Car insurance - some info online say if I own an happenstance my collission insurance should settle not just for?
repairs but also for the dimunition in value of the sports car (e.g., it's no longer a car that's never been contained by an accident, for which a buyer might pay a bit more). My Calif ins agent say, on behalf of the major national insurer for which he is a captive agent, 'no'. Who's right?
Answers:
I doubt this is true. You can't believe everything you see on the internet.
i believe it varies from state to state. some states when your car have been in an catastrophe, do not require you to disclose this when trading it in or selling it, and other states do. i live in NC and be rear-ended and the other parties insurance paid for repairs, rental vehicle while mine was fixed, and pain and suffering, and I also get a small amount for dimunuation. do not expect to get a large amount for this if you bring back it. some insurance companies fight this and make it so complicated to get, it sometimes is not worth it. also know that once you get it, you CANNOT take it again on the same auto. Source(s): agent
First of adjectives, this is going to vary by state.
MOST policies have rewritten COLLISION coverage to EXCLUDE dimunition of pro. I'm not saying there's not a policy out there that still have it, I'm just saying, if nearby is, I don't know about it.
On the other hand, the PROPERTY DAMAGE constituent of your policy - if the accident is YOUR fault, and you shabby someone elses car, well, that WILL cover dimunition of utility, in MOST STATES.
So you can't get first gala dimunition of value, but you can get third shindig dimunition of value. Collision is a first party coverage individual - so I'm siding with your agent. You could only collect it lower than someone ELSE'S policy, if they were at fault for the fluke. Not your own. Source(s): agent, 21+ years
Both might be right ... depending on the specific provisions of your policy and/or the state you're covered in. You're agent is probably giving you the correct information. However I suggest you phone up your "major national insurer" and simply ask them. Give them your policy number and hear what they have to influence. They're not going to lie to you.
Related Questions:
Answers:
I doubt this is true. You can't believe everything you see on the internet.
i believe it varies from state to state. some states when your car have been in an catastrophe, do not require you to disclose this when trading it in or selling it, and other states do. i live in NC and be rear-ended and the other parties insurance paid for repairs, rental vehicle while mine was fixed, and pain and suffering, and I also get a small amount for dimunuation. do not expect to get a large amount for this if you bring back it. some insurance companies fight this and make it so complicated to get, it sometimes is not worth it. also know that once you get it, you CANNOT take it again on the same auto. Source(s): agent
First of adjectives, this is going to vary by state.
MOST policies have rewritten COLLISION coverage to EXCLUDE dimunition of pro. I'm not saying there's not a policy out there that still have it, I'm just saying, if nearby is, I don't know about it.
On the other hand, the PROPERTY DAMAGE constituent of your policy - if the accident is YOUR fault, and you shabby someone elses car, well, that WILL cover dimunition of utility, in MOST STATES.
So you can't get first gala dimunition of value, but you can get third shindig dimunition of value. Collision is a first party coverage individual - so I'm siding with your agent. You could only collect it lower than someone ELSE'S policy, if they were at fault for the fluke. Not your own. Source(s): agent, 21+ years
Both might be right ... depending on the specific provisions of your policy and/or the state you're covered in. You're agent is probably giving you the correct information. However I suggest you phone up your "major national insurer" and simply ask them. Give them your policy number and hear what they have to influence. They're not going to lie to you.
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