how the heck can it's value be negative?!? - Saab 9-5 Bulletin Board - Saabnet.com
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how the heck can it's value be negative?!?
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Posted by Snowmobile [Email] (#686) [Profile/Gallery] (more from Snowmobile) on Thu, 13 Apr 2017 08:20:23 Share Post by Email
In Reply to: NADA values = collision value?, GFW3pedals [Profile/Gallery] , Wed, 12 Apr 2017 06:58:29
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scrap metal value of a car alone is ~$500... wheels, other resellable parts...

But I agree, collision is probably not worth it if you can drop it...

However, in our jurisdiction, we have "no-fault" (which is not what it sounds), so... in other places, the other guy's insurance's liability would cover your collision damage when it was the other guy's fault. In no-fault, you deal with your insurer. Then there is simply a weight of fault (assigned based on rules) which is used to determine deductible and from which pots the payouts come from. Your insurance has various chunks, many of which are mandatory. In particular the Direct Compensation chunk is mandatory, and is what pays to fix your vehicle if you are not at fault (or the % that you are not at fault). Collision is not mandatory and pays to fix your vehicle if you are at fault (or the %). As a good driver, my DCPD cost is way higher than my Collision for the 9-5 (I guess due to 9-5 DCPD payout statistics they have collected). In general drivers of nice cars that are expensive to repair get penalized in this system as you pay for other drivers' at-fault-ness...

All that is to say, I could drop collision, but it wouldn't save me much $$, when DCPD represents the majority of car-damage related cost.

And -$200 as a car valuation is really really weird!


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