My wifes car was $20,000 used back in 2019. Now after basically 10 years it gets hit. The insurance declares it totalled. So the car can’t be legally driven. The insurance will only pay us $9000. But now we’re trying to buy a replacement and for the same model year they are asking 16000!
WTF! What’s insurance for? Its just a tax. I much rather save to pay for my own car and have some sort of insurance that really actually covers the other driver.
Farmer this and state farm that and whatever General lizard, all are total bullshit regardless if you caused the accident or if you’re are the victim.
They should call it “pay slightly less than full price if you fucked up your car”
Just watched someone explain this but it was about house insurance. When you sign up they give you a replacement dollar amount. Should your house burn to the ground they deduct money from that amount due to depreciation.
That’s true, but that depreciation is often recoverable. That deducted amount is paid out when you repair or replace the damage.
Cars don’t work like that though, OP should fight the valuation unless they left out critical information like a $5,000 deductible.
LOL, yet you can’t buy a depreciated house can you? No, cuz there are none. Even a burnt down place represents a mortgage-able amount of money. That’s the lie. There’s no depreciation, they just want to pay you less as time goes on. At least for a house anyway.
That’s basically untrue. If a building is rotten and full of mold, then it might have to be torn down before anything new could be created. Then it might have negative value, but the property itself could still have a lot of value.
Okay let me find a negative value property around my neighborhood… None! Could it be a get rich quick loophole? Nope.
Doesn’t make his claim untrue, just an exception.