Fachoo
Active Member
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- Mar 20, 2020
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Technically true on face value what you wrote, but its not as simple as that for insurance and legal issues and complications with damage and write off payout car values,They'll insure something for ridiculous prices if they see merit and you'll pay the premium.
Insurance can also be for garaged laid up cars not road registered and owner can pay and take up cover for any property value $ amount for fire and theft agreed with insurance company for any loss. Also a lot of cars can be stripped and sold of parts that 99% get much more that what a registered car would fetch in the open market when sold even without the covid tax.
Also imagine everyone who has a registered $5K market value car that doesn’t sell and then insures it for $20K and then intentionally reverses into a steel post and does damage and then claims $20K write off value for a profit on a car nobody would buy for $5K, dont think reality is that easy or companies that stupid.