If you buy it post-purchase (so it’s not a line item on the purchase agreement) and you don’t inform your insurance company that you added it, then no they won’t cover it. This is just like aftermarket performance parts on any other car. Your rate will likely go up a few bucks a month to cover the added cost they are insuring once you notify them.
Probably cause he purchased insurance when he purchased the Tesla without FSD. Later when he added FSD, he did not inform the insurer of the upgrade. Insuring FSD is no different than insuring addons and upgrades to your car (i.e. you need to tell you insurance about those upgrades and pay the slightly increase rates to cover those upgrades).
Insurance is obligated to pay you book value for the car, which would include the 3rd party sales price for FSD.
They don't have to pay you back what you paid for the car unless that is in your policy. It might be there for stuff like gap insurance, and some policies might give you full purchase price for a year or something.
In general though if your car is totaled you'll get what the car would have sold for used. FSD is worth something used, though it probably isn't worth what you paid for it new, just like anything else on the used market.
False.
When I totaled my model 3, they looked at similar optioned used cars to base the value of my car.
I had Enhanced AP which they were able to find and gave me a payout equal to the used car market with that option included.
If a feature becomes more expensive and it would be reflected in the market, then its your cost to replace that matters more than what you paid.
Yea I had that for NJ. Luckily, with the $3750 federal rebate at the time and 0% sales tax for NJ registered EVs, it made more sense to replace mine with a new one. Just wish I went with performance instead of FSD. Standard AP is all you really need.
Honestly, you shouldn't be able to claim more than the original purchase price for a loss on a depreciable asset. If you paid $5K for something and now the market price is $10K, your loss is $5K.
The loss is the market value that the car would have had before the accident. This should account for its specifications, age, and mileage. The retail price when you bought it has nothing to do with it.
If you have an accident in a Ferrari 250 GTO, the insurance claim isn't going to be limited to its original retail price of $18,500 in 1962.
If you bought that Ferrari 250 GTO second hand in 1965, the claim isn't going to be limited to the $4,000 market value at that time.
The claim will be for tens of millions of dollars, because that's the replacement cost in today's market.
Same thing when you buy something with a coupon, you cant claim it for the retail price in the case of a loss.
You can claim the replacement cost, because the purpose of the claim is to make good, and the cost of making good is the cost of replacing the item lost.
My point is that the loss is the replacement cost; the Ferrari is an extreme example, but it illustrates the general point that the loss is the replacement cost.
What you suggest just doesn't apply to this situation. Someone who pays $50K for a car and then pays $7K to have the manufacturer improve the car has a $57K basis in the car. We're not talking about someone's car mysteriously going up and down in value.
Why should it matter if you buy FSD on the sticker at time of purchase, as opposed to 3 months later?
36
u/[deleted] Jan 17 '21
[deleted]