Buying insurance for an old car -- collision option - worth it?
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Buying insurance for an old car -- collision option - worth it?
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I'm buying a 1995 car for about $3,000. The insurance company said it isn't worth buying collision insurance because the car is worth so little. They also said if in an accident, the repairs needed are more than the car is worth, they won't repair it. Instead, they'll pay book value. So, if my car got in an accident that would cost $4,000 to fix, which is more than the car is worth, would they pay for the car's value at $3,000 or for its value based on how much it's worth after the damage? So, if the car is worth $500 as is after an accident, is that how much I'd get? thanks
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PMack
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They would pay you what it was worth before the accident minus the deductible.
If you're a good driver, I would agree it's probably not worth it, but it's your choice. If you get in an accident and it's the other drivers fault, you will be paid the value of the car by their insurance company, you don't need collision for that - collision is only to cover you if it is deemed your fault. |
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entidtil
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Your insurance company told you correctly. Don't buy collision for this car. It isn't worth it. If you did have collision coverage and the car was "totaled", they would pay "fair market value" for it. Remember fair market value has Absolutely nothing to do with what you paid for the car. You would be lucky to get $500.00 for the car if totaled |
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