Quote:
Originally Posted by unruhjonny
I have often wondered why other companies don't do "agreed value" insurance;
Our rates either stay the same or go up, on depreciating assets - then heaven forbid we have an accident, these days it soesn't take much to write it off, and I can about gaurantee that we wouldn't get a large enough payout to replace the vehicle.
|
You actually answered your own question when you said that your daily driver is a depreciating asset.
It would create a "moral hazard" if your 2010 Toyota Camry that is realistically only cost $5,000 to purchase used at a dealer was insured for the cost of a new 2020 Toyota Camry.
The current system pays you what a 2010 Camry with like miles, options and condition would sell for at a dealer, less your deductible.
How much more do you think they should pay?