How do insurance calculate the value of cars in case of a total loss ?
I'm trying to evaluate if it's even worth it to keep a full coverage insurance on a car, if the car is older.
In this case, the car has over 200k miles on it, which usually has quite a big effect on the resell value but the prices for used cars are still so high, that this car which is valued between $1500 and $3500 on Kelly Blue Book ( depending on dealer, private sale or trade in )
will still sale for 4-5k on the open market in California.
I'm trying to evaluate if it's even worth it to keep a full coverage insurance on a car, if the car is older.
In this case, the car has over 200k miles on it, which usually has quite a big effect on the resell value but the prices for used cars are still so high, that this car which is valued between $1500 and $3500 on Kelly Blue Book ( depending on dealer, private sale or trade in )
will still sale for 4-5k on the open market in California.
