Over the years, we've had 2 cars totaled. State Farm has covered our cars at full replacement values of the cars based on their condition and age at the time of accidents. We did not have to negotiate or even question the numbers as they were not trying to skimp in it. We do not pay extra for any riders for full replacement cost.Seems like folks are conflating a few things. From what I know and have heard, the typical default coverage is wholesale value, not replacement value. One can, in fact, get full replacement coverage, but that is often at an additional coverage premium or may it be offered for free as a premium feature due to associations, loyalty, or other discounts and benefits. Separately, some insurance companies will offer full replacement value for free if the vehicle is new enough.
It is common that your car is worth more to you than a different instance of the same car model and year in very similar condition. Knowing the maintenance history adds value. Insurance does not cover that added value, unfortunately, and it would be difficult to do so.Unfortunately, we would NOT have sold that car (pre-accident) for that price. We knew exactly the condition, etc. But this was the best we could expect, including the "condition" in our negotiation... which still wasn't what we would have willingly sold it for.
Statistics: Posted by Northern Flicker — Wed Jul 31, 2024 3:11 pm — Replies 23 — Views 3067