For those of us that paided over MSRP, if you totaled your car the day after you bought it would your insurance company reimburse you what you paid or just the suggested retail price?

 

i believe it would be just current nada value.

 

Not neccessarily, depends on the situation. In my case, since the used book value of my 2000 ITR was not out yet, when the car was stolen, my insurance company asked for my purchase order in which they subtracted $800 for mileage and $250 for deductible. Then they gave the rest to me...
Now if you totaled your car in a year or two, I'm sure they would take the blue book value and not what you paid for it.

 

Insurance companies generally give you replacement value. With most things the replacement value goes down with time. With the S2K it seems to stay the same or increase. I think there is a decent chance that you could get what you paid out of an insurance company if you totaled your car.

 

Seeing as how I have direct experience in this matter, here what happened to me. I paid sticker, but the car had every option except the CD changer and one or two other small things. All the major options were on the car. When figuring how much the pay off was after the accident, they were only going to pay for the car with no options. This created about a 4,000 dollar shortfall, which I had really battle to get compensated.

After endless wrangling and many conversations, they FINALLY agreed to my demands, I got an adjustment of about 4,000 dollars.

There were so many factors in this transaction. No one at State Farm knew what the S2000 was/is. No one at the body shop had seen one before. No one knew what the availabilty of parts were...and given the fact that there was about 23,000 dollars in damage, there were hundreds of parts that were needed. All of these factors played into their decision to make the 4,000 dollar adjustment. But it wasn't easy...it took me crawling up the chain of command at State Farm, but they finally agreed. And my policy has not been increased or otherwise negatively affected...

 

I bought my car in SoCal in September, '99 for over MSRP. When I talked to my insurance agent about how much I would get reimbursed if the car were stolen or totaled, they assured me that I would get replacement value, and insured the car for the total amount that I paid. They listed all of the factory options (alarm, side strakes, rear spoiler, aero screen and Ti shift knob) separately to insure that those would also be replaced.

I'm sure that now it's a year old, the replacement value would be Blue Book value, but I haven't verified that.

 

With my insurance company, I pay 20 bucks a year for thier "full replacement" insurance. The good thing about this is that they have to pay whatever it takes to replace it. With in 4 years they pay full pop. regardless of Km, wear etc. Thier are many stipulations though. I have to have pictures taken of my car once a year, and such. So if it's a write-off or if it's stolen, it cost's me nothing. Well worth the 20 bucks. I'll just have to see how long they will let it go. Thier are many cars exempt from this policy because of high theft, repair costs etc.

 

wow!

 

Basic law of insurance companies:

 

How many paided oer MSRP? Please, for God's sake, learn how to spell!