|
Posted by Rod Speed on January 16, 2010, 12:46 pm
Please log in for more thread options
Bill wrote:
> If an older car (say 10 years old) is in an accident and totaled, how much
does the insurance company pay you?
Varys with the company. Some will pay the agreed value, others
will pay the value they determine and you get to like that or lump it.
> How do they determine value?
Again, that varys.
> 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.
Even the operations that do pay an agreed value wont necessarily
agree to a value thats well away from the market value like that.
Essentially because there is a real potential for fraud in that case,
deliberately writing the car off to get that much higher value.
You can however get that sort of much higher value in some situations like
exotic unusual cars etc. And you wont like the premium they want to change.
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap