Ever worrried about getting your car stolen?

gsxr750

Just make sure you have insurance and little know to most ppl is the fact that an insurance company must pay up the full retail value plus sales tax on the retail price.

So lets say you buy a car that retails for $10,000 and you get it for $6,000 with the discount and rebates and 8% tax, OTD you paid $6,480 .

Then a week after the car gets stolen and is scrapped, now the insurance company has to pay up, they will have to pay you $10,000 retail price plus sales tax, end result is a check for $10,800

So you will always be paid retail replecemt cost for your car, plus sales tax and they will try to subtract for excessive mileage if they can.

Red__Zed

This statement, in general, is false. There are some insurance companies that offer it as a premium option, but SOP is a check for FMV.

Amuse370z

True, its the older integras and Civics that are more prone to this.

I suppose an Amuse 370z would get alot of attention and they wouldn't be able to get much for the parts after stripping the car.

Vandalism is a problem indeed, people just don't care about the properties of others, my brother's Genesis have several door dings although he parks far from any one else.

gsxr750

You are completely incorrect, I've been thru it personally on multiple claims, the insurance company will always pay you retail replacement cost plus the sales tax, and even if rebates have been used.

If your insurance company paided you less than the retail replacement cost plus the sales tax on a totaled vehicle, than your company ripped you off.

The insurance converage for total loss of your car covers, the retail cost , plus taxes.

Just check with your insurance company and ask to talk to a claims adjuster, normal insurance sales ppl will not know this.

Red__Zed

Which insurance provider?


While sales tax is required in some states (32 to be exact, see below)
http://insure.com/car-insurance/tota...ttlements.html


...there is NO requirement to pay new/replacement cost. I'd love to see where it is written in law/policy if you have it.

TheGreatOne

Over here, I think most insurance companies only offer full replacement value on a Brand New (or near brand new car)

Something thats a few years old 2nd hand that you bought for 10K, you'll get what the bluebook is at max

__________________
2017 SUBARU STI
2008 E60 M5 - SOLD
2010 40th Anniversary 370Z - SOLD (and missing her)

gsxr750

You get the full retail price of the vehicle if its totaled with in the first 6-10 months, then after that you will get full retail NADA blue book value for your car if its totaled, for what ever year it is.

So lets says you have a 2009 Z thats Nada says its valued at $24k retail, as long as the car does not have excessive mileage on it , you would be given a check for $24k plus the sales tax in your state.

All companies are set up this way, unless you live in some weird state like kentucy or arkansas.

Red__Zed

Fair market value is usually based on more than just nada, but you are getting closer.


6-10 months is a wide window. Got a source for that?