Re: Teenager Car accident / Insurance Question
Fairlane man, that may be your experience, but in my 10 years of experience as an Auto Damage Appraiser for the insurance industry, who was the insured and who was the Claimant NEVER came into the thought process when evaluating and settling a total loss.
I know for a FACT that I overpaid A LOT of third party claims. One reason was the laws of the state of Illinois that wouldn't allow us to deduct more than $500 for "rust and wear/tear" damage. So that meant even a 1988 Chevy P/U with rusted out bedsides, cab corners and peeling paint couldn't have more than $500 deducted from the ridiculously high RETAIL value placed on it by NADA. We all know a 20 year old, rusted out, 180,000k mile, 4x4 pickup is worth about $1000, but I paid $2500 for them all day long, cause the book "value" was so high.
You're just wrong in your assumption, and most likely over valuing your cars, like 80% of private vehicle owners do. That's just the way it is. Your stuff is worth more to you than it is to anyone else.
