For those that had your TRX stolen or totaled, what did insurance do for you?

[rugbym8t]

My truck was stolen yesterday so I will keep this thread updated. I have full coverage from State Farm. I will go to their office tomorrow to hand in the stolen car affidavit, on that form there was a section asking about aftermarket equipment installed. Not sure if it means they cover it but I will find out as I have receipts for $11,000 of upgrades.

most of the time, unless you explicitly state the aftermarket parts on the premium, you will be capped at like 500 - 1000 of coverage for those parts. You can normally get aftermarkets parts coverage as a rider, most cap out at $5000. In the case of extensive mods, you should go to an agreed value plan. But be ready that in the event of a loss, they may require proof that the vehicle was worth the cost.

 

[RedEyeTRX]

Sorry but GAP insurance is to pay the bank and not you. If your dealership told you that they lied. It’s to cover you if the insurance payout is not enough to cover the balance of the loan. It’s for high LTV and long duration loans

GAP pays the bank, so the bank does not sue you for the deficiency (what you owe vs insured value) in a total loss situation. Correct?

 

[shapiroeric]

GAP pays the bank, so the bank does not sue you for the deficiency (what you owe vs insured value) in a total loss situation. Correct?

If it's stolen or totaled you need to pay off the loan, If the insurance gives you, for example, $1000 and you owe $2000 on the loan. The Gap covers the other $1000.

As the loan gets paid down the chances of being under water is less and at some point the GAP can be canceled.....

 

[timinnd]

I guess I should have titled this thread "Gap Insurance 101"


But seriously....its kinda mind boggling that no one on this board has had an total/replacement claim in for their TRX.

 

[Exec_TRX]

My first TRX with no ravelco or anything, was stolen back in Feb 2022. From a gated apartment bldg. The gates were broken, and it was pro's so i ended up suing the bldg also. Insurance paid it out 2 weeks later. During which time i had to make a payment.

They paid out more than I paid for it, but GAP still had to chip in 5k due to some neg equity i had rolled into the deal from a trade. Keeping names and companies out of this for obv reasons.

Here's how it works:
- Report stolen
- Truck goes to Ghana, Africa on a container ship
- Insurance adjuster takes statement, starts pay out
- Pays out based on NADA, Blackbook and adjusted market value. They at least, had a separate pay out factor for limited edition TRX's i was asked if it was an ignition edition 3 times, so that's good news.
- Payoff was good. Payment was coming up so I made the regular payment. I then called the bank to start the cancellation of the warranties, which takes about a week to get the $. They have a direct line, they do this not you. I had MOPAR Maxcare, gap and maintenance on it. They cancelled the warranties and received the checks which reduced the balance.
- On the bank's app, they got the payoff, then there was a gap of about 5k. Contacted the bank, to start the GAP claim. Claim was processed in 4 hours, received the payment about 3 days later.
- Insurance company sends DMV paperwork, fill out and complete. They own the car at this point legally, if it ever comes back (0% chance in many cases)
- Claim closed, Bank payoff complete
- Got a refund from the bank for my payment i made during the loss period, and some additional fees and titling reimbursements. This covered my expenses, and time up to that point. I also got back a few grand from another policy I had which covered my initial down payment.

That's the process. Depending on your bank and insurance co.

I will say, it was very simple. I've only ever taken stolen reports and written them, never had a car stolen myself, and it was really eye opening. Now i have protections up the ass.

Minus the fact that I had to make sure the bank did what they have to do to satisfy it quickly. They will not do this for you, you are liable for the payments until its satisfied, so they don't care. These days, values may be less also, keep that in mind.

 

[@JC]

I then called the bank to start the cancellation of the warranties, which takes about a week to get the $. They have a direct line, they do this not you.

Note that "they" only do this if you financed the warranties in the loan with your truck. If you purchase the warranties yourself, then you would be responsible for cancelling and would receive the refund directly.

 

[Exec_TRX]

Note that "they" only do this if you financed the warranties in the loan with your truck. If you purchase the warranties yourself, then you would be responsible for cancelling and would receive the refund directly.

Good Call. That is 100% true. I got the same pricing as you'd get buying MOPAR plans online so it was good and bundled in.

 

[uswrnk54]

I work for a major insurance company in auto claims. Typically we give the truck some time to be recovered (a couple weeks to maybe up to a month) on theft claims. If it's not recovered, or recovered and beyond (financial) repair we elect to total it. We pay out the vehicle value immediately preceding the loss (regardless of the loan balance). If it is a current model year vehicle, we typically just take some mileage depreciation. If it's older, we produce a report from a 3rd party (a vendor most insurance companies use) that finds similar vehicles for sale (or recently sold) in the market. Our policy automatically pays for $1,000 of custom parts & equipment without an endorsement. We'll cover more than that if you specify your modifications with your agent. Some policies are different. If you cannot agree with your insurance carrier on value, many policies have an appraisal clause which allows you and your insurance carrier to hire appraisers, and they come to an agreement on value.

Hope this helps.

 

[NicoleG98]

My TRX was stolen yesterday morning at 5 am. Our building concierge called the police when theft happened and I called my insurance today. Note I did get announcement emails from Uconnect saying my car is being thefted. Located in Toronto Canada

 

[LDN]

My TRX was stolen yesterday morning at 5 am. Our building concierge called the police when theft happened and I called my insurance today. Note I did get announcement emails from Uconnect saying my car is being thefted. Located in Toronto Canada

Really sorry to hear!!

 

[EndMan]

OK.. so here is my experience with the Farm thus far:

1.) Filed claim over weekend and had a call on Monday with Claim rep. Gave recorded statement of events
2.) Ins. Company reminded me that they are not accepting liability yet but first need to conduct an investigation which can take 3-7 days.
3.) I then had to fill out a Stolen Vehicle Affidavit and bring to my agent so that he can upload into the system
4.) Once investigation is done and they confirm nothing was negligent and 7 days has elapsed since claim was placed, then they can deem the vehicle a total loss
5.) Once it is deemed a total loss it goes it the payment team which can take 2-3 weeks to work out payment. If at anytime the vehicle is located prior to payout occurring then the process is stopped and an adjuster is sent out to view the vehicle and determine whether it can be repaired.
6.) It is expected that total payout should occur 3-4 weeks after claim was placed unless investigation takes a long time
7.) If vehicle is located after payout occurs then the vehicle belongs to the Insurance Company
8.) In California, they must pay replacement value within a 100 mile radius, tax, and title

They have also asked for a list of aftermarket items and I turned in $8,500 of receipts for just hardware and no labor.

I will see how it goes but so far it has been a good experience.

 

[jbaird790]

My truck was stolen yesterday so I will keep this thread updated. I have full coverage from State Farm. I will go to their office tomorrow to hand in the stolen car affidavit, on that form there was a section asking about aftermarket equipment installed. Not sure if it means they cover it but I will find out as I have receipts for $11,000 of upgrades.

You need to have disclosed the upgrades and insured them. My guess is you’re out of luck. Sorry man I could be wrong but.

 

[Exec_TRX]

My TRX was stolen yesterday morning at 5 am. Our building concierge called the police when theft happened and I called my insurance today. Note I did get announcement emails from Uconnect saying my car is being thefted. Located in Toronto Canada

Sorry to hear man. At least you got an alert. They disconnected mine and it was useless a year ago.

Had I known what I know now, these pricks would be in the ground and I’d still have the truck. Hope your insurance takes care of it and your next one, gotta get Ravelco, IGLA and maybe a secondary gps.

 

[@JC]

You need to have disclosed the upgrades and insured them. My guess is you’re out of luck. Sorry man I could be wrong but.

Maybe on your policy but unless you've read the OP's policy you don't know that. For instance, on my policy they'll cover up to 10% of the insured value with receipts without itemized declarations.

 

[CanTRX]

My TRX was stolen yesterday morning at 5 am. Our building concierge called the police when theft happened and I called my insurance today. Note I did get announcement emails from Uconnect saying my car is being thefted. Located in Toronto Canada

My TRX was also stolen in Toronto Dec 6th.
I had "no depreciation" on my insurance so they didn't deduct any money but they give you the value of that year of truck today. So they looked around and seen what other 2021's were selling for and then they gave me that value. BUT they don't give you replacement value - or give you any additional "admin fees" like all the Ontario dealers are charging, and they won't give you any "luxury tax". So you will be out a bunch of money and its not been easy to find a new one here in T.O. There are some used ones for sale though.
Best of luck - its a shitty feeling having it stolen and even more worse when you try and fine a new one.
Took about 6 weeks to get paid out as they wait about a month to see if the truck will be recovered (plus I had December holidays in there so it took a little longer.

 

[NicoleG98]

My TRX was also stolen in Toronto Dec 6th.
I had "no depreciation" on my insurance so they didn't deduct any money but they give you the value of that year of truck today. So they looked around and seen what other 2021's were selling for and then they gave me that value. BUT they don't give you replacement value - or give you any additional "admin fees" like all the Ontario dealers are charging, and they won't give you any "luxury tax". So you will be out a bunch of money and its not been easy to find a new one here in T.O. There are some used ones for sale though.
Best of luck - its a shitty feeling having it stolen and even more worse when you try and fine a new one.
Took about 6 weeks to get paid out as they wait about a month to see if the truck will be recovered (plus I had December holidays in there so it took a little longer.

Thank you so much for the information! Very useful some of my friends got a replacement car instead of a bunch of useless money and I was hoping that could happen to me(not likely lol). What pissed me off the most is how useless our polices are. Later the day my TRX got stolen, around 10pm, I got an update on my Ram App saying the vehicle is moving. Immediately contacted the police and they said they will not trace if it is moving; so I waited till it’s stationary and called again with an updated address, and they said they gonna look into it. The thieves stopped in front of a house for 10 mins, prob detaching the GPS. Meanwhile I got a lot of theft alert emails from Uconnect. 10 min later they dropped GPS in the middle of a grass field and it’s no longer connectable. So I informed the police again and was asking if they went there and had seen my vehicle. The police girl just told me they haven’t checked and my stuff is lower priority. I’m devastated at that time cuz I know my baby was there, I know they are doing something to my baby car, and yet, there’s nothing I can do, and I know if the police went there when I updated them with the address, they would be able to find the car and even solve Toronto’s theft issue. But they said it’s low priority. I guess they don’t give a shit after all

 

[@JC]

Thank you so much for the information! Very useful some of my friends got a replacement car instead of a bunch of useless money and I was hoping that could happen to me(not likely lol). What pissed me off the most is how useless our polices are. Later the day my TRX got stolen, around 10pm, I got an update on my Ram App saying the vehicle is moving. Immediately contacted the police and they said they will not trace if it is moving; so I waited till it’s stationary and called again with an updated address, and they said they gonna look into it. The thieves stopped in front of a house for 10 mins, prob detaching the GPS. Meanwhile I got a lot of theft alert emails from Uconnect. 10 min later they dropped GPS in the middle of a grass field and it’s no longer connectable. So I informed the police again and was asking if they went there and had seen my vehicle. The police girl just told me they haven’t checked and my stuff is lower priority. I’m devastated at that time cuz I know my baby was there, I know they are doing something to my baby car, and yet, there’s nothing I can do, and I know if the police went there when I updated them with the address, they would be able to find the car and even solve Toronto’s theft issue. But they said it’s low priority. I guess they don’t give a shit after all

I see your pro-criminal leftist cop policies are as worthless as our pro-criminal leftist cop policies.

 

[shapiroeric]

Cops don't give 2 shits about recovering stolen vehicles.....only time that happens if it's in conjunction with a routine traffic stop/ tag check or the vehicle is abandoned....

 

[NicoleG98]

My TRX was also stolen in Toronto Dec 6th.
I had "no depreciation" on my insurance so they didn't deduct any money but they give you the value of that year of truck today. So they looked around and seen what other 2021's were selling for and then they gave me that value. BUT they don't give you replacement value - or give you any additional "admin fees" like all the Ontario dealers are charging, and they won't give you any "luxury tax". So you will be out a bunch of money and its not been easy to find a new one here in T.O. There are some used ones for sale though.
Best of luck - its a shitty feeling having it stolen and even more worse when you try and fine a new one.
Took about 6 weeks to get paid out as they wait about a month to see if the truck will be recovered (plus I had December holidays in there so it took a little longer.

Also I’m really sorry you have to go through this… yeah the new ones usually are booked so you have to wait for another 3-6 months for a brand new one. I’m debating getting a new one or just a used one with lower mileage like 4000km

 

[CanTRX]

Thank you so much for the information! Very useful some of my friends got a replacement car instead of a bunch of useless money and I was hoping that could happen to me(not likely lol). What pissed me off the most is how useless our polices are. Later the day my TRX got stolen, around 10pm, I got an update on my Ram App saying the vehicle is moving. Immediately contacted the police and they said they will not trace if it is moving; so I waited till it’s stationary and called again with an updated address, and they said they gonna look into it. The thieves stopped in front of a house for 10 mins, prob detaching the GPS. Meanwhile I got a lot of theft alert emails from Uconnect. 10 min later they dropped GPS in the middle of a grass field and it’s no longer connectable. So I informed the police again and was asking if they went there and had seen my vehicle. The police girl just told me they haven’t checked and my stuff is lower priority. I’m devastated at that time cuz I know my baby was there, I know they are doing something to my baby car, and yet, there’s nothing I can do, and I know if the police went there when I updated them with the address, they would be able to find the car and even solve Toronto’s theft issue. But they said it’s low priority. I guess they don’t give a shit after all

yeah I don't think the police move very fast if at all.
My insurance agent when he first called me after it happened said he has 12 dodge trucks on his desk that have been stolen (I don't think they were all TRX's), but if my one agent is that busy imagine how busy the cops are (or aren't ).