Aren't some of you guys a bit old to be this naive?
If you own a 15 year old shitbox with a million miles, it's worth NOTHING and should not have full coverage on it.
Regardless of your emotional attachment to it, or its "practical" value to you.
Aren't some of you guys a bit old to be this naive?
If you own a 15 year old shitbox with a million miles, it's worth NOTHING and should not have full coverage on it.
Regardless of your emotional attachment to it, or its "practical" value to you.
Def worth a call. I'm with USAA too and for me, the difference between liability and adding C&C is so negligible it's been worth it. Like $10-15/month over liability only for my old beaters. Was REALLY glad I had it when I had my '98 Deville I bought for like 2K. Drove the crap out of that thing and when it caught fire in a parking lot (rodents chewed through wiring according to the dealer who USAA had it towed to), they totaled it out for exactly what I paid for it! That was certainly worth the $100 or so I spent on comprehensive policy over the year or so I had it before it met its premature demise. I also have an additional add on the plan where it's a few bucks a month but I think they give you retail + an extra 20% in the event of a total loss. I don't personally know how other companies compare, but anecdotally from others I've talked to USAA usually offers top dollar for totals so maybe worth having full coverage on old cars with them? I dunno tho. Haven't crunched the numbers in a while. There's probably a certain point where it's worth it/not worth it.
In your deville example^^^, did your premiums increase as a results of your claim? How much?
My experience from this winter, my adjuster was able to give me a bottom line that would not total my LC. I spoke to him and somebody else at my insurance (farmers) who preps new coverage and they both told me that my premiums would double for three years for any claim above $1k. Claim didn’t pencil out.
Thankfully not at all. I had 3 cars at the time, well then 2 after that incident, and they did not penalize me for the loss whatsoever. I guess rats chewing up wiring doesn't count as my fault? Haha. Either way, I guess that's the point of a comprehensive policy, covers hail and other things that are not human-caused like collision coverage does. No matter the case, they took great care of me in that instance. Was enough for me to keep carrying it on all my cars no matter how old or beat up. I called earlier this summer to cancel those plans to save a few bucks and it would have made so little difference that I just kept them. One's an '05 and the other's an '08. They ain't worth much, but at least they're dirt cheap to insure at this point.
Nice!^^
in no way would i pay 7 - 10 k for that saab - former 900s very happy owner
Actually the business is investing properly to make money off the float from premium->accident. Most insurance companies run somewhat close to even otherwise. There's actually no real money (over the long term) in insuring losses,it's all about capital usage and smart targeting of reinsurance.
The company I work for is a mutual, so no stockholder pressures, but I'm sure there's skim in parts of the industry.
As far as claims payments: it's very dependent and settling on a "fair" figure is tough. From my experiences they try to get it rather right as lawyers are way more expensive than just paying properly.
That didn't sell. The auction ended without the reserve being met. In other words, the owner would rather keep it than let it go for $7600. And there are people asking the owner to relist it, knowing that he won't let it go for $7600.
You also have to understand that the only type of person looking for a car like that, in that kind of condition, for that kind of money, is an enthusiast. A manual transmission is far more desirable than an automatic to most enthusiasts.
This one, with almost 100k miles on it, sold earlier this year for almost $18k.
https://bringatrailer.com/listing/19...-aero-5-speed/
How's this work in no fault states? Some states, unless there is an evident moving violation, your insurance covers you and other drivers use their insurance.
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Single aberrational sales of dissimilar cars does not a trend make.
Not even close from my experience, but I’m sure those guys are out there. I typically only see commercial claims but virtually none of them are underpaid, most are overpaid to get them to settle. I’ve recently seen several companies elect to pay tips to servers when a restaurant is shut down to float them until they reopen.
Now do I see claims where people didn’t buy enough insurance or the wrong insurance, sure. But under insurance does not equal under payment.
Off piste is entitled to the actual cash value of the car, so if the insurance company is unable to find a comparable listing from either a dealer or private seller for the amount they offered, it isn’t actual cash value. Saying we offered X because the system told us that is what it is worth is a great way to pay treble damages.
Outcome. Pretty darn positive.
My adjuster went to bat for me and got a second opinion on the car's value. I never got pissed off or misbehaved, but I did stand my ground and gave him plenty of time to do whatever needed to happen. I'm fortunate to have another vehicle so time was not of the essence.
I haven't seen the new valuation but clearly it was much better than the first.
Insurance company is still calling it a total loss, but after my deductible and buyback (salvage value) they're sending me enough $ allow me to have it properly repaired.
While it's a total loss in their eyes, apparently I'll have to re-title it, but the title will not be 'branded' (ie. 'salvage').
I feel good about it, and get to keep my old vehicular friend. Thanks for all your advice.
Good to hear!
Sounds like it’s time to update the thread title
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