Insurance question

[Suey]

I do apologize in advance if this is the wrong area to post about this. I bought a car a while ago and got insurance, they asked me how much i purchased the car for, i told them $15k. The car is worth more than that, say around $22k, i love this car and plan on keeping it forever, but if someone hits my car and its written off would they pay me what i paid or what the value of the car is? Another note is it possible to contact the insurance company and change the value if it's based off what I paid?

[rp_guy]

you won't get the 'value' unless you have 19A on your insurance. they will pay you out at market value.

[Suey]

okay so regardless what amount i paid for the car or what's it worth. They will just pay me the market value?

[XXXXXX]

Yeaps I bought a POS supra for 1800 got in a collision and got paid 5700.00$ for it. They don't pay you what you paid for it.

They do factor in condition and mileage and all that crap to.

[Matty_10]

What if your car has mechanical issues or engine problems and you get hailed on or get in an accident, will they still give you market value or will they take in consideration for the issues with the car?

[XXXXXX]

They send out an appraiser so I assume if your car has existing damage it will affect your payout just like the mileage affects your payout.

[Masked Bandit]

Originally posted by Suey
I do apologize in advance if this is the wrong area to post about this. I bought a car a while ago and got insurance, they asked me how much i purchased the car for, i told them $15k. The car is worth more than that, say around $22k, i love this car and plan on keeping it forever, but if someone hits my car and its written off would they pay me what i paid or what the value of the car is? Another note is it possible to contact the insurance company and change the value if it's based off what I paid?

What you happen to pay for the car makes no difference come claim time. It's all about market value. If you got a great deal, good job, you could potentially make money on the deal. If you over paid for something and lose your ass, well, too bad. You're sitting pretty good from the sounds of things.

[Suey]

okay thanks guys. this really helps alot.