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It's not at all a gimmick. I've bought it for years, and unfortunately had to use it once. Total investment over the years has probably been like $50 -- the stuff is dirt cheap. And they paid out thousands to replace numerous mods on a car that was pretty well messed up.
When someone hits you -- you're covered without any additional insurance. You're not at fault and their insurance pays to get you "whole".
But if there's an accident where you're at fault, your insurance only covers OEM items. The rates you pay only cover the cost to replace an OEM item with an OEM item. So when you've got something non-OEM installed on your vehicle, that's not a covered item under any standard policy. "Custom Parts and Equipment" coverage provides that coverage for your aftermarket modifications.
I will say though, about GEICO in particular, that you've got to be careful with your mods. GEICO has a very anti-modification stance to anything outside of your basic wheels and stereos and other non-performance-related things. They are very well known for dropping customers after they make claims for things like engine modifications and, specifically, suspension modifications. They will cover you for whatever the accident you had was, so no worries there, but they will frequently drop customers immediately afterwards. Their thinking being that those modifications change their risk significantly as, in most cases, those items (especially suspension mods) are specifically designated for non-highway use only, and not necessarily engineered to the same safety and performance standards of OEM parts.
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