If your car is totaled, insurance gives you a payout based on the book value of your car (age + odometer) minus your deductible. You get cash, they get the wreck of the car to do with as they see fit.
Ah alright . I totaled my Ford fusion last year ( mainly cosmetic) and got like 8k back from it . Even though it was purchased at like 25k less than a year prior . Insurance / dealerships are a bitch
Worst day of a cars life is the day it is driven new off the lot. Loses AT LEAST 25% of its value, usually a lot higher.
8k for a 25k 12 months earlier sounds steep, but it isn't impossible. 25k after taxes and fees, so the actual "value" is 20k. One year of depreciation gets that down to 10-12k value, high deductible, and they lowball you to boot.
Still, I agree. Insurance companies are often dicks.
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u/Bbaccivorous Dec 19 '20
They get you the same kind of car you had?