My 2010 car...i first purchased full coverage car insurance, just in case. Now, that is hitting 10 years old, and possibly only worth 3K...
If i understand car insurance correctly, when they quote/charge you the rate, it is based on what it would take to replace it at the time of purchase. But now, many years later, when the car is worth much less...they haven't adjusted the rates, AND they will only pay out what the car is currently worth - NOT what it would take to get a newer car.
In other words, they charge based off of you driving the new car you once drove, but they pay out on what the piece of junk is currently worth.
Educate me!!!
December 29, 2019 at 08:09PM
