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Posted by Dave C. on January 15, 2010, 10:52 pm
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On Sat, 16 Jan 2010 06:08:07 -0800
> If an older car (say 10 years old) is in an accident and totaled, how
> much does the insurance company pay you?
>
> How do they determine value?
>
> Say they just want to pay $1000.00 and it would cost me $5000.00 to
> get another car in similar running condition (I do a LOT of work on
> my car including rebuilding the engine when needed, etc. I keep it in
> tip top reliable running condition.)
>
> I'm trying to figure out if I should just have liability insurance or
> if it would be worth it for full coverage.
In general...you shouldn't buy full coverage insurance for a car older
than 5 years old, unless it is more valuable than average for some odd
reason. For example, you've done a rotisserie restoration on a single
owner 1970 Chevelle SS and now it's worth say, $100,000. Blue book
value would be zip. But you can have the car appraised and insure it
for the appraisal value. -Dave
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