Auto Insurance and used car prices

[jonnied1]

Let's say I totaled my car today (assumption only).
Have the insurance companies increased the valuation of vehicles prices to keep up with the prices on the market?

 

[Cujet]

Yes, and the premiums too. If you've not priced auto insurance lately, you'll be in for a nice surprise. Existing local customers are seeing a 12% increase this year.

 

[Silver]

The devil isn't that stupid.

 

[jonnied1]

Yeah, my premiums went up this year as usual.

 

[Dave P.]

Let's say I totaled my car today (assumption only).
Have the insurance companies increased the valuation of vehicles prices to keep up with the prices on the market?

My experience, which is limited, has been that if you don't like their offer, you can try to negotiate. You may need to show current cars for sale in your area of a similar year, model and mileage as proof.

 

[simple_gifts]

Let's say I totaled my car today (assumption only).
Have the insurance companies increased the valuation of vehicles prices to keep up with the prices on the market?

I had my 2007 Yaris totaled about a month ago (3 door hatch, 140K miles, deer strike) ; The write off was $4600 USD; My jaw kind of dropped actually.

I have AMICA.

 

[Hall]

I've seen many people indicate that yes, the insurance companies are keeping up with the higher used-car values. I know this is an outlier case, but I saw one person that bought a newer (2013+) Fusion with a shot transmission and he gave something like $500 or $1000. The car drove though.... and he got into an accident with someone and the other party was at fault. Insurance totaled the car and gave him in excess of $5000 (I think it was higher but for the sake of this, that number is good enough).

 

[JTK]

The current 'rona market pricing will drive up everything. We will all pay more for our car insurance premiums because of it.

Like said, the valuation process follows present day pricing.

 

[CKN]

I've seen many people indicate that yes, the insurance companies are keeping up with the higher used-car values. I know this is an outlier case, but I saw one person that bought a newer (2013+) Fusion with a shot transmission and he gave something like $500 or $1000. The car drove though.... and he got into an accident with someone and the other party was at fault. Insurance totaled the car and gave him in excess of $5000 (I think it was higher but for the sake of this, that number is good enough).

Many years ago for my son I bought one of those "one-only" ad cars listed in the news paper. My son drove it for a year and then somebody ran in to him and totaled it out. Since the price I paid was so low-the insurance company settled for EXACTLY what I paid.

 

[JohnnyG]

But if I just "RENT" my heated seat feature, will it be covered too? The fee that is.
(Thank's again Elon)

 

[alarmguy]

Yes, insurance is pretty much based on book value of the vehicle, meaning replacement cost of a like vehicle.
I just paid my insurance on two vehicles, pretty much the same as last year. Actually within $40 of the last 2 years. including spring of last year got a new to us truck.
I also just paid the insurance on my boat and it actually went down $11 a year, they even sent me a letter to tell me. *LOL*

 

[Kuato]

Let's say I totaled my car today (assumption only).
Have the insurance companies increased the valuation of vehicles prices to keep up with the prices on the market?

Yep. One of the kids totalled our 06 Ridgeline. Purchased almost 2 years ago for just under $5k, got $9100.