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re: New car totaled - value for insurance.

Posted on 9/19/23 at 7:07 pm to
Posted by thunderbird1100
GSU Eagles fan
Member since Oct 2007
68512 posts
Posted on 9/19/23 at 7:07 pm to
quote:

That actually seems pretty fair to me. Driving it off the lot and only losing 6% is solid.



This, only 6% less than what you paid seems pretty in market right now. In previous markets something driven off the lot wouldnt be taken back for probably at least 10% off what you paid even with no miles on it.

New cars depreciate like a rock right away typically. The market now is definitely adjusted a bit from what is usual, but not many people now are paying sticker price for even a slightly used car vs. brand new of same year. IT would be kind of silly to do that overall anyways unless there was basically zero supply of said new car.
This post was edited on 9/19/23 at 7:09 pm
Posted by meansonny
ATL
Member since Sep 2012
25869 posts
Posted on 9/19/23 at 9:16 pm to
Does your insurance provide replacement coverage?
Several companies offer it (you have to pay extra, but it can reward you tons if you have it).

Some companies call it replacement new. Some call it better car replacement.
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