Also, can I ask them to replace the vehicle with something comparable? I owed 2700 - they valued it at 4300, less $1k deductible and minus their "wear" items, is only going to leave me with $900. Sadly the car ran great before the accident and I'd only spent $60 in repairs over the life of the car. This sucks.
2007-08-23 02:42:37 · 7 answers · asked by Michelle F 2 in Cars & Transportation ➔ Maintenance & Repairs
My "96" mercury sable was totaled last month....I was allowed to keep it and I only recieved a check for $897.
Blue book value was 2200.00 They took 500deductable, 400 wear, 400savage fee. I STILL HAVE THE CAR SO HOW IS THERE A SAVAGE FEE I guess the other 3 was for writing the letter and the stamps...ITS ALL A SCAM
2007-08-23 03:01:44 · answer #1 · answered by nothingbutmotherlove 3 · 0⤊ 0⤋
That's the way that insurance works. Unless you buy insurance that covers the total replacement cost of a new vehicle, you're basically insuring it for less than what it's worth. It's a gamble that both sides take. Each has its plusses and minuses. In this case, you came out on the minus side.
You're betting that you won't have an accident, so you won't need to file a claim. Your benefit is that you don't pay as high a premium, but you still get something if you do have a big claim. The down side is that if you do have a major claim, you won't get the total value of the car.
The insurance company doesn't get as much money in premiums, but they won't have to pay out as much in claims, either.
Two other benefits for the insurance company is that, since you know you won't get the full value if you do have a claim, you have an incentive to drive better, and to avoid claims. Also, since the deductible usually applies to each accident or claim, the insurance company doesn't get bothered by people who insist the policy pay for every little ding, scratch, etc. that happens during the normal usage of a car. If they paid for all of these little things, your premium would probably be at least double what it is, if not triple.
2007-08-23 09:55:51 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
Unfortunately a deductible is part of life, yes they must get you something comparable and meet with your satisfaction.
2007-08-23 10:00:51 · answer #3 · answered by nbr660 6 · 0⤊ 0⤋
they will more than likely give you the pay off on the car or blue book value
2007-08-23 09:47:18 · answer #4 · answered by glad2bhalfbreed 2 · 0⤊ 1⤋
ask them to replace with comparable...heck no ,,,they r in insurance biz not selling used cars...luck u ended up with any money..take 900 and start looking...time to move on....been there
2007-08-23 09:47:27 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Because insurance companies are the new communists! They rank dead even with big oil in terms of SCREWING THE CUSTOMER!!!!
2007-08-23 09:48:13 · answer #6 · answered by Michael C 3 · 1⤊ 0⤋
yes,they will take out of what they pay you.
2007-08-23 09:48:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋