Where can I get the third party insurance?

If your car stereo is stolen can you get cash and replace it yourself or do you have to let the insurance contract a third party to replace it?

• Answer:

  Usually you can collect yourself. The company may initially pay you only "actual cash value" of the equipment, which means what it was worth at the time it was stolen(usually replacement cost with a deduction for depreciation based on the age and condition). Then, once it has actually been replaced, they pay the remainder up to the full replacement cost. Some policies limit the amount they will pay for non-factory equipment. If the insurer says you have to use a certain party to replace, ask them to show you that requirement in your policy. If they cant, the above applies.