OLD CAR INSURANCE RIP-OFF
So you have faithfully looked after your old car as a mother looks after a child. Repaired all the problems, made all the oil changes as called for in the brochure, changed the tires faithfully, summer and winter and repaired minor bumps and scratches. The car in reality is 20 years old, but drives like a new car and looks like it. And then disaster hits!
You are involved in an accident which is not even your fault. Another car going through a red light hits you. Luckily you are not hurt but your car has major damage and by the insurance company is considered a right-off. The insurance company, and to the best of my knowledge all the companies are the same, will pay you what the car is worth in the open market. They will NOT repair your car because the car is worth less than the cost of the repairs. They will give you the value of the car but in return they take possession, and here is the rub. If you are not giving them the car, they take off from what they will pay you, the amount of money they would have received for selling off the car parts if you had given them the car What is a 15 year old car worth/ Nothing! What is it worth to you/ Everything!
If you take the money and give them the car, by selling off the parts, they end up getting most if not all their money back.
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