Tell insurance company of enhancements
Wednesday, June 25th, 2008Dear Terry,
I have a specially equipped wheelchair-accessible vehicle. It is a 2008 Honda Element with a lowered floor, manual foldout ramp, and wheelchair tie-downs. It cost about $20,000 to customize the car, giving it a total price of $42,000.
I want to make sure I have the appropriate insurance coverage for it. I stated the value at $39,000 (the amount I financed) for the insurance company so that the loan would be paid off. I have a standard five-year loan at 6.7 percent through a credit union. (more…)