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Arkansas Auto Insurance Question?
I have a 1999 Mustang that I carry full coverage on and I live in Arkansas. Someone recently cut two places in my convertible top, all the way through. When I went to the claims office for their inspection, the claims specialist informed me that since this is a wear & tear part on the vehicle they will figure out the life expectancy of the particular part and they will depreciate it accordingly. I don't pay a depreciated premium because my car is a 99 model...why do they get to depreciate things on it? Does this sound like normal practice?
4 Answers
- MushuLv 71 decade agoFavorite Answer
Yes, it is standard practice. You are paying insurance rates for a 99 vehicle, the insurance company has every right to settle with you based on the age of that vehicle. You're not paying a premium for a newer model.
- PamelaSLv 61 decade ago
Call your agent and get a quote on a new model, you'll find out how little you're paying.
Mushu is correct.
Source(s): Claims adjuster - BenLv 61 decade ago
They did that same crap to me... I got robbed and they stole my son's dirtbike that was insured, I bought it for $1800 and only got $148 for it because of the "depreciated value". I bought it brand new and it was only about 6 months old. You can take them to court, but you will end up loosing. Polaski county Arkansas is notorious for ripping people off that have their things stolen or vandalized.
