Quote:
Originally Posted by Timco
The way I understand it, the ins company does not owe you another Boxster base 2.5 with glass window. They owe you exactly what your car was worth. If another Boxster (any) costs more, that's your problem. If you paid less than what they deem your car to be worth then yes, you come out ahead.
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And how is that determined? In most cases it is determined with regional comps. If Jakes car is modded (which it is) than that must be taken into account.
Have you priced the 4 bow glass top assembly from Porsche lately? $11,500...
The scenario you mention (actual cash value) is more in line with how a collision claim would be handled. If driver (policy holder) trashes their own car than most insurance companies will pay them "actual cash value" on a collision claim. If the insurance company finds out the policy holder had a $50K hand built engine installed on a car they underwrote as being worth $19K, then the policy holder is SOL as they had a duty to make insurer aware of the car's mods and the value of those mods.
However, This is not a collision claim...this is a liability claim. The at fault party's insurance company responsibility extends beyond actual cash value. They must make Jake whole.