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**bestgenpower** · 08-06-2012, 12:21 AM

I hate them also! Pay for car insurance, they ask the value of the car and then say you will only get market value if you make a claim

Im not being funny, but what is wrong with that ?

Why on earth would they pay out more than the current market value at the time of loss. lol...

You don't buy a brand new car then crash it 6 years later and expect to be paid out the same amount of money you bought and insured the car brand new for. Insurance companies wouldn't stay in business very long if they did this all the time

. You are insuring the vehicle, not the price tag. They will give you market value at the time of loss so you can get a another vehicle the same as the one you just crashed. Age, condition etc... You don't get the same money that you bought the car for. Imagine that, everyone would just crash their car every few years and get a nice payout and buy a brand new one hahaha.

The only way this works is if you get a pre "agreed value" insurance figure. Normally you basically have to prove to them why YOUR car is for some reason worth more than the current market value of the same vehicle. Normally this is because of modifications or restorations if you are talking about "classic" cars.

Other wise no insurance company is going to pay you out the original 20k you paid for the vehicle if its now 3 years old and only worth 12k. No matter how much you "insure it for". As i said you insure the car not the price tag

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08-06-2012, 12:21 AM	#31
bestgenpower Join Date Oct 2005 Posts 413 Senior Member	I hate them also! Pay for car insurance, they ask the value of the car and then say you will only get market value if you make a claim Im not being funny, but what is wrong with that ? Why on earth would they pay out more than the current market value at the time of loss. lol... You don't buy a brand new car then crash it 6 years later and expect to be paid out the same amount of money you bought and insured the car brand new for. Insurance companies wouldn't stay in business very long if they did this all the time . You are insuring the vehicle, not the price tag. They will give you market value at the time of loss so you can get a another vehicle the same as the one you just crashed. Age, condition etc... You don't get the same money that you bought the car for. Imagine that, everyone would just crash their car every few years and get a nice payout and buy a brand new one hahaha. The only way this works is if you get a pre "agreed value" insurance figure. Normally you basically have to prove to them why YOUR car is for some reason worth more than the current market value of the same vehicle. Normally this is because of modifications or restorations if you are talking about "classic" cars. Other wise no insurance company is going to pay you out the original 20k you paid for the vehicle if its now 3 years old and only worth 12k. No matter how much you "insure it for". As i said you insure the car not the price tag .
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