by kerkeisham » Tue Jan 26, 2010 03:14 am
my car had some scratches on it and the insurance company said my 2000 lincoln ls worth $3,000 with a salvaged title and then they deducted $163.00 for the premium $500.00 for the deductible and then $800.00 for the scratches is that the way it is done
Posted: Tue Jan 26, 2010 04:01 am Post Subject:
Okay... you had an accident and your vehicle is a total loss. I understand all of the amounts except the "premium". Please ask them to explain this as I've never heard of that before.
I'd say the $800 is _way_ off base for a few scratches. The problem with this is that their value already considers the average condition of a 10 year old vehicle. The average 10 year old vehicle is going to have scratches and probably some scratches. So these are already being considered in the value. I'm guessing they took the cost to repaint those panels with scratches and deducted from the value. If so, this is 100% wrong. You will probably need to speak to a supervisor about this.
Posted: Tue Jan 26, 2010 05:51 am Post Subject: Increase in premium
Insurance company increase their premium when it is determined that you are at fault in an accident. Every used car has scratches which are accounted for in the depreciated value.
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