Your Tacoma Market Valuation after Mods?

For those who have lifted their truck and spent a significant amount of money on mods:

How much more is your truck worth on the market?
Have you notified your insurance company of the added mods?

The reason for this question lies with insurance or trying to sell your truck. Had my 2022 Tacoma stolen with $13,000 worth of mods. Insurance company computes an additional $400 to the value of the truck. That's $12,600 lost and not insured. Should have told the insurance company I had the mods completed and the increase the value of the truck.

Interested to hear if anyone had to deal with insurance after a write off of theft.

 

So when I was married to an adjuster this is how they would handle it if you fought hard enough.

They would take away the back pay for the adjusted value for the truck, so ghost premiums. But you need solid proof it was installed on the truck. Very rare this would happen but it did.

Next problem is, 13,000$ of mods doesn't equate to 13,000$ in value, so even if insured and adjusted, you may get 4000 back on a good day. Rare again.

All cars and trucks have tires and wheels and suspension, so it doesn't really add to value, when you're removing technically expensive OEM products.

 

Yes, if you don't let insurance know ahead of time. Of extras installed your screwed. How do they know what you spent, and if it was still actually still on, when stolen. Same as if you bought some antique and had it in your house. Always add it to your policy. You can try and argue the point, but good luck. Their pockets are much deeper...

 

I added $6k of additional value to my insurance. Receipts are required in case of a claim. I’m not in all that deep with mods but figured I’d add the insurance for my ARE cap, as well as wheels, lift and some other small mods.

 

All mods were installed the month after purchase. Have proof of purchase and pre / post photos. Expensive lesson learned. Heads up to others who haven't notified their insurance company

 

I know

 

Look at it this way.

you go buy a TRD pro, but insure it at SR rates.

it’s gets stolen/totaled, your insurance company thought it was an SR. That’s the coverage that they quoted you for and you paid for. So you are getting what you paid for.

(personal opinion and slightly off topic: insurance is a legal, government subsidized Ponzi scheme.)

 

Mod add $0 value

 

There are a lot of threads on this, including a few from people who found out the hard way.

Mods are hobby money. You don't recover hobby money. You just bought 13k worth of entertainment. You only get it back from insurance if you specifically insure those parts.

 

It’s 100% up to an individual to get the extra insurance due to mods to ensure of no monetary loss. Why the hell drop a shit load of money and not protect your investment? Truly amazing the amount of people who neglect such.

 

Exactly correct…

 

Sorry you got burned, and good on you for taking one for the team and sharing your experience.
I’m not an insurance agent, but it’s my understating, you submit for, document, and pay extra for an additional “rider” On your policy. Simply put, if their risk goes up, so does your payment, which sounds logical to me, but unfortunately many find out the hard way.
It’s definitely something to consider in today’s times with all the accidents and theft.

 

Some of my mods are added to my policy and some aren't. If you have receipts and it's on your policy the insurance should payout to cover the insured value of those mods. If not, you're SOL. As far as trade in values mods don't add value and some will argue it detracts from the value as it makes the vehicle harder to sell. You could make the same argument with dealer addendums (tint, sealant, ect). Dealers still expect you to take it in the shorts.

If you have receipts you might consider hiring an attorney or consulting with one. That amount isn't exactly chump change.

 

Pictures dated and serial numbers of everything is key. Lost 30k of stuff in storage build to a flood. I had pictures and date of everything. Renters covered it all. Paid me 26k of the 30k lost.

 

Could make the same argument about property taxes.

 

Back when I looked into it having my insurance insure for my mod list the premium became so high after a couple years I would have repaid the value over again. Wasn’t worth it to me.

 

You definitely pay for it, I’ve looked in to riders for other hobbies and it simply wasn’t worth not only the but the hassle and stipulations.

 

Would be nice if you could tell your insurer have fyi I have these parts if it gets wrecked/stolen. You know, the insurer you pay thousands to over your life and most likely won’t ever use.