I just bought a new car, and got what I thought was a good deal, but after doing some checking it turns out I got an amazing deal.. Right now obviously the car is insured for full coverage, but can someone tell me what insurance I need so that I can get the car insured for replacement value or more? If there is such a thing? Price of the car was 16k replacement value is 26kplus.
Someone else can correct me but my understanding is that it doesn't matter the price you paid, it's the cost of replacement. Extreme example is - you win car and insure it. It gets totaled. Doesn't matter that you won it, insurance company still has to pay for comparable car. Sent from my moto x4 using Tapatalk
In securing your great deal did you skimp on some coverage and not realize it? Be careful of trying to save a buck only to regret it when you file a claim only to learn that you “sacrificed” that necessary coverage. Make sure that your comparing apples to apples and not apples to oranges.
No no, I got a great deal on the car not the insurance, it has full coverage from the heartford right now. I was just asking if there was something more I could do, or do better with the insurance.
I'm not sure whether you can specify the replacement value of the car, but on certain higher end brands of cars you can get coverage specifying factory replacement parts only, no aftermarket stuff. I have that on my car and when I got a cracked windshield it made a big difference - with HUD and various other gadgets in the windshield, it was important to me to get the factory part. Standard coverage would only have paid up to $800, windshield was $1800, insurance covered it.
Regular full coverage works like this: 1 if damaged, damages are compared to value (ACV) to determine if repairs can be made, or if it's totalled 2. If totalled, insurance company uses some bullshit method of determining the ACV to low-ball you. You need to search for comparable cars and negotiate the ACV 3. Notice that what you paid for the car doesn't matter. It is theoretically possible to receive more than you paid to buy it 4. Replacement cost for cars is a new additional coverage. Price it out first
This is very true. In the past, when given number I'll ask them to show me vehicle priced at that within 100 miles and if it's the right color they can make check to seller. Everytime they've come back with higher amounts. Sent from my moto x4 using Tapatalk
This. I got a check for a grand less than I paid for my truck, and kept the truck, after the tree fell on it. Value is significantly higher than what I paid for it.
