I have a terrible hunch that my car will be destroyed a second time by another at-fault deadbeat ghost, so I'm about doubling my auto insurance premium to add Collision coverage*.
I saw in this thread some great discussion on how to make things go your way after SHTF. But I am in the position to be planning ahead before SHTF.
I've currently got a 2005 Ford Focus with ~180k miles on it; as far as I can tell, it has no mechanical defects (starts reliably, runs reliably, doesn't leak oil or any other fluids, no funny sounds, heat and cooling work reliably, etc.) The Kelly Blue Book value of this car as-is is a fraction of what it would cost me to replace it with something functionally equivalent; the “lemon spread” of my hypothetical Ask value for this car being far higher than the Bid value it'd fetch from people who can't trust its reliability is very painful.
What can I do to shore up my position here and reduce the headache of future-me who's got a totaled car with a fake ID from the at-fault opponent on the police report? I'm thinking the easiest move will be to get a third-party mechanical inspection and save a copy of the mechanic's report — but is there anything specific I should ask the mechanic that will clear me up to demand something less inequitable than the KBB value from my insurer?
(I suppose any prep for that situation will also prove useful in the unlikely event I'm hit by an insured driver, too…)
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*Depressingly, no insurer in Alabama seems to offer UM/UIM coverage except indirectly via Collision coverage, so I can't pinch a penny by telling the insurer, “I do not want coverage to replace my own car if I'm at fault in a wreck; I'll gladly replace my own car out of my own pockets; please reduce my premiums to account for this”; as far as I can tell, I'm stuck for now choosing between shelling out for full Collision coverage or being entirely naked, barring a radical solution like remote domicile.
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**For good measure, here's my own Collision policy verbiage:
I saw in this thread some great discussion on how to make things go your way after SHTF. But I am in the position to be planning ahead before SHTF.
I've currently got a 2005 Ford Focus with ~180k miles on it; as far as I can tell, it has no mechanical defects (starts reliably, runs reliably, doesn't leak oil or any other fluids, no funny sounds, heat and cooling work reliably, etc.) The Kelly Blue Book value of this car as-is is a fraction of what it would cost me to replace it with something functionally equivalent; the “lemon spread” of my hypothetical Ask value for this car being far higher than the Bid value it'd fetch from people who can't trust its reliability is very painful.
What can I do to shore up my position here and reduce the headache of future-me who's got a totaled car with a fake ID from the at-fault opponent on the police report? I'm thinking the easiest move will be to get a third-party mechanical inspection and save a copy of the mechanic's report — but is there anything specific I should ask the mechanic that will clear me up to demand something less inequitable than the KBB value from my insurer?
(I suppose any prep for that situation will also prove useful in the unlikely event I'm hit by an insured driver, too…)
⸻
*Depressingly, no insurer in Alabama seems to offer UM/UIM coverage except indirectly via Collision coverage, so I can't pinch a penny by telling the insurer, “I do not want coverage to replace my own car if I'm at fault in a wreck; I'll gladly replace my own car out of my own pockets; please reduce my premiums to account for this”; as far as I can tell, I'm stuck for now choosing between shelling out for full Collision coverage or being entirely naked, barring a radical solution like remote domicile.
⸻
**For good measure, here's my own Collision policy verbiage:
(I guess the “similar physical condition” is my only shot at improving the situation here)"Actual cash value" means the amount that it would cost at the time of loss to buy a comparable vehicle. As applied to your covered auto, a comparable vehicle is one of the same make, model, model year, body type, and options with substantially similar mileage and physical condition.
[…]
INSURING AGREEMENT
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Collision Coverage. We will pay for loss caused by collision to your covered auto, including its equipment, and personal property contained in your covered auto, minus any applicable deductible shown on the Declarations.
[…]
Our limit of liability under Comprehensive Coverage and Collision Coverage is the actual cash value of the vehicle, inclusive of any custom equipment, and the cost to transfer or replace any equipment, furnishings or parts designed to assist persons with disabilities.
Statistics: Posted by Liam_I — Thu Aug 01, 2024 8:22 pm — Replies 4 — Views 503