Yty depreciation % of insured car value
Discussion
Just renewing my insurance on the porker and the quote they have provided has devalued the car by 10% this year. I queried this, but was told it's normal practice to reduce the insured amount by 15% year on year and they are doing me a favor, as it's a renewal, to only take 10% off the value. Is this normal here, seems odd?
Surely the car should be insured against either market or replacement value, not some made up percentage. One of the reasons I bought the car in the first place was the lack of deprecation.
Surely the car should be insured against either market or replacement value, not some made up percentage. One of the reasons I bought the car in the first place was the lack of deprecation.
TNW said:
Just renewing my insurance on the porker and the quote they have provided has devalued the car by 10% this year. I queried this, but was told it's normal practice to reduce the insured amount by 15% year on year and they are doing me a favor, as it's a renewal, to only take 10% off the value. Is this normal here, seems odd?
Surely the car should be insured against either market or replacement value, not some made up percentage. One of the reasons I bought the car in the first place was the lack of deprecation.
Where is that 288GTO I saw laying around???Surely the car should be insured against either market or replacement value, not some made up percentage. One of the reasons I bought the car in the first place was the lack of deprecation.
After_Shock said:
Yup perfectly normal for them to do it, try explaining to someone in accounts that your car has not depreciated, goes against the script they have and wont have a clue what your on about.
Back in Oz, they said mine had appreciated!A $2000 (if that) base model sedan with moon-mileage and 12 years old.
Said now worth $2500 and had to pay a higher premium.
I gave up arguing.
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