- First Name
- Bryan
- Joined
- Aug 5, 2021
- Threads
- 35
- Messages
- 4,828
- Reaction score
- 12,546
- Location
- New England
- Vehicle(s)
- Ford Bronco, Escape, Focus
- Your Bronco Model
- Badlands
Hey insurance questions—my jam—I work for an insurance company.
The answer it that it varies widely based on your state, the insurance company, and your particular coverage.
Most insurance companies will cover the assessed value of the car up until MSRP (unless state law says otherwise). There are two common scenarios in which the insurance company will cover above MSRP:
The answer it that it varies widely based on your state, the insurance company, and your particular coverage.
Most insurance companies will cover the assessed value of the car up until MSRP (unless state law says otherwise). There are two common scenarios in which the insurance company will cover above MSRP:
- If you have gap coverage. This coverage ensures that your auto loan is paid off if your vehicle gets wrecked—regardless of what the amount on the loan is.
- You buy collectors/exotic/classic car insurance (name of the planvaries by company). Typically this is reserved for super rare or restored classic vehicles. And they'll pay whatever the value of the car is on the open market.
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