Tacoma world the Mods keep the receipts….

 

I've asked them a few times and it should be covered (with depreciation???? (Lol in 2024)) taken into account). Thankfully I have an email for that but have been considering asking for the part of the policy that covers add-ons.

They essentially said that anything which is permanently attached / bolted to the vehicle should be covered.

 

I've also insured myself for a decent amount considering how many reckless uninsured drivers I encounter and the fact more and more vehicles cost upwards of 100k are on the road now

 

Absolutely keep receipts. I’ve always kept them for all my vehicles. Good reference & info for future builds. When my ‘03 Tacoma was totaled 3 years ago, I was pretty surprised what I could get back with all the stuff I put on that thing & having all the original receipts helped a lot. When all said & done, I pretty much got back about 80% total.

 

Usually most policies have an easy $1,000 or so for modifications and additions (camper shell). Check with your Insurance company for that amount. Anything above that needs to
be added to your policy, for a cost of course (Insurance Agent 10 years)

 

My adjuster said my mods have no value since they were more than 90 days ago…I’m asking tomorrow if that’s the case if I can swap out for stock parts

 

14K is most likely above the amount they will automatically cover without add ons to your policy. (Former Insurance Agent)

 

Good luck with that. OR....can you buy back your totaled truck? Part it out?

 

Original receipts to show maintenance (Tires, brakes, etc.) will add value to your vehicle at the time your insurance company offers a price for a total.