Quote:
I have been seeing too many posts about the Camaros getting totaled. We lost ours back on 6/4/09 a short 28 days after we purchased it(see pics and yes everyone is okay).
Everyone who owns one of these beauties needs to understand what the insurance companies will try when you make a claim.
Tell you that once the car leaves the lot the value drops X amount. FALSE
Some will offer to repay the entire purchase amount. This is good except the value should be determined by the fair market value of your vehicle. This is done by comparing the sale price of similar cars. Which as everyone knows, if you walk on to a lot right now you will pay the added dealer mark up sometimes as high as $15k (tire rotations included for life)
I have had considerable success with my insurance company by pushing back and demanding they pay the "Fair Market Value". The settlement for my car was actually higher than the amount I paid due to the dealer mark ups paid by others. This is not insurance fraud or dishonest. You all know you could sell your car for more than you paid, why would you settle for less than this if the money is coming from an insurance company?
|
You lucked out for several reasons that won't always apply to everyone.
1. You are right, fair market value right now could be more than you paid for the car because of mark ups. This will not always be the case.
2. I'm assuming your car had very very few miles on it, this again will not always be the case some people may total their car with several thousand miles on it.
3. There is very little new and virtually no used inventory out there right now, again this will change.
4. Some insurance companies are selling ploicies with full replacement coverage for the first year. This could make a difference.
I'm glad you came out well and posted good information but it will not always apply to eveyone. Way too may variables.