That's right. However, I believe they won't cover any depreciation and hidden damages remaining on your car. So you still have to consider yourself unlucky. See my post below.
-dave23(dave);
2002-10-27(#821341@0)
You are JUST a policy number to an insurer and they are in a business of generating profits. So as you said, in a realistic world, this won't happen.
-jeffrey815(Smartiecat);
2002-10-27(#821238@0)
So it's better if the estimated costs of repair is greater than the market value of the car, so the insurer will write it off and give you a check instead?Do you think these two ways of treatment is unfair by themselves? Who have the similar experience?
-dave23(dave);
2002-10-27{98}(#821363@0)
Well, budy, that's how auto insurance works....
-jeffrey815(Smartiecat);
2002-10-27(#821432@0)
What I am saying is: If there was not such an accident, I could sell my car today for $10,000.After the accident, even the insurer authorize the repair of the apparent body damages. No one is willing to pay more than $8000 for it, because anyone can obtain the record of that vehicle and know it has been involved in a major accident. If the insurer believes the cost of repair is greater than $10,000, they will instead send me a check for $10,000 and write off the car, so I don't have to suffer the >$2,000 loss myself. That's what I consider unfair. Thanks a lot for your answer!
-dave23(dave);
2002-10-27{492}(#821462@0)
I have a very basic car. So you can consider ACV=Market value
-dave23(dave);
2002-10-27(#821534@0)
If you had bought the "depreciation waver", you might be paid back the whole value of your car= what you have paid for. So, for cars not older than 3 years, it is a good idea to by "depreciation waver".Lots of guys don't know that.
-carfan(carfan);
2002-10-27{30}(#821455@0)
Good point. There are other very good endorsements which I strongly recommend DXs to consider.I don't think it will entail a hugh additional premium. Maybe I should cover it later in a separate section.
-patpat(乃胡侃而已);
2002-10-27{109}(#821491@0)
You have done a good job. But if you can use some more plain Chinese, less technical terms, we will all be benefited. That should be "waiver" not "waver" by the way--my mistake.
-carfan(carfan);
2002-10-27(#821609@0)
but how about for car more than 3 years old?and another point is you have to proof what you paid for the car? that may be very high or very low, if you buying from private sell... so how to make it work?
-guestooo(guestooo);
2002-10-29{159}(#823476@0)