How to buy back a totaled car cheap.

[cfos]

Originally Posted by shadrach74

The insurance company is paying out because their client pulled out in front of another vehicle collide with it and caused damages. It's an outcome they plan for and is underwritten into the premium. You have no idea if the insurance company "lost" on this policy or not. For everything that went wrong in this situation, the payout is relatively minor.

I agree with the first statement, not the rest. If you were following along, the people involved are high school students, yes? If the pay out is the $8-10k Jake (plus whatever the other side may be) is suggesting... I'd argue I do have an idea of whether the insurance company lost out. Assuming the kid is 16-18 years old, he couldn't have been driving for more than what? 3 years? You think this kid paid $8-10k+ in premiums over >3 years?

My guess is the kid was a part of the parent's policy and thus, insured for less as a result of a family plan. Even so, if the kid paid for his own policy, I seriously doubt he was paying in a like amount to what is being paid out, in total. Just think about it and revisit your statement.