I own an older car with a lot of miles on it , I was hit which totaled the car. We had rebuilt the motor & transmission planning to drive it for years
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Mar 15, 2013
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Camp Clark, MO
Asked on 03/15/2013
I own an older car with a lot of miles on it , I was hit which totaled the car. We had rebuilt the motor & transmission planning to drive it for years Does that help us in the value of the car?
Answer given on October 16, 2013
If your older car was totaled due to an accident caused by another driver, the insurance company is only required to pay you the current actual cash value of the car. This is determined by local prices, Kelly Blue Book and other sources to determine the value of the car.If you had replaced the engine and transmission in your car, this could increase the value, but not to the cost of the repairs you made to the car. You can try to negotiate with the insurance company, but they are not required to pay more than its current cash value.You may be able to work out a deal to buy the salvage of the car back from the insurance company and pay to repair it and reinsure it. This will further reduce the value of the car, but it may be an affordable option for you if you feel the car will be safe if it is repaired. If the engine and/or transmission were damaged in the accident, this would not be to your benefit to purchase the car.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.