I had my car insured for $2,000 about a year & half agobut now that I have written my car off the insurance Co is saying the car is only insured for $1,500 because the vehicle's value decreases over time (fair enough) - but my payments have stayed the same amount since I first insured it for $2,000, surely the payments would decrease as well! Any help really appreciated.
saxman99,
Apr 25, 6:03pm
That's how they make their money.Less cover for higher premiums over time.
sr2,
Apr 25, 6:05pm
+1. Sadly most of our cars are over insured!
camerong1,
Apr 25, 6:07pm
lesson learnt the hard way here. Always make sure it is insurenced for an agreed value
intrade,
Apr 25, 6:14pm
tell them to replace the car with equivelent car with wof. You wont buy a car for 1500$
mattdylan,
Apr 25, 6:16pm
This is intersting, can it actually be done! never heard of that before
pauldw,
Apr 25, 6:17pm
Don't expect to save much, the 3rd party aspect of your insurance won't change.
intrade,
Apr 25, 6:18pm
i dont know as i never had insurance in this country but in switzerland you can demand they fix or replace the car as when they claim its only that much worth then you got to be able to buy a replacment for the money , but you wont get more then 2 grand as that was the insured value. I would say you will get 2 grand and they sell your car at turners damaged auction like all cars from insurances.
bevharris1938,
Apr 25, 6:20pm
Good advice
msigg,
Apr 25, 6:24pm
Welcome to the world of insurance, each year you can get your car re-valued if you think its worth more that the market value.
johnf_456,
Apr 25, 8:31pm
Yep its how they make their cash
texastwo,
Apr 25, 8:45pm
OP Was that $2000 Market Value or Agreed Value. presumably the first. It doesnt cost a lot more to go for Agreed value and at least you know what you are getting if you write it off. But you do have to watch carefully the annual renewal where they drop the value down without telling you.
elect70,
Apr 25, 9:57pm
Normal insurance corip . Even if you drop the value the premium doesnt drop FAas they say its the riskrather than value .
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