When your new truck with $4000 wheels gets totaled? (insurance, vehicle, camper)

[Billy_J]

I have a friend who bought a new truck and is making payments. And also bought a few accessories separately and is making charge card payments for those...

So he comes over and shows me his new $3000 (set) wheels and tries - and he will be making separate payments for that - for 4 years!

Question: What happens if his truck gets totaled?

I imagine insurance is not going to pay what he owes for the truck. And I imagine they will pay zip for the accessories, wheels, and tires?

[cowboyxjon]

I'm not 100% sure, but I believe you can find policies that will include items like that. I have friends who have built-up Jeeps and I believe they have additional coverage.

[Electrician4you]

If he includes the accessories in the vehicle insurance coverage the insurance will pay. Since he's paying for that additional value. For example I have my winch bumper winch rear bumper camper shell and bed slide as additional equipment for 6k. The insurance cost was $40 more a year than before. Now if my truck gets stolen/u recovered or totaled the insurance must pay for those accessories. If he diesnt include the extra additional equipment the insurance co does not have to pay for the added on accessories. they will only pay whatever vehicle is worth.

The insurance called gap insurance can be purchased. It will cover the difference between what is owed in vehicle and the actual paid value.

[iowa4430]

To be safe, I believe he would want to disclose to the insurance company that he has custom wheels/accessories. It shouldn't cost much to endorse the additional coverage.

The big issue is probably just the ins company knowing in advance so there aren't any issues at claim time.

[StealthRabbit]

1) add the coverage for the wheels / accessories
2) Hope you NEVER total a vehicle (I never had, but have had it done FOR me on 4 occasions)
3) Take the wheels off BEFORE the wrecker arrives (they will be worth about 30% what he paid for them)

Later in life... forget the truck (BTDT at age 18)
forget the wheels (BTDT ONCE at age 18)

I now am quite content that my car sports 'Collector plates' ($40 for life of vehicle) and gets 50mpg on free fuel as it has for 37 yrs. Insurance is under $150/ yr. My tires cost $5 at junk yard. I HOPE this one doesn't get totaled!

[Me007gold]

Put the factory wheels and tires back on. Sell the custom ones at a fraction of what he paid for them

[ipaper]

Its possible that the truck can be totaled without damage to the wheels. Like stated above, he can always switch out the wheels with the stock wheels. He can put the custom wheels on the replacement truck.

[llep64]

why would you have $4000 wheels??

[Scooby Snacks]

Originally Posted by Billy_J

I have a friend who bought a new truck and is making payments. And also bought a few accessories separately and is making charge card payments for those...

So he comes over and shows me his new $3000 (set) wheels and tries - and he will be making separate payments for that - for 4 years!

Question: What happens if his truck gets totaled?

I imagine insurance is not going to pay what he owes for the truck. And I imagine they will pay zip for the accessories, wheels, and tires?

They only pay Kelley Blue Book value for the vehicle. They don't pay for the chrome. Not a smart business decision, IMO. He better hope he keeps it and the goodies on it for the next 20 years

[VT'ah]

Can you claim this on your renters or home owners insurance? Some policies will cover loss of property like this.