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I have two volvos and they are an 78 and a 86. 268,000 and 234,000 and I figured out a long time ago that the insurance company says "Cash Value". They do not put down what the policy is worth CASHED OUT!. I asked the agent and they didn't know, only the claim adjuster knows and you have to go through them to find out.
Basically, you buy insurance to cover liability to others. Cars are not suppose to hold value except when they are on the show room floor. Then its about how goo goo eyed you are, while they are running your credit, to see just how big is this person wallet anyhow!
A car is worth what it takes to replace the parts or get one off the street/auction yard. Call around find the prevailing market value. Piece by piece its more than you think. Ever try to build a car by pieces?
It has nothing to do with what its worth to you. They really want to keep the insurance commisssion off their backs so they can do business in your state.
I would contact them and find out what your rights are in your state. If you get some information and the agent knows you are a problem child, things work more in your favor.
Its like they push you on the shoulder, then stare at you, to see it you will reach out and push back. If you don't, then they win more for their company profits at the end of each year! Push back a little, let them know you don't appreciate the service and you want to get the conversation going in your direction! Knowledge of how anything works is power to take control of these MAN MADE problems!
I have this thought. Why do we insure a new car for its full purchase value of the loan when we know darn well as soon as it rolls into the street that it loses more than a thousand dollars. The insurance company will pay used book value, if it happens, to go up in flames a month later!
Whats a charred car worth, in parts, but could you define what its worth to you for a replacement! MORE MONEY, Exactly! No Hertz here!
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