Stories about having a car totaled
08-22-2019, 08:11 PM
#1
Super Member
Thread Starter
Stories about having a car totaled
I know a guy who's 5000 dollar clk will likely be totaled and I'm sure they'd only offer half that. When the damage is minimal. So basically collision is not worth it on an older car?
08-22-2019, 09:51 PM
#2
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2017 GLE350 4MATIC
In my experience, total loss compensation from an auto insurance company is more than fair. Where is the "guy" coming up with a $5,000 value for the CLK? What year and mileage is the CLK?
08-26-2019, 10:53 PM
#3
Member
Generally collision isn't worth it not because the insurance companies aren't fair in their offer, but because the value is low in relation to premiums and average accident frequency. If you have a car that is truly worth $5K and you only have 1 crash in 10 years that total's your car you'll pay more in premiums than the insurance will have ever paid back in a fair scenario.
But if you're on the wire financially it can still have value to you as you'll have money to put towards a replacement car immediately where you may not have the liquid capital to do so on your own.
So, like everything, there is general advise and reasoning and there are individual and situational realities.
But if you're on the wire financially it can still have value to you as you'll have money to put towards a replacement car immediately where you may not have the liquid capital to do so on your own.
So, like everything, there is general advise and reasoning and there are individual and situational realities.
