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General Information => General => Topic started by: srgtlord on May 18, 2012, 08:49:25 pm
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Tomorrow I can officially say my crappy, rusty, needy, 1987 golf diesel has lasted my 4 years of college ! I have officially put 42,214 miles on my car on top of the original 287,786 miles for a grand total of 330,000 miles!And it looks every bit of 330,000 miles lol
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Story sounds familiar. My son ran an 84 four door Rabbit all through College and then some afterwards. On a Christmas visit when we were replacing the clutch and timing belt I suggested he start looking for a replacement as his ride was getting pretty rough at the 300K mile limit. He took the advice and was on his way to look at a Diesel Dodge Ram PU when the car flipped the timing belt and wrapped the engine all wrong.
Ended up buying the Dodge that day and hauled the car back on a Uhaul dolly to the scrapyard.
So careful up and yeah, start looking for a replacement.
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Well you jinxed me. I was rear ended on my way home from graduation today. Car still drives, but the bumper has seen better days.
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It'll be totaled out and if you play your cards right you could well end up with more than the car's worth!
...Always look at the bright side of life...
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Sorry man, didn't mean for that to happen. But you might be able to value it as an antique or special car and get more out of it. What is the local value of such cars?
Or are we just kidding ourselves here because the insurance co. isn't covering the accident because as a poor college dude you didn't have collision coverage on the car, just liability coverage?
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Liability is the most stupid insurance.. I have just liability, and I am sad to know that if anything happens.. anything at all.. I walk away empty handed..
I already pay in one year over 6x what I paid for the damn car.. so I cannot justify it sadly :(
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If he was rear ended, then the other driver is at fault. It would be the other driver's coverage that would cover the damage. Even if the other driver only has liability then the damage is covered. Most liability policies also have allowance for uninsured or under-insured motorists and so he should be covered either way. I only have liability on my vehicles and have a squeaky clean driving record with no tickets or accidents that have been my fault. I pay less than $20 per month per car. The only time I would not be covered would be if I was in an accident that was my fault and in that case only damages to others would be covered.
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Liability is the most stupid insurance.. I have just liability, and I am sad to know that if anything happens.. anything at all.. I walk away empty handed..
Insurance premiums are based on the probability of you having a claim that results in the company paying you money. Think of insurance like gambling. Basically, you're placing a bet with the insurance company that you will have a claim and they're betting that you won't. If you have a claim they pay you off but if you don't they keep the money. They have to make money so they determine what the odds are, and they set the odds generously in favor of the house... Therefore, you will always lose. Since it's based on probability, you will be better off, mathematically speaking, if you would just kept the money (or invested it, which is what insurance companies do) and put that savings towards a replacement car if you were to lose yours.
The insurance companies, of course, want to pay you the least amount possible for the claim, so you're really only insuring the book value of the car, not the amount of money that you may have invested into it... not worth it, IMO... though some companies do offer agreed value insurance for collectible cars.
There really isn't a good justification for insuring things that you can easily afford to replace, because of the probability that you will lose more money than you stand to gain and since these cars are not high value, I think most of us could afford to buy another one. Insure the things that you cannot easily afford to replace like your home, a new car (or rare car), or your own freedom (i.e. your liability for an accident).
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well i run liability/uninsured on my 81 coupe, my 90b3 wagon... imo if i get hit im covered.. if i cause the accedent.. ill find a new shell and rebuild... ~$600/year double state min on coverage so im not underinsured in worst case..
my kubvan.. collectors insurance, 10k stated value, free roadside, 0 deductable, unlimited milage... went up 5$ this year so 139$/year now... best policy ive ever had!!!!!
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Wait, you have collector insurance with unlimited mileage? What company are you with?
-Todd
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Liability is the most stupid insurance..
How can you say this? If you run over or injure someone and it is your fault, do you have the money to pay for the victim's medical bills? I could afford to self insure myself and could cover any likely property damage I could cause, but I can't cover a carful of other injured people.
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Liability is the most stupid insurance..
How can you say this? If you run over or injure someone and it is your fault, do you have the money to pay for the victim's medical bills? I could afford to self insure myself and could cover any likely property damage I could cause, but I can't cover a carful of other injured people.
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Liability is the ONLY kind of insurance that makes sense with these old cars, where a comp & collision policy costs way more than the purchase price of the vehicle. Unless you have a brand new (or otherwise valuable car), your insurance policy isn't for covering the cost of the damage to your own car--it's for covering your ass in case you injure other people in an accident and get sued.
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Maybe they don't have lawyers in Canada and everyone just sucks it up? What a great place....not down here...
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classic collectors is company name, its a branch of infedinty (sp)?? but even hagerty will do unlimited milage.. milage stipulations decrease cost..
i told them 8-10k a year.. 7k for cali trip alone.. so they said ok unlimited.. :D this past wed was the 1 year anneversery of the purchase of burnt toast.. so far 9456 miles covered since june 25th.. and no trip to cali yet.. and was in storage for 4 mo too... mild winter got t out early..
2-3 weekends ago i did 1k in just 2 days.. this past week going to nathen's shop in athens was 500 miles... used it as a camper.. :D then used it to haul 110 gal of bio back too..
i fully expect 10k on the june 25th 1 year on when i took it out for the 1st spin.. got gtg/cruize next sunday, and thinking of doing cincy rocco thinggy 1st weekend of june too..
mk1madness is a 700ish trip.. i do not do alot of local shows.. each one tends to be 200ish round trip.. but things like madness is a must.. and any "trips" i take i take it so i can use as a camper..
why a 10k stated value.. as ive told my friend.. no matter what.. ill find someone who can fix it for less.. unless a major t bone.. front/rear damage could be fixed at no more then 7k... its only aluminum sheet/angle.. to t bone and bend into a banna.. will have to start over.. but i have 7-8k in it.. so ill be able to build a new one.. may take me another 15 years to find a lowfloor version... but it can be done.. i sure do love it..
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I used a company called American Collectors Insurance with my Fiat Spider. Hagerty had way too many restrictions and stipulations. They didn't even want to look at covering my semi-restored car unless it was nearly complete. It was only like 60/year with more mileage than I would ever care to drive the FIAT but I think unlimited was an option. They were great, it covered everything and they even gave me a surprisingly large refund for the rest of the year when I sold it.
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It's nice to have collision when your car isn't paid off but insurance is really for the unlikely event that you maim someone in an at-fault accident. I'd say carry as much liability coverage as you can afford at least 500,000 for medical.
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So the insurance company called today and evaluated my car at $1824. Because I am keeping my car, I was told to expect a check for $1624. SCORE!
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So the insurance company called today and evaluated my car at $1824. Because I am keeping my car, I was told to expect a check for $1624. SCORE!
Hellyeah buddy! That is frigging awesome. Did they tell you at all what determined the outcome of the payout?
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so, you graduate, get in a wreck, then get rewarded with enough money for a new car, after graduating!
maybe the car gods thought you deserved something a little nicer now ;)
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The person who rear ended me had the insurance agent come out and look at the damage. Told me that because the car was so old that it would cost more to fix than the car was worth. He also said that the company that evaluates the value of vehicles values older cars higher than newer cars because there are fewer on the roads and the value increases. That and the fact that vehicles that old are usually in better shape thus increasing the value. So technically I could have received $1824 if i had surrendered my vehicle for scrap, but because I kept the vehicle I was technically buying back my car for the price of scrap, which is $200. $1824 minus the $200 scrap value is $1624.
Happy graduation to me lol.
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2 summers ago, I got hit and totaled; the adjuster wrote my car as "dealer ready". I was offered $1,000. I told the claims rep to find me a car in this condition within 800 miles (their criteria). It took about a month, of fighting but I eventually got the max KBB value for my car... $3,750.
I also had to pay scrap value; that was the first time that ever happened.
-Todd
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This bullcrap of "paying" scrap value is retarded IMHO...IF YOU OWN THE CAR. Why do I have to re buy my car back? If I owned it and took it to the scrap then I get that 200.00, not my insurance company. So if someone hits me and total losses my car it is now the insurance companies car and I have to pay them for it...funny the title is still in my name.
I know this is how it always has been this way, but I wouldn't settle when it was my truck. Their end game was to re evaluate and not total it...
Good deal to you sir, happy graduation.
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Their reasoning was that I was agreeing to settle for the fair market value of the car. They didnt want me to further profit from the situation.
If wanted to keep the car, I was charged the scrap value. If I wanted to get rid of the car, they'd have it picked up and I'd get the full settlement.
I've lost a bunch of cars to accidents that weren't my fault, and that was the first time that the scrap value thing came up. Back in the day, scrap value wasn't as high, either.
-Todd
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My point is if it is still your car why do you have to buy it back? It was never their car to own for you to buy back, or be charged a scrap fee. I could settle for them not giving the value, but it is just principle for me.
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that does make a good point..
they just dont want to give you the full value of your car, then have you turn around, and also scrap the car..
you would be profiting off the situation more than the insurance company wants.. so they charge you scrap value for your car if you wanna keep it. so, then, even if you do turn around and scrap it, you are basically at zero again. no loss, or gain, unless the price of scrap changes..
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My point is if it is still your car why do you have to buy it back? It was never their car to own for you to buy back,
It's their car the minute the hand you the check for it's insured value if it's a total loss. You don't have to take the money.
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My point is if it is still your car why do you have to buy it back? It was never their car to own for you to buy back,
It's their car the minute the hand you the check for it's insured value if it's a total loss. You don't have to take the money.
thats my thought, if you accept the payment for the insurance value, then it is their car. then you must buy it back. I think the reason they do it this way is to cover their tail. If they dont "buy" the car from you, and the payment made is for damage done, not the complete purchase of the car, you could always come back saying that it didnt cover the loss of the vehicle. If they buy it, then sell it back, they paid you what you wanted for the car. then sold it back to you as SCRAP so that they are not liable for anything other then providing you the scrap as agreed
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My point is if it is still your car why do you have to buy it back? It was never their car to own for you to buy back,
It's their car the minute the hand you the check for it's insured value if it's a total loss. You don't have to take the money.
I wouldn't think it is theirs until they go to that hell called the BMV and get the title changed. I know this is the way it has been and their arguement is you don't have to take it, but I don't like it. Even if it is scrap, it is my scrap, I was paying the insurance so that I got paid for its "good" value to be reembursed for it. I think if the car is mine before someone totals it, it should be mine to do what I see fit after someone totals it, not have to pay for it again. Why isn't it their car then if it is not a total loss? Say it was worth 1000.00 over the total limit, why don't you have to buy it back to repair it then? I don't understand why they think they can own it if they say it is a total loss. I own all my cars free and clear, I may feel different if I didn't...this is a hard point for me to convey, but it makes sense in my head, sorry guys. My brother in law is my insurance agent and he mildly hates me :D