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Insurance companies pay retail..... Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Sat, 14 Jun 2003 13:46:05 In Reply to: OT - Basic Car Insurance Questions, Mr. Science, Fri, 13 Jun 2003 20:10:57 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Your friends experience may be because of a overly optomistic valuation of his own car, a quite common phenomena, with any car. Insurance companies have services that research the "market value" of cars at replacement value. This is always considerably more than the wholesale values dealers offer for trade in. And the insurance company then adds the tax and license to that figure too as replacing the vehicle requires the insured to pay these fees. I've often received calls from insurance companies and their agents researching the value of various cars on my lot to assess replacement value. Your friend wouldn't be the first or the last to have a disagreement with that valuation. Although when my friends call me and complain to me about it, I being their friend in the car biz, I usually find the insurance companies offer to be pretty realistic, though not always, and always, always, way more than the wholesale trade-in value.
You may always buy your wreck back from the insurance company. They're usually happy to sell it back to you as buyers for wrecks are few and far between. I've seen some mildly damaged older cars that were totalled but still quite driveable, almost presentable. The insurance company is supposed to brand the title "SALVAGE" so that a subsequent owner knows what went on.
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