If car totaled, how much paid?
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From: Bill on 16 Jan 2010 09:08 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.
From: clams_casino on 16 Jan 2010 09:23 Bill wrote: >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? > > > Typically you'd get the value of the vehicle (mileage adjusted)- determined by any number of sources, but an Edmonds on-line estimate somewhere between the trade-in value and private party sale price is probably a good estimate. Not knowing your vehicle, I'll suggest between $1-2k for a typical 10 year old car. >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. > > > > Collision coverage is typically questionable for a car >5 years and probably an expensive luxury >7 years, but much depends on the year, model, mileage, your cash flow, etc.
From: BigDog1 on 16 Jan 2010 10:10 On Jan 16, 7:08 am, "Bill" <billnomailnosp...(a)yahoo.com> wrote: > 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. Determining if you need collision/comprehensive insurance on your car is easy. If you can't replace what you're driving now without going into debt, then you need the insurance. How much deductible is also easy. Depends on how much you afford to pay without disrupting your budget. As to what they'll pay you in the event you get "totaled", that's also easy. Age, mileage and condition. Either Edmunds or Kelly Blue Book will get you in the ball park. What you think it would cost to replace the car is irrelevant. All that matters is what the car is worth on the open market in your area. The insurance company will try to low ball you, but there's no way they'd try to get away with one fifth. Everyone thinks their car is worth top dollar, but it rarely is. Truth is, reliable junk is still junk.
From: Al on 16 Jan 2010 10:36 On Jan 16, 9:23 am, clams_casino <PeterGrif...(a)DrunkinClam.com> wrote: > Bill wrote: > >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? > > Typically you'd get the value of the vehicle (mileage adjusted)- > determined by any number of sources, but an Edmonds on-line estimate > somewhere between the trade-in value and private party sale price is > probably a good estimate. Not knowing your vehicle, I'll suggest > between $1-2k for a typical 10 year old car. > > >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. > > Collision coverage is typically questionable for a car >5 years and > probably an expensive luxury >7 years, but much depends on the year, > model, mileage, your cash flow, etc. Personally, I would not insure a vehicle worth less than about $7,000 or so, maybe $10,000 for round numbers. In my state that still leave people like me vulnerable because of something called "no fault." Basically, that means everybody takes care of their own damage except for a potential $400 small claims lawsuit. Still, safe drivers can make out by self insuring small assets.
From: Dave C. on 15 Jan 2010 22:52
On Sat, 16 Jan 2010 06:08:07 -0800 "Bill" <billnomailnospamx(a)yahoo.com> wrote: > 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 |